Contract Management Software – Level Up with These Top 10 Tools

The Need for Contract Management Software

Contract management is a paper-extensive process that involves generating and maintaining documents that fill up the physical spaces of the cabin. Physical handling of these documents has its share of disadvantages. Traditional methods involved manual processing that challenges process efficiency with these limitations – 

• Time-consuming
• Error-prone
• Storage challenges
• Limited transparency

Eventually, the drafting, reviewing, and approving of contracts takes another turn with the introduction of basic software tools such as word processing software, emails, and spreadsheets. With centralized repositories and automated workflows, contract management is now redefined with integration capabilities and cloud-based storage. 

Today contract management software comes with robust features that are powered by solutions such as artificial intelligence, Natural Language Processing (NLP), blockchain technology, etc. These technological advancements have revolutionized document management by automating document generation and storage, simultaneously offering reporting and analytical tools for predicting risk factors and identifying areas of improvement. 

Reports show there is a great demand for an advanced solution that would remove the dependency on manual labor and process inefficiencies. 

• Businesses lose $122 on average every hour for working on drafting and generating contracts, especially in the legal industry. 
• Businesses still face a 40% ambiguity in roles and responsibilities regarding contract management. 
• 50% of businesses lack a proper storage system for contracts and other important documents.

Key Features of Contract Management Software 

1. AI Assistant

AI assistants for contract management are an essential feature. It is one of the recent transformational solutions that make contract management software a plus for businesses. The AI tool can automate tasks like drafting, reviewing, and analyzing contracts within just minutes. Employees do not have to spend time on devising terms of agreements for the contracts, thus reducing some core admin work. Contract authoring is made instant and seamless with an AI-based tool. 

2. Template Editor

Most contract management solutions offer contract templates, which can be used for generating documents instantly. These come with a customizing editor that allows businesses to edit the templates based on their needs. Business teams no longer have to design contracts using Word documents which often ends up being more time-consuming and hectic.

3. Approval Workflows 

Contract management software that supports workflow automation is the key to creating easy and streamlined workflows. Review and approval of the contracts can be routed from one stage to the next and finally to the approver in an instant. Bottlenecks are removed with a faster approval cycle. This way approvals can be acquired in an instant and contracts can be established on time. 

4. Browser-based Redlining

Browser-base redlining is an important feature to look for in contract management software. These key features aid in negotiating the terms and conditions in real-time, before an agreement is drawn. A lack of this feature can make the team depend on and switch between tools like Word documents, emails, and PDFs. This delays the complete process and increases the cycle time.

5. Native eSignature

The contract software must offer a native e-signature feature. This functionality makes it easier for companies to legally bind the documents with ease. E-signatures can be used anywhere anytime from any device. 

6. Renewal Reminders

Contract management solutions offer a robust reminder and notification system. This allows teams to have a seamless flow of work. Reminders and notifications will be sent at the set time that will trigger actions for tasks such as contract renewals and approvals. This notification system helps in tracking all the pending works that otherwise have to be done manually, thus, decaying the process. 

7. Smart Storage

Contract management software comes with a smart storage system where any contract-based documents can be stored, located, or accessed at any time. The on-cloud functionality facilitates the storage and retrieval of documents at any time. 

8. Scalability and Support

A contract management tool is highly scalable and allows extensive customization facilities. This way, organizations can align and customize the tool according to the needs. With integration functionalities, third-party applications can be seamlessly connected with the software. 

How does Contract Management Software Benefit Businesses?

Contract Management is Made Simpler

Contract lifecycle management (CLM) software enables organizations to manage contracts effectively. With advanced solutions like intelligent document management, automation, and integrations, contracts can be easily generated, approved, and stored without much hassle. Moreover, with pre-existing templates, contracts can be instantly created, making the process faster.

Cloud-based and Auditable

Contract management software makes it easy by streamlining all the review and approval processes. This way approval can be garnered quickly using an automated approval workflow. The software comes as a SaaS-based tool that aids in the on-cloud storage. All the documents and data related to different contracts can be stored and tracked from anywhere. 

