Why Integrate Contract Management Software With Business Apps

Contract management software is a top priority for enterprises to digitize their business agreements. Traditional and manual methods struggle to meet the demands of handling thousands of contracts per day. With the contract lifecycle management system, organizations can automate the end-to-end contracting process to improve productivity without compromising efficiency.  

Another key advantage of the contract management system is how well it interacts with existing business apps to produce better results. The contract lifecycle has significant implications for every department within an organization. That is why apart from generating contracts within minutes, the contract management software also streamlines the entire business operation. Integrating the contract lifecycle management system with advanced business software opens opportunities for the enterprise to mitigate risks and increase revenue.    

Integrating Contract Management System with Business Apps  

The key to contract management system integration is identifying the business applications critical to the enterprises’ daily operations. It is an opportunity for companies to make the most of the solutions they have invested in. They can combine the features of both platforms to accumulate data and facilitate collaboration across the organization. The companies' unique needs will determine the best software to integrate with the CLM (Contract Lifecycle Management) system. However, here are some popular options for integration with contract management software:  

• Customer Relationship Management (CRM) software 

Modern businesses rely heavily on closing deals to increase revenue. And it all depends upon getting the sales contract signed. Therefore, the contracting procedure is crucial for the sales department as well. Integrating CRM software such as Salesforce, HubSpot, or Microsoft Dynamics with contract management software enables the legal team to pull data from customer records. Moreover, with an integrated system, the sales team can keep track of agreements as they progress through the contract lifecycle. 

Dock 365 contract management software’s integration with Salesforce and Microsoft Dynamics CRM allows businesses to synchronize data between platforms. As a result, real-time customer and contract information are available to both the sales and legal teams. The sales team can self-serve contracts from within the CRM platform using pre-approved templates and clauses from CMS (Contract Management Software). And the legal stays in control of the entire process to ensure compliance and competency. In the end, CMS and CRM integration means accelerated sales processes for the business. 

• Enterprise Resource Planning (ERP) software  

Most businesses rely on ERP solutions to handle various tasks, including managing finances, human resources, manufacturing, supply chains, services, and procurement. Integrating ERP software such as Business Central with contract management software can ensure that contract terms align with pricing and invoicing data.   

Dock 365 contract management software integration with Microsoft Business Central paves the way for all-inclusive data analytics and interdepartmental collaboration. Organizations can create a centralized information hub to ensure accuracy throughout the contracting process. Thanks to the integrated system, organizations have better visibility into how a business agreement affects overall operations. With real-time data on billing, balances, and other financial information, they can better manage their finances from within contract management software.  

• Electronic Signature Software 

Getting approved agreements to the clients is vital for closing the deal. If organizations depend upon manual processes or multiple platforms, signing contracts can become a headache for customers. That is why leading businesses prefer electronic signatures to execute business agreements faster. Integrating with electronic signature software such as DocuSign, Adobe Sign, or Sertifi can enable remote contract execution, reducing the need for physical signatures. 

The legally binding solution provides added compliance and security for the organization. They can accelerate the contract workflows with remote and bulk signing. It is simple for users worldwide to sign in their native tongue thanks to the availability of multilingual e-signature solutions. Moreover, multiple parties can sign and keep track of legal agreements with electronic signature software. 

• Microsoft 365 

Organizations can adapt diverse Microsoft applications to meet their unique contract management needs. Businesses can collaborate on digital contracts using Dock 365 contract management software with the additional security of Microsoft 365. 

The CMS platform is built on the pre-existing Microsoft 365 environment to avoid storing sensitive contract data on a third-party site. It does away with the need to handle numerous user accounts on multiple software systems. Organizations can accelerate the negotiation phase by employing Microsoft Word for contract redlining. Moreover, the legal team can also utilize Teams, Outlook, SharePoint, and Azure to collaborate with clients and vendors in real time.  

The key is to determine which business applications your company uses most frequently and consider how integrating with contract management software can help to improve business outcomes.   

What are the benefits of contract management software and business apps integration?   

As organizations increasingly adopt contract management software to accelerate their contract lifecycle, they can go one step further to assimilate with other business applications. It enables enterprises to send, receive, and synchronize data with their Salesforce, Business Central, and Dynamics CRM systems. It helps to create a sole source of truth and facilitates intelligence reporting. Thus, integrating contract management software with other business applications can provide several benefits, including: 

• Improved Efficiency 

Integrating contract management software with other business applications can streamline workflows, reducing the time and effort required to complete tasks. It provides a centralized platform for all the invested parties to communicate and collaborate in digital contracting. For instance, integrating CMS with Salesforce and Dynamics enables the sales team to contribute to the contracting process without leaving the CRM platform. It eliminates the scope of miscommunication, bottlenecks, and unnecessary delays from the contract lifecycle.  

• Increased Accuracy

A way to guarantee that data is accurate, and current is by integrating contract management software with information-rich business applications. Integrating with ERP software, for instance, can ensure pricing and invoicing information and contract terms are coordinated. The sales team can self-serve contracts within the Salesforce or Dynamics platform and pull CRM data to auto-populate contract fields. It helps to establish data integrity across the organization. With the right integration, there is no need for manual data entry or human error in the contracting process.  

• Better Collaboration  

Contract management software integrated with other business applications can improve collaboration between teams. The sales and procurement team can better contribute to the contracting process through the integrated system. Every department and stakeholder within the organization has access to a centralized platform that serves as a lone source of truth for contract management. They can interact, exchange data, and manage workflows in real time without switching between systems. 

• Enhanced Visibility 

While the sales and procurement teams have a stake in the contracting process, they often do not have the means to oversee the lifecycle. Integrating contract management software with other business applications can provide greater visibility into contract workflows, performance, and reports. It assists other departments in identifying problem areas and reducing risks. The sales team can easily keep track of contract milestones like review, renewal, and expiry deadlines. For example, integrating contract management software with Business Central allows users to contract finances through access to real-time billing, dues, etc.  

• Reduced Errors

Integrating contract management software with relevant business applications can reduce errors and improve compliance. The integrated system allows users to synchronize data between both platforms. For instance, integrating with CRM software enables organizations to utilize customer data to generate accurate contracts. They do not have to manually enter information to fill out contract fields, which lowers the possibility of human error. By integrating with Microsoft Business Central, contract terms can be made compliant with financial reporting requirements.  

• Boost businesses relationships 

Integrating contract management software with dynamic applications can also provide better visibility into contract data and allow for easier tracking of contract status, renewals, and obligations. It can help organizations make more informed decisions and manage risk more effectively.  

Furthermore, integrating contract management software with CRM or ERP systems can provide a more holistic view of customer and supplier relationships, enabling better collaboration and communication across departments and teams. Access to sales agreements can help the sales team provide better customer service. Also, the procurement team can make informed decisions during negotiations by utilizing business intelligence from the contract management software.  

Conclusion 

Contract management software integration with advanced business applications allows businesses to make the most of their investments. To simplify every aspect of the business operation, they can combine the features of both platforms. The centralized system creates the only source of truth to guarantee data integrity across the organization.  

The sales team can self-serve competent contracts within the CRM platform using the pre-approved templates and clauses. Connecting contract management software with other business applications can improve efficiency, accuracy, collaboration, visibility, and performance, making it a critical component of a successful contract management strategy. Through the integrated system, teams outside the legal department can monitor contract milestones and obligations to help establish compliance.  

Schedule a live demo with our experts to learn how Dock 365 contract management software can improve your business.