Contracts are a crucial part of doing business, and managing them can be a tricky and time-consuming task. It’s vital to avoid missing deadlines and expiry dates, and it’s important not to miss out on business by going too slow.
At the same time, the contract management process is fraught with risk around compliance and data privacy.
Good contract management software can take much of the stress out of the process, automating the little things, streamlining and speeding up many of the stages, and worrying about security and risk so your team doesn’t have to.
Let’s take a look at some contract management software companies on the market today. The list below is compelled on the factors: platform features, technology used, security, pricing, clients, ease of use and Customer support:
There are plenty of contract management software choices out there, but the top spot goes to Intelligentcontract.
Not only does it deliver a reliable and effective contract management solution with easy-to-use dashboards and reports, but it also offers an astonishing level of customization potential. You can choose how each screen looks and even upload your business’ logo, effectively building your own unique interface.
The platform is centralized and streamlined, with an archive vault and the ability to handle foreign currencies for global agreements. When it comes to personalized and effective contract management, it doesn’t get much better than this.
It’s an all-in-one contract management solution offering all of the premium features you’d want without paying premium pricing.
Product Features: Create Contract Alerts, Upload Documentation and Search Content, Manage Renewals, Import Data, Customisation of Fields and Layout, To-Do Management, Intuitive Control, Custom Views, Manage Foreign Currency, Archiva Vault, Framework Support, Manage Custom Logos, Document Library, Online Electronic Signature.
Coming in at number two, ContractZen comes with a slew of features including contract management, e-signatures, and a Virtual Data Room. Documents can be accessed from all your devices, making it easy for your team to handle contracts from afar.
It’s inexpensive and highly efficient, with an attractive and user-friendly design.
Product Features: E-Signature, Automated Reminders, Smart Contract Import, Dynamic folders for fast access, Datarooms(VDR)
Lextree helps you save time with auto alerts for renewal and expiry, ensures airtight security with encryption technology, and makes it easy to follow contracts throughout the approval workflow.
You can also create custom workflows for contract and document requests. The platform also supports unlimited users, making it a good choice for bigger organizations. They offer a 14-day free trial to try out the software.
Product Features: E-Signature, Automated Reminders, Smart Contract Import, Dynamic folders for fast access, Datarooms(VDR)
Aiming to automate and optimize the contract process, CMx delivers one central contract management hub. It’s easy to draft contracts via Microsoft Word, review and approve workflows, and easily import existing contracts.
Security is prioritized along with user-friendliness and efficiency.
Product Features: Central Contract Repository & Inbuilt CLM, Contract Review and Approval Workflow, Strong Security, Contract Creation and Red Lining, Analytics, Activity Logs and Reports, Self Service Import and Export, Easy Configurations, Permission Settings, Reminders, and Integrations
ContraxAware aims to simplify and streamline the contract management process all the way through.
From secure and easy storage, through contract authoring and electronic signatures, all the way to user access management, the platform takes care of your contract needs.
A particularly neat feature is the ability to share data across other systems your organization uses.
Product Features: Centralize Contract Data and Documents, Ensure Data Integrity and Consistency, Control Data Collection and Processing, Track Contract Tasks and To-Dos, Automated Reminders and Notifications, Contract Templates, Generating Contracts and Merge Data, Online Requests and Self Service, Workflow Templates, Contract Electronic Signature, Easy User Management
6. CobbleStone Software
Cobblestone offers storage for unlimited contracts, along with custom search and reporting. You can track financials, run advanced reports, and much more. The platform handles contract management from start to finish, driving increased productivity and efficiency.
Product Features: Contract Lifecycle Management, Vendor Management, Bid Management and Sourcing, Procurement
Exari provides a single global repository for contracts, using AI to import third-party and legacy agreements quickly and safely. You’ll also gain access to detailed reports on financial documents. It’s quick to access and easy to search and manage your contracts with minimal stress.
Product Features: E-Signature, Automated Reminders, Smart Contract Import, Dynamic Folders for Fast Access, Datarooms(VDR)
Symfact’s enterprise management solutions cover contract management, third-party risk management, policy management, and much more.
It’s easy to standardize and centralize processes, reducing risk and increasing efficiency. You can also benefit from contract templates and access software from anywhere. It’s easy to follow the process step by step, and customization is simple.Product Features: Easy to use Contract Templates, Access software from anywhere, Easily connect and report
Contract Book’s focus is on transparency and security. It’s a one-stop-shop for contract storage, allowing businesses to easily manage and access their legal documents in a way that’s compliant and secure. It’s also easy to create, collaborate, and sign, saving time across the process.
Product Features: Templates, Team Setup, Stored and Encrypted Contracts, Draft Collaboration, Notifications and Reminders, Contacts List, Comments & Negotiation, Real-time Stats10. FreshService
FreshService, a cloud-based IT service desk solution, comes with a ton of great features around contract management. It’s easy to set up, offers multi-channel support, and delivers easy access to all the information you need, from contract records to software.
An interesting feature here is the ability to gamify your service desk to boost user-friendliness. Inventory management helps you and your team manage contracts, maintain records with third-party vendors, and get quick notifications to avoid expiries and deal with approvals.
It may be packed with features, but it’s easy to manage, deploy, and learn.
