Work with the Solution
Learning Objectives
After completing this unit, you’ll be able to:
- Identify the stakeholders who benefit from Industries CLM.
- Describe how each persona uses the platform.
Key Teams
Industries CLM is a truly powerful solution. It makes work easier for several groups of business stakeholders. CLM is a collaborative platform for efficiently managing contracts.
As the foundation of most business transactions, contracts touch many departments and stakeholders across the enterprise. Stakeholders have their own objectives and challenges when it comes to drafting, negotiating, and registering contracts. Who are these stakeholders, and what tasks do they perform?
Key stakeholders include:
- Sales
- Legal
- Operations
- Finance
Sales
People like Sophia and her team work on many sales deals at a time and face pressure to close deals quickly. Once a sale is finalized, the salesperson needs to create a contract, negotiate terms with customers, and obtain their signatures.
The end-to-end contracting process needs to be fast, with minimal involvement from legal staff and the management chain. To avoid missing out on renewal opportunities, sales must keep track of when contracts are due for renewal.
Legal
The main concerns of the legal team are the obligations in the contract and the risks they pose to the organization. Legal wants to avoid salespeople creating their own, rogue contracts. Also, they don’t want to spend their time and energy adding input to the contracting process for each new deal.
Operations
Sales operations or contract managers require full visibility into every stage of the contract lifecycle. They manage the status of individual contracts, remove contract processing bottlenecks, and ensure contract security and auditability.
Finance
The finance department is responsible for collecting and making payments specified in contracts. They strive to avoid lost revenue due to excessive discounting of products, and they work to reduce auditing, regulatory, and administrative costs.
Target Personas
A target persona is a person or role that the solution caters for in particular. The target personas for Industries CLM are:
- Contract users
- Contract administrators
- Contract partner users
Contract User
Contract users include sales executives like Sophia and her team. They collaborate during contract creation, negotiate terms and prices with customers, and manage multiple contracting processes. They need to create and negotiate contracts, as well as to obtain eSignatures efficiently during deal closures.
Contract user tasks include:
- Authoring contracts
- Collaborating with internal team members
- Negotiating with customers
- Maintaining contract versions and performing redlining of contract documents
- Issuing contracts for eSignature
- Managing contracts through termination
With CLM, businesses can perform end-to-end contract management and sales executives can grow their customer relationships.
Contract Administrator
The contract administrator sets up contract management configurations. The tasks include:
- Defining contract templates
- Configuring contract document and eSignature settings
- Creating approval workflows
- Defining contract lifecycle and state models
- Updating existing contracts, for example, locking, unlocking, and canceling contracts
With CLM, contract admins can ensure seamless contract management for users by setting up the user interface (UI) to streamline contract administration.
This diagram shows the flow of sales operations admin tasks and sales rep tasks.
Contract admins and contract users are key personas involved throughout the journey of the contract.
Contract Partner User
The contract partner user creates and manages contracts for end customers from their partner community. Their tasks include:
- Selecting templates and creating contracts
- Seeking approvals
- Managing different contract versions
- Sending contract documents to end customers
CLM gives partners access to a contract management UI with limited functionality through their Partner Community user license.