Useful New Ironclad Features
Ironclad has been an immensely useful tool for contract management for all types of businesses. The tool itself is constantly being improved upon with new or improved features.
Here, I would like to highlight two recent updates relating to:
- Lifecycle Preset fields which helps with tracking and managing a contract’s lifecycle and status in your workflows over time.
- The ability to override the status which was previously not available. Since contract statuses are, more often than not, constantly changing through amendments, terminations or other business decisions, this feature gives the user the ability to manually change a contact’s status.
Please note, that these are currently in beta and not enabled for all instances of Ironclad. So reach out to your Ironclad AE to discuss these features..
Lifecycle Preset Fields
The Lifecycle Preset comprises fields, conditions, and launch form questions aimed at tracking crucial contract lifecycle data like agreement date, expiration date, and auto-renewal details efficiently.
Within the Lifecycle Preset, there exists a library of fields, conditions, and launch form questions that can be effortlessly integrated into any workflow configuration with a single click.
- Utilization of the Lifecycle Preset fields is imperative for customers looking to utilize contract status and auto-renewal functionalities effectively and for Ironclad to automatically monitor the contract’s status over time.
- Failure to populate the Lifecycle Preset fields within a workflow may result in records inaccurately reflecting the correct Active/Expired status and not adhering to their auto-renewal terms.
- It’s strongly advised to incorporate the Lifecycle Preset into most, if not all, workflow configurations for optimal efficiency.
- To gain further insights, one can refer to the guidance provided in Ironclad’s support documentation at “Use Lifecycle Presets in Workflow Designer.”
- For a deeper understanding of contract status, referring to Ironclad’s documentation on “Contract and Record Status Overview” is recommended.
Contract Status and Overrides
- Following the introduction of contract statuses and lifecycle functionalities in Ironclad, all contracts within the platform now accurately represent their current status.
- Nonetheless, contract statuses undergo continual changes due to amendments, supersessions, terminations, and other business decisions.
- To accommodate the dynamic nature of contract statuses, Ironclad provides users with the capability to modify contract statuses using “status actions,” which are accessible by clicking on the “status pill” situated in the Repository or metadata panel.
- Any user with edit permissions for a record can employ status actions to adjust the status of the respective record.
- Contract statuses are determined based on contract data, and any inaccuracies in this data can lead to invalid statuses.
- Errors can arise during the input of contract data, potentially resulting in inaccurate contract statuses
- Status overrides offer a solution to rectify these errors by recomputing the entire lifecycle of the contract as if the correct information had been initially entered.
- Whenever modifications are made to the data in a record’s lifecycle preset property through the metadata panel, API, or metadata import, a recalculation of the contract lifecycle occurs, treating the new values as if they were the original values for that contract.
Some links to documentation that I found helpful with these recent released Ironclad features:
Use the Lifecycle Preset in Workflow Designer
Contract and Record Status Overview
I’ve been working with CRM and CLM tools for a few years now with the EpiGrowth team. EpiGrowth is a certified Salesforce partner, while also focusing on implementing various contracting tools connected to Salesforce. Don’t hesitate to contact us to see how we can help you with your business’ growing needs.