Product Features: Ticketing, Collaboration, Multichannel Helpdesk, Automations, Self Service, Reporting & Analytics, Customizations, Secure Helpdesk, Proactive Support
11. Contract Logix
Contract Logix promises faster deals with lower cost. Users can assemble and manage contracts easily, stripping away lots of the inefficiencies associated with paper contracts. It’s a centralized and fast solution.
The templates included can lead to a significant time saving, and the user-friendly interface ensures a pleasant experience.
Product Features: Modern Intuitive Interface, Simple Configuration of Contract Types and Data Fields, Drag and Drop Data Import, Contract Repository, Email and In-System Alerts, Automatic OCR and Search Indexing, Contract Stage and Status Tracking, Full-Text Search of Records and Document Content, Complete Audit Trail, User-Defined Reports, Contract Document Creation, Clause and Template Libraries, Alternative Contract Language Options, Redlining and Approvals, Workflow Builder, Process Analytics, Dedicated Customer Success Manager, End User Training
Working over 6 continents with 3 million users, Agiloft delivers complete contract lifecycle management. Customization is easy and code-free, allowing anyone with permission to easily make changes, and customer support is reliable. You can deploy the software on the cloud or your own premises.
They also offer an unconditional 90-day guarantee on software and implementation costs. With a 99.6% success rate for implementations, however, you might not want it.
Product Features: Tables and Fields, Work with Records, File Management, Powerful Searching, Charts and Reports, Easily Email, Chat and SMS, Auditability, Automation, Multi-Language Support, Precise Access Control, Custom Look & Feel, Configurable Interfaces, Prebuilt Integrations, Installation and Upgrades, Contract Management, Custom Portals, APIs & Scripting
ContractRoom’s use of automation and online negotiation features helps your team close faster. With greater control of the contract management process and easy compliance, you can expect to gain powerful, valuable insights.
Managing your obligations is simple, and the platform strives to reduce your operating costs and increase legal productivity.
Product Features: Unique Online Negotiation Environment, Automated Document Assembly, AI-Enhanced Workflow Automation, End-to-end Digitized Process, Complete Content Digitization, Rule-Based Routing and Approvals
With ContractSafe, users can expect an intuitive solution, making it easy to organize contracts into folders and receive timely notifications and reminders to avoid missing crucial dates.
Searching documents and contracts for specific information is easy, and it’s possible to set up simple permissions to ensure safe collaboration.Product Features: Search and Reporting, Alerts, Repository, Sharing and Roles, Security, Integrations, Support, AI Assistant
Concord’s cloud-based solution gives you all your contract management needs in one location. It features include pre-approved contracts to avoid legal delays and the ability to see renewal dates in advance to help you optimize spending.
Product Features: Approval Workflows, Advanced Access Control and User Permissions, Automated Templates, Version Control, Clause Selector.
16. Contract Works
Another light and simple approach to contract management, Contract Works can be implemented in 30 minutes. It’s easily customizable to your specific needs and offers flexible alert time frames to avoid missing renewal opportunities.
Features like custom alerts, a built-in electronic signature, and the ability to upload and maintain lots of contracts in bulk are all geared towards saving you money and time.
Product Features: Contract Management Software, Artificial Intelligence, Electronic Signature, Security
Icertis is designed to provide businesses with an intelligent and wide-ranging set of contract solutions that work effectively across your enterprise.
It’s not just a contract platform, either; it comes with a ton of features to help get the most out of contract relationships and minimize risk. Users can expect a ton of impressive features and opportunities and a high degree of control over customization.
Product Features: Smart Contract Initiation, Intelligent Contract Authoring, Negotiations and Collaborations, Contract Approval and Execution, Contract Visibility and Search, Usability and Productivity, Risk Management and Compliance, Contract Analytics, RFx Management, Proposal Management, Enterprise Integration, Architecture
They say ‘money loves speed’. Aimed at high-velocity businesses, PactSafe prioritizes blistering speed. Its click through agreement platform makes it easy to tailor contracts to your business processes, making them simple and repeatable.
It makes doing business easy and smooth, allowing you to accept contracts in hardly any time at all and avoid frustrating and costly delays. It’s also easy to navigate, highly responsive, and smooth.
Product Features: Automated Recordkeeping, Sales Force Integration
With Trackado, the key word is simplicity. If you want all your contracts in one central location with easy access, Trackado has you covered. On top of that, it’s also possible to add important events and dates to your contracts to set reminders, specify billing details, and get full transparency around costs and revenues.
Product Features: Contract Repository, Events and Reminders, Business Partners, Reporting
Volody offers a cloud software suite for a range of different industries. They take an automated approach to contract management across the lifecycle and place a high emphasis on ensuring 100% compliance.
Users can expect an intuitive and flexible platform with solid customer support. One impressive feature is the ability to customize the level of access for groups or employees, restricting less qualified users.
Product Features: Centralised Repository, Contract Expiry/ Renewal, Clause Library, Approval Matrix and Management, Version Control, Obligation Risk and Compliance Management, Electronic Signature, Artificial Intelligence and Machine Learning, PDF Reader
This is my top list of some most used and talked Contract Management Softwares. If you have some suggestions, write me a note on this.
20 Contract Management Software to check out in 2019 was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.