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Contract management plays a vital role in business operations. Contracts dictate business strategies and relationships between organizations and vendors. During the sales process, a considerable amount of time is spent ensuring contracts reflect corporate policies, fulfillment capabilities, regulatory requirements, and financial interests.
An efficient contract management process ensures contracts are created, negotiated, approved, and carried out in a way that mitigates risk and builds strong relationships that serve the needs of all parties.
Why should Microsoft Dynamics CRM users care about effective contract management? Automating contract generation and approval workflows from within your CRM will help you remove roadblocks that can derail potential deals or expose your organization to financial risk.
Also, consider that poor contract management can result in under-performing contracts that negatively affect annual revenue.
“Many contracts do not deliver against forecast or expectations – and it is this under-performance (causing a potential impact on the bottom line equivalent to 9% of annual revenue) that is gaining increased management attention.” – Tim Cummins, IACCM
Contract Management Pain Points
Take a look at your contract management process and see if you recognize these obstacles that are hindering sign-off on deals or causing revenue loss.
- Misalignment between Sales, Finance and Legal
- Inaccurate pricing
- Errors in contract terms
- Issues with product configurations resulting in performance failures
- Lengthy approvals and negotiations
- Disagreement over contract scope
- Fulfillment issues
- Missed renewal opportunities
Automate Contract Management in Microsoft Dynamics CRM
An Aberdeen study shows that about twice as many Best-in-Class organizations report automating their contract management processes than do other organizations. These organizations save time and money by using technology to eliminate potential roadblocks in their contract process.
Contract management software automates the contract management process and helps close deals faster. It is comprised of a set of tools that streamline and manage the entire contract lifecycle, giving sales, legal, financial, procurement, and contract administration teams the ability to execute their role in the contract process effectively.
When organizations use shared folders, track contract details and status in spreadsheets, and use email for contract review, edits, and approvals, errors are bound to occur. Contract management software replaces manual contract management processes. It automates contract creation, negotiation, and approval while mitigating risks and accelerating the sales cycle. A secure contract repository stores contracts and keeps them organized for review and retrieval.
What to Look for in Contract Management Software
What should you look for when searching for contract management software to automate your contract process from within your Microsoft Dynamics CRM? Look for a solution that enables all deal stakeholders to collaborate from within one digital DealRoom to generate agreements and legal documents, revise contracts, manage redlines, and provide real-time status and visibility to all parties.
With a single sign-on within Microsoft Dynamics CRM, contract management software should be able to:
- Generate NDAs, MSAs, Agreements, Quotes and other documents
- Ensure accuracy and compliance with an intuitive, guided creation flow
- Re-use previously amended agreements via a Dynamic Contract Repository
- Automatically pull & merge contact data from your CRM
- Use pre-approved templates to minimize errors
- Offer a contract redlining feature to streamline revisions
- Easily edit and change terms
- Provide the document format you need: Word, PDF or Web-based documents
- Share and collaborate on agreements internally with legal or management before they are sent to customers
To learn more about the advantages of using Contract Management software integrated with Microsoft Dynamics 365 for Sales, read the online Guide to Contract Management here.
DealHub Contract Management in Microsoft Dynamics CRM is Easy to Use
DealHub Sales Proposal Software, which includes contract management, was designed to be easy to set up and modify for business leaders and sales representatives. Your workflow can be set up quickly so your sales team will be up and running fast.
If you’re looking for a centralized, simplified contract management process that moves deals forward and helps increase revenue, it’s time to consider implementing contract management software in your business.
Check out DealHub’s reviews on G2 to learn why we are rated the #1 Easiest to Use Contract Management Software.
Click below to download our guide for Sales Operations Leaders.
Article by: Gideon Thomas – VP Marketing & Growth, DealHub.io | LinkedIn
DealHub Configure-Price-Quote solution is rated the #1 CPQ software for ease of use, easiest setup, and best support. Sales teams configure quotes and proposals faster with fewer errors. DealHub’s highly intuitive CPQ minimizes administrative tasks, empowers sales teams to engage more effectively with buyers, and streamlines sales operations to reduce the sales cycle and increase revenue. It operates natively within Microsoft Dynamics 365 for Sales and includes: dynamic sales playbooks, interactive content sharing, document generation, contract management, and e-signature. Request your personalized demo to learn how DealHub will accelerate your sales process and help your team close deals faster.