Contract management software makes it much easier to manage contracts through one platform.
The leading tools on the market offer what is known as Contract Lifecycle Management (CLM) solutions, that help organizations stay on top of all of their contract needs. They assist in contract generation, they track the whereabouts of contracts and provide alerts when the cycle stalls, and produce detailed reporting. The leading systems can also keep you on top of regulatory requirements.
Here is our list of the seven best Contract Management software:
- Agiloft Contract and commerce life cycle (CCLM) management software with a contract repository, AI, approval workflows, and more.
- Updraft Contract drafting and management platform with automated drafting, a central repository, custom reports, and more.
- ContractWorks Contract management software that lets you create a central contract repository, search contracts, and smart tag documents.
- Onit Contract Lifecycle Management Contract lifecycle management tool with a central repository, automatic contract generation, and signature integration with DocuSign and Adobe Sign.
- SAP Ariba SaaS-based contract lifecycle management platform with contract templates and DocuSign e-signature support.
- PandaDoc Contract lifecycle management software with e-Signatures, automated approval workflows, and CRM integrations.
- Icerti Cloud-based contract management software with real-time custom dashboards and integrations.
The best contract Management Software
We’ve kept a lookout for tools with features such as an easy to use GUI’s, automation, reporting, alerts, and more.
Agiloft is a contract and commerce life cycle (CCLM) management software designed for motoring contract process. The platform comes with a contract repository, which allows you to search for contracts and files via the search function. With contract templates, you can instantly create new contracts with clause libraries.
Approval workflows enable teams to check and approve contracts efficiently. The platform integrates with Adobe Sign and DocuSign so that users can sign-off on contracts within the software. Email and SMS messaging helps users stay up to date on contract progress.
To help manage your resources throughout the contract lifecycle, Agiloft has custom reports. Reports provide you with an overview of the status and budget of the contract you’re working on. Automatic alerts notify you about new tasks and escalations that require a response from the user.
Agiloft is an excellent option for enterprises that want a complete contact management software. The tool is available as a license and a SaaS or On-Premise subscription. There is also a free version that supports five power users and five end users at no extra charge. You can download the free trial.
Updraft is a contract drafting and management platform that uses algorithms to automate the drafting process. Create a central repository of contracts to give you complete control over your contractual obligations. To keep track of deadlines you can use a color-coded inbox customized to the user.
The MatterMap workflow system uses data analytics and algorithms to understand the content of workflows and guide users through the workflow process. New workflow tasks can be launched automatically once an earlier stage of the process has been completed. The MatterMap system is searchable so you can find any contracts or project documents you need.
To give the user a more visual experience, Updraft offers a business intelligence feature. You can use contract data to create forecasts. Once you’ve finished reviewing the data you can then create a custom report to share with the rest of your team.
Updraft is ideal for companies that want an all-in-one contract management solution that enables them to take control of contract workflows. Updraft has a custom pricing structure, and prices start from $42 (£32) per user per month. You can start the 30-day free trial.
ContractWorks is a contract management software that leverages AI to help you manage contracts. You can monitor your contracts through a central contract repository. The drag-and-drop contract repository makes it easy to add new documents.
There are a number of features that support navigation in ContractWorks. For instance, you can use the search function to find any documents that you need. Smart document tagging uses AI to automatically tag the agreement type, end date, initial term, and renewal term so that you can see the core data you need to keep track of when using the contract.
The OCR and advanced search feature allow you to search throughout the entire repository and find specific clauses within your contracts. When it comes time to sign off on contracts the built-in electronic signature allows you to fill out contracts within the tool.
ContractWorks is a tool aimed at enterprises that want a simple contract management experience that gives you a top-down perspective of contracts and clauses you need to keep an eye on. Pricing starts at $600 (£467) per month. You can start the free trial.
4. Onit Contract Lifecycle Management
Onit Contract Lifecycle Management is a contract lifecycle management tool that has a dashboard where the user can monitor the progress of contracts. The central contract repository lets you store all of your legal documents in one place so that they’re accessible when you need them. The user can also configure update notifications to notify users about new contract events, tasks, or comments.
The included automation is very useful out of the box. Automatic contract generation creates contracts and automatically adds or excludes clauses based on the guidance of a rules engine. From then on users can manage documents with features such as version control, which makes it easier for teams to work on contracts.
The software also enables the user to build custom project workflows. Workflows can be customized and routed to members of your team to ensure contract conditions are fulfilled promptly. Integrations with DocuSign and Adobe Sign allow users to sign-off on contacts in the workflow.
Onit Contract Lifecycle Management is a tool that enhances visibility over the entire contract management process. It’s easy to use and suitable for teams. To find out the pricing information for the product you will need to contact the company directly. You can schedule a demo.
5. SAP Ariba
SAP Ariba is a SaaS-based contract lifecycle management platform that lets you manage contracts from one location. It also supports e-signatures with DocuSign, enabling the user to sign contracts easily. The platform also offers integration for contract data and workflows with a range of external services including Salesforce.
Managing contracts is easy with SAP Ariba, as you can use contract templates to start producing contracts. Types of contracts supported include sales, procurement, intellectual property, internal agreements, and more.
There is also a clause library, which allows you to create contracts faster with less administration. Being able to create and manage templates quickly makes for a smoother contract management experience.
There are two versions of SAP Ariba available to purchase: a basic version and a professional version. The basic version offers simple contract management features but doesn’t have the templates and integrations offered by the professional version. You must contact the company directly for a quote. You can find out more information from this link here.
PandaDoc is a contract lifecycle management tool with automated approval workflows. It streamlines the contract creation process with over 200 contract templates. Once a contract has been created you can share it with the rest of your team. Notifications remind users when a contract requires their signature.
Users can sign contracts with e-Signatures. PandaDoc uses its own electronic signature solution that’s ESIGN and UETA compliant. After signing the software will generate an electronic certificate to verify the signing took place.
There is also a range of integrations that come with PandaDoc as well. Integrations include a range of vendors such as Salesforce, Microsoft, and HubSpot, giving you control over how you manage contracts. You can even use the API to connect to an external tool of your choice.
PandaDoc is ideal for SMEs that want a simple contract management software that supports team management. Pricing starts at $9 (£7.02) per month per user supporting up to five documents per month. There is also a custom enterprise pricing model that you can contact the sales team for a quote. You can start a free 14-day trial.
Icertis is a cloud-based contract management platform with Icertis a customizable dashboard. Through the dashboard, you can view real-time data on workflows, compliance, and user actions to get a holistic perspective of your contract lifecycle. The platform is integrated with Microsoft Office so the user can create contract templates with the assistance of the Icertis clause library.
One of the greatest strengths of Icertis is its automation. It can identify and assign contract tasks so that users can collaborate on contracts. The automation helps create contract workflows so that users can complete the necessary tasks to complete a contract on time.
The platform also offers a range of integrations with external services and an API. Other services supported by Icertis include Salesforce, Oracle, SAP, Microsoft Dynamics, and more. Integrating other services makes Icertis work alongside the rest of your environment more effectively.
Icertis is a complete contract management solution that would fit well within any enterprise looking to manage a group of users to deliver contracts efficiently. If you want to find out pricing information, you will have to contact the company directly. You can register for a demo.
Choosing Contact Management Software
Managing contract clauses and ensuring that the terms are met can be tricky when managing one document – let alone dozens. Contact management software makes the document management process more straightforward by providing you with a central hub to manage agreements.
Out of all the tools on this list, our editor’s choice for this article is Agiloft. It’s integrations with Adobe Sign and DocuSign make it convenient for users to sign contracts and have features like reports to enable support teams to stay compliant with current regulations.