Contract management software is a must-have for modern businesses.
Choosing the Best contract management software Option for Signing and Organizing Documents is a top priority in contracts management.
Creating, negotiating, and managing contracts, is an important part of every business, regardless of its size. However, each step is time-consuming and prone to standard data entry errors. But, contract management software, also known as contract lifecycle management (CLM), makes the process faster and easier while decreasing financial and audit risks.
Companies in all sector/industries see benefits. For example, FineMark Bank spent 4-5 hours preparing each document manually. But, after adopting DocuSign, the company reduced this to 30 minutes. Sounds impressive, right?
To find the best contract management software solutions, we evaluated more than 20 providers based on key features, including customization and automation. In addition, we looked at pricing plans, security, and compliance measures, along with popular integrations.
Introduction to contract management software
Contract management software is a digital solution designed to streamline and automate the various stages of contract management. It provides organizations with tools and functionalities to create, manage, track, and analyze their contracts throughout their lifecycle.
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Contract management involves numerous activities, including contract drafting, negotiation, approval, execution, compliance monitoring, and renewal. These tasks can be time-consuming, error-prone, and difficult to manage manually. Contract management software helps alleviate these challenges by centralizing contract-related information, automating workflows, and providing insights for better decision-making.
Best 10 Contract Management Software
Here are 10 contract management software solutions:
- Conga Contracts
- Icertis Contract Management
- Ariba Contracts
- CobbleStone Contract Management Software
- DocuSign CLM
- Contract Logix
- Agiloft Contract Management
Top Contract Management Softwares
1. Conga Contracts
Conga Contracts is a leading contract management software that provides robust features for contract creation, negotiation, tracking, and analytics. It offers automation capabilities to streamline the entire contract lifecycle, from creation to execution and renewal. Conga Contracts focuses on increasing operational efficiency, reducing risks, and improving compliance in contract management processes. It also integrates with other systems, such as CRM and ERP, to enhance data exchange and collaboration. With its user-friendly interface and customizable workflows, Conga Contracts is widely used by businesses of all sizes to effectively manage their contracts and optimize their contract management processes.
2. Icertis Contract Management
Icertis Contract Management is a widely recognized contract lifecycle management platform that offers a comprehensive set of features for contract management. It enables organizations to create, collaborate on, execute, and manage contracts throughout their lifecycle.
Icertis Contract Management focuses on contract intelligence, providing advanced capabilities for analyzing and extracting key contract data. It offers configurable workflows, clause libraries, and templates to standardize contract creation and streamline the negotiation process. The platform also includes robust contract analytics and reporting functionalities to gain insights into contract performance, compliance, and risks.
One of the key strengths of Icertis Contract Management is its ability to handle complex contract scenarios, such as multi-party contracts, global contracts with multiple languages, and regulatory compliance requirements. It supports integration with various enterprise systems and offers APIs for seamless data exchange.
Icertis Contract Management is trusted by organizations across industries, including legal, healthcare, manufacturing, and financial services, to optimize their contract management processes, reduce risks, and enhance contract governance and compliance.
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3. Ariba Contracts
Ariba Contracts is a contract management solution offered by SAP Ariba, a leading provider of procurement and supply chain management software. Ariba Contracts aims to streamline the contract lifecycle and improve contract visibility, compliance, and efficiency.
The platform provides a centralized repository for storing and managing contracts, making it easier to access and retrieve contract documents. Ariba Contracts offers features such as contract authoring, negotiation, approval workflows, and electronic signatures for efficient contract creation and execution.
With Ariba Contracts, organizations can track key contract milestones, obligations, and renewal dates through automated notifications and alerts. The solution also includes analytics and reporting capabilities to gain insights into contract performance, vendor compliance, and other relevant metrics.
Ariba Contracts integrates with other SAP Ariba modules, such as sourcing and procurement, to facilitate end-to-end contract management and seamless data exchange. It also supports integration with external systems and third-party applications.
Organizations across industries, including large enterprises and global corporations, leverage Ariba Contracts to improve contract management processes, enhance collaboration with suppliers, and mitigate risks associated with contracts and vendor relationships.
