Contract management software or contract lifecycle management gives legal teams a collection of tools to handle their contract management more effectively. The range of data, libraries, and computer programs supports contract management. The Best Contract management software simplifies the entire contract lifecycle, encompassing tasks such as drafting, reviewing, and obtaining countersignatures. By automating and streamlining these processes, it enhances efficiency and effectiveness in managing digital contracts.
Creating, managing, and negotiating contracts is a crucial part of a business, despite its size. However, every step is complex and time-consuming. These software solutions provide contract creation and collaboration tools, along with a wide range of over 100 pre-built workflows.
These workflows are designed to assist in expediting the contract creation process, enabling thousands of contract template to be finalized and executed more efficiently.
The cloud-based contract management software fastens the process while reducing financial risks. Visit ContractSafe.com for more information.
Why We Need Contract Management Software?
Although many contract management tools are user-friendly, integrating them with existing workflows often necessitates some additional setup and configuration. Contract management software digitizes contracts and stores them in a centralized repository, enabling users to efficiently track, manage, sign, and renew contracts.
It offers automated settings and options to streamline these processes and enhance overall contract management efficiency and review process.
What is Contract Lifecycle Management?
The contract management sector has been booming recently, making it hard for businesses to pick the best management software. The ideal contract lifecycle management system offers detailed reporting and analytics, a wide range of management and workflow automation features, and intelligent notifications to ensure efficient contract management. Below we evaluate key features of the best contract lifecycle management software to enable your business to get the best contract solutions.
6 Best Contract Management Software 2022
PandaDoc is a fan-favorite business contract management software that offers an all-in-one, affordable solution. PandaDoc has a strong document and contract management platform that helps businesses to oversee their contract’s entire lifecycle. This feature-rich software differs from the rest and is popular in most big companies. Sales teams that utilize PandaDoc’s software typically experience a significant reduction of approximately 65% in the time spent on legal document creation tasks.
Its most robust tools include;
- Electronic signature
- Payment processing
- Contract and content library
- Contract duplication
- Real-time notifications.
This software has easy-to-use custom templates, and users can set custom contract management process, rules, and approval workflows. PandaDoc is a safe solution that provides organizations with an audit record while securing crucial data in cloud storage facilities. Customers have the best option to edit, review, and electronically sign the contract without incurring any additional cost.
It features annual or month-to-month plans and is the best overall software.
Concord software is ideal for large businesses and has enterprise-grade and onboarding support features. This software lets businesses share unlimited documents at once and has a fourteen-day free trial. It also has a simple design that helps businesses to follow the lifecycle changes and be on top of compliance. So it’s in our top best contract management software of this year to try.
This software was founded in 2013 and is the best option for a large business. Users can easily set it up and maximize on full onboarding. Concord has lots of flexibility with custom reports, user groups, and contract insight. Its top features include;
- Deadline reminders
- Live editing
- Template storage
- Redline, chat, and comment
- Autofill smart cards
- E-signature function.
Users enjoy the strict versioning requirement that provides new logs when they enter a field. This package provides transparent and clear pricing that depends on your number of users.
DocuSign is perfect for small enterprises and provides them with access to the best contract management solutions. This software has a flexible workflow configuration and provides a thirty-day free plan. This software started in 2004 as an e-company, which is common due to its easy configuration.
This software’s plans are ideal for small organizations, but their contract management software solution also functions in heavy workflows. It is also browser-based, and users can use it to align contracts with its mobile app. Its main features include;
- Payment collection
- Reusable templates
- Content repository
- Recipient reminders
- Real-time notifications.
DocuSign’s users can also customize their contracts with color themes and personalized logos while maximizing smart forms.
GetAccept is an innovative contract management system with user-friendly capabilities and is ideal if you require comprehensive contract administration solutions. Create, send, track and sign contracts all in one location while setting reminders and adding electronic signatures so as not to miss deadlines – plus it integrates seamlessly with email and CRM software for even smoother management!
It has two powerful parts, including: (1) Deal Room (for initial meetings to proposal); and (2) Contract Room (from proposal to agreement signing).
Deal Room: Improve win rates by streamlining collaboration between buyers and sellers within one shared environment. Upload sales collateral, create mutual action plans, and chat directly with potential clients all from one space!
Contract Room: Support sales reps in becoming top performers by creating stunning proposals in minutes using Contract Room’s intuitive in-app editor or smart templates that create interactive contracts branded to each sales representative.
