Contract Management Software
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Contract Management Software TrustMap
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signNow is an eSignature solution with mobile apps for iOS and Android. signNow can be integrated into popular platforms and offers SaaS, public cloud, and private cloud deployment options with the same underlying API. This enables customers to leverage the power and usability of…
ConnectWise CPQ (formerly ConnectWise Sell, and Quosal) is the quote and proposal solution of the ConnectWise Suite. With ConnectWise Sell, users can create professional technology quotes and proposals that include rich product information, cover letters, and statements of work…
Conga CPQ empowers sales, partners, and customers to efficiently configure complex products and services offerings, and provide personalized prices and quotes, utilizing codified product and pricing information - ensuring higher win rates and a more pleasurable buying experience.…
DocuSign CLM, formerly SpringCM, is a cloud-based platform that can be used to manage documents, contracts and related collateral. The solution includes workflows that can be tailored to an organization's business processes. It is also designed to accelerate team collaboration.…
Coupa’s cloud-native Business Spend Management (BSM) platform provides end-to-end processes that helps drive collaboration across for every business leader from supply chain, procurement, finance, treasury, compliance, and IT and supply chain leaders to help their companies to get…
Kira, now from Litera (acquired August, 2021) is software that searches and analyzes contract text. Kira offers pre-built, machine learning models covering due diligence, general commercial, corporate organization, real estate and compliance. Using Kira Quick Study, anyone can train…
SAP Ariba Contract Management is software that helps legal, finance, procurement, and sales operations professionals tasked with driving contract management to manage all types of agreements, including procurement, sales, and internal contracts. The vendor says that with SAP Ariba…
Contract lifecycle management platform with cloud security, digital signature and AI-powered document management. AI helps customers simplify contract management by making it understandable, interactive and automated. Digital signature signs any file format along with text and images.…
Outlaw’s contract automation platform adapts to the user's needs for rapid adoption. Outlaw boasts flexible, simple pricing in order to make it affordable for all team sizes (no maint. fees, unlimited storage & eSignatures). The platform unifies contract generation, document…
HoneyBook aims to help creative entrepreneurs and freelancers book more clients, manage projects and get paid all in one place. With HoneyBook, users can automate busy work and stay on top of to-dos, saving time and money, while growing a business. HoneyBook is designed to emulate…
Conga CLM (formerly Conga Contracts, or Novatus) is a contract management software solution built around features such as contract creation, automated notifications, and approval and workflows.
Icertis supports contract lifecycle management (CLM). The analyst-validated Icertis Contract Intelligence (ICI) platform aims to turn contracts from static documents into strategic advantage by structuring and connecting the critical contract information that defines how an organization…
Finnish company Basware offers Purchase to Pay (P2P), their flagship e-procurement application which also features accounts payable (AP) Automation, Contract Lifecycle Management, travel and expense management, and supporting analytics.
Concord is a way to create, collaborate on, sign, and store agreements; designed to be the only tool needed for contracts, so users can spend less time juggling between applications, editors, and e-signature tools.The vendor states over 500,000+ companies use Concord with their contracts.…
ContractWorks aims to make executing, storing, and tracking corporate agreements easier and more accessible to businesses and teams of all sizes, by providing what they describe as a quick implementation, an easy-to-use interface, and pricing starting at $700/month for unlimited…
Secure corporate governance software for advanced contract management, board management, entity management, eSignatures, and virtual data rooms (VDR). Saved and discoverable contracts with automatic reminders Securely shared meeting materials and electronically signed minutes Visualized…
Agiloft’s Contract Lifecycle Management solution is contract management software for managing the complete contract lifecycle, streamlining the approval process, and integrating contract information into all relevant business processes.
airSlate is a codeless workflow building platform, focusing on document generation, contract lifecycle management with e-sign, and what the vendor describes as mobile-friendly web forms which can be integrated with systems of record (e.g. CRM, etc), using no code airSlate bots.
FileHold is a document management software. It is feature rich, enterprise-grade and affordable. The standard offering includes versioning, file search, tagging, and tracking. A fully documented web services API is included at no charge. With the API, users can search the FileHold…
LinkSquares headquartered in Boston offers a contract management solution featuring AI-driven analytics, metadata extraction, and secure contract centralization and repository.
