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SUCCESS INSIGHTS: Contract Management Best Practices

Knowledge Article Number 000213363
Description Contract Management Best Practices

Introducing the Contracts Tab
Contracts Tab
  • Gives your team visibility into contracts without leaving Salesforce.
  • Helps you manage contract approvals and renewals.
    • More effective and accurate contract processing 
    • Better visibility into contract deviations 
    • Reduced contract cycle time
    • Timely contract renewals
Contracts Process

Key Functionality
1. Online management of key contract data
2. Tiered visibility and access rights
3. Contract workflow and task assignment
4. Automated contract approvals
​5. Contract status and revision history
Contracts Functionality

Use Cases

Managing the Contract Business Process
  • Assume you want contracts to be approved and/or you want to track where a contract is during a review or revision cycle leading up to contract activation. You can now define steps for a contract to follow and maintain and track these steps using Contract Status
  • As part of the contract management process, you can also set up workflow rules to automatically trigger notification emails or follow up tasks.
Tracking Contract Renewals
  • Assume you need to stay on top of contracts ready to expire so they can be renewed.
  • You can now flag the contract and notify the contract and account owners of pending contract expirations.
  • In addition to setting up automatic notifications, you can also create contract views and reports that show at a glance which contracts will expire and in what timeframe.

Implementation Best Practices
Business Process Considerations
  • What is the key contract information that needs to be maintained and tracked?
  • Are there fundamentally different types of contracts you want to manage?
  • What are key steps you want to follow for each type of contract?
  • Do you need to trigger tasks at particular stages of the contract lifecycle?
Custom Fields
  • Set up custom fields for key information you need to track
  • Create distinct contract record types if your contracts have...
  • Fundamentally different attributes that need to be tracked
  • Different business processes
  • Fundamentally different users
  • Customize the status pick list to match your review and approval process
  • Set up your workflow rules 
  • Automatic task creation 
  • Contract expiration notice

For more resources check out the Achieve More Hub: Increase Sales Rep Efficiency
Contracts Setup

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