Maximizing Contract Management: 6 Key Benefits of Integrating CLM Software into Your CRM Platform
The harmonious collaboration between Customer Relationship Management (CRM) systems and Contract Lifecycle Management (CLM) solutions has emerged as a strategic imperative for organizations seeking to optimize their operations and drive unparalleled growth. Here at Malbek, we deliver seamless integrations with various CRM platforms, such as Salesforce, HubSpot, and Microsoft Dynamics 365. Integrating your CLM platform with your CRM allows all relevant field data to live in one place eliminating silos, increasing visibility, and streamlining operations.
In just three short months, our customers have seen a 36% increase in contract efficiency; there is no doubt our easy-to-use integrations have helped this come to fruition. 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 really 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.”
Here are the top 6 benefits of your company using Malbek Konnect™ to integrate into your favorite CRM platforms:
Streamlined Contract Management
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.
Scalability and Adaptability
As your business grows and evolves, having an integrated CLM and CRM system ensures scalability and adaptability. The centralized platform can accommodate increased contract volumes, diverse contract types, and changing business needs. This flexibility enables organizations to handle complex contract scenarios without compromising efficiency or accuracy.
Improved Collaboration and Visibility
Contract management often involves multiple teams and stakeholders, such as legal, sales, finance, and operations. Having multiple people and departments involved with a contract lifecycle can get messy. From quote to contract, sales teams can now have visibility into all stages of the contract lifecycle promoting better 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 any delays in the process, making for a more seamless and collaborative experience for all involved. The increased alignment across teams allows for smoother negotiations, effective communication, and ultimately successful contractual obligations.
Increased Efficiency and Time Savings
The integration between these two systems eliminates the need for manual data work and administrative duties, which accelerates the sales cycle. The automation of contract details such as customer information, contract renewal dates, and pricing can help your team focus on more important matters, like addressing customer concerns, strengthening the relationship with prospects and existing clients, and closing deals.
Malbek’s Konnect integrations provide you with contract analytics and reporting capabilities. You can generate and share customized reports, gain insights into contract performance, and identify areas of concern and opportunities. This not only saves your employees time but allows them to make more educated decisions based on real-time metrics.
Enhanced Customer Relationship Management
This is probably the most important benefit of all. 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. Gaining insights into your company’s CRM allows sales teams to improve communication with their prospects and customers by having the ability to customize their interactions, improving engagement and conversion rates. Improving communication creates a positive experience for our customers, leading to more success for all.
Integrating CLM software with business applications improves efficiency, accuracy, collaboration, visibility, and performance, making it a critical component of a successful contract management strategy. Having one centralized system allows sales teams to close deals smarter and quicker, which leads to an improvement in overall performance and company satisfaction. Malbek Konnect allows companies to elevate and enhance their marketing, sales, and customer relationships.
Look at TIBCO. 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 and dozens of 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. Check out their full story here.
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