Contracts constitute a company’s income funnel, and contract management software ensures that the channel is perfect and punctual. Business contracts are increasingly becoming digital. There is no more document drafting, final drafting, signing, postal shipping, and so forth. Finance, sales, and customer service teams increasingly employ automated technologies to generate hundreds of contracts every day.
Contract management software enables businesses to better communicate with employees in diverse locations, allowing them to stay organized while managing contracts swiftly and efficiently. Finding the correct software tool for your firm, on the other hand, is difficult. While most contract management solutions are simple to use, they sometimes need some additional configuration in order to interface with existing procedures.
You’ve come to the correct spot if you’ve never used a contract management app. We’ve compiled a comprehensive selection of Contract management software for you to choose from.
What is contract management software?
Contract management software is a tool that brings together all parties, contracts, and versions involved in contract discussion and creation. A trusted medium that allows all parties to observe changes and follow contract deadlines from inception to signature is a contract management solution. The finest contract lifecycle management solution offers rich reporting and analytics, as well as a plethora of continuous management and workflow automation tools and intelligent notifications. Many of the software solutions in this review roundup have all or part of these features. Depending on organizational requirements, contract management software choices vary in complexity.
10 Best Contract Management Software to Streamline Workflow
Contract management software handles the whole contract process, from discussions to the final signature. Now that you understand the functions of contract management applications, it is time to learn about several prominent contract management tools.
1. Avokaado
Avokaado is web contract management software that allows businesses to handle contracts and related procedures in one place, enhancing operational efficiencies. Avokaado allows businesses to store documents, create contracts, interact, and do all forms of legal document management on a single platform.
Key Features:
- A centralized cloud-based repository with legal forms that are automatically generated.
- Document sharing, in-document dialogue, reminders, and dynamic approval procedures are all powerful real-time collaboration features.
- A mobile-responsive dashboard that records and visualizes all collaborative operations in one location
2. PandaDoc
PandaDoc is more than just a popular and sophisticated contract management software. It not only allows you to create, negotiate, and incorporate eSign into complicated contracts, but it also keeps the talks going and operates at your pace. This feature-rich platform includes hundreds of contract templates that you can personalize with a drag-and-drop editor and quickly share with your clients. Furthermore, you may use the library of pre-approved clause options to build error-free contracts for a variety of purposes.
Key Features:
- Notifications in real time
- Payment processing is simple.
- Android and iOS mobile apps
- CRM connection for customer data import with unlimited documents and users
3. ContractWorks
ContractWorks is a good choice if you want basic contract management software that simply takes a few minutes to set up. It not only raises the visibility of your contract but also reduces the chance of missing the next renewal date. Regardless of the plan you select, our application allows you to incorporate an infinite number of users. You can quickly discover the agreement details you want by using OCI and the advanced search tool. It also allows you to keep all contracts in a scalable and secure contract repository. You can email, sign, and submit contracts from anywhere thanks to the built-in electronic signature capability.
Key Features:
- Reports that are customized and timed to cover all elements
- Alerts and notifications for crucial contracts are unlimited.
- AI tags to facilitate contract navigation and search
- Intelligent AI technologies for tracking critical data points
4. Concord
Concord is a centralized platform for all of your contracting needs. It allows you to handle contract writing, approval, e-signature, and storage, as well as entire control over contract lifecycle management. Other important jobs that you may perform on this platform include external negotiation, contract finding, deadline alert management, and reporting. It also allows for collaborative document redlining, commenting, and chatting with coworkers and suppliers.
Key Features:
- Automation of routine tasks with extensive integration
- Field comparison and contract-related insights
- Contract renewal or deadline email alerts
- Signatures that are legally binding indefinitely
- Document routing and approval are automated.
5. DocuSign CLM
DocuSign CLM is an excellent solution for small firms since it provides cost-effective contract management software. It aids in the organization of the entire process by allowing you to create bespoke agreements, automate contract busywork, and learn about trends, dangers, and opportunities. Using templates, clause libraries, a drag-and-drop editor, and conditional rules, you can easily create a contract. It also allows you to govern versioning and route contracts for internal and external approval.
