In today’s rapidly growing environment, good contract management is a must for all types of organizations . Contract management software has been a savior, revolutionizing the way companies manage legal contracts. This reliable solution streamlines the entire contract life cycle, from drafting and negotiation to signing and renewal, enabling companies to save time, mitigate risks, and achieve more in the process.
With more contracts being managed by companies, they need better systems to handle these agreements. The contract management software empowers companies to command, with one place to save documents, automate processes, and gain valuable insights from data analysis. The best contract management software can help organizations better track their commitments, keep deadlines, and adhere to compliance , whether managing supplier contracts or internal transactions.
What is contract management software?
Contract management software is an electronic tool that allows organizations to design, store, manage, and track contracts throughout their life cycle. Contract management software helps automate contract processes. These contract management systems are a central repository software for contracts, allowing users to search, retrieve, and manage agreements easily. The best contract management software includes automated reminders, electronic signatures, and AI-based contract analysis.
For businesses with suppliers, vendor and contract management software ensures more efficient vendor agreement, performance, and obligation tracking. A well-designed contract management software also connects with other business applications for easy contract automation and risk management.
Who employs contract management software?
It makes companies more efficient and streamline processes. Small businesses and startups employ these contract management tools to get better without a large legal budget. The contract repository software gives a single location for all contracts, replacing the old manual storage methods.
Though initially large enterprises were the key clients, small to medium businesses may now adopt the same technology. These solutions deliver advantages to every department, such as:
- Legal departments: Preset approval cycles guarantee terms agree to legal norms without having to constantly monitor.
- Procurement teams: More efficient monitoring of supplier performance and contractual commitments.
- Compliance administrators: Simple compliance proof in regulation through electronic audit trails.
- Finance departments: Enhanced transparency of real revenue and expenditures in relation to contract terms.
What are the advantages of contract management software?
Contract management software impacts businesses positively irrespective of their sizes. These electronic systems simplify procedures, boost output, and provide useful information.
Centralized Storage of Documents: The contract management software has a significant impact on the way businesses retain contract documents. This does away with the storage requirements and makes it easy to keep all the contracts as well as accompanying papers in a single place. This also enables one to locate and search for documents, making work more productive and efficient.
Enhanced Collaboration: These systems allow approved users to work on contracts simultaneously. They are able to view the same data, which reduces confusion regarding agreed terms. This collaboration extends to various departments that play a part in the life cycle of the contract, including account management and finance.
Time-Saving Automation: Contract management software touches numerous manual activities. It creates user accounts, sends welcome packets, and initiates benefits for new customers. It also streamlines communication with contract parties, which accelerates contract administration. Users save approximately three hours of admin time per contract.
Improved Compliance and Risk Management: Such systems have correct histories of contracts and complete audit trails, which assist firms in complying with the law. The systems are also able to highlight risks in contracts and alert key personnel to issues that have to be addressed.
Improved Contract Visibility: Having all the files stored in a single, centralized online place provides businesses with a better understanding of their contracts. Companies are able to track various phases of a contract’s life cycle so that nothing gets lost or forgotten.
Reduced Expenses: A sound contract system minimizes costs within the organization. It makes certain that the proper number of people examine each agreement prior to issuance, eliminating wasteful delays, mistakes, and possible fines for non-compliance.
List of top 10 best contract management software
1. Ironclad
Ironclad is a contracting software that is powered by AI and injects end-to-end efficiency in your contract workflows and expedites contract TAT. Ironclad allows you to effortlessly pull contract metadata from over 194 pre-configured contract fields. This highly configurable contract management software is ideal for tagging, removing, and reporting on contract information with personalized reporting dashboards and visualization capabilities.
Key features
- Centralized contracts with straightforward, customizable workflows.
- Upload past contracts and auto-tag important information for easy follow-up.
- Smooth syncing with applications such as Salesforce and Slack.
- Collaborate easily across your favorite platforms.
Pros
- Automated requests, approvals, and reports accelerate contract execution.
- Monitor workflows and notes for increased accountability.
Cons
- Salesforce and Slack integrations are helpful but can be time-consuming.
- Higher prices might be more suitable for small-scale businesses.
Pricing
- Ironclad has custom pricing, usually starting at around $30,000/year.
