Analyze and Visualize Contract Data
Learning Objectives
After completing this unit, you'll be able to:
- Identify the key features of Salesforce Contracts Analytics.
- Explain how different users can benefit from the dashboards.
- Use Salesforce Contracts Analytics to improve sales strategies and efficiency.
Salesforce Contracts Analytics Overview
Managing multiple contracts manually can be overwhelming and prone to errors, leading to missed deadlines, overlooked terms, compliance violations, financial losses, and legal disputes. Cloud Kicks, a sneaker manufacturer, has been dealing with these exact challenges, struggling to efficiently track contract statuses and make the most of revenue opportunities. That's where Salesforce Contracts Analytics comes in. It gives you a clear view of all your contracts in one place, so you can track them in real time and make smarter decisions based on accurate, real-time data.
Out of the box, Salesforce Contract Analytics makes it easy to monitor contract statuses and revenue impacts. Get ready to spot new opportunities, reduce risks, and fine-tune your sales process.
With the data visualization and analysis features, sales reps like Candace and sales managers can quickly grasp contract performance, obligations, and overall revenue impact. With the analytics capabilities of the Salesforce Platform, you can create detailed reports and dynamic dashboards based on contract data.
Obligation analytics aren't available out of the box, but you can configure them to suit your business needs.
Key Features
Salesforce Contracts Analytics provides a comprehensive suite of tools for visualizing, analyzing, and managing contract data. Let's explore the key features and benefits.
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Real-time data visualization: Interactive dashboards show real-time data about contracts to keep you informed and help you make data-driven decisions. Contract data includes current status, performance against targets, fulfillment of obligations, and more.
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Customizable reports: Create reports to track contract value, duration, renewals, and compliance, with the flexibility to customize the reports as needed.
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Revenue impact analysis: Analyze the financial impact of contracts, including tracking revenue from active contracts, future revenue forecasting based on current contracts, and identifying trends in contract acquisitions or terminations.
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Contract lifecycle tracking: Visualize the entire contract lifecycle, from initiation to completion so you can analyze cycle times, identify bottlenecks, and improve efficiency.
Dashboards for Different Users
Effective contract management requires role-specific insights to address role-specific challenges. Salesforce Contracts Analytics dashboards provide tailored information for all kinds of roles: contract admins, sales reps, and sales operations teams, to name a few. These dashboards help simplify contract workflows so that each team member has the knowledge they need to excel at their jobs.
Contract Admin Dashboard
The admin dashboard provides insights into the number of contracts initiated, expired, and the average completion time for each contract. The image shows an example dashboard.
This helps operations teams identify any bottlenecks in the contracting process.
You can view the status of your contracts, including the renewal date, contract status by stage, average time spent in each stage, and the average completion time for the contracting process. Additionally, you can see contracts that require attention, along with clauses and templates.
By identifying delays in contract approvals, the operations team at Cloud Kicks can implement targeted solutions to keep contracting processes running quickly and smoothly.
Sales User Dashboard
The Sales User dashboard shows data from draft contracts to active, expired, and canceled contracts. You can slice and dice sales contract line items by top sales contract information, and look at different revenue figures at various stages of the contracts. This dashboard also helps you understand revenue trends over time and identify contracts that require attention.
For example, Candace's team can use this dashboard to monitor their contracts performance and strategically plan negotiations.
Watch this video to learn how Salesforce Contracts Analytics dashboards give custom insights for specific roles.
Drive Results with Salesforce Contracts Analytics
Organizations like Cloud Kicks can make great gains with Salesforce Contracts Analytics. With console-based dashboards and embedded analytics, you can track and manage contracts from creation to approval. Personalized dashboards help prioritize renewals and high-value deals. And filtering contracts by type, account, product, and duration enable data-driven decisions
At Cloud Kicks, staying on top of contract management is crucial for driving sales and ensuring efficiency. Here are the key capabilities.
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Performance monitoring: Sales reps can monitor their individual or team performance in real time regarding contract negotiations, closures, and renewals. This helps them stay on target and adjust their strategies as needed.
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Customer insights: The dashboard provides insights into customer behavior and preferences by analyzing contract terms, fulfillment rates, and renewal histories. These insights enable sales reps like Candace to tailor their approaches to customer needs and upsell or cross-sell services.
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Risk management: By analyzing contract data, Candace can identify potential risks such as contract delays, low compliance, or poor performance on obligations. Addressing these early enable proactive risk mitigation.
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Strategic planning: With comprehensive data on the performance of contracts, sales reps can plan effective strategies for contract renewal, negotiation, and new customer acquisition.
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Operational efficiency: Quick access to relevant contract data minimizes the time spent searching, allowing sales reps to focus on high-priority work.
From Insights to Impact
Take a look at the Cloud Kicks strategy in action. Candace relies on Salesforce Contract Analytics to maintain full visibility into her contracts, using a customized dashboard to carry out her work tasks:
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Monitoring: Track all active and upcoming renewals to avoid missing any opportunities and reduce customer churn.
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Data segmentation: Segment contract data to prioritize high-revenue deals.
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Trending: Identify trends in contract closures and adapt the strategy accordingly.
With Salesforce Contracts at her disposal, Candace boosts efficiency and drives better results for herself and Cloud Kicks. Less time spent searching for data means more time spent completing high-impact tasks. By streamlining analysis and decision-making, Cloud Kicks turns insights into action, achieving outstanding success.
Now that you've explored Salesforce Contracts and Analytics, it's time to apply what you've learned to your own role. Start using these dashboards and insights to influence sales, improve revenue, and enhance efficiency.
Wrap Up
Congratulations! You've successfully completed this module. You explored the basics of Salesforce Contracts, from creating your first contract to actively managing obligations and gaining viable insights through analytics. With hands-on practice along the way, you're all set to manage contracts smarter and make the most of your data.
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