What is contract revision in SAP CRM-IM-IPM - Intellectual Property Management?

SAP Term: contract revision

• Component: CRM-IM-IPM

• Component Name: Intellectual Property Management

• Description: IPM contract items often have to be released before subsequent processes confirmation, billing, etc. can be performed. If changes are necessary following the release, items must be 'revised', i.e. corrected during a contract revision process.

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• Key Concepts: 
  Contract revision is a feature of SAP's Intellectual Property Management (IPM) component of its Customer Relationship Management (CRM) suite. It allows users to create, manage, and track changes to contracts over time. This helps ensure that all parties involved in a contract are aware of any changes that have been made and that the contract remains up-to-date.
  
  How to use it: 
  To use contract revision, users must first create a contract in the IPM component of SAP CRM. Once the contract is created, users can then make changes to it as needed. These changes can be tracked and monitored using the contract revision feature. This allows users to easily keep track of any changes that have been made and ensure that all parties involved in the contract are aware of them.
  
  Tips & Tricks: 
  When making changes to a contract, it is important to make sure that all parties involved are aware of the changes. This can be done by sending out notifications or emails when changes are made. Additionally, it is important to keep track of any changes that have been made so that they can be easily referenced in the future if needed.
  
  Related Information: 
  Contract revision is just one of many features available in SAP's CRM suite. Other features include customer segmentation, lead management, and analytics. Additionally, SAP offers a variety of other products and services related to customer relationship management such as customer service management and marketing automation.