Contract management is very important for any organization as it saves time for both parties. It relays standardized procedures to create, execute, and analyze contracts. It optimizes operational and financial performance at an organization. In this post, we will give you an overview of the Apttus CLM interview questions. Apttus CLM is in use by many organizations for contract management. So there are plenty of jobs on Apttus CLM. Go through the below frequently asked Apttus CLM interview questions and answers to enhance your skill.
Ans: Apttus is a software provider in business process automation. It is an American company founded in the year 2006. It provides middle office solutions for optimizing various financial and commercial functions.
Ans: Apttus Contract Lifecycle Management (CLM) enables the automation of contract processes.It provides higher-quality experiences for both parties. It improves negotiating outcomes, reduces cycle times, and minimizes risk. Apttus CLM is available on the cloud, so it is easy to connect to any CRM.
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Ans: There are eight stages for the contract management lifecycle.
Ans: The Legal department usually takes care of creating, managing, and maintaining contracts. When Legal manages contracts manually, there is a chance of facing bottlenecks. They might also face some errors like revenue leakage, non-compliance, etc.
Ans: Contracts can be managed effectively through 4 steps.
Ans: The middle office is a department that takes care of financial functions. It sits in between the front and back office. The middle office team manages risks and ensures that the transactions have correctly executed.
Ans: Here are some of the advantages of Apptus CLM,
Ans: The following are the top solutions offered by Apttus.
Ans: Apttus CLM supports any type of contracts like sell-side contracts and buy-side contracts. It also enables other business teams like HR, operations, IT, R&D to manage their general contracts.
Ans: Below are the common contract pain points.
Ans: Apttus CLM enforces four steps to capture more value to your business.
Ans: Apttus CLM is a cloud-based solution, and it is not available to download and install on-premise.
Ans: A Clause library plays a vital role in the contract process. It is like a repository where pre-approved clauses are stored. These clauses have used for generating contracts. It will speed up the contracting process and reduces risk.
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Ans: Contract templates provide a standardized format for all your contracts. Any change made to any clause or a term, anywhere the term or clause applies, will automatically have the updated language.
Ans: Yes, Apttus CLM dynamically creates legal templates from the clause library.
Ans: Apttus Quote-to-Cash provides an integrated view of all customers, quotes, and contracts. An organization will have complete visibility to boost revenue growth and reduce errors. It encompasses sales, contracts, and customer relationship lifecycles.
Ans: Contract management powers Quote-to-Cash solutions. All the quoted and invoice information has defined in a contract. It provides the speed and control you need to handle the process improvements.
Ans: Yes, we can integrate Apttus CLM with Quote-to-Cash. It transcribes the quote elements and populates the purchasing contract automatically. It speeds up the closure of deals resulting in speeding revenue generation. It also increases customer satisfaction.
Ans: The revenue process comes after the contract is signed. It includes invoicing, billing, and order management functions and provides consistency across channels and customer-friendly interactions.
Ans: Apttus CLM helps Pharma manufacturers gain visibility for clinical and sales teams. We can manage buy-side, sell-side, and clinical contracts on a single platform. It enables reduced compliance risks and tracks obligations for clinical trials.
Ans: Apttus has incorporated Machine Learning in Quote-to-Cash to get smarter and faster with real-time analysis. It can get predictive insights that learn from the company's data.
Ans: Apttus has been announced as a leader in the Forrester Wave for Contract Lifecycle Management.
Ans: Apttus Omni has built on top of Salesforce. Apttus Quote-to-Cash solutions inherit Salesforce properties like mobile access, advanced analytics, etc.
Ans: Apttus CLM provides a modifiable template that we can use to create a comprehensive RFP. It represents capabilities that buyers should consider when evaluating contracts.
Ans: No, Apttus CLM and CPQ are not the same. Apttus CLM is for contract management. Apttus Configure Price Quote (CPQ) is for managing quotes.
Ans: Apttus CLM provides detailed search and reporting capabilities. It enables quick access to information on your contracts.
Ans: Apttus CLM supports teams of all sizes to gain visibility. It has offered in three plans,
Ans: Apttus can easily integrate with all web applications. Apttus integrates with the below platforms.
Ans: Apttus customers include many of the Fortune 500 companies. Here are some of the customers that use Apttus CLM.