The start of a new calendar or fiscal year is typically the period during which ongoing or “recurring” contracts (maintenance contracts, support contracts, etc.) are renewed. Although its commercial, operational, and legal importance should certainly not be underestimated, this task is often viewed as a “necessary evil.” Let’s face it. It’s not exactly thrilling to go through a long list of existing contracts, discuss them again with the client, and handle the administrative work. In this article, we’ll look at how Simpler and More Efficient Contract Management can.
Track CRM expiration dates
It goes without saying that business continuity is the top priority. It is unthinkable that gaps in your service provision would arise simply because the contractual framework has been eliminated.
Your CRM-tool allows you to automatically keep you informed about which contracts are about to expire. In addition, it can automatically distribute the work among your employees to ensure that every contract is renewed on time. You also always have a clear overview of which contracts have already been renewed and by whom. If an employee is temporarily too busy or unavailable, you can reassign the work with just a few clicks.
Managing contracts in your CRM system is actually surprisingly simple:
- You maintain the basic information about each contract for each customer in the CRM, such as the unique contract number, start and end dates, status, and primary contact(s).
- Next, assign responsibility for contract management to the internal account manager.
- with the standard features of Dynamics 365 You can also configure worklists, automatic notifications, and dashboards according to your preferences.
From now on, you have the tools you need to systematically track the renewal of current contracts.
Document Management
Drafting the contract documents themselves can be very labor-intensive. That’s why it’s worth taking a look at what options are available for automatically generating your contracts. Even if your contracts contain dozens of options, it’s still perfectly possible to generate contract documents automatically. This saves you a lot of time, reduces a great deal of effort, and drastically lowers the risk of errors.
Do you customize every 100% contract? Then Professional document management is not a luxury. Collect and incorporate feedback directly into the document and ensure there is never any confusion about which version of the contract is the latest. By using the specific link between Microsoft Dynamics 365 and Microsoft SharePoint Do you have automatic version control.
Digital Signature
The mutual approval of contracts can be handled much more quickly and efficiently thanks to digital signature, especially when the flow originates from your CRM system. The integration of Dynamics 365 with Adobe Sign allows you not only to generate contract documents, but also to send contracts for signature and track the status of the signing process.
Automate communication
If your contracts are standardized, then it is possible to to extensively automate both the communication and the entire contract renewal process. With marketing automation software, such as ClickDimensions, set up an automated email workflow well in advance of each contract’s expiration date. This workflow will then send each customer a personalized email from the account manager’s email address. Suppose your customer does not respond to the request to renew the contract; in that case, your CRM system will automatically send one or more reminders at various times before the expiration date. If the automated workflows remain unsuccessful, you can follow up personally.
The Benefits of Contract Management in CRM at a Glance
- reduction in workload: significantly less manual, administrative follow-up by employees.
- less searching: An overview of expiring and renewable contracts available in a secure, centralized environment, all in one place.
- automatic escalation: Automatic monitoring, reminders, and escalation to management for contracts that are nearing their expiration date.
- business continuity: No risk of missing contract expiration dates. “Expired contracts” are problematic in discussions because past agreements are no longer enforceable.
- commercial advantage: Professional follow-up leads to satisfied customers and reduces the risk of customers switching to the competition.
