Contracts are at the core of all commercial relationships. A contract governs every dollar that comes or leaves a business. With the evolution of technology and the increasing complexity of global supply chains, the marketing and sales model is becoming more diverse and is impacting contract management. Additionally, businesses are forced to change their policies whenever there is government regulation comes up, which in turn also brings a change in their contract language. Also, companies have adopted flexible business methods and price models to meet the competitive market. All these factors are geared toward contract management, so Zoho Contracts solves this problem so that legal teams can save considerable time, which can be invested in high-value tasks.

This blog will discuss the features of a powerful CLM( Contract Lifecycle Management) Software- Zoho Contracts.

1. Streamlining Contract Process

The five stages that are included under these are discussed below:

• Authoring

The pre-defined contract templates and the clause library bring a systematic approach to contract authoring.

• Approvals

This process improves compliance and reduces the risk by ensuring that the stakeholders are already aware of the scope of the associated contract. It also lets the admins set up approval workflows both sequentially and parallelly.

• Negotiations

With Zoho Contracts, counterparty contacts can collaborate in real-time and can suggest relevant changes that should be made in the document. This feature becomes highly useful as there are various negotiation rounds.

• Execution

It can be integrated with an e-signature which secures the legally binding within a few minutes. The turnaround time for emailing, printing, signing, and faxing cycles can be eliminated.

• Post-Execution Management

It also supports post-execution stages like the amendment, extension, terminations, and renewals.

2. Mitigate Risks

Adding the clauses like limitations of liability and indemnity eliminates the individual contract level. The contract offers better transparency over contract items. Any failure to comply with obligations can result in regulatory and financial consequences. So Zoho contracts ensure all obligations related to a contract can be tracked and managed from the obligatory contract section.

3. Enhance Governance

Zoho Contracts enable admins to make well-informed decisions by arriving at actionable insights from a wide range of data. The personalized dashboard offers a high-level overview of business contracts at a glance. It also allows activity tracking on three levels: contract, user, and stage. It also allows the owner to track whether the people involved have received the emails, viewed the document, and performed the intended actions.

4. Cross-Functional Integration

Zoho CRM integration allows sales professionals to initiate the contracts from the related section of a deal record in CRM and track the contract’s status from the CRM. With Zoho CRM, you can establish a sort of transparency between the sales and contract process while considerably improving the cycle times. Both work together as the best contracting process for the sales team.

Conclusion

Today’s business landscape is more dynamic than ever, which results in more demand for a powerful CLM system that allows you to manage and get the most out of your contracts effortlessly. Zoho Contracts is a complete contract solution that eliminates the need for multiple applications.

If your business also wishes to implement it and know more about it, then feel free to contact our experts at CRM Masters.