In the digital world, things are changing rapidly. Business requires all sorts of workers that are going to be experts in all digital. Aside from marketing which is one of the biggest industries on the internet at the moment, there’s the sales department that is thriving on the net.
Companies working in the B2C and B2B field, need to have professional salespeople that will be ready to make the best connection with the clients at all times. This is not an easy job and that’s why tons of software are invented to help them.
Missing just one email from a potential customer can mean losing them forever. That’s why they invented Salesforce – the leading CRM platform at the moment helping tens of thousands of people every minute. Learn what CRM is on the link.
In this article, we’re going to talk more about one segment of the platform called CLM. We’ll share the five crucial things you must know when working in this niche. If you want to know more about this, keep on reading and find out everything you need to know.
What is CLM?
CLM stands for Contract Lifecycle Management. It is a system for companies to award and renew contracts with their clients until the end of their need. This management process helps them with improving the organization around it and making the best of the client–company relationship.
Modern types of CLM are now automated. The management is done automatically which significantly improves the entire process. People no longer need to worry about the stages and always be on time.
More platforms are providing this service for their clients. We choose Salesforce as one of the best. If you want to know more about the entire system, how it works, and what you need to know, do read on.
1. Salesforce is the best CRM platform in the industry
Salesforce is probably the most popular and widely-known SaaS company in the world. It is a software as a service that is helping thousands if not millions of people around their jobs. It was invented in 1999 and is constantly growing to this day.
The software provides easy access to their clients in the CLM base. Through it, everyone can easily manage the entire lifecycle. If you don’t know how the cycle goes, jump to the next point and learn all about it. Learn more about it on this link: https://www.thestreet.com/technology/what-is-salesforce-14796378.
2. Know the lifecycle of the contract
If you’re about to work with the CLM technique, then you must know all the phases of it. There are eight phases, entirely managed through the Salesforce platform. Those are the request, contract writing, negotiation, approval, signing, obligation, compliance, and renewal as the final stage.
All of them must be executed separately. The clients and the management must be both parts of all of this, so it’s crucial to have everything in sight. Instead of going to eight different meetings, the clients can do this through the network.
3. Why a CLM is important?
When a client needs a contract, they are using it for their needs. As a provider, you need to make sure that they are going to use it properly. This is why renewal is crucial.
As we said, instead of constantly going through the paperwork, you can simply add your clients to this platform, and get by with the process there. Without having it done, your clients might not be eligible for some actions coming through the contract you both signed.
4. Facts about Salesforce
This platform holds 33% of the entire CRM market which is the most of any known software out there. Microsoft has 22% and Oracle is third with 11%. The stats say that sales productivity increases by 44% by using it.
The company is managed by 36,000 employees which speak about the seriousness. In 2019 they made a revenue of $13.3 billion. The most amazing fact about them is probably that 83% of the Fortune 500 companies are Salesforce customers. That explains why working with it is the best thing to do.
5. Do you need to hire experts in this field?
You absolutely need experts in this field. Just like legal issues need lawyers, you need CLM Salesforce administrators and experts to handle this job. The people working with you might not be experts in Salesforce, so you will need to have someone to point them out where everything is.
These five points might not be something special for someone, but they are an obvious point of what needs to be done if you want to have a perfectly managed CLM. Using Salesforce is obviously the best idea to get things done properly. Automation is one of the best features and having everything under control is simply amazing.