Salesforce: Legal Contract Management Software
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Legal contracts outline the rights and responsibilities of individuals or entities involved in a transaction. All businesses have legal agreements and, therefore, turn to legal contract management systems, principles, strategies, and even software to ensure these documents are correctly created and executed.
The Importance of Legal Contract Management
Since legal contracts are still contracts, many organizations use the contract lifecycle management (CLM) approach to streamline and optimize tasks and processes. Here are a few real-life examples of why contract management is so important.
CLM Mitigates Risks in Legal Contracts
When creating contracts, you can use contract management tasks to ensure that documents contain clear terms and conditions so that all parties involved understand the agreement they are committing to. Proper contract management strategies should also help your contracts comply with your country’s laws so that the agreement can hold parties accountable if required.
Accurate and precise legal documents created with contract management will reduce the number of disputes your company could face with customers or partners, saving you from any litigations and financial losses.
Adapt to Evolving Legal Compliance
Since the specific laws and regulations of countries or industries constantly change, it’s crucial to have a contract management system to modify legal contracts simultaneously.
By keeping up to date with regulation changes using contract management strategies, companies avoid legal issues, penalties, or fines.
Control Company Costs with CLM
Without a proper contract management system or software, your company can miss deadlines, a renewal, or create contracts with incorrect information. As you can imagine, these failures lead to added costs and time.
When organizations use contract management, they can evade any added costs arising from amending and terminating legal contracts.
Transparent Legal Contracts that Can Enforce Accountability
Legal contracts that clearly state the roles, responsibilities, fees, and deadlines of all individuals involved in an agreement will be transparent and understandable and let each person know what they are accountable for. Contract management strategies are great for controlling this aspect and can be used to track legal contract edits, revisions, and approvals.
Salesforce for Legal Contracts
Salesforce can be used to transform how your company works with legal contracts. As the world’s leading CRM platform, they are a great option to store customer data and automate processes related to marketing, customer services, and sales initiatives.
So, since Salesforce is a premium platform, it does offer many tools and features that can help work efficiently with legal contracts. However, Salesforce for contract management does not have an out-of-the-box CLM solution. If your company is looking for custom Salesforce solutions to manage contracts throughout the CLM journey, you must seek a third-party application.
Third-Party Apps for Salesforce Contract Lifecycle Management
If you are one of those companies searching for a third-party app that can integrate with Salesforce to help manage legal contracts, let us help you with a short list below. Legal agreements are critical and contain sensitive information, so you need to ensure that the application you install into your software stack is legit. Many third-party apps claim to help with CLM processes. Let’s take a look at the ones that are good options to integrate with Salesforce.
ContractWorks
First up on the list is ContractWorks, which is a cloud-based contract management software solution. Businesses of all sizes and across many industries choose ContractWorks to manage contracts throughout the contract lifecycle. Here are a few pros and cons for choosing ContractWorks and Salesforce for managing legal agreements.
Pros
Cons
PandaDoc
Up next is the document management and eSignature platform, PandaDoc. Many organizations choose PandaDoc for managing contracts in Salesforce as it integrates well with CRM systems. PandaDoc can add to the success of your contact lifecycle management strategies, but is it the right software for your business? Let’s take a look at a few pros and cons of a PandaDoc and Salesforce integration:
Pros
Cons
DocHub
Like PandaDoc, DocHub is another CLM solution that offers eSignature and document management features that integrate with Salesforce. They make it onto our list as a popular online PDF editor for using salesforce for contract management. Let’s check out a few of their pros and cons.
Pros
Cons
Titan CLM
The last third-party Salesforce app to make it onto our list is our favorite. Titan CLM is a Salesforce solution to help businesses with contracts. Companies choose Titan CLM to redline, edit, and comment on any document while tracking every step inside Salesforce. Let’s take a look at why this product beats the competitors out of the market:
Pros
Cons
Software Verdict on Contract Management for Salesforce
As great as ContractWorks, PandaDoc, Conga, and DocHub sound, we can see from their multiple cons that there are significant issues when integrating with Salesforce. We suggest Titan CLM as your option for managing legal contracts and optimizing contract lifecycle management processes in Salesforce.
Frequently Asked Questions
Can Salesforce be used for contract management?
While Salesforce has the latest features and tools to manage contracts, it does not have a custom out-of-the-box CLM solution for unique business requirements.
How contracts are used in Salesforce?
The Contracts app from Salesforce can be used to manage and track agreements and documents.
Can you create contracts in Salesforce?
Sure you can. A contract in Salesforce can be created from standard or custom objects and on opportunities, orders, and quotes.
The Power of Titan CLM and Salesforce as Legal Contract Management Software
We hope you found this comprehensive article on legal contract management software helpful. Contact Titan if you are looking for Salesforce solutions that surpass CLM initiatives and can save your business resources, time, and money.
Titan is a powerful no-code platform that can transform your digital experiences with Salesforce. Titan’s applications are designed to integrate seamlessly with Salesforce data across your entire organization. We are #1 on the Salesforce AppExchange marketplace, so reach out to us on one of our social media platforms below to start creating custom docs, web forms, apps, eSignatures, and surveys instantly.
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Disclaimer: The comparisons listed in this article are based on information provided by the companies online and online reviews from users. If you found a mistake, please contact us.