ContractWorks is a cloud-based contract management software that focuses on simplicity, ease of use, and security. It provides organizations with a user-friendly platform to store, manage, and track their contracts throughout the contract lifecycle.
With ContractWorks, users can quickly upload and organize their contracts in a centralized repository. The platform offers powerful search capabilities, making it easy to locate specific contracts and retrieve relevant information. It also includes version control and audit trails to track changes and maintain a clear history of contract revisions.
ContractWorks provides features for contract expiration and renewal management, sending automated notifications to ensure timely actions and prevent missed deadlines. The software also allows users to set up custom metadata and tags, facilitating efficient categorization and organization of contracts.
Security is a priority for ContractWorks, and it offers robust measures to protect sensitive contract data. This includes features like advanced user permissions, encryption, secure data centers, and regular backups.
While ContractWorks does not offer advanced contract authoring or negotiation functionalities, it focuses on providing a straightforward and user-friendly solution for small to medium-sized businesses that primarily need contract storage, tracking, and basic management capabilities.
Many organizations across various industries, including legal firms, healthcare providers, and technology companies, rely on ContractWorks to simplify their contract management processes, improve compliance, and enhance contract visibility.
5. CobbleStone Contract Management Software
CobbleStone Contract Management Software is a comprehensive contract management solution designed to automate and streamline the contract lifecycle. It offers a range of features and functionalities to manage contracts from creation to execution and beyond.
The software provides tools for contract authoring, template management, and clause library management, allowing users to create contracts quickly and efficiently. It offers customizable workflows and approval processes to facilitate collaboration and ensure contracts go through the necessary review and approval steps.
CobbleStone Contract Management Software includes features for contract tracking and centralized storage, providing a secure repository for all contract documents. It enables users to easily search, retrieve, and manage contracts, reducing the time spent on manual document management tasks.
The software also offers features for contract compliance and obligation management. It allows users to set up automated reminders and notifications for key contract milestones, ensuring that contractual obligations are met and deadlines are not missed.
CobbleStone Contract Management Software provides robust reporting and analytics capabilities, allowing users to gain insights into contract performance, risks, and compliance. It offers customizable reports and dashboards to track key metrics and make data-driven decisions.
Additionally, the software supports integration with other systems such as CRM and ERP, enabling seamless data exchange and enhancing overall contract management efficiency.
CobbleStone Contract Management Software is utilized by organizations across industries, including government, healthcare, legal, and manufacturing, to optimize their contract management processes, improve compliance, mitigate risks, and increase operational efficiency.
6. DocuSign CLM
DocuSign CLM (Contract Lifecycle Management), formerly known as SpringCM, is a contract management software solution offered by DocuSign. It focuses on providing end-to-end contract management capabilities to streamline the entire contract lifecycle.
DocuSign CLMenables organizations to create, review, approve, and manage contracts in a secure and centralized environment. It offers features for contract authoring, template management, and clause libraries to standardize contract creation and ensure consistency across documents.
The software includes collaboration and workflow automation tools, allowing multiple stakeholders to collaborate on contracts, track changes, and manage approvals efficiently. It offers customizable approval workflows, notifications, and task management to streamline contract processes and ensure timely actions.
DocuSign CLM provides contract repository and organization features, enabling users to store and categorize contracts in a centralized database. It offers advanced search functionality to locate contracts quickly and retrieve relevant information when needed.
The solution includes contract analytics and reporting capabilities, allowing users to track contract performance, monitor key metrics, and gain insights into contract data. It also offers contract compliance management features to ensure adherence to contract terms and obligations.
As part of the DocuSign platform, DocuSign CLM integrates seamlessly with other DocuSign products and third-party applications, providing a comprehensive digital transaction management solution.
Organizations across industries, including finance, legal, healthcare, and technology, leverage DocuSign CLM to improve contract efficiency, enhance collaboration, reduce risks, and achieve better visibility and control over their contract management processes.
Gatekeeper is a contract and vendor management software solution designed to streamline and optimize contract management processes. It provides organizations with tools to create, track, and manage contracts, as well as efficiently manage vendor relationships.
Gatekeeper offers features for contract creation, negotiation, and approval workflows. It provides customizable templates and clause libraries to ensure consistency and standardization in contract language and terms. The software allows users to collaborate on contracts, track changes, and manage approvals in a centralized platform.
