Edward Sander, CEOContracts are an essential part of everyday operations of organizations irrespective of their size or business type. But oftentimes, managing and deciphering those contracts involve a huge list of challenges that deeply impact business processes and productivity. Elaborating on those pain points, Edward Sander, CEO, Model N says, “Most CIOs need a single-source-of-truth to understand contract documents and enable full collaboration across the contract lifecycle.” In the absence of a proper system, companies have to engage in the arduous process of searching for clauses and terms manually and miss out on complete and efficient collaboration. Model N’s solutions reflect Sander’s belief that connecting commonly disjointed operations, such sales quoting and contract management can transform the revenue lifecycle into a strategic end-to-end process.
Model N’s Salesforce-native Revvy Contract Lifecycle Management (CLM) solution provides a single pane for all contracts where multiple touch points allow Sales and Legal users to effectively manage the contract authoring, negotiation, and approval processes. Revvy CLM can create a contract directly from an approved quote in Revvy CPQ or Salesforce CPQ and can track previously sold products and services, contributing to smooth contract amendments and renewals and providing complete visibility into the entire contract lifecycle. The firm’s CLM solution allows real-time collaboration on contracts where participants (including customers) can commence redlining documents from within Microsoft Word®. “This collaboration helps reduce costly errors in the contract authoring and negotiation stages and accelerates the entire lifecycle,” explains Sander. Also the ability to redline a contract directly in Microsoft Word® and bring the edits into the contract object in Salesforce is one of the company’s key differentiating capabilities. “Model N’s solutions enable users to leverage tools that they are already comfortable with—Microsoft Word and Excel-to minimize the learning curve while maximizing their productivity,” Sanders adds.
Furthermore, the company’s ability to remain perceptive about the technological advances caters to the surging need for cloud deployment for CM solutions and integrates with Customer Relationship Management (CRM) and CPQ systems to support an enterprise’s quote-to-contract process.
Today’s CIOs need a single-source-of-truth for all contracts to reduce compliance risks and enable automation, driving efficiency and speed across the entire contract lifecycle
Revvy CLM also supports digital signatures with DocuSign or Adobe Sign integration and extends the contract approval chain to mobile platforms including iOS and Android. Considering the growing “modularity” in the consumption of cloud solutions, “Our Revvy solutions are designed to enable micro-service consumption and this is part of our newly expanded relationship with Salesforce,” states Sander.
A strength of Model N lies in accentuating the combination of CPQ and CLM that can model the entire quote-to-contract business process, regardless of whether it involves only usage of a quote, contract negotiation, or quote with continued negotiation on terms and conditions. Once, a global pharmaceutical company that was struggling to manage contract templates and their contract authoring process approached Model N. With Revvy CLM, the customer automated its contract lifecycle which dramatically reduced the time sales reps were spending on contract creation, obtaining approvals and amending contracts. As a result, the pharmaceutical firm experienced a dramatic boost in their sales productivity and user satisfaction.
After carving a niche in the ECM arena, Model N looks forward to adding additional innovative and exciting capabilities into its Revvy CLM solution. In days to come, “We will continue creating more touch points between our solutions and Salesforce Lead-to- Cash applications and incorporate new technologies such as Salesforce Einstein® and Salesforce Quip®,” concludes the CEO.