Now that we’re nearing the end of another financial year, more businesses are getting on their feet, trying to make the most out of the last few months to increase revenue and maximize profits. However, strategizing and planning isn’t all that happens during this time.
During this last push, you may notice some business operation pain points will surface, and you may need to integrate a new system to help streamline your processes. Unfortunately, system integration and communication can get lost in the mountain of work. When this happens, you get inaccurate data collection, visibility, and revenue numbers.
With that said, it’s best to deal with these issues right away and incorporate new practices to help improve operations. And one of the best things you can do is to streamline contract management.
Having a contract management platform can truly change the game of your business. Especially when you integrate enterprise resource planning (ERPs) to help manage receivables and payables, boost customer relations with customer relationship management (CRM), and enhance quote management and product configurations with configure-price-quote (CPQ) systems.
How Does Integrating CRM, CPQ, and ERP Help Contract Management?
- Customer Relationship Management: The true lifeline of the sales team is your CRM system. Here, you get to input every agreement, promotion, opportunity, and account to have a better grasp of your relationship with your clients. This is one of the core systems that will help drive a business;
- Configure-Price-Quote: Before you can push the gas on your business, you need to have a CPQ system that can accurately configure customer quotes and provide relevant options based on product compatibility. Besides that, you should also enable real-time pricing and promote up-sell and cross-sell strategies. By doing this, you get to maximize savings and purchase value for customers;
- Enterprise Resource Planning: The ERP system ensures that obligations are paid on time as it handles financial accounting, payables, receivables, payments, and invoices;
- Customer Lifecycle Management: The system that ties everything together is your CLM solution since it complements every process in your contract management portfolio.
What are the Key Benefits You Get from this Integration?
- As your revenue and information flow through the system, it will go through different departments and stakeholders. For this reason, it’s important to have one source of truth to avoid miscommunication and misinformation. An integrated contract management solution will provide a seamless communication system that will help manage processes and boost system performance.
- Thanks to a more streamlined process and the elimination of labor-intensive activities, integrating systems can help minimize the effort your employees put in, thanks to streamlined solutions. This way, they become more motivated and work efficiently to complete tasks throughout the cycle.
- Because you’re getting information quickly and correctly, your team can be more strategic and creative when it comes to contracting. This way, they boost their performance and feel motivated to hit records, developing better agreements based on data collected.
The Bottom Line: Having a Well-Integrated Contract Management Platform Can Take Your Business to Another Level
There’s no denying that having a streamlined solution can help improve your business operations. When it comes to integrating vital components into your contract management platform, make sure that you’re implementing systems that will benefit your business, such as ERPs, CRMs, and CPQs.
How Can Anapact Help You?
Anapact is a contract management platform that provides effective contract management solutions for small and medium-sized businesses. We strive to reduce your risks, empower your team, and simplify your workflow with our contract management software. Try our software today!
Other posts about contract management software:
- Optical Character Recognition (OCR): What Is It and How Does It Work?
- The Important Role of OCR in Contract Management
- Clickwrap Agreements: Are They Enforceable?