CLM Glossary

Be a Legal Ops Hero: Contracts for All

Superheroes are everywhere these days. Hollywood has turned comic book dynasties into movie-making gold that dominate at both the box office and the award circuit. (more…)

Beyond Simple Storage: The Imperative Shift to Contract Lifecycle Management

As businesses globally recognize the importance of data-driven decision-making, the way we manage contracts has taken a paramount position. While digital storage solutions like Dropbox, OneDrive, SharePoint, and even simple contract tools   have provided a temporary respite from physical storage, the evolving demands of the modern business environment necessitate a move toward more sophisticated solutions like contract lifecycle management. When industry authorities like Gartner and the Association of Corporate Counsel highlight the rise and significance of CLM, organizations should take note.

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Black Widow and Contract Risk Management

Contracts exist precisely for when things go wrong and it looks like things have gone very wrong in the case of Scarlett Johansson's contractual relationship with Marvel Entertainment and its parent company Disney. Johansson just filed a lawsuit claiming breach of contract for her role in the movie Black Widow, which was released July 2021 following numerous delays due to COVID. While the facts of this case may present unique circumstances, this suit underscores why contract risk management matters so much and how we are all still feeling the effects of uncharted contract territory in the era of COVID. (more…)

Blog

Bold Transformation: Say Hello to the New Malbek

Over the last couple of years, we’ve seen a lot of change: our professional and social environments, how we operate, how we leverage hyper-advancements in technology. We are feeling the impact and the business of Legal, Procurement, Finance, and Sales is changing forever.

Boosting Sales with CLM Analytics and Legal Team Collaboration

Sales teams are the lifeblood of any organization, constantly navigating the challenging gauntlet of closing deals, ensuring compliance, and maximizing revenue. However, the burden of administrative tasks often consumes a significant portion of their time, diverting attention from their primary role of selling. This blog explores the transformative power of contract management software for Sales, particularly the game-changing integration with Salesforce. Focusing on Malbek as a prime example, we delve into how this integration modernizes contract processes, empowers sales teams, and drives overall business growth. 

The integration of CLM with Salesforce emerges as a crucial catalyst in streamlining the entire contract process. Sales teams can now seamlessly initiate, review, and approve contracts within the Salesforce platform, eliminating the need for cumbersome toggling between systems. This not only reduces manual data entry but also fosters improved communication and collaboration among various departments, including sales, legal, and finance. 

Automating contract-related tasks, such as approval routing and notifications, significantly saves sales cycle time and effort. The potential for a 50% or more reduction in time to close allows sales representatives to focus on what matters most – closing deals and exploring new opportunities. This heightened efficiency provides complete visibility into deals, empowering sales reps to negotiate better agreements and propel the sales cycle forward. 

The integration of CLM for sales teams goes beyond process optimization; it equips sales professionals with invaluable insights through key performance indicators (KPIs). By analyzing these metrics, sales teams gain a comprehensive understanding of their contract performance and identify areas for improvement. 

Measuring the average duration from contract initiation to execution, the contract cycle time becomes a critical metric. With CLM integration, sales managers can pinpoint bottlenecks and inefficiencies, facilitating targeted optimization efforts. Visibility into time spent on various contract tasks enables resource allocation and process enhancement. 

Monitoring the number and total value of contracts processed aids in assessing team performance and tracking progress towards revenue goals. This integrated approach ensures legal and sales teams have CLM analytics that are readily available within Salesforce, providing a centralized view alongside other crucial sales metrics to improve the overall sales cycle.

The contract renewal rate, indicating the percentage of successfully renewed contracts, offers insights into customer satisfaction and the effectiveness of relationship management. Proactively tracking this metric empowers sales professionals to engage with customers and maximize revenue from existing accounts. 

Efficient approval processes are crucial for timely execution. CLM integration automates approval workflows, reducing the time and effort required for approvals. Tracking the average approval time helps identify delays and supports ongoing optimization efforts. 

Ensuring adherence to company policies and legal requirements is vital for risk mitigation. Integrated CLM guarantees consistency in deals, minimizing errors and reducing potential risks. 

CLM software serves as a linchpin for enhancing coordination as contracts progress through various stages. Analyzing CLM metrics enables businesses to identify workflow slowdowns and strategically address lagging areas. 

From the initial sales contact to the final signing, tracking contract turnaround time is pivotal for identifying bottlenecks and streamlining processes. Addressing issues, such as approval hubs and multiple platform usage, significantly reduces turnaround time. 

Analyzing redlining metrics helps identify areas for more efficient contract editing and signing methods. Whether through cloud-based software, boilerplate language, or clickwrap agreements, optimizing the redlining process contributes to overall efficiency. 

Efficiency in the review and approval process is critical for maximizing the net value of contracts. CLM metrics aid in identifying areas for improvement in negotiation and drafting efficiency, allowing businesses to streamline these essential stages. 

Integration of CLM with Salesforce emerges as a dynamic force, empowering sales professionals to achieve streamlined, efficient, and compliant contract processes. The combination of process optimization, efficiency metrics, and performance analytics provided by CLM analytics facilitates data-driven decision-making, workflow optimization, and a renewed focus on the core function of selling. 

Malbek's AI-powered CLM solution is reshaping how businesses approach contract management. With this powerful integration, businesses can simplify and accelerate their contract management processes, enabling sales teams to thrive in today's fiercely competitive landscape. 

In a recent CLM webinar with Square, we discussed their increasing need to seamlessly integrate the Legal-Sales process. Their CLM integration transformed Malbek into a comprehensive one-stop-shop for all of Square's contract management needs and greatly improved collaboration between legal and sales. The Salesforce integration brought immediate and remarkable success. This integration alone demonstrated a clear return on investment for Square.

Within just 30 days of implementing Malbek and integrating it with Salesforce, Square observed astounding improvements: 

• Reduced cycle time from 5-7 days to 5 minutes
• Sales can see the contract status, stage, and final executed agreement without ever leaving Salesforce
• A 97% reduction in legal touchpoints, significantly enhancing efficiency.
• Independent setup and maintenance, without relying on IT or SFDC admin.
• Improved visibility and reduced rogue contracting with standard language.

Square's powerful example shows that adopting the right technology and leadership can lead to substantial operational improvements and financial benefits for legal and sales teams.

Stay ahead, stay efficient, and stay in control. Your contracts and sales teams deserve it. Make the first step and request a demo today.