The platform includes contract repository and organization capabilities, allowing users to store and categorize contracts for easy access and retrieval. It provides advanced search functionalities to quickly locate specific contracts or contract terms within a large repository.
Gatekeeper also focuses on vendor management, providing features to track vendor performance, monitor key metrics, and manage vendor relationships effectively. It includes vendor onboarding and evaluation tools, contract compliance monitoring, and vendor scorecards for performance assessments.
The software offers robust reporting and analytics capabilities, providing users with insights into contract performance, compliance, and vendor metrics. It allows organizations to track contract milestones, renewal dates, and other critical contract-related information through automated notifications and reminders.
Gatekeeper can integrate with other systems, such as CRM or ERP, to facilitate data exchange and enhance cross-functional collaboration. It offers API capabilities for seamless integration with third-party applications.
Organizations from various industries, including healthcare, legal, manufacturing, and financial services, leverage Gatekeeper to optimize their contract management processes, improve vendor relationships, ensure compliance, and enhance overall contract governance.
8. Contract Logix
Contract Logix is a contract management software solution designed to simplify and streamline contract lifecycle management. It offers a range of features to help organizations efficiently create, manage, track, and analyze their contracts.
Contract Logix provides contract authoring capabilities with customizable templates and clause libraries, enabling users to generate contracts quickly and consistently. The software includes version control and document collaboration features, allowing multiple stakeholders to collaborate on contracts, track changes, and manage contract revisions.
The platform offers robust contract repository and organization functionalities, providing a centralized location to store and organize contract documents. Users can easily search, retrieve, and manage contracts based on custom metadata and tags, ensuring efficient contract management and easy access to contract information.
Contract Logix includes features for contract workflow automation and approval processes. It enables organizations to set up customizable workflows, notifications, and reminders to ensure timely contract approvals and adherence to contract-related tasks.
The software provides contract performance tracking capabilities, allowing users to monitor contract milestones, obligations, and key metrics. It offers reporting and analytics features to gain insights into contract performance, compliance, and financials.
Contract Logix also offers integration capabilities with other business systems, such as CRM and ERP, to streamline data exchange and enhance overall operational efficiency.
Organizations across industries, including healthcare, legal, manufacturing, and finance, leverage Contract Logix to streamline their contract management processes, improve compliance, reduce risks, and increase efficiency in managing contracts throughout their lifecycle.
PandaDoc is a comprehensive document automation and contract management software solution. It offers a range of features to streamline the document creation, collaboration, and management processes, with a particular focus on contracts and proposals.
PandaDoc provides intuitive and user-friendly tools for creating professional-looking contracts, proposals, and other documents. It offers pre-designed templates and a drag-and-drop editor, making it easy to customize and personalize documents to suit specific needs.
The software includes collaboration features that enable multiple stakeholders to work together on documents in real-time. It allows for document sharing, version control, and tracking changes, enhancing collaboration and streamlining the review and approval processes.
PandaDoc offers electronic signature functionality, allowing users to send documents for signature electronically. This eliminates the need for manual printing, signing, and scanning, saving time and enabling faster contract execution.
The platform provides contract tracking and analytics capabilities, enabling users to monitor the status of contracts, track document views and engagement, and gain insights into the performance of their contracts and proposals. It also offers notifications and reminders for key contract milestones and expiration dates.
PandaDoc integrates with popular CRM systems, such as Salesforce, as well as other business applications, facilitating seamless data exchange and improving overall workflow efficiency.
Organizations from various industries, including sales, marketing, legal, and professional services, leverage PandaDoc to streamline their document creation and contract management processes, improve collaboration, enhance customer experience, and accelerate deal closure through efficient contract execution.
10. Agiloft Contract Management
Agiloft Contract Management is a robust and highly configurable contract management software solution. It offers comprehensive features to streamline and automate the entire contract lifecycle, from creation to execution and beyond.
Agiloft Contract Management provides a flexible and customizable platform that allows users to tailor the system to their specific contract management needs. It offers extensive customization options for contract templates, workflows, approval processes, and notifications.
