Apttus CPQ Interview Questions
1) What is Apttus?
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.
2)What are the challenges of contract management?
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.
3) What is the middle office?
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.
4) What are the advantages of Apttus CLM?
Here are some of the advantages of Apptus CLM,
- Contracts creation is faster
- Revenue leakages have stopped
- Early detection of risks
- Improves contract renewal rates
- Increased visibility and compliance
- Reduced manual errors
- Deals will be closed faster
5) What are the offerings of Apttus?
The following are the top solutions offered by Apttus.
- Intelligence Middle Office
- Contract Lifecycle Management (CLM)
- Configure Price Quote (CPQ)
- Revenue Management
- B2B E-Commerce
6) What are Apttus CLM contract templates?
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.
7) What awards did Apttus CLM achieve?
Apttus has been announced as a leader in the Forrester Wave for Contract Lifecycle Management.
8) What are the CLM challenges that Pharma companies face?
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.
15) Can Apttus CLM dynamically generate legal templates?
There are eight stages for the contract management lifecycle.
Request – someone in a company requests for a new contract.
Drafting – involves the creation of every single standard contract.
Negotiate – both parties negotiate for terms and conditions.
Approval – get the contract approved by Legal, executives, stakeholders, and the customer.
Execution – get the contract signed, put it into effect, and place it in a repository.
Obligations – implementation of the contract line items and meet deadlines.
Compliance – provide regular reports to internal and external parties and your performance to obligations.
Amendment/Renewal – before the contract expires, you need to send a new contract for Renewal. I will kick off a new cycle.
16) How can we manage contracts effectively?
Contracts can be managed effectively through 4 steps.
Consolidation – create one central repository for all the contracts, templates, and clauses.
Task automation – automate manual processes of the Legal team. It increases process control and reduces manual errors.
Process efficiencies – create a well-organized contract process to enable faster contract cycle times.
Contract performance – identify and remedy pain points to provide the best service to your customers.
17) Why are automating contracts necessary?
It will provide clear expectations for all parties.
It offers control of resources.
It will optimize revenue and cost streams.
It also streamlines business processes.
18) What type of contracts does Apttus CLM use?
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.
19) Name the common contract pain points.
Below are the common contract pain points.
Difficulty in balancing speed and control.
Legal team lack visibility into contract terms.
Inconsistent in the use of words and language in the contracts.
Tracking the contracts between several departments and locations.
The inability to manage changes over time.
20) How can we achieve contract management excellence with Apttus CLM?
Apttus CLM enforces four steps to capture more value to your business.
Get your contracts in one place.
Define process and performance metrics.
Build contracts smarter.
Integrate and accelerate contracts with Quote-to-Cash.
24) Can Apttus CLM dynamically generate legal templates?
Yes, Apttus CLM dynamically creates legal templates from the clause library.
25) Explain about Quote-to-Cash?
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.
26) Can we integrate Apttus CPQ and CLM?
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.
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