Photo by Austin Distel on Unsplash
When you think about how to automatically update CRM data with contract data, it’s important to consider the benefits of streamlining the entire contract process.
Superior contract management solutions take advantage of customer relationship management (CRM) technology to deliver a client-focused service for your business.
Automation is a critical part of the success of companies that are undergoing a digital transformation. As businesses focus on creating meaningful agreements, it is crucial to ensure that these agreements are being made efficiently and effectively. So, what are the true benefits this automation offers? Upgrading your contract management platforms is the first step to achieve automation. But how to align and update your CRM data with contract data?
Contracts parameters and metadata information acquired during the on-boarding and negotiation are automatically updating your CRMs
There is a variety of different tools for analytics, communication, and so forth you can use to do that. Using a centralized contract lifecycle management platform can ensure integration across all of these tools is possible. A CRM platform can be integrated with tools such as Salesforce, Dropbox, Google Drive, and Box. This allows your company to experience the full benefits of contract management. As an added bonus, your organization’s reach expands to any other important tools being used.
The acquisition, enrichment, and update of clients/contracts data is managed by the contracting platform that informs and feeds the CRM automatically,
The majority of automated contract lifecycle management platforms support high-level analytics. When you’re thinking about how to align and update your CRM data with contract data, these analytics come in handy as they create a new level of involvement and understanding in the process.
The reports generated automatically by a contract management platform keep teams updated on the progress of the contract including its compliance, the amount of revenue generated, and the overall efficiency of the process
Luigi Telesca
While paper contracts are secured by locks and keys, contracts stored in a contract management platform and registered in the blockchain are secured by encryption, data loss prevention, traceability, and automation. Documents stored in the blockchain can be accessed on-demand cannot be tampered by anyone.
Documents signed with e-signatures are also tamper-proof. When the digital signature is applied, the entire document is encrypted. Therefore, it cannot be altered without both an alert and a stamp of invalidation being applied to the contract itself. Forgeries are difficult to produce with such high levels of protection guarding a document, making all of the information more secure.
The direct impact and benefits of using an automated contract lifecycle management platform are long. Even if a company already has a contract management platform in place, integrating smart contacts into the contract management cycle can be very useful to automate back-office jobs and increase the speed of your contract life cycle. It adds an additional layer of security and lets companies that are already using contract management platforms revisit regularly and ensure they continue to see the full benefits.
Smart contracts and blockchain technology have the option to automatically update a CRM when a contact leaves the current address, registers a forwarding address, or passes away. This facilitates staying compliant with data regulations among other things.
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