Nextance to Give More Power to Manage Customer Relationships
Enhanced capabilities address growing complexities of sales agreements, internal controls and financial operations
REDWOOD CITY, Calif. – February 26, 2007 – Nextance Inc., the top choice for enterprise-wide contract management (CM), today announced powerful upcoming enhancements to its sales contract management offering. These new capabilities will help speed deal cycles and provide deeper visibility into customer relationships, ultimately increasing revenue and reducing corporate risk. Nextance has made it easier for companies to capture the full scope of complex customer relationships, providing new and unmatched insights into the business and legal terms needed to support financial, legal, and compliance processes and bigger picture go-to-market strategies.
With the enhanced functionality, namely Contract Packages and Pricing Terms, companies can complement their traditional CRM implementations with a solution designed to effectively drive complex deals through the final part of the sales process (contract negotiations) and to establish a single source of truth for customer relationships, including details of the products/services sold, ongoing deliverables promised, performance expectations committed, contingencies/acceptance/return provisions arranged and ongoing pricing terms established.
Using Contract Packages, the extended contract team – sales, legal, finance, risk, as well as services, support and products – can structure a single customer agreement from multiple documents that take the relationship definition beyond typical terms and conditions to include deal components such as statements of work, attachments and schedules, design documents, project plans and so on. To achieve the delicate balance of reducing corporate risk and speeding deal cycles, each component of the agreement can be routed independently for editing, review and approval in parallel by the members of the extended contract team.
The more powerful Pricing Terms module within Nextance will enable companies to capture even the most complex pricing arrangements, creating a single view of both pricing and terms needed for accurate billing, rebate management, revenue recognition, pricing analysis and future negotiations. With the enhanced capabilities, companies can model pricing terms that are time-based, volume-driven, performance-based, cost-plus, and have rebates or best-price protection associated with them. For ease of use, each Nextance customer can establish the right pricing template for their unique business model and offerings and enter the data directly or import it from a CRM or pricing system and export it to back office financial systems.
“Not all customer relationships can be managed or measured by orders and call center interactions,” said Kyle Bowker, president and chief executive officer at Nextance. “With these powerful new sales contract capabilities we put the ‘R’ back in ‘CRM’ for business to business relationships and improve revenue, risk, and relationship management.”
The new sales functionality will be released this spring.
About Nextance Inc.
Nextance is setting the standard for enterprise contract management (CM) solutions with innovative software and best-practices professional services. Global 2000 companies are improving financial and business performance by using Nextance CM to improve the standardization, visibility and control of their contractual relationships. Countrywide, Covenant Health, Eastman Chemical Company, Google, Peabody Energy, Sasol, SHPS, Sun Microsystems and others are using Nextance software every day to tap into the value that is written into each of their thousands of revenue, procurement, intellectual property licensing and partner agreements. Nextance is based in Redwood City, CA, and is privately held. For additional information, visit: www.nextance.com.
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