2. SpotDraft
SpotDraft is your all-in-one contract management solution. The solution enables you to draft and send contracts for signing within minutes. Intended for businesses of any size and scope, SpotDraft is known for accuracy and speed in contract management.
With the help of AI-driven automation, SpotDraft is ideal for contract redlining process streamlining and accelerating deal closures. All these aspects make it ideal for contract collaboration in legal, sales, financial, and HR processes.
Key Features
- Reduce TAT and risk with customizable flows.
- Sync 15+ tools.
- Bulk send contracts easily.
- Single-click agreement consent.
- Smarts contract analytics.
Pros
- Pay-as-you-use model.
- Smooth team approvals.
Cons
- Have to resubmit for updates.
- Customers point towards extensive human intervention needed.
Pricing
- SpotDraft has customized pricing with a pay-as-you-use option, unlimited users, no-charge setup, and a 14-day free trial.
3. LinkSquares
LinkSquares is a contract management platform from end-to-end that makes contracting easier from the initial draft to the signing stage. LinkSquares can automatically extract contract terms from your existing contracts to track obligations. LinkSquares’ contract management platform is designed seamlessly with software like Salesforce and Microsoft Word. All the teams engaged in the contracting process can remain updated while collaborating on their desired applications.
Key Features
- Close deals sooner and get to the point with brief summaries.
- Collaborate more effectively and seal deals quicker.
- Sign and manage contracts safely in one place.
Pros
- Simple to use and safely store documents.
- Intelligent AI tags contracts effortlessly.
- Convenient document management integration.
Cons
- May hinder performance and require additional data.
- Tags must be manually entered when uploading documents.
Pricing
- LinkSquares offers custom pricing, typically ranging from $10,000 to $77,818 per year, based on contract volume and features.
4. Juro
Respected by more than 6,000 businesses, Juro is another top-ranked AI-based contracting platform. It provides an adaptive and collaborative contract management platform that brings all contracts into one location
Juro AI assists in the drafting, summarizing, and approving contracts for quick signing. The software can be integrated with more than 5,000 tools to enable end-to-end contract management centralization. Although Juro excels due to its automation and ease of use, companies seeking additional features or pricing models can also discover some competitive contract management options among some of the top Juro alternatives.
Key Features
- Establish contracts for approval via a no-code workflow.
- Streamline up to 90% of reviews with AI and centralized collaboration.
- Integrate contracts with systems of record and custom workflows.
- Sealed eSignatures with Juro’s integrated eSign tool.
Pros
- Easy and speedy setup.
- Good for small and enterprise businesses.
- Improved visibility for all parties for contracts.
Cons
- Notifications often fail to deliver to recipients and reminders need to be sent.
- Does not facilitate an option to send contracts in bulk.
Pricing
- Juro offers custom pricing with plans for Essentials, Growth, and Enterprise, tailored to different business needs.
5. Docusign CLM
Docusign CLM is an excellent solution to automate the contract management process with workflows. The application supports strong AI integrations and high features to help you manage all stages of the contract lifecycle.
This agreement management platform is a strong-established leader in the Gartner Magic Quadrant for CLM. Furthermore, with its diverse integration possibilities, end-to-end customer assistance, and seamless upgradability, it is one of your company’s best agreement management software.
Key Features
- AI assistant to review contracts more quickly.
- Construct workflows in a drag-and-drop editor
- Utilize AI models .
Pros
- Drag-and-drop signing and stamping capability.
- Good implementation and use support.
Cons
- Platform buggy and suboptimal at times.
- Tagging does not work
Pricing:
- Exorbitant cost may be inappropriate for small firms.
6. CobbleStone Software
CobbleStone Contract Insight Enterprise is a business contract management software solution for the large enterprise. It leverages CobbleStone’s VISDOM AI to read contracts drafted by internal and external teams.
CobbleStone Contract Insight integrates with top CRMs, ERPs, and other department systems. To date, it has streamlined contract management for thousands of organizations, including many Fortune 500 companies.
Key Features
- Pre-defined templates and clauses accelerate contract development.
- Search vast numbers of contracts fast with QuickSearch.
- Create customized reports and achieve data-driven insights.
- Optimize contract management budgets and reduce spend.
Pros
- Comprehensive training and implementation support.
- Very customizable fields to meet exact requirements.
Cons
- Slow and poorly laid out notifications.
- Unresponsive design lowers user experience.
