Following CPQ is another crucial technology to your quote-to-cash automation processes: CLM, or contract lifecycle management. This is the subject of the second chapter of Gilles’ book, The Definitive Quote-to-Cash Guide.
Like CPQ, CLM is another vital system to a complete quote-to-cash solution. It’s all about streamlining the contract process from both buyer or seller perspectives. From eSignature and contract repository to automated document generation, analytics, and powerful integrations, CLM can fit seamlessly into existing systems and save your legal, finance, and sales teams precious time. Here’s a selection of Gilles’ insights on this second part of your quote-to-cash tool chest:
1. Common challenges signifying a need for CLM
“For the modern seller, efficiency is top of mind: He is constantly looking for ways to improve the time to signature/value. He wants to increase the efficiency of closing deals to quickly provide valuable solutions to his clients so he can stay ahead of the competition. In order to achieve that vision, though, the process from generating a contract through to its signature or execution must be streamlined and efficient.” —Gilles Muys
2. The power of CLM features like clause library
“A digital clause library reduces the burden on the legal team by offering nonstandard term access to sales and by providing insight into frequently requested term changes.” —Gilles Muys
3. CLM in the larger quote-to-cash context
“It will be much easier to revise and fine-tune the price sheet output in CPQ, where it can be collaborated on by both parties, making the approval process much smoother. Once approved, the deal can move on to CLM for contract generation. Instead of juggling multiple versions of the same document over the course of the negotiation, you’ll have version control over the multiple iterations of a single contract.” —Gilles Muys
To understand CLM and how it fits into the larger quote-to-cash journey more thoroughly, pick up a copy of The Definitive Quote-to-Cash Guide today, available now on Amazon.