Did you know contracts dominate 70- 80% of your business?
46 cents out of every $1 spent on legal services goes on external costs!
The contract management process is vital for businesses to survive and grow. Companies can save up to 2% of their total annual cost by using advanced contract management software, but more importantly helps manage operational and financial risk. Hence, it creates a need to improve the contract management process. For example, automating contract management helps:
- Decrease negotiation cycles by 50%
- Trim incorrect payments by 75 to 90%
- Reduce operating & processing costs of contract management by 10-30%
- Reduce Operational and financial risk
Automation is just one method to enhance your contract management process. There are many ways to improve your contract management process:
Standardize Allowable Contract Clauses Setup
Effective contract management supports the legal department by pre-approving and standardizing potential legal terms. Many businesses use a standard set of terms and conditions and legal languages for a large set of contracts. Such practices reduce the review time where Contract analysts only attend to exceptions and the sales team can focus on pricing proposals.
Set Contract Management KPIs
Defining contract management KPIs give visible goals to your business. Organization leaders find it easy to build practices with such goal visibility. Additionally, the unmet KPIs reveal productivity concerns leaking costs.
Harmonize Storage Security and Visibility Needs
A core objective for contract management to keep sensitive documents safe while ensuring quick and easy access to contracts. A secure storage system with user profile and permissioning is a proven solution to meet this approach. Such a centralized system streamlines organizing contracts without complicating user access..
Automate Contract Communications
Are you still emailing multiple contracts back and forth? This is costing you time and money. If you use a central and cloud-based repository, it will enable you to access contract files for multiple points of contracts at the same time. All parties can access the same version quickly and it makes collaborative discussions easier. It also enables you to set automated alerts to the responsible parties to review the contracts.
Businesses should make financial metrics as a committed part of their routine review. Include the finance department on regular schedules to compare the budget expectation and contract performance of your organization. More informed negotiations, lower incidents in auto-renewal of contracts, and better supervision of contract performance cut down your unnecessary expenses.
Conduct Routine Compliance Reviews
Compliance is another essential area to check on your routine contract review. You need to review federal, state, other legal regulations, and compliance to the contract to ensure zero breaching of compliance. Incompliance could result in loss of business license.
Use Contract Management Automation for needs of Business Growth
When your business needs change, so do your contracts. . When you build contracts, you must view and predict the demands and capacities of your organization. Making a plan is essential to address upcoming changes. Such strategic contract planning also helps to manage issues like ‘Scope creep’- refers to how the requirements of projects tend to increase over a project lifecycle.
Read here to understand why contract management software is important to compliance.
Improve your Contract Management Process with our expertise
We at CommerceCX are CLM experts to improve your contract management process with an advanced CLM (Contract Lifecycle Management) process. Our experts help in contract creation, execution and analysis to maximize operational and financial performance at an organization, all while reducing operational and financial risk.
Our CLM process calibration includes:
- Contract Creation and Negotiation: Contract creation, execution, and analysis to reduce risks.
- Document Generation: We use the latest technologies to automate and configure documents and templates to seamlessly generate, negotiate, redline, and check-in/check-out all contract-related documents.
- E-Signatures: We help you implement e-signatures as a secure and accurate identification method and providing signatories a seamless transaction.
- Renewal Management: Our CLM experts help in contract renewals to maximize future revenues effortlessly.
Talk to a CLM expert today.
Revenue leakage is common in the service industry. Most times, it happens due to poor implementation, delayed projects in the client end, miscommunication, delayed payment, etc.
With the wide adoption of the Salesforce CRM platform, Salesforce custom development has become a major service vertical over the years.
Custom development in the Salesforce platform is increasing rapidly with a certified workforce. But testing and integrating Salesforce data and metadata is still a challenge. This is still a labor-intensive division that creates a massive leakage in your revenue stream.
Read this post to understand the common revenue leakage challenges and how we help you to overcome these challenges with a free SaaS tool.
Cover General Code Review Cost
According to research, software defects cost the US economy more than $60 billion every year. It is expensive! So, you always need a low-cost mechanism to deliver error-free code to production. We are using a diagram to show code reviewing costs.
Salesforce Metadata Migration Cost
Leave the cost! How much time does it require to move the Salesforce metadata from development to deployment?
The code has to move through the gateway of testing and integration. The testing gateways itself comprises various stages like unit testing, UAT, QA, etc. Hence, it costs you more people, time, and money. We have created a standard Salesforce metadata reviewing expenditure model:
- People per review
- Total number of developers
- Defects found per review
- Hours spent per review
- Labor cost per hour
- Total number of reviews per month
- 3 people involved in each code review
- A team of a total of 25 developers
- 5 defects found per review
- 2 hours spent on each review
- $50 per hour in labor costs
- 20 reviews each month
This Salesforce metadata reviewing expenditure model shows a heavy expense. Hence, adopting DevOps is a smart idea. It bridges the gap between development and operation with continuous integration and delivery (CI/CD) to deploy error-free metadata on the production. It enables automation in this labor-intensive stage.
Cover the Cost of Deployment
Salesforce metadata deployment cost differs from vendors to vendors. But most of the present deployment tools are not free tools. In such a situation, your expenditure breakup would be:
- Cost of the tool (around $299 monthly)
- Cost of QA ($50 per hour one person)
- Cost of deployment (depends on the vendor)
If you get a free Salesforce DevOps tool you only need to pay for just:
- Cost of QA ($50 per hour one person)
- Cost of deployment (depends on the vendor)
Save time by connecting to multiple Salesforce instances
Multiple sandboxes come with multiple logins. It takes lots of effort and time to log into different Salesforce sandboxes. Most times, you need to use two different platforms to access metadata in both the production and testing environments.
Typically, creating a new sandbox or refreshing one takes a few hours. Log in to different sandboxes on different platforms add more time to the process. Let’s discuss it through a tentative time spending model:
- The time required in creating or refreshing Sandboxes: 2 hours
- The time required to login to different sandboxes on different platforms: 1 hour
But with a Salesforce DevOps tool, you can access multiple sandboxes including production and testing on a single integrated platform. So, technically you save 1 hour extra and you can use it to concentrate on your business goals.
Is Skebot a solution?
Skebot is a Salesforce DevOps platform that helps in many phases of the development lifecycle. Although development happens outside the Skebot architecture. It empowers the Salesforce admins to view every activity and matrics on a real-time dashboard. Let’s discuss how Skebot being a SaaS tool help you to fix the leakage in your Salesforce revenue stream:
- Saves your Salesforce code review cost by 75% coverage:Skebot enables CI/CD in your Salesforce development lifecycle. When a developer submits code in Skebot, it auto-detects the code coverage. If the code coverage is below 75%, the Salesforce admin can import the data and assign it back to the developers.
- Saves Salesforce metadata migration cost:Skebot covers both production and QA sandboxes on a single integrated platform. It saves your time up to 30%.
- Save time with Connect features:Skebot empowers the Salesforce admin to connect to multiple Salesforce orgs and instances on a single platform.
- You don’t need any investment:Unlike others, Skebot is a free-to-use Salesforce DevOps tool. You just need to log in to Skebot with Salesforce ID. (No download, install, or setup). It’s coming on the AppExchange soon!
If you want to save your time and money with Skebot, feel free to talk to our experts today.