Pricing
- CobbleStone costs begin at $59/user/month, with volume discounts, optional implementation fees, and a free trial.
7. Agiloft
Agiloft provides a no-code configured industry-leading contract management software suite.
You can integrate Agiloft contract management software with more than 1,000 systems and facilitate inter-department coordination. With a satisfaction rate of almost 100%, Agiloft ranks among the leading contract management software solutions for businesses seeking a straightforward, efficient, and seamless automated contract automation system. For businesses seeking CLM alternatives, several Agiloft competitors also offer advanced contract management features that may better fit specific business needs or tastes.
Key Features
- Code-less workflow customization.
- Central repository with audit trails and strict permissions.
- Custom dashboards and reports for analytics.
- Automated metadata extraction and term analysis.
Pros
- Supports complete contract lifecycle.
- Customize fields, rules, and integrations.
Cons
- Setup of integration takes time.
- UI and onboarding take additional training.
Pricing
- Agiloft has custom pricing, usually between $6,000 to $60,000 per annum depending on features and usage.
8. ContractWorks
Keep track of and reduce contract risk using ContractWorks. ContractWorks is an outstanding remotely accessible contract management solution for dealing with contract documents.
ContractWorks offers a seamless process in contract redlining, while redundant negotiation emails are cut back. Furthermore, the contract solution possesses the benefit of intelligent AI integration, facilitating fresh, better contract redlining experiences.
Key Features
- Increase document creation speed
- Implement tailored approval workflows to remove bottlenecks and speed up contract approvals.
- Use GPT-3 AI for contract generation
- Use AI-powered advanced search capabilities
Pros
- The tagging feature assists in tagging and tracking critical contract information, auto-learning and providing tagging recommendations for new contracts.
- great implementation support to assist you in configuring and making the most out of the software.
Cons
- It has limited integrations with other external software, hence importing legacy contracts is cumbersome.
- Users cannot bulk-send contracts
Pricing
ContractWorks cost begins at $700/month (annual subscription) with packages up to $2,000/month depending on features and storage.
9. Concord
This contract management tool provides contract lifecycle management a flexible process wherein each workflow can be customized to suit your dynamic requirements.
Concord integrates easily with 5,000+ apps, making contract-related collaboration between various teams in your company easy. The tool is also ideal for deriving in-depth insights through reporting and parameter tracking.
Key Features
- Get reminders and auto-extract key dates.
- Integrate with 5,000+ apps for seamless workflows.
- Central, secure, and searchable contract library.
Pros
- Simple signing, enforceable in 150+ countries.
- Good Customer support
Cons
- Template tools can be non-standard to attorneys.
- Some counterparties receive missed notifications or reminders.
Pricing
- Concord pricing begins at $399/month
10. Gatekeeper
It can bring back contract visibility, raise control, and maintain end-to-end compliance.
Gatekeeper employs a Kanban workflow engine to assist you in automating processes and streamlining workflows. From contract metadata to files and interactions, everything is easily accessible
Key Features
- Stay compliant with legal and contract requirements.
- Auto-generate and store compliant contracts.
- Digital signing quickly, in compliance.
Pros
- Centralized expirations dashboard.
- Inspect contracts by vendor, user, or category.
Cons
- Tailoring fields is tricky.
- Bulk imports will compromise accuracy.
Pricing
- Gatekeeper cost begins at $1,245/month
Conclusion
Contract management software make business operations easy through contract arrangements. It combines documents, streamlines processes, and delivers analytics, reshaping contract lifecycle management. With increasingly more companies managing more contracts, such systems play a vital role in monitoring obligations and compliances.
The future of contract management systems is bright with advancements in AI and machine learning poised to take its features to the next level. Advanced data extraction, risk analysis, and predictive analytics will provide more insights to business organizations. These contract management tools will be the need of the hour for businesses as technology continues to advance to effectively manage intricate business relationships.
Frequently asked questions
1.What is the purpose of contract management software?
Contract management software makes it easier to create, enact, and monitor contracts from their beginning through to their conclusion.
2.Contract management software price?
Contract management software price depends on features, deployment method, and organization size.
3.Contract management software what to look for?
While reviewing contract management software, listen to primary things such as usability, automation functionality, security, and scalability.
4.Contract management software how to select?
To choose the best contract management software, know your business requirements and approximate your contract size.