Key Features:
- Automation of tasks and sophisticated workflow management
- By standardizing contract management methods, time is saved.
- Removes bottlenecks for more effective work Aids corporate insight with quick reviews and trend data.
- Collaboration among team members is simple and straightforward.
6. Contract Hound
Do you frequently lose track of essential contracts? Contract Hound is available to assist you. This easy contract management software allows you to simply search, save, and organize all of your contracts, allowing you to relax. Contract expiration and renewal dates can be set up with reminders and alerts. On this platform, you may grant read-only or editorial access to your selected colleagues. Contract Hound may also be used by businesses to examine and sign contracts, manage grants, and track modifications.
Key Features:
- Documents should be stored and organized in a searchable database.
- The ability to add an infinite number of free users to see a contact
- Integrating secure signatures and approval
- Helpful customer service to save your back
- Backup storage facility that is both emergency-proof and secure.
7. Zoho Contracts
Zoho Contracts is an all-in-one contract management software that streamlines the contract lifecycle. It assists firms in boosting efficiency in all elements of contract management by enhancing compliance and minimizing business risks. This program can handle all of your contract-related tasks, from document preparation through review, negotiation, and signing. You may use the contract creation wizard to generate new contracts quickly, test any established templates for typical contracts, or create custom templates. Document collaboration is made easier for you by features such as an integrated document editor, tracking changes, and comments.
Key Features:
- Signatures with legal force
- Reminder Action Items
- User roles and access rights are predefined.
- Encryption and secure data storage
- Enterprise central repository
8. Evisort
Are you seeking contract management software for your rapidly expanding business? In that situation, Evisort might be the ideal solution for your business. This artificial intelligence-powered contract management tool assists you with workload reduction, contract expiration warnings, quicker contract search, and shorter contract transaction times. You can simplify contract management using Evisort’s Contract Intelligence Platform. It also simplifies workflows, allowing your team to focus on strategic tasks and communicate more quickly to close deals. This platform is compatible with Gmail, Google Drive, AWS, SharePoint, DocuSign, Adobe Sign, Box, and Salesforce.
Key Features:
- Contract automation to increase resource capacity
- Transparent approval methods are used to ensure compliance.
- Automated notifications and alerts
- Contract analytics, reporting, and visualization at the highest level
- Integration with no code and access management
9. IronClad
IronClad is a contract lifecycle management system for digital business contracts of all sorts, including legal (NDA agreements), procurement, sales, finance, HR, and marketing. With automated tagging, redline suggestions, contract data extraction and analysis, reporting, and many other features, it provides perfect efficiency. Its AI can automatically examine and redline contracts. You may also make the process more efficient by connecting this solution with Salesforce. It also assists you in developing standard phrases and norms for all team members. Furthermore, you may use analytics insights to visualize bottlenecks and discuss their impact with other teams.
Key Features:
- All contracts and contract data are stored in an AI-powered repository.
- Platform for self-service contract generation with total control
- Analytics based on artificial intelligence for tracking contract data, adoption, and engagement
- Clickwraps and e-signatures provide multi-device interoperability.
- Simple interface for creating contracts based on your specifications.
10. CMx
CMx is a dynamic all-in-one tool for all of your contract management activities. This Contract management software is available in the cloud as well as on-premise. Companies may use it to access their valuable contract lifecycle management data on a single platform, including contracts, legal agreements, and associated documents. You may easily establish contracts by importing authorized clauses into MS Word through drag and drop. You can also retain all contract versions in the central respiratory contract.
Key Features:
- Advanced analytics with actionable data, as well as customized and scheduled reports
- SSL certificates, multi-factor authentication, and safe multi-tenancy
- The data is encrypted and kept in secure data centers.
- Contract review and approval workflows
- Fine-grained permissions and simple settings
Conclusion
So far, you’ve looked at the ten best contract management software products that are sweeping the corporate world. You can select one of the above options according to your company’s needs, contract workloads, and budget. You can start with a trial and then subscribe if the tool appears to be adequate.