5 Smart Reasons Companies Integrate Contract Lifecycle Management Software with Other Applications
Your company probably uses a variety of software tools, including different applications for communications, customer relationship management (CRM), project management, and so on. Just like a mechanic’s or carpenter’s tools, each has a specialized purpose but their uses can complement one another.
The more your tools enable your systems to work together smoothly, the more time, effort, and money your company saves. Read on to learn how integrating Parley Pro with your other software applications saves time, improves customer service, and creates more value for your business.
1. Why integrate CLM with other systems? Because contracts are an integral part of business operations
Contracts define how many business activities must be performed. Many elements of a company’s operations must be measured and monitored to meet contractual obligations. Various employees need to refer to contracts often throughout their workday. Reasons like these show how crucial effective contract management is to your company.
Contract Lifecycle Management (CLM) software centralizes and monitors contracts to simplify their management. With so many aspects of your operations touched by contracts, digitally integrating your CLM software with your other applications makes information flow between your most commonly used systems even easier.
These are some of the most popular business applications worldwide. Parley Pro is also designed to make it easy to connect your contract-related workflows to the rest of your business systems through well documented and user-friendly APIs. With the right integrations, your CLM software becomes an integrated part of a whole interconnected system that enables individuals to work more efficiently and teams to collaborate more effectively.
2. Save time and generate optimized contracts quickly
Through CLM software, legal departments can establish a self-service request process that enables employees to draft contracts and agreements on their own. Individuals initiate the process by filling out an online form or questionnaire. The system uses their input to populate the appropriate, pre-approved contract template. This process ensures more of your company’s agreements include standardized language specifically chosen by the legal team to reduce risks and optimize opportunities.
When individuals initiate the self-service request process, they need to type in details such as the customer address, purchase order numbers, dates, product amounts, and other data. It can take days to manually dig up the information, especially when requesters don’t know where they’re located or must ask other departments for help.
However, when the relevant software applications are integrated with CLM, all the hassle goes away. CLM software automatically pulls the required information from the appropriate systems and instantly inserts details wherever they’re needed. Employees create new contracts in minutes, not days or weeks.
3. Ensure standardized contracts include the most reliable data
Parley Pro pulls data directly from its source to accelerate the contract creation, but speed is not the only benefit. Parley Pro integrates with software applications that continually gather data. Because applications are accessed in real-time, integrations allow CLM software to access the most up-to-date and accurate information available.
CLM software then continues to construct contracts following the rules your business teams establish. For example, it will assign the contract to the appropriate reviewers and send notifications to alert them of the need to act. They, too, will be able to access any additional information they need to add quickly and efficiently. With fewer errors and more accurate contracts, review and negotiations progress quickly and smoothly.
Deals close faster, which can be critical in fast-paced business environments.
4. Make more informed business decisions with real-time contract visibility
The integrated contract experience improves access to information from all applications. Businesses can store executed contracts in connection with customer accounts in a range of software including procurement, billing, supply chain management, and other processes. Employees can then access executed contracts with just one click from within a customer’s account in an integrated application. (e.g., pull up a customer’s contract without ever leaving Salesforce.)
CLM integrations ensure stakeholders always work with the most recently updated contracts. Everyone who needs to can locate and read a contract at a moment’s notice. Executives and managers who can access contracts and contract performance metrics quickly can make more informed business decisions and close deals quickly.
Often, customer service reps need contract details at their fingertips to provide exceptional customer service. For example, representatives for airport concierge services provider, DragonPass, now answer customer questions 2 to 3 times faster with Parley Pro integrations that enable them to access supplier contract details without placing customers on hold or changing software programs.
5. Happier professionals reallocate saved time to create more business value
Integrated applications reduce the number of administrative tasks employees need to perform—tasks that eat up valuable time and annoy professionals whose expertise better serves the organization when performing more impactful work.
When you integrate CLM software with other applications, your lawyers spend more time on legal work. Sales professionals spend more time in front of customers and answering prospects’ questions. Procurement specialists spend more time securing advantageous deals. And your organization operates more efficiently as a seamless whole.