Only two more segments are left in our blog series on the 10 critical elements that every Contract Lifecycle Management solution should have. We started with the repository and contract authoring, moved onto the clause library, redlining, negotiation, and review, and then signature, commitment tracking, security, and contract insight. Now we turn our attention to how contracts need to connect and integrate with other mission critical solutions in your organization.
One of the biggest obstacles companies face today is data silos. Too often data exists in multiple systems that are disconnected from one another even though they should have important touchpoints. Manually processing and rekeying information introduces errors and inefficiency. This is especially true with contracts, which draw on data from departments across the organization, such as sales, legal, finance, and procurement. Contract requests often originate from CRM or CPQ solutions and require key information to be fed into the contract. Once executed, the crucial contract terms need to be pushed out into ERP and downstream applications.
Malbek has addressed this problem by developing a robust integration marketplace – Malbek Konnect™ – which enables Malbek Contrax™ to connect with popular applications, such as Salesforce.com, Microsoft Dynamics, Oracle, SAP, DocuSign, Adobe Sign and more. Our productized, predefined connectors are available out of the box, requiring almost no technical expertise and zero customizations. Whether you need customer details from your CRM or inventory data from your ERP, Malbek connectors and flexible APIs enables contracts to meaningfully live beyond the confines of the contract management solution itself, making it a powerful driver of business success.
There’s just one more segment to complete this blog series on the 10 key elements every contract management solution should have. To catch up on the other items in this checklist, download the full ebook, The 10 Key Elements you Must Have in Your Contract Management Solution. And if you’d like a peek at the Malbek Contrax solution, you can request a demo here.