Contract Management Challenges for Technology Companies
Today’s technology companies compete in high-growth, high-volume marketplaces, meaning sales teams need to be able to quickly close deals and seamlessly capture all of the agreed-upon terms in a contract.
In working with some of the world’s largest tech companies, Icertis has identified a number of common contracting challenges:
- A lack of contracting self-service capabilities, including a lack of access to contract management functionality from Customer Relationship Management (CRM) systems, makes it difficult for sales teams to keep up with a high volume of transactions, impeding adoption and slowing time-to-revenue
- Disconnected Contract Lifecycle Management (CLM), CRM and Configure-Price-Quote (CPQ) systems cause leakage and inefficiencies
- Bundles of related contracts—e.g. Master Service Agreements (MSAs), Statements-of-Work (SOWs), Order Forms and Product Addendums—must be created separately and manually compiled to close a single deal
- Poor post-execution visibility into contracts makes it difficult to track obligations, commitments and deliverables
If left unaddressed, these challenges have the potential to lead to lost deals, missed delivery deadlines and general commercial underperformance.
Icertis Solutions for Technology
Icertis has implemented Contract Lifecycle Management (CLM) solutions for some of the world’s largest technology companies, leveraging the ICM platform with our powerful suite of applications.
While the ICM solution is ultimately configured for each customer, our CLM for technology capabilities include:
- Sophisticated self-service capabilities that allow sales teams and deal desks to author and redline contracts within the parameters set by finance and legal, including fallbacks
- Deep integration with CRM/CPQ to support one-click contracting, two-way sync and split processing
- CRM integration encourages adoption in the field and by sales ops
- Smart, rule-based agreement relationship modeling to automate contract bundling
- Full obligation, commitment and deliverable tracking
- Enterprise-wide functionality to allow sales terms to flow directly to procurement to ensure on-time product delivery
Icertis’ technology solutions offer unmatched benefits across the entire enterprise. We handle all contract types, have integration adapters for other enterprise systems, and can ensure that companies continue to maximize the value of their contracts long after each one is signed.
Learn More from the Industry Experts
Featured Solutions for Managing Technology Contracts
Within the ICM product portfolio, these solutions enable technology companies to drive even more value from their contracts.
ICM Obligation Management app
Track obligations at scale when processing high volumes of sales contracts.
Empower your sales team with AI-driven insights for better negotiations.