Contract management is an integral yet complex part of business functions. Companies often need help overseeing the complete contract schedule, from reviewing to executing them, as they are often detailed and complex; the slightest error can cause massive damage. Conga, a leading contract negotiation solution provider, designs innovative contract management systems to rectify and prevent this situation.
The current contract management landscape encounters various hurdles, such as limited transparency, lack of supplier performance data, unclear processes, poor track changes, and a lack of risk mitigation plans. With this in mind, Conga provides its clients with an effective contract lifecycle platform that breaks down and simplifies complex tasks. It transforms complicated order configuration, execution, fulfillment, and contract renewal processes by making them frictionless and quicker.
Launched in 2006, Conga has decades of experience and expertise that it uses to create solid contract plans. Its contract specialists and engineers strategize and design effective solutions to solve all revenue lifecycle challenges, big or small. The company extends its services to various industries to simplify contract management, such as energy, healthcare, life sciences, manufacturing, media, retail, technology, higher education, and financial services.
Conga’s customer-centric contract lifecycle management software is a time-saving platform that secures deals faster while improving compliance and visibility. Three products back Conga’s CLM software for optimizing internal and external communication and collaboration, enhancing efficiency, reducing compliance risks, and providing strategic insights. This tool manages complicated and enterprise-wide contact lifecycles to improve risk mitigation, reduce friction, and increase scalability.
With its CLM software, Conga enables real-time collaboration and tracking to predict vulnerabilities and gaps and close business faster during contract negotiation and execution. This end-to-end contract lifecycle solution automates complex processes involving multiple groups. Conga CLM’s central repository manages all contracts in a single place with a clear view of the entire cycle, such as versions, negotiations, approval, history, and metrics.
“By showing genuine curiosity and concern about your customers’ business, listening and learning vs. telling and selling, helps identify clear pain points and creates a two-way dialogue. Talking in their terms allows you to focus on business processes and problems vs. features and functions,” said Noel Goggin, CEO of Conga.
Conga CLM also automatically uncovers insights by extracting contracts and key terms for strategic insights, accurate reporting, and risk mitigation using AI. Its pre-approved language minimizes lengthy delays in legal approval by implementing standardized clauses. Furthermore, it supports online contract collaboration and seamless integration by managing the entire lifecycle without exiting daily-use tools, such as Microsoft Office and Salesforce.
Conga Contracts is another Conga tool that supports CLM. This end-to-end lifecycle management product enables streamlined contract management through automation. Conga Contracts equips companies with the ability to keep all contracts in one repository for easy access, version monitoring, and accurate reporting. It also improves revenue lifecycle management with traceability that controls processes and ensures compliance.
With features like contract creation and alerts, Conga Contracts leverages current company metadata to generate new contract profiles and deliver notifications for each review process and stage. Its smart control repository stores, searches, and locates all contracts, including third-party contracts using AI. Conga Contracts’ negotiation portal enables collaborating securely with access for buyers and sellers to negotiate and share information and documents.
Conga Contracts for Salesforce automates and generates standard and high-volume contracts in Salesforce with a single click. It provides legal-approved and sales-driven negotiations that redline and negotiate and empower sales to build contracts themselves in a streamlined manner.
The last tool, Conga Contract Intelligence, acquires commercial products and converts them into verified data to improve business performance. It maximizes contract value, meets obligations, recognizes revenue instantly, sends renewal data alerts, protects the contracting process, and minimizes risk while saving time.
Conga’s CLM software has helped its clients generate and use contracts safely and efficiently. Before using Conga CLM, companies found issues with legacy and homegrown solutions, such as unmanageable contract templates, clauses that could not be edited, and increased legal review. Furthermore, companies could conduct limited searches despite legacy solutions.
However, upon using Conga CLM, organizations noticed a positive change in their end-to-end contract management processes, from contract generation to execution. Their contracts became searchable, including finding clauses and phrases within them. Moreover, Conga’s clause library enabled teams to utilize pre-approved language, participate in real-time collaboration using X-Author, and prepare e-signatures for quick and seamless execution.