This post was originally published on the SharePoint Solution Blog by Gig Werks Director of Channel Sales and Business Development, Kathryn Roses.
Contract Lifecycle Management (CLM) is essential to any organization. More than just storage and contract management, it’s a collaborative user experience connecting departments and information across the enterprise.
Most businesses with a poor CLM system lose nine percent of revenue each year. With Fortune 1000 companies typically generating thousands of live contracts a year, the right CLM system can save an enormous amount of money for the enterprise in both efficiency gains and the controlled distribution and tracking of contracts across their lifecycle.
We recently hosted a complimentary webcast evaluating all of the benefits of CLM with Nintex & Microsoft. Microsoft Office 365, SharePoint, Azure, and Dynamics have become essential tools for thousands of companies. Nintex, with over 10,000 customers, continues to be the leader in intelligent process automation and digital transformation in the enterprise.
Below are four examples of why Microsoft and Nintex are a great pairing for Contract Lifecycle Management:
Generate Contracts in Seconds
With Nintex and Microsoft, you can transform the way contracts are generated. You no longer have to go to several locations to pull the information you need to build out a contract.
DocGen from Nintex allows you to pull the exact information you need from wherever that data lives, seamlessly. Whether that information exists in your CRM system, SharePoint, or other data systems, Nintex can assemble your content in seconds, driving significant efficiency gains and cost savings.
Additionally, with SharePoint you have a great repository for managing your contracts and all the great built-in document management features that come with the product.
Leverage the Power of Nintex Connectors
Seamlessly connect your systems with Nintex — Salesforce, Microsoft CRM, Microsoft Azure and a myriad of other cloud-based systems — to drive your CLM process with no code. Let your users leverage the systems you already own and are familiar with which helps drive user adoption and value to pre-existing investments. Additionally, deliver one version of the truth, with no need to re-key data into any additional systems.
Here’s a diagram of some other applications that Nintex has pre-built connections into.
Automate Collaboration and Approval Between Sales, Pricing, Legal, and the Client
The Nintex Platform and SharePoint enable organizations to extend business process automation throughout the organization.
Our approach to CLM leverages your existing line of business systems and platforms like SharePoint, Dynamics 365, and Salesforce, allowing data to be pulled through one system and connecting disparate departments in a secure and automated process.
This approach is reusable and scales without the need to purchase another siloed system. Organizations can also drive efficiency and accuracy by eliminating errors and rekeying of information. User adoption is high since users get to work with the systems and data in which they are most familiar.
For example — with Microsoft and Nintex, the sales department can automatically generate and send contracts to the appropriate parties for review. Using Nintex, a legal team receives approval workflows to review and approve contracts before they are sent to clients. These clients can then process and approve the contracts via electronic signature. A well-built CLM is process-driven and will notify and keep record of appropriate parties during each stage of the contract process: generation, review, distribution & approval.
View & Analyze the CLM Process with Reporting
Nintex process intelligence offers real-time contract reporting, along with capabilities to segment contracts based on client location, price, status, estimated closure date, internal expenses, etc. The analytics tool monitors the progress of all contracts, giving the company valuable insight into where they are in their contract process and how to improve efficiency.
To see a more in-depth demonstration of a smart Contract Lifecycle Management, go to 16:30 of “Contract Lifecycle Management with Microsoft & Nintex” where Gig Werks’ Enterprise Solution Architect Christian Holslin gives a more nuanced look at Nintex and Microsoft’s use in CLM.
Interested in learning more about the Nintex Platform? Get a free demo!