Best Contract Management Software – 2022 Reviews & Pricing
Best Contract Management Software – 2022 Reviews & Pricing

Best Contract Management Software – 2022 Reviews & Pricing

Famed american endowment scout and dealmaker Irving Paul Lazar once said, “ I have no contracts with my clients ; equitable a handshake is enough. ” While this may have worked for him, this character of informal contract would lead to a batch of issues for most companies .
Contracts play a crucial role for many businesses. They cover everything from how employees are expected to execute their responsibilities to how supplies are procured to how seller relationships are maintained. As such, it becomes absolutely essential to draft and approve any necessary contracts that affect the work flow of an organization in order to avoid potential litigation .
That ’ second where sign management software can help. A contract management system enables companies to create fresh contracts and track the condition of existing ones to ensure that employees, vendors and clients deliver on the submit requirements .
This lead can help potential buyers find the best narrow management solution for their needs. here ’ s what we ’ ll cover :

What Is contract Management Software ?
Common Functionality of Contract Management Software
Benefits of Contract Management Software
What Type of Buyer Are You ?
Market Trends to Understand

What Is Contract Management Software? 

Contract management software allows users to track and manage contracts through the assorted stages of their lifecycles. These include :

  • Authoring or drafting contracts
  • Negotiating with the parties involved
  • Soliciting contract approvals
  • Executing contracts
  • Tracking obligations
  • Making amendments
  • Renewing

Among other things, this type of software helps businesses with renewal notifications, complaisance management, capturing digital signatures and managing shrink templates, a well as document storage and version control .

Common Functionality of Contract Management Software

Most shrink management systems come with some or all of the follow capabilities :

Contract drafting Allows users to standardize contracts by letting them drag and drop contract language from a library of approved clauses or sections. Certain solutions provide customizable, industry-specific templates.
Lifecycle management Enables users to organize, track and automate the contract lifecycle. This includes monitoring contracts to enforce their obligations, understanding negotiation terms, collecting payments, seeking approvals and creating amendments.
Alerts and notifications Allows users to monitor and keep track of contract milestones by sending automated notifications at predefined intervals. Also enables sending automated alerts to sales personnel associated with contracts nearing their renewal dates about entering into contract re-negotiations.
Compliance management Allows users to monitor contract commitments and report any deviations from the approved workflow. Also enables users to benchmark contracts against existing regulatory frameworks.
Analytics and reporting Enables the generation of customizable reports and dashboards to allow users to measure contract performance by metrics such as contract type, contract status, contract timeframe, account executive efficiency and revenue realization.
Document management Enables users to store all contracts in a centralized repository for future reference. Also allows users to store standard contract templates and implement version control on different copies of the same contract.
Contract search Enables stored contracts to be searchable. Certain solutions allow indexing by assigning metadata (e.g., author and file format) to documents in a library.
Third-party integration Most contract management tools on the market are “best-of-breed,” focusing on a specific group of features. However, some solutions can integrate with other software, such as CRM, ERP and supply chain management solutions.
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Benefits of Contract Management Software

Professional and business owners can realize multiple benefits as a leave of adopting compress software, including :
Centralizing information. Contract management centralizes all sign related documents within a individual localization and makes them searchable for recovery in the future. This process ensures that no sign is ever lost, enabling account executives to monitor narrow commitments and track their renewal cycles.

Collaborative authoring. big enterprises are normally bound by complex contracts involving several inner departments or external vendors. This complexity can sometimes result in respective parties creating their own terms and stitching them together, which can lead to the different rendition of contractual terms by the parties involved. Contract management software helps eliminate such loopholes by allowing different stakeholders to collaboratively author contractual terms and approve certain linguistic process and section definitions to avoid later conflict .
Compliance enforcement. Contract software allows users to monitor contract milestones by tracking important events such as periodic revue dates or contract passing dates. These solutions besides provide alerts or notifications to account managers for contracts nearing their milestones, and can escalate reports if there are any deviations from the predefined work flow. Certain features can besides enable the provision of time-dependent deliverables and avail manage extra costs or penalties associated with the delays .

What Type of Buyer Are You?

Choosing the properly abridge management software wil likely count in depart on the size of your organization. Consider the following buyer types :
Small and midsize businesses. These businesses typically operate as establishments with up to 100 employees and focus on specific operational areas. such companies might consider a best-of-breed system that specializes entirely in abridge universe and electronic repositing .
For model, small and midsize companies normally work on reduce margins, which means it ’ s crucial for them to maintain the recurring cash flow that comes from shrink renewals. sign repositing can be an return, since such companies normally rely on intemperate copies or antediluvian file storage systems. A basic, no-frills shrink management arrangement is normally ideal for such organizations .
Large enterprises. big companies typically operate in multiple operational areas with employees based at different locations. For such businesses, coordination is key. These businesses may want to consider a contract management system that is a modular suite, allowing them to pick and choose the unlike modules needed .
For case, organizations that have agreements where multiple internal and external parties are involved may want to consider a solution that allows them to collaboratively author terms with different stakeholders, automate the approval process, send automated alerts for tracking milestones, enforce contractual obligations and integrate with external ERP or CRM solutions .

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Market Trends to Understand

Data analytics. Contract management vendors are cursorily realizing the benefits and opportunities that data analytics provides in accelerating the decision-making serve of organizations. Data analytics can be applied on a stored abridge repository to measure the optimum amount of time an enterprise has to wait before making price concessions, helping them to negotiate better narrow terms. Analytics can besides help companies monitor their contract negotiation cycles, suggesting the best time for executives to begin negotiations if a abridge has to be closed in a predetermine timeframe .
Blockchain technology. There is an addition in the prevalence of “ smart contracts, ” where automated calculator programs are adequate to of executing the terms of a shrink without a verifying authority having to be involved in the work. These smart contracts are created using blockchain technology, which houses and protects anterior data and transactions. This engineering can mechanically execute a contractual clause a soon as a pre-programmed condition is triggered—e.g., the automatic pistol release of payment for a box upon manner of speaking without the user having to authorize the transaction individually .

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