Conga today released Conga Contracts on the Salesforce.com AppExchange.
Built on the Salesforce CRM platform, Conga Contracts helps sales teams accelerate the contract creation, negotiation, management, completion, and analysis processes among customers, sales, and legal teams. Conga Contracts lets sales reps create and negotiate changes collaboratively within the controls set by the legal team and closely monitor their contracts.
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.
Through Conga Contracts, legal teams establish different contract types, from employee and vendor agreements 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 can select a group of clauses and modify contracts within parameters set by the legal team.
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, 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.
Conga Contracts is available immediately in two initial editions: Conga Contracts Negotiator and Conga Contracts Business CLM. High-level features of Conga Contracts include the following:
- 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 understand the relationships of contract documents;
- One-click send for negotiations delivery of Microsoft Word documents that buyers can redline and return;
- View Redlines without leaving Salesforce and True-Up to 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; and
- Integration with third-party e-signature partners like Adobe Sign, DocuSign, and Sertifi.
"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 in a statement. "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."
"Conga Contracts provides an answer we've been looking for to improve our contract negotiation process," said Suzan O'Leary, project manager at Abiomed, in a statement. "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."