Integrates Data into the System Easily

This type of software offers an effective solution for data management. The tool automatically integrates the data on the contract with data in the existing system. For example, in the case of a supplier contract, data related to the invoices and PO, will be extracted and stored within the system. 

Easy Data Access and Intuitive Dashboard

The dashboard in a contract management system is intuitive and configurable and carries all the essential data for its management. All data is captured instantly and processed into the system. 

Who can Benefit From Contract Management Software?

Contract management plays a key role across multiple industries and requires an efficient way to streamline and optimize this complex process. A contract management tool can be leveraged in the following industry to enhance contract management. 

• Legal 
• Healthcare
• Sales teams
• HR teams
• Finance and Operations 
• Real Estate

Choose the Right Contract Management Software

Choosing the right contract management software is essential for yielding the right results. Some notable reasons include –

• It helps ensure that the company’s goals align with the tool’s functionalities and capabilities. 
• It provides valuable insights into the performance of contracts established, evaluates the revenue growth, and tracks the outcomes generated.
• It facilitates scalability and adaptability and aligns perfectly with contractual needs. This will help eliminate the dependency on switching systems and adapting.
• These tools offer security for data protection and are compliant with policies and regulatory standards such as GDPR, HIPAA, etc. 

Top 10 Best Contract Management Software

1. Cflow

Cflow is an AI-powered workflow automation platform that also provides comprehensive solutions for intelligent document management. Cflow offers an exclusive optical character recognition (OCR) solution that seamlessly aids in the transformation of physical documents to digitized ones. Contracts can be managed similarly by using Cflow’s document management solutions. Cflow also offers templates where workflows can be automated with just a few clicks. This way, approvals are sought faster. All the digital documents can be stored and accessed on the cloud. 

Notable Features – 

• Users can convert any paper document into a digitized format by simply scanning and uploading.
• The tool offers a transparent change tracking system, where users can easily identify any change that is made. 
• All the contract documents can be accessed anywhere, on any device.

Pricing –

• Joy – $11 per user/month
• Bliss – $16 per user/month
• Zen – Custom pricing, minimum 100 users

2. PandaDoc

PandaDoc is one of the most popular tools for contract management. It is specifically designed with functionalities such as customization, eSigning, etc., which are essential for legally binding contract documents. Every stage from the creation, reviewing, and approval of contracts based on its lifecycle. Additionally, the platform offers automated notification for contract renewal. 

Notable Features – 

• The tool offers contract templates that help in generating contracts instantly.
• Multiple features like redlining, messaging facilities, and inline commenting, facilitate collaboration.
• The platform also allows the users to assign user roles for an effective approval process. 

Pricing – 

• Essentials – $19 per month/user
• Business – $49 per month/user
• Enterprise – Available on contact

3. Ironclad

Ironcloud is a contract lifecycle management software, best known for automating routine and manual tasks for businesses dealing with high-degree contract management. Through effective solutions like workflow automation, report generation, and contract processing, Ironclad is a solid contract management software for businesses. 

Notable Features – 

• The platform offers a drag-and-drop user interface for easy navigation. This comes in handy for people with less technical knowledge.
• The platform can be easily integrated with existing applications, facilitating effective collaboration and communication. 
• The tool comes with a repository along with an advanced search feature. This allows for the proper storage and retrieval of contract documents. 

Pricing

• Available on contact

4. DocuSign CLM

DocuSign CLM is yet another popular platform that is best suited for contract lifecycle management. This tool was previously known as SpringCM and has been a major player in the market for several years. For SMBs and enterprise businesses who are looking to invest in seasoned contract software management, DocuSign CLM would be the right choice. 

Notable Features – 

• The platform offers a seamless user experience with a simple interface for contract workflow and management.
• The platform emphasizes its capability to accommodate citizen developers. They can create and process documents with a few clicks.
• The platform offers an AI assistant to help the users manage contracts and integrate platforms. 

Pricing – 

• Available on contact

5. ContractWorks CLM

This particular platform is predominantly used for seamless data migration and its inclusive price range. As an AI-based Contract lifecycle management (CLM) software, ContractWorks CLM offers top security to data and custom report automation solutions. The tool comes with an AI-powered Smart Document Tagging feature that is designed to make locating and tracking changes in the document instant.

