Benefits Of Salesforce Contract Management Lifecycle Tracking

5 min readJan 17, 2024

Introduction

Contracts are commonly found in all industries because they legally bind two or more individuals or businesses in an agreement. A typical contract will contain the rights and responsibilities of each party that is involved in the agreement so that all involved know their obligations.

Join us in the article below as we discuss the advantages of monitoring your complete contract lifecycle management for Salesforce and how you can do so with the help of Titan CLM.

Do you know what Contract Management is?

Contracts are a necessary way to make sure that everyone involved in the agreement adheres to the content agreed upon in the written document. The contract also makes sure that everyone’s interests are protected, too.

Since contracts are lengthy documents, with many different stakeholders in the creation, management, and approval of the document, it’s essential to have a contract management lifecycle process in place to make sure that the document is of the highest standard and remains valid.

There are many stages in the contract lifecycle process, which includes these phases:

The initiation of a contract.
Creating a contract.
All parties are negotiating on the contract.
Approval of the contract.
Execution of the contract.
Monitoring the performance and compliance of the contract.
Amending the contract with any modifications.
Renewal of contract.
Termination of the contract.
Finalizing the contract.
Auditing the contract

What is CLM in Salesforce?

Contract lifecycle management in Salesforce covers working with contracts. From the phases listed above, you can see that managing contracts can be a daunting and lengthy task, but many advantages can be gained from tracking your CLM in Salesforce. Here are five ways your business can gain the upper hand from monitoring its contract management activities.

Your first benefit from observing your contract management process is that you get a better understanding of all the information in your agreements directly in Salesforce. If you can pinpoint important dates, the terms stipulated in the contracts, and who is responsible for ‘what’ in the deals, you will have more control and confidence in the role your business plays. This complete data visibility will also help you stick to your agreements better by understanding the contents of the contract you are tied to in depth.

Since contracts have to be legal and compliant with the laws and regulations of the country and industry in which you are operating, tracking the contract management process in Salesforce is a good way of ensuring that your agreement remains valid. Any changes to laws and regulations that affect your agreement need to be updated in the contract so that your business can avoid any legal charges or heavy fines and penalties.

Next, if you have a Salesforce contract management app to automate your contract management processes (which we recommend), you should also make use of its tracking tools. These advanced tools are designed to speed up many to all of the stages in the contract lifecycle, such as creating an agreement. When you combine Salesforce automation tools with your contract management processes, you get to eliminate repetitive tasks and save money usually allocated to manual work that supports these activities.

By tracking your Salesforce contract management system, you get to master your timelines and deliver contract obligations on time. For example, managers can track contract management processes to support their project plans by assigning work to employees better. They will also have an idea of the work volumes up front by monitoring contracts so that they can request more help and budget if needed while planning for delivering projects on time

The last advantage we give you in tracking contract management processes is that you will be aware of any risks that might pop up. By staying up to date with the information stored in Salesforce, your business can plan for any disputes that can be foreseen. It’s a way to prepare for the worst and protect the reputation of your business.

Is there any Software to Support Salesforce CLM Activities?

Yes! Many platforms can assist with providing contract management software for Salesforce solutions, but not all of them are made equal. Additionally, which one can you trust?

Does Salesforce Have a Contract Management System?

Although Salesforce has many premium tools to support managing your contracts, it does not provide out-of-the-box solutions compared to other dedicated CLM platforms.

We highly suggest that you check out Titan CLM for Salesforce. It’s an app on the Titan platform that can do more than just track your tasks for contract management in Salesforce. It can be used to redline, edit, and comment on contracts with absolutely no coding knowledge.

Titan CLM Providing Legendary Features for Salesforce Contract Lifecycle Management

Titan’s platform is the real deal when it comes to creating custom digital experiences. By using Titan CLM, a contract management software that integrates with Salesforce, you can enhance your processes by letting your document owners approve and reject changes. The app also gives you the ability to collaborate with all parties involved in the contract management process for the most flexible solutions. Here are a few more Titan CLM features that your business can enjoy when signing up to the platform:

Titan CLM integrates directly with Salesforce using no code.
Titan CLM can be used in any industry and for many different use cases, such as medical service agreements to service agreements, NDAs, and software license agreements, to name a few.
With Titan CLM, you get a complete view of your contract’s lifecycle in Salesforce, which includes managing, reviewing, and tracking modifications in your documents.
Titan CLM lets you monitor all content that is added or has been removed from your contract.
You can add multiple signers to your contract management process.
You get to collaborate with all your colleagues and parties involved in the contract in real-time, online, and locally. This means that you can shave time off your entire contract’s lifecycle to close deals within minutes by using collaborative rounds.
You have the flexibility to add collaborators to the contract management process whenever you want, independent of which stage of the lifecycle your contract is sitting in.
You get redlining and commenting tools with Titan CLM to support any negotiations in your Microsoft Word documents.
You get to set up mail approvals to be sent automatically with Titan CLM.
Titan CLM speeds up and digitizes your entire contract management process from end to end so that your agreement is safe and secure and travels rapidly through its lifecycle journey. This streamlined process helps you reduce manual tasks for all those involved in the contract management process and gets deals closed quickly for your business.
Compared to Salesforce and other leading solutions, Titan CLM is the most competitively priced, even though its integration to your CRM platform is super powerful and can be handled with zero coding knowledge.

Our Conclusion on Salesforce Contract Management Software

Thank you for reading our article on why it’s important to track your Contract Management Lifecycle. We also offered advice on Titan’s software for CLM and Salesforce solutions, as we consider it to be the best for streamlining all your contract management processes with no code.

Let us know your thoughts and good luck!

Originally published at https://amansfdc.com on January 17, 2024.