The software enables efficient contract authoring, negotiation, and collaboration. It provides clause libraries, template management, and document assembly tools, allowing users to create contracts quickly and accurately. Collaboration features include version control, commenting, and task management for streamlined contract review and approval processes.
Agiloft Contract Management offers robust contract repository and organization capabilities. It provides a centralized and secure repository for storing and managing contracts, ensuring easy access and retrieval of contract documents. The platform supports advanced search and filtering options for efficient contract management and quick retrieval of contract information.
The software includes powerful reporting and analytics features. It provides pre-built reports and customizable dashboards to track key contract metrics, monitor contract performance, and gain insights into contract data. This allows organizations to make data-driven decisions and identify areas for improvement.
Agiloft Contract Management supports integration with other business systems, such as CRM, ERP, and e-signature platforms, enabling seamless data exchange and enhancing cross-functional workflows.
Organizations from various industries, including legal, healthcare, finance, and government, leverage Agiloft Contract Management to optimize their contract management processes, improve compliance, reduce risks, and enhance overall contract governance and efficiency.
What Is Contract Management Software?
Contract management software refers to a digital solution that helps organizations streamline and automate their contract management processes. It is designed to facilitate the creation, negotiation, execution, tracking, and analysis of contracts throughout their lifecycle.
Contract management software offers a centralized repository for storing contract documents, making it easier to access and manage contracts efficiently. It provides tools and features to enhance collaboration among stakeholders, track contract milestones and obligations, and ensure compliance with contractual terms.
Uses/functions of Contract Management Software
Contract management software serves various functions and offers several uses to facilitate effective contract management. Here are some of the key uses/functions of contract management software:
- Contract Creation and Authoring: Contract management software allows users to create contracts using predefined templates, clause libraries, and customization options. It simplifies the contract drafting process and ensures consistency and accuracy in contract language and terms.
- Contract Repository and Organization: The software provides a centralized repository for storing and organizing contract documents. It enables easy access, retrieval, and management of contracts, eliminating the need for manual document handling and reducing the risk of lost or misplaced contracts.
- Contract Collaboration and Workflow Management: Contract management software facilitates collaboration among stakeholders involved in the contract process. It enables real-time collaboration, tracks changes, manages approvals, and assigns tasks to streamline the workflow and improve communication.
- Contract Tracking and Reminders: Contract management software helps track contract milestones, key dates, and obligations. It sends automated reminders and notifications to ensure timely action on contract-related tasks, such as renewals, amendments, or compliance requirements.
- Contract Compliance and Risk Management: Contract management software helps organizations ensure contract compliance and mitigate risks. It provides visibility into contract terms, obligations, and potential risks, allowing organizations to monitor compliance and proactively address any risks or issues that may arise.
- Contract Performance Monitoring and Analytics: Contract management software offers reporting and analytics features to track contract performance and key metrics. It provides insights into contract usage, financial data, compliance, and vendor performance, helping organizations make data-driven decisions and identify areas for improvement.
- Contract Renewal and Expiration Management: Contract management software assists in managing contract renewals and expirations. It sends notifications and reminders for upcoming contract renewals or expirations, ensuring timely actions to avoid any disruptions or missed opportunities.
- Contract Negotiation and Approval Processes: Contract management software facilitates the negotiation and approval processes. It allows stakeholders to collaborate on contract terms, track changes, and manage approvals efficiently, reducing bottlenecks and speeding up the contract approval cycle.
- Contract Auditing and Version Control: Contract management software provides an audit trail that captures all contract activities and revisions. It ensures transparency and accountability, allowing organizations to track changes made to contracts over time and maintain a clear history of contract versions.
- Integration with Other Systems: Contract management software often integrates with other business systems such as CRM, ERP, and e-signature platforms. Integration enables seamless data exchange, eliminates manual data entry, and improves overall workflow efficiency.
Common Features of Contract Management Software
Contract management software typically includes a range of features to support efficient contract management. While specific features may vary among different software providers, here are some common features found in contract management software:
- Contract Repository: A centralized repository to store and organize contract documents securely, providing easy access and retrieval.
- Contract Creation and Authoring: Tools for creating contracts using templates, clause libraries, and customization options to ensure consistency and accuracy.
