6 Benefits of Integrating CLM Software into Your CRM
In the ever-evolving corporate landscape, the significance of maintaining an efficient and organized approach to contract management cannot be overstated. Contracts form the backbone of business relationships, and the way they are handled can wield a profound impact on the overall success of your organization.
To propel your company towards unparalleled growth and operational excellence, consider the powerful synergy that arises from integrating Contract Lifecycle Management (CLM) software with your Customer Relationship Management (CRM) platform.
This strategic fusion goes beyond mere efficiency; it’s a transformative step towards optimizing sales operations and fostering lasting customer connections.
The Importance of CRM Applications and CLM Software
Customer Relationship Management (CRM)
CRM applications have long been the go-to solution for sales professionals. CRM can track opportunities, accounts, leads, contacts, and other sales-related information, offering valuable insights into the health of a business. CRM apps facilitate forecasting, tracking, and managing sales leads while providing executive management with insightful reporting and dashboards. CRM contracts empower organizations to navigate the complexities of customer engagements with precision and efficiency.
Contract Lifecycle Management (CLM)
CLM Software serves as a dynamic solution that plays a pivotal role in streamlining the complex process of managing contracts throughout their entire lifecycle. From the creation and negotiation phases to execution, compliance, and renewal, CLM software empowers organizations to efficiently navigate the intricate landscape of contract management. CLM benefits include acting as a strategic ally that empowers businesses to glean insights, reduce risks, and navigate the complexities of the modern business landscape with confidence.
Transform Contract Management with Seamless Integrations to CRM Platforms
Embarking on the journey of seamless integration between CLM and CRM is more than a technological upgrade—it’s a strategic advantage. Here at Malbek, we help you realize this potential by seamlessly integrating with various CRM platforms, such as Salesforce, HubSpot, and Microsoft Dynamics 365.
Forming the dynamic fusion between CLM and CRM isn’t just about managing contracts; it’s about unlocking the doors to unparalleled growth and lasting customer connections.
Our legal expert, Colin Levy, expresses the importance of integration by stating, “What’s important to remember about contracts is that yes, they’re legal documents, but the management of the agreement, it’s a cross-functional exercise. It’s not owned by one person; it’s a cross-functional journey, so you need to have the tools that support and enable that journey. Integrating all your tools is super important and allows everyone to work synchronously.”
6 Benefits of Integrating Your CRM and CLM Software
1. Close Deals Faster and Improve Collaboration
Arguably, the most valuable benefit of having well-oiled contract management and a better sales experience is shorter sales cycles. By integrating CLM software with your CRM you also foster improved collaboration and communication between teams. Your sales, legal, and procurement departments can seamlessly collaborate on contract-related activities. This streamlines the entire process, reducing misunderstandings and delays. Sales teams can easily access contract details, ensuring they are up to date with client agreements. Legal teams can review and edit contracts within the CRM platform, making the process more efficient. Better collaboration ultimately leads to quicker contract negotiations and approvals, fostering stronger business relationships.
2. Improve Business Decisions Through Informed Negotiations
Integrating CLM software into your CRM platform allows for seamless contract management. All parties involved can fulfill their obligations directly within the CRM platform, eliminating back-and-forth, reducing inconsistencies, and minimizing risk. This integration streamlines all the different phases of a contract lifecycle, making for a more efficient and cohesive process for all.
For example, Malbek’s integration with Salesforce allows users to request and view contracts from Accounts or Opportunities, as well as view their Malbek dashboard, all without leaving Salesforce. By reducing manual tasks and automating contract processes, the integration between Malbek and Salesforce accelerates contract execution times. Quicker contract turnarounds not only enhance customer satisfaction but also enable organizations to take advantage of time-sensitive opportunities, gaining a competitive edge in the market.
3. Focus Sales Rep Time with Real-time Visibility
Real-time visibility into your contract status and performance allows reps to spend less time on emails, data entry, and following up on the status of their contracts and more time in front of customers. Often, multiple teams and departments are involved with a contract lifecycle –it can get messy.
