Conga, an application provider for companies that need to automate and enhance their business productivity, announced today the release of Conga Contracts on the Salesforce AppExchange, empowering businesses to connect with their customers, partners and employees in entirely new ways. Built on the Salesforce CRM platform, this new solution helps sales teams accelerate the contract creation, negotiation, management, completion and analysis processes among customers, sales and legal teams. Conga Contracts puts sales reps in the driver’s seat to create and negotiate changes collaboratively within the controls set by the legal team and have the visibility they need to closely monitor their contracts — speeding up the contract negotiation and closing process.
“Salesforce customers seek out solutions like Conga Contracts built for Salesforce and help drive their organizations forward,” said Godard Abel, SVP & GM, Salesforce CPQ. “We are excited about the innovation we see coming out of Conga, as a long-time partner and innovator in the Salesforce ecosystem.”
The first two editions of the Conga Contracts product available today are the Negotiator™ Edition: a lightweight solution for agreement redlining and data reconciliation, and the Business CLM™ Edition, which includes all the functionality of Conga Contracts Negotiator plus additional CLM (Contract Lifecycle Management) features such as a native Clause Library, Clause Bundles, Contract Progress Tracking, Contract Families and Contract Analytics.
Both editions are designed to work with Conga Composer and Salesforce CPQ (Configure-Price-Quote), as part of the Salesforce Quote-to-Cash solution.
The Conga Contracts solution bridges the divide between sales and the legal as they collaborate on agreements to close a deal. Through Conga Contracts, legal teams establish different contract types, from employee and vendor agreement to master services agreements, disclosures and standard terms and conditions and their acceptable alternatives – around fees, auto-renewals and others – via a Clause Library in Conga Contracts or the Salesforce CPQ quote term library. Sales teams may select a group of clauses and modify contracts within parameters set by the legal team, ensuring a smoother, faster close for the sale.
When a contract or document is ready to be negotiated, the sales person, working in Salesforce Lightning, uses Conga Contracts to tap into the library of approved clauses, allowing them to move quickly and flexibly without needing to escalate every slight adjustment to the legal team for yet another review. This speeds up the contracting process by automating simple back-and-forth steps like negotiating clauses in the document, reconciling changes after negotiation, seeing agreements through the e-signature process and ensuring they are saved in the proper Salesforce repository.
This new solution addresses a key pain point for businesses, where contract-related delays often bog down the enterprise. According to Gartner: “Forty percent of Gartner inquiries related to contract life cycle management [CLM] in the last year were from organizations seeking an enterprise-wide approach for all contract types and processes. This growth is set to continue, reflected in a 24% compound annual growth rate (CAGR) through the end of the decade.”
“Conga Contracts provides an answer we’ve been looking for to improve our contract negotiation process,” said Suzan O’Leary, Project Manager at Abiomed, Inc. “Process cycle time reduction, in the medical device industry, means our customers can serve their patients sooner and frees up precious time for clinicians and hospital administrators. Having been among the first to see Conga Contracts in action, we are excited to lead the way for our customers in creating a faster, better sales experience while reducing risk and simplifying negotiations.”
Conga Contracts is available immediately in two initial editions: Conga Contracts Negotiator and Conga Contracts Business CLM. High-level features of Conga Contracts include:
- A Clause Library and Clause Bundles, which are groupings of pre-approved clauses created by the customer’s legal team for use by sales
- Contract families to easily understand the relationships of contract documents
- One-click “send for negotiations” delivery of a Microsoft Word® document that buyers can easily redline and return
- Fast and easy View Redlines without leaving Salesforce and True-Up™ to accurately see and incorporate negotiated changes back into Salesforce data, quote term, and clause fields
- Individual, team, department, and enterprise-wide reporting and analytics that provide insights to identify slowdowns for better forecasting, training needs and future process improvements
- Easy integration with third-party e-signature partners like Adobe Sign, DocuSign, and Sertifi
With these features, Conga customers have access to analytics that help them better understand their own contract negotiation processes. Benefits to customers include:
- Shrink contract negotiation cycles
- Enable sales teams to negotiate on their own within a framework set by the legal team
- Easily keep data in Salesforce current and accurate
- Identify common bottlenecks in the negotiation process, then eliminate them
- Gain insights into sales contracts across contract types, teams, regions, departments and the enterprise
- Improve forecasting accuracy for better decision making
“Leveraging our acquisition of Novatus last year, Conga Contracts extends the value of Conga Composer from document generation through sales contract negotiation, and even into full contract lifecycle management.” said Conga CEO Matthew Schiltz. “Conga Contracts helps sales teams manage the process themselves. If a customer needs to negotiate a standard clause in the sales contract, sales teams can quickly update the contract thus increasing sales velocity and win rates.”