- Contract Collaboration and Workflow: Collaboration features that enable multiple stakeholders to collaborate on contracts, track changes, manage approvals, and assign tasks.
- Contract Tracking and Notifications: Tracking contract milestones, key dates, and obligations, and sending automated notifications and reminders for timely action.
- Contract Search and Retrieval: Advanced search functionality to quickly locate specific contracts or contract terms within the repository.
- Contract Version Control: Managing and tracking different versions of contracts, including the ability to compare versions and view revision history.
- Contract Approvals and Electronic Signatures: Workflow automation for contract approvals and integration with electronic signature solutions for streamlined execution.
- Contract Compliance and Obligation Management: Tracking and monitoring contract compliance, ensuring adherence to contractual terms and obligations.
- Reporting and Analytics: Reporting tools and dashboards to generate insights into contract performance, metrics, compliance, and financial data.
- Integration with Other Systems: Integration capabilities with CRM, ERP, e-signature, and other business systems to streamline data exchange and enhance workflow efficiency.
- Contract Templates and Clause Libraries: Predefined contract templates and clause libraries to expedite contract creation and ensure consistent language and terms.
- Contract Renewals and Expirations: Managing contract renewal and expiration dates, sending notifications, and automating renewal processes.
- Audit Trail and Document History: Maintaining an audit trail that captures all contract activities and revisions, ensuring transparency and accountability.
- Security and Permissions: Role-based access controls and permissions to ensure data security and restrict access to sensitive contract information.
- Mobile Access: Mobile-friendly interfaces or dedicated mobile apps to access and manage contracts on the go.
What Is The Cost of Contract Management Software?
Most contract management software is available on a monthly or annual basis, with discounts available for yearly payments, high contract volume, or a big number of users. Because you may upload your own agreement or use a common template, then email it for an e-signature, the free and low-cost plans are ideal for small firms with conventional contracts.
Paid options with basic contract management tools begin at $25 per user per month. Lower-priced plans, on the other hand, frequently do not have advanced customization, reporting, or branding choices. On the other hand, AI technology, automation, and ultimate customization will cost you up to $125 per user every month.
Contract Management Software FAQs
Certainly! Here are some frequently asked questions (FAQs) about contract management software:
What is contract management software?
Contract management software is a digital solution designed to streamline and automate the contract management process. It helps organizations create, track, store, and manage contracts efficiently, improving productivity, compliance, and visibility.
What are the benefits of using contract management software?
Contract management software offers several benefits, including:
- Centralized storage and easy access to contract documents.
- Improved collaboration and communication among stakeholders.
- Streamlined contract creation and approval processes.
- Enhanced visibility into contract milestones, obligations, and performance.
- Automation of tasks and notifications for timely action.
- Reduced manual errors, improved compliance, and risk mitigation.
- Reporting and analytics for data-driven decision-making.
What features should I look for in contract management software?
Key features to consider in contract management software include contract repository, document authoring, collaboration tools, contract tracking and alerts, reporting and analytics, integration capabilities, compliance management, and security features. The specific features needed will depend on your organization’s requirements.
Is contract management software scalable?
Yes, contract management software can be scalable to accommodate the needs of different organizations. It can support small businesses with a few users to enterprise-level deployments with a large user base and complex contract portfolios. It’s important to choose software that can grow with your organization’s needs.
Is contract management software secure?
Contract management software typically includes security features to protect contract data, such as role-based access controls, data encryption, user permissions, and audit trails. When evaluating software options, inquire about their security measures and compliance with data protection regulations.
Can contract management software integrate with other systems?
Yes, many contract management software solutions offer integration capabilities with other systems such as CRM, ERP, e-signature platforms, and document management systems. Integration allows for seamless data exchange, improves workflow efficiency, and eliminates duplicate data entry.
How much does contract management software cost?
The cost of contract management software varies depending on factors like the software provider, features included, deployment model, and the number of users. It can range from a few hundred dollars per month for small businesses to several thousand dollars or more for larger organizations. It’s best to contact software providers directly for pricing details.
Is training and support available for contract management software?
Yes, most contract management software providers offer training and support services. This can include initial onboarding, user training, technical support, and ongoing assistance. Ask about the available support options and any associated costs during the evaluation process.