With a fully integrated CRM and CLM, you can easily track the progress of contracts, monitor approvals, and identify potential bottlenecks. From quote to contract, sales teams benefit with full visibility into all stages of the lifecycle promoting improved cross-functional collaboration through a centralized repository. There is an audit trail for all stages of drafting, reviewing, negotiating, and executing a deal, allowing all parties involved to stay accountable, reduce errors, and avoid delays in the process making for a more seamless and collaborative experience for all involved.
Real-time visibility also ensures that you stay informed about the latest developments, which is especially valuable when managing a high volume of contracts or complex agreements. The ability to access real-time contract data empowers your team to make informed decisions quickly. And the increased alignment across teams allows for smoother negotiations, effective communication, and more successful contractual obligations.
4. Ensure Obligations Are Fulfilled with Enhanced Reporting and Analytics
Once a contract is executed, some obligations need to be met by both parties – analyze your contract performance, identify bottlenecks, and detect trends within your contract management processes. These insights allow you to optimize your operations and make data-driven decisions. For example, you might discover that certain types of contracts consistently experience delays during the negotiation phase. With detailed data, you can pinpoint the specific clauses or terms causing these bottlenecks and take corrective actions. Advanced analytics help refine your contracting strategies, leading to more favorable outcomes and better revenue generation.
5. Scalability and Adaptability to Free Up Legal Time
One of the critical advantages of integrating CLM software with your CRM system is increased efficiency. In this webinar, Mandy Savoca, Legal Operations at Block shares that she has been able to reduce legal touchpoints in Sales contracts by 97%! She went on to say that she saw the value immediately by integrating Salesforce with Malbek CLM and reduced cycle times from 5-7 days down to 5 minutes.
It’s especially important for organizations experiencing growth and expanding their operations to ensure this integration is a priority. Whether you’re handling a few dozen contracts or several thousand, the system maintains its responsiveness and functionality. This scalability guarantees that your contract management remains robust, even in the face of changing business demands.
6. Enhanced Customer Relationship Through Contract Standardization
At the end of the day, we all want customers who are satisfied with our products and services. Having a comprehensive view of customer contract history allows sales representatives to understand customer needs better and tailor their offerings accordingly. This personalized approach strengthens customer relationships, fosters loyalty, and boosts customer satisfaction.
Further, Legal doesn’t want Sales “going rogue.” Contract standardization is critical to ensure that only approved contracts are used and that the correct approvals are obtained before documents are shared or executed. Integrating CLM software with business applications improves efficiency, accuracy, collaboration, visibility, and performance, making it a critical component of a successful contract management strategy.
Real-World Examples: TIBCO Software
After a speedy, 4-month global implementation with zero code customizations, tens of thousands of legacy contracts were migrated into Malbek by the TIBCO team with minimal vendor or technical resource dependencies. They had a growing need to accelerate contract cycle times and integrate into multiple CRMs! Hundreds of clauses, contracting templates, and workflows were configured to support global contracting processes, reducing contract cycle times by 70%.
Their business users told us “99% of the application could be administered by the business admin, especially integrations, forms, and workflows.” Today, Legal, Sales, Finance, and Procurement teams are all involved in the contract process on a single platform but spend significantly less time manually creating or reviewing complex business agreements line-by-line.
As we draw the curtain on the transformative dance between CLM and CRM, remember, this isn’t just about optimizing processes; it’s about sculpting a future where contracts are more than legalities—they’re the lifeblood of thriving relationships. From better collaboration and communication to streamlined workflow automation and real-time visibility, these benefits empower your organization to handle contracts more efficiently. Enhanced reporting, analytics, and increased scalability ensure that your contract management is well-prepared for growth and change. Ultimately, this integration helps your organization maximize contract management and improve your business relationships, setting the stage for sustainable success in a competitive marketplace.
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