Ironclad Contract Management Software helps businesses streamline their contract administration processes with its user-friendly features, including contract creation and storage in one central repository as well as tools for contract tracking, approvals, renewals and approval tracking. Furthermore, Ironclad’s compliance features help minimize risks while assuring regulatory compliance through contract templates and clauses to further ease management of this critical aspect of operations.
- Easy Contract Creation
- Outstanding Collaboration & Negotiation
- Upload, scan and create fully text searchable documents – superior Knowledge management.
- Customizable dashboards to monitor contracts by stage, volume type workflow configuration negotiation rate etc.
- Launch contracts directly within popular team tools like Salesforce and Slack, like Ironclad is designed for seamless contract creation from within these services.
- Ironclad’s secure infrastructure ensures contracts remain safe while being transported, stored, or processed.
Agiloft is the best customization software that offers a code-free commercial lifestyle and contract management. It has an unconditional guarantee and an open-ended free trial that will take your business to the next level. It is the oldest software on this list and was opened in 1990.
It has stayed updated with the necessary updates, giving all-sized organizations access to the best contract solutions. Agiloft has custom and enterprise features that make it the best contract management software.
Its top features are;
- Free training
- Clause library
- Contract authoring
- Content repository
- Contract print templates.
Agiloft has code-free configurations that enable businesses to accumulate workflows, reports, and routing processes. It integrates quickly with Microsoft and Google drive to upload files using your business’s software. It also offers a free file audit that safeguards your data while providing compliance.
Outlaw is the best reporting software that tracks important data points for visibility. This software has unlimited storage, contracts, and live chat support.
Outlaw was started in 2016 and is a perfect solution, thanks to its many features.
It is suited for most enterprises, and users do not have to worry about space due to its unlimited contracts, e-signatures, and cloud storage. Its best features include;
- Full-text search
- Cloud-based reselling
- Dynamic contract fields
- Secure payment
- E-signature capabilities.
Outlaw is common for its AI analytics that helps businesses to run several reports. It also has a pay-per-seat flexible plan that saves companies 30% annual billing.
Contractworks software is perfect for automation and offers automated services using AI-enabled techniques. It is one of the best contract lifecycle management software on the market. It supports unlimited users and has a 24-hour support team. It was founded in 2012 and offers easy-to-set intuitive software.
It is mainly used due to its ease of use, and its most common features include;
- Milestone alerts
- Contract Repository
- Automated reminders
- Built-in e-signature
- Automatic smart contracts.
Benefits Contract Management Software
There are multiple benefits associated with contract management software, including:
1. Increased Efficiency
Contract management software can streamline your processes to be more time and labor-efficient, freeing you and your team to focus on more pressing matters. Automating repetitive tasks such as contract generation and approvals frees up resources so they can focus on more pressing responsibilities.
2. Improved Organization
Contract management software can make organizing contracts much simpler. This is particularly helpful if you manage several versions of one contract at once or need to keep track of different variants of an agreement.
3. Increased Visibility
Contract management software provides improved visibility into your contract portfolio, helping to quickly identify risks and opportunities. Gaining quick and easy access to key contract details enables better informed business decisions.
4. Improved Collaboration
Contract management software can enhance collaboration among you and your team as well as external parties involved with your contracts. With one central system in place it becomes simple to track progress or identify issues which require attention and quickly address them when necessary.
5. Greater Control
Contract management software can give you greater control of your contracts, helping to prevent potential problems before they even arise. Alerts can notify you about changes or discrepancies within contracts – potentially saving time and money by helping prevent costly mistakes or miscommunication.
Contract management software can improve the efficiency, organization and visibility of your contract management processes – helping to better manage your business, avoid mistakes more quickly, and make more informed decisions.
Contract management software is crucial in every business setup due to its benefits. While small business cloud software is widely recognized for its applications in customer relationship management or recruitment operations, there is still a noticeable gap in the availability of contract management solutions tailored for small businesses.
So choosing the best contract management software is bit easy when you understand your requirement better. So do list out the things you need for your run your small business, check here with their features. This software is available in different types, including; Outlaw, Concord, and Agiloft. The above article has discussed all you should know about this software, and more information is available online.
Also, bonus tip, you can talk to their support team for more information, learning resources, and ask for a small business discout, you will get surprised to see the result. Now go get yourself a Contract management software!
Senior Writer, has been with Rottenpanda.com since 2017. With a bachelor’s degree in communications, Nick specializes in finding interesting topics, gathering details, checking facts, and making complex subjects easy to understand. In addition to writing articles, Nick loves traveling, pets and happily married to Lucy.