In many ways, contracts on business transactions are the backbone of commercial relationships. As legal documents, they state the terms of transactions the signees to refer to, auditors to check when making their statements and juries to base their judgements on in cases of dispute. Getting their content right requires utmost care.
And yet, contract documents can be a source of a lot of complexity. Especially if a company has a wide clientele and/or product portfolio, they can have long, elaborate structures, with many variations needed.
In this article, we look at how a 3rd party application out of the Salesforce AppExchange can help with such issues when the Salesforce platform is used.
24% cost reduction, 34% increase in revenue
In essence, automation enables producing the contract document by fetching the necessary information automatically from the CRM (or another) database on a ready-made template. It also enables linking all collaboration and approval activities on a contract seamlessly to the CRM process automation.
The benefits for you as the user are the following:
- Simpler and faster decision making
- More time to do core tasks, through elimination of routines
- Smoother collaboration
- Easier contract production when out of office.
What do these benefits amount to in concrete terms? In a 2015 study by Adobe, US executives and managers said that full digitalization of the contract generation process could result in:
- 24% cost reduction
- 34% increase in revenue
- 14% risk reduction.
Simplified decision making
A contract over the delivery of products or services pulls together different kinds of information: what will be delivered, when, under which terms and to whom within a customer base. The latter, in turn, is often broken down into segments that each have specific contract terms.
When there is no automation, you as a user are required to pull all this information together yourself. A number of questions must be answered each time a new contract is in preparation, for instance:
- “Are customers in this segment entitled to any discounts? Which?”
- “Should the pricing information be shown at this stage of negotiations”?
- “If the deal covers these products and services, which annexes should be included”?
As we know so well, going through such a thought process time and again for every transaction takes energy and time. Contract automation allows much of that time to be used more productively for other activities, like for finding new business or solving customer issues.
Easier collaboration and approval
Contract automation makes also the contract approval procedure easier. You no longer have to take the trouble to chase the parties concerned for getting comments to it: colleagues for supplying and checking details, business management for definition of contract scope and business conditions and legal department for legal aspects and wordings.
Instead, a streamlined approval process working seamlessly as a part of the overall Salesforce sales automation can be adopted. Each party taking part in the collaboration gets automatically a notification, when it is their time to do their bit after a previous step has been completed. When a proper eSignature solution like DocuSign is added to the mix, also the last mile of getting the contract signed by all parties becomes easy.
Indeed, the Adobe study found 37%of U.S. business leaders saying that they get agreements back that are missing signatures, initials, or dates—or that are signed by the wrong person. 26% said that getting documents routed, reviewed, and approved takes too long.
Freedom to move
The demand for enterprise mobile solutions in general is on a steep increase. According to The Adobe study, 65% of information workers in the U.S. used a mobile device (smartphone or tablet) for just a year or two ago; almost three-quarters (73%) expect to within 12 months. 57% cited spending time each week working out of the office.
Mobile devices, especially handheld ones, require simplicity from the services used on them, due to the smaller screen size. This is what contract automation brings, as it reduces the document generation process to a click on a button to create a document and, often as further step, filling in a simple form by ticking at the appropriate boxes in it.
Less stress, more time for what matters
All in all, contract automation can eliminate a lot of routine work and stress, too. Our easy-to-use Documill Dynamo Salesforce application allows you to automate the production of even highly complex documents in multiple languages. Why not book a demo of it?