Notable Features – 

• This platform also offers a repository where documents can be stored and retrieved at any time securely. 
• The platform offers contract templates, making it easier for business teams to generate complex documents in an instant. 
• The tool supports e-signature and a native editor through MS Word, aiding in a faster closing of partnership deals. 

Pricing –

• $700-$2000 per month, unlimited users (billed annually)

6. DealHub

Dealhub offers robust contract management systems that easily automate the creation, review, and approval of proposals and contract documents. If you are looking for a tool that would help you save time and resources, DealHub is one of the viable options. It is an excellent platform that facilitates collaboration and effective communication by offering simple document-sharing features. 

Notable Features – 

• The platform offers an intuitive user interface, making it easier for non-tech users too.
• The tool comes with stringent security protocols that help in protecting data management, transfers, and storage.
• The tool supports integration with CRM software and allows an easy transfer of data from software to software.

Pricing – 

• Available on contact

7. Conga CLM

Conga CLM is a contract lifecycle management software that optimizes tasks from the creation to the approval and storage of contract documents. Every stage of contract management can be done in one single platform. The platform also offers unique solutions like pay-as-you-grow and end-to-end enterprise solutions. This tool is known for its centralization of all the contracts.

Notable Features – 

• The platform can be deployed on-premise or used on the cloud depending on the needs of the organization.
• The tool comes with multiple solutions that facilitate contract management such as Conga Collaborate, Conga Sign, Composer, and CPQ.
• The contracts can be designed and edited based on preferences like adding clauses or snippets or making it a template.

Pricing – 

• Prices are based on specific needs.

8. SAP Ariba

SAP Ariba is a contract management software that streamlines and optimizes every stage of the management process. With an effective central repository, the platform offers a space where teams can create, collaborate, and ensure compliance all within one platform. Through this platform, users can have seamless access and control over the complete process with improved visibility. 

Notable Features –

• This platform offers its users the lowest total cost of ownership, reducing the demand on an organization’s IT department. 
• The platform allows seamless integration with other SAP Ariba solutions, CRMs, and ERPs.
• The tool offers a library of pre-approved clauses and templates, allowing a faster generation of contracts. 

Pricing – 

• Starts from $50 per year. 

9. Trackado

Trackado is one of the most simple and easy-to-use platforms. Contracts can be stored and accessed anytime on this centralized platform. The tool can be used to access accurate and latest billing data. It has an automatic reminder and notification system that notifies regarding critical contract milestones. The centralized database makes contract storage and retrieval easy. 

Notable Features – 

• Using predefined templates, users can generate process workflows in an instant and also create workflows from scratch. 
• The platform offers transparency by logging every activity with every stage moved. 
• The tool can be used to gather data on the financial standings when any changes are made to a contract. 

Pricing – 

•  Free per 1 user
• $39 per month/3users
• $129 per month/8 business users
• $299 per month/25 enterprise users

10. Nintex for Salesforce

Nintex offers easy and simple contract management for businesses. This platform provides a quick and affordable app creation process with an easy-to-use user interface, allowing users to have a faster, offering visual automation setup. Through this platform, users can generate new contracts and other documents like invoices with the Salesforce space itself. 

Notable Features – 

• Using this platform, complex workflows can be easily automated reducing employee labor. 
• The platform helps create high-resolution images of important documents quickly. 
• The tool comes with an integrated e-signature solution that helps a faster approval process and manage documents. 

Pricing – 

• From $25000/year to $50000/year
• Comes with a custom plan and an enterprise plan. 

Conclusion

Choosing the right contract management software is highly essential for acquiring the desired results. It has to be simple yet comprehensive. The contract management tool that you choose must be able to provide advanced solutions that are simple to use and navigate. Cflow is one such document management platform that can be leveraged to make contract management seamless and efficient. Eliminate all the bottlenecks from the process and take contract establishments to the next level with Cflow. Sign up and learn more.  

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