Tuesday, June 25, 2024

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 is. Every step is time-consuming, but with the help of software, the process is faster and reduces financial and audit risks.

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

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

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 that allows parties to participate actively. They can track changes and create timelines from inception to signing them. 

The software provides detailed reports and analytics. All the features are easily accessible, and notifications are available at your fingertips. The software options range in complexity, mainly depending on organisational needs.

How to Choose the Right Contract Management Software

Choosing the right contract management software for your business can be difficult. With so many options, figuring out where to start can take time. Here are some points you should consider:

Ease of use: 

Software that is difficult to use will not be used. Contract management buyers say ease of use is crucial when choosing a device. A good contract lifecycle management (CLM) platform is easy to learn. You should be able to find content easily, understand the platform quickly, and adapt easily. It should also be easy for everyone in the organisation to use, not just electronic users. The more people use the tool safely, the more results you will see.

Function set: 

Contract management software must do precisely what the user needs. Knowing the features you need will help you choose a platform that suits your needs without paying more for extra features you won’t use.

Take action: 

Nobody wants a big project; The faster you work, the quicker you save time and money. To drive adoption and make it work, look for software that makes crucial business tools as easy to use as possible.

Integration: 

The software must work well with your existing systems and other software essential to your business.

Pricing model: 

CLM software is paid per contract or user. Most businesses prefer to pay according to contract. When more people have access to a device, you get more profit, savings, and efficiency. It also provides more funding and makes it easier for your organisation to get listed.

Customer Support: 

Evaluate the software’s customer support response and performance and whether your team has a successful manager throughout the engagement.

Best Contract Management Software

Let’s closely examine the best contract management software available on the market. 

PandaDoc

PandaDoc is a simple document and contract management software mainly designed to provide automated contract management solutions. It also allows you to customise, 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 customise new contracts.

It also comes with a template library, and it is recognised 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

DocuSign

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

It has become a prominent solution for non-technical stakeholders by standardising 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 minimise risks and standardise 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. 

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 users receive an up-to-date document version. 

Concord allows users to track changes and hold all 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 salesforce integration, which 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 minimise 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.

ContractWorks

ContractWorks has AI-enabled technology to automate operations and smooth the process by saving time. This software also encourages you to minimise 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. 

Utilising its user-friendly interface, you can effortlessly drag and drop files into a centralised, 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 emphasise 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. 

Agiloft

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

Employing code-free configurations, Agiloft empowers you to seamlessly assemble personalised 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 centres. Furthermore, it offers compliance with Sarbanes-Oxley, GDPR, and HIPAA regulations.

When it comes to pricing, Agiloft’s approach centres 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 customisation features can sometimes make it confusing. 

ContractSafe

The price range starts at $375 per month, based on the features you need and your library’s contract. The cherry on top? Archives, attachments, and edits are unlimited, and ContractSafe has unlimited users on all plans.

Artificial intelligence features can change models, approvals, e-signatures, and documents. It’s like the Swiss Army knife of contract management!

ContractSafe is a contract management system with cost flexibility, transparency, speed of use and quick access to information through search and organisation capacity. Plus, with no user limit, ContractSafe is designed to scale seamlessly with you, unlike some competitors with single-user limits that increase in cost as your business grows.

With ContractSafe, you get the following:

Intuitive contract management: easy to navigate, send notifications, set reminders and request signatures. Additionally, thanks to the archive, you can keep all contracts, renewals and related information in one place.

E-Signature Made Easy: Integrated with top signature providers, ContractSafe makes signing contracts easy.

Template: The ability to create templates as you wish, thus simplifying your contract creation process.

Get started quickly: Get the price instantly with a quick setup and Quality Manager to help you create your idea.

Known Fees: No hidden fees and unlimited users; creating budgets and scaling your business is more accessible.

Google-like search: Use the best character recognition (OCR) to find what you’re looking for, whether a PDF, image or Word document.

Bulk Data Extraction: Quickly and easily extract metadata from contracts with our [AI] Assistant, making it easy to join and use.

Send tasks and set reminders: Assign tasks and schedule reminders to everyone in your organisation with the click of a button.

Customisable Dashboards and Powerful Reporting: Customize dashboards to display your needed information. Create detailed reports to understand performance commitments and critical metrics.

Dedicated Customer Success Manager: Your Customer Success Manager is just a phone call away to help you resolve any issue you may encounter and ensure your peace of mind at all times. I promise.

Pros

  • Free trials and demos with no hidden fees for hassle-free purchasing
  • Powerful search features
  • Complete data management and notifications,
  • Support and training
  • Get documentation, contracts, regulatory standards, and business agreements.
  • Documents in the US, Canada, and EU
  • Easy to use even if you’re not tech-savvy
  • Unlimited users at all price points
  • Affordable options at all organisational levels

Cons

  • No in-app contracting or editing functionality (but template functionality covers basic creation needs)
  • No library items

CobbleStone

CobbleStone is a robust contract management solution designed with procurement in mind. While its advanced features, such as AI-based contract writing and OCR data extraction, are impressive, the platform’s interface and learning curve may be an issue for some users.

With CobbleStone, you get the following:

Purchase Focus: CobbleStone is thoughtfully designed, including many unique mods that cannot be hidden. These features will only be available if you are active during purchase.

Advanced Interface: CobbleStone’s interface is powerful, but it takes time and training to reach its full potential.

Contract Creation: CobbleStone’s core product focuses heavily on contract creation, with additional features such as contract negotiation and tools. Sign up after you have to pay more.

Custom payments at additional cost: Custom support and operations are available, but they are expensive and may increase your total cost.

Pros

  • The basic level includes template creation
  • Supplier management functionality
  • OCR for easy data extraction

Cons

  • The basic level includes template creation
  • Supplier management capabilities
  • OCR to easily remove data
  • Support at additional cost
  • It might be challenging to navigate for some users
  • Some tenders reported by users
  • Native electronic signature is only available in the Enterprise tier
  • Multiple in Basic tier no over imports available
  • No transparent pricing structure

What are the most common features of Contract Management Software?

The software consists of different features mainly aligned 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 applications are available on the market, and they have different functionalities and features. All the reviewed platforms mentioned above will bring unique strengths to the table. 

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

Tags: , ,

Related Article

0 Comments

Leave a Comment