There are 4 key element of the contract management cycle

Lifecycle management

• Contract creation
• Contract renewal - Reviewing of contracts expiring within the next time period
• Flexible contracts - Actively following monthly price/ICM changes, relevant market indices, linking with contract information of (only) flexible contracts

(Re)negotiation and contract preparation

Preparing all relevant data, starting the (re)negotiation process with the customer, drafting the contract and getting final approval

Database maintenance

Adding all relevant contract data incl. final, signed contract to the client folder and filling in the standard contract information

Guidelines & steering

Ensuring contract compliance with mandatory guidelines, steering overall process ownership, aligning sales team focus on contracting priorities

Process Overview

Contract is the final part of the sales cycle, tracking the commitments taken with the customer.

Managing contract inside Salesforce can move our deals forward by:

• Making available all information to the SalesReps and their managers (details of volume, price, expiration date, etc.) at any time.
• Managing the complete approval process in SFDC
• Setting an automatic reminder before the expiration date.

The process follows these statuses:

• Draft
• Pending Approval
• Approved
• Rejected
• Signed

Contract Management in the CRM aims at:

• Capturing key contract elements that are important for the Sales and marketing teams in their interactions with the Account (especially on long term contracts, for the new KAM taking over from KAM who had negotiated the contract)
• Managing the Approval process with automatic triggers to pre-defined approvers (based on contract complexity / value qualifiers)

It is not aiming at describing all contractual elements constituting the contract and it is not aiming at storing the contract itself, these two parts being the responsibility of the Legal family with their complete Contract database managed in the "Contract'Tech"