Monday, February 26, 2024

Best Contract Management Software For Small Business

Manual paperwork for managing contracts is a traditional form of business. Creating, negotiating, and addressing them with software can smoothen the process and streamline your business operations.

Managing contracts is essential, no matter how small or big your business size is. Well, every step is time-consuming, and with the help of software, it makes the process faster and reduces financial and audit risks.

The Contract Management Software allows all companies to collaborate with team members at different locations. Well, these software are easy to use, but choosing the best software is still daunting.

Every software comes with different functionalities and features; integrating them with the current workflow can also make the process tedious. But don’t worry; we provide in-depth details of the best Contract Management Software.

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What is Contract Management Software?

Contract Management Software unifies the information, parties, and contracts in contract creation and negotiation.

Contract Management Software is a reliable solution allowing parties to participate actively. They can track changes and create timelines from inception to signing them.

The software provides detailed reports and analytics of what’s going on. All the features can be easily accessible, and notifications are available at your fingertips. The software options range in complexities, which mainly depend on organizational needs. Moreover, you should also know about the best CRM software for small businesses. 

Best Contract Management Software

Let’s closely examine the best Contract Management Software available in the market. 

1. PandaDoc

PandaDoc is a simple document and contract management software mainly designed to provide automated contract management solutions. It also allows you to customize, negotiate, and e-sign complex contracts.

This software comes with many integrations and contract templates, which helps prevent costly errors and client disappointment. It is a multi-function contract management software essential for smooth contracting work.

As we know, different employees require extra access so that users can modify these things accordingly. The software is designed to improve time management, alleviate pressure by offering preapproved clauses, and customize new contracts.

It also comes with a template library, and it is recognized that people using this software see a 65% time reduction in time for creating a document.

Pros

  • Customer support will be available 24/7
  • A 14-day trial period will add lots of convenience.
  • Unlimited document creation is allowed for users.

Cons

  • There is limited integration in free plans
  • Added features are very costly
  • Content Library is available only in business plans

2. DocuSign

DocuSign is the perfect contract management solution for businesses looking for an affordable solution to manage e-signatures to a complete CLM system. The software is mainly designed to help users with every aspect of contract lifecycle management.

It has become a prominent solution for non-technical stakeholders by standardizing the entire CLM system so anyone can use this software to manage their contract.

Apart from all these things, the platform is also integrated with AI to help manage third-party contracts so that edits can be made smoothly. These tools are designed to minimize risks and standardize practices in negotiation and managing the workflow regarding these documents.

Pros

  • A free trial period is available without credit card information
  • 24/7 Customer Support available
  • Smooth workflow configurations.

Cons

  • The workflow setup is a bit complex
  • Sometimes, he needs help with syncing documents.

3. Concord

Concord is a popular contract management solution that simplifies compliance and negotiation. It also comes with preapproved templates for faster contract creation with a version control feature, ensuring that users receive an up-to-date document version.

Concord comes with the ability to track changes and hold all the discussions with stakeholders inside the platform. Moreover, users can also track the status of contracts to speed up their buying cycle.

The sales cycle increased with online negotiating and redlining features through which the documents could be edited at our convenience. Furthermore, Concord also supports sales force integration that will automate post-signature execution in CRM.

Moreover, it can also be used to build real-time custom reports and data drawn from existing contracts. The built-in e-signature solution will minimize the duration of the end-to-end CLM process and eliminate on-premise agreement signing needs.

Pros

  • Unlimited contracts and e-signatures
  • Bulk uploading features are available with all plans
  • A 14-day trial period is open without any credit card information.

Cons

  • Contract Integration is complex outside the platform.

employee-self-service-platform

4. ContractWorks

ContractWorks has AI-enabled technology to automate operations and smooth the process by saving time. This software also encourages you to minimize risk and reduce costs to make it more effective.

All the documents can be stored in a single location, and multiple access can be given, which reduces bottlenecks and confusion. In addition, Contractworks also allows the creation of detailed reports and takes complete control over them.

Utilizing its user-friendly interface, you can effortlessly drag and drop files into a centralized, easily searchable, and expandable contract repository. This repository ensures security while granting controlled access through permission-based user roles.

Whether dealing with a fresh contract or a renewal, this software enables users to emphasize particular sections of contracts or ensure universal comprehension with shared focal points.

Pros

  • The support team is available 24/7.
  • The plan is open to unlimited users.

Cons

  • Limited integrations available
  • No mobile app is available.

5.  Agiloft

Agiloft is one of the oldest contract management solutions in the market. It was launched in 1991 and provides users complete access to advanced features. Its enterprise-grade and custom features make it a perfect choice for users in the customization industry.

Employing code-free configurations, Agiloft empowers you to seamlessly assemble personalized workflows, routing processes, reports, and even a tailored dashboard for monitoring your essential Key Performance Indicators (KPIs) and receiving alerts. Integrating seamlessly with Google and Microsoft, you can efficiently upload documents through the software you already employ in your business operations.

Agiloft ensures the presence of an audit trail for each document while maintaining your data within secure storage centers. Furthermore, it offers compliance with Sarbanes-Oxley, GDPR, and HIPAA regulations.

When it comes to pricing, Agiloft’s approach centers on tailor-made solutions. You can choose between monthly, quarterly, or annual payment structures. The pricing plans are contingent on the number of users, starting at $65 per user per month.

Pros

  • It gives unconditional guarantees to its users
  • 99.99% Uptime service level
  • Free trial

Cons

  • There’s no internal chat feature available
  • Too many customization features make it confusing sometimes.

What are the most common Contract Management Software?

The software consists of different features that align with your business goals. The most common features are-

Tailored Fields: Opt for standard fields or introduce custom ones to gather specific client details within your contracts.

Automated Approval Process: Leveraging enterprise-level software, establish workflows to ensure documents traverse the proper channels for approval, saving valuable time.

Automated Alerts: Stay informed with automatic notifications, from contract modifications to milestone alerts, ensuring everyone remains updated throughout the process.

Redlining: A digital negotiation process where involved parties edit contracts while monitoring changes, enabling seamless back-and-forth edits and decisions.

E-signature: Many Contract Lifecycle Management (CLM) solutions feature integrated e-signature tools, while others incorporate third-party e-signature systems for seamless signing.

OCR Capabilities: Utilize text or voice-based search functions to swiftly locate contracts, clauses, or client data within your storage.

Audit Trails: Certain CLM software maintains a detailed record of versions, conversations, and modifications, serving as a transparent audit trail in contract litigation.

Conclusion

Many Contract Management Software are available in the market with different functionalities and features. All the reviewed platforms mentioned above will bring unique strengths to the table.

The best Contract Management Software you should opt by considering individual business needs, automation, security, and more factors. This software will play a crucial role in determining the success of small enterprises.

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