Ironclad, from the company of the same name in San Francisco, is designed to streamline every part of the contract process—so users can focus on legal work, not paperwork.
DealHub (formerly Valooto) is a CPQ and sales proposal solution that runs natively on Salesforce.com and other cloud-based CRMs.
Oracle Procurement Contracts is an enterprise application that creates and enforces better purchasing contracts. It is a key component of Oracle Advanced Procurement, the integrated suite designed to cut all supply management costs. For more information visit https://www.oracle.com/applications/ebusiness/products/procurement-contracts
What is Contract Management Software?
Contract management refers to the automation of processes surrounding creating new contracts, storing and tracking existing documents, managing contract terms, and overseeing contract renewal or termination.
One key function that contract management software provides is housing all a firm’s contracts in a digital repository. This means that businesses and legal entities no longer need to keep track of paper contracts stored in file cabinets. Although, some contract management systems support paper contracts by allowing users to print physical contracts and/or scan in signed contracts.
Basic contract management tools focus on creating contracts from templates and/or storing signed contracts. More complex contract lifecycle management (CLM) software is designed to help organizations automate every stage of the contract process. This includes all contract management stages from the approval workflow to checking contracts against compliance regulations and monitoring important contract milestones.
Contract Management Software FeaturesMost comprehensive contract management or CLM software will include the following capabilities:
Contract Authoring Features
Contract Creation: This includes a document generator and tools for creating new contracts.
Contract templates: Allows users to set up templates or templatize old contracts in order to make new contract creation easier and more consistent.
Clause library/saved fields: Users can save certain fields of a contract for re-use; these may be stored in a template or a clause library.
Integration to CPQ: Integrates to CPQ software so that calculated quotes/configuration details can feed into contracts. This is an important element of automation in the contract authoring process.
PDF generator: Users can generate PDFs of contract documents.
Contract attachments: Users can attach other documents, like invoices, images, meeting minutes, memos, etc, to contracts.
Guided logic: Automated questions (based on company policies and the circumstances of the deal) help with the contract authoring process. This is an example of partial automation.
Contract Collaboration and Review Features
Contract sharing: Users can easily and securely share contracts with internal users and external users. Contracts are accessible.
Contract editing: Contracts can go through multiple drafts and revisions. The software supports multiple versions and version comparison.
Contract merge: Multiple versions of a contract can be merged.
Contract collaboration: Internal and external users can collaborate on contracts without changing the text of the contract; this may be done through comments, questions, and/or message board conversations.
MS Word plug-in: Users can make changes to contract language using Microsoft Word.
Approval process: Approval workflows can be configured to streamline and automate the approval process.
Parallel approvals: Users can set up complex workflows to handle parallel approvals.
Interdepartmental workflows: Users can set up interdepartmental workflows so that contracts can flow between teams in a logical and organized manner.
File importing: Documents and other file formats can be imported into the system.
Contract review: Either a rules-based or AI engine will analyze the contract text and report key terms, important clauses, obligations, etc.
Text analysis: Using natural language processing (NLP) and machine learning (ML) technology, contracts and contract portfolios can be analyzed to identify risk areas, non-standard clauses, changes in negotiation terms, etc.
Contract Monitoring Features
Contract database: Contracts are stored and organized in a central repository.
Legacy contracts: The system has a record of legacy contracts that were created prior to implementation.
VORs: Allows users to send/receive variation order requests.
Contract search: Users can easily look up contracts within the database
Reminders & alerts: Users can schedule reminders and/or trigger alerts according to contract milestones.
Dashboards: Dashboards provide an overview of contract activities.
Custom contract reports: Users can create custom reports about the status of contracts, contract timelines, efficiency, and revenue tied to contracts.
Tracking contract status: Users can track the status of a contract as it moves through the approval process and beyond.
Salesforce integration: Integrations to Salesforce so that contracts are tied to contact’s CRM records.
Compliance check: Users can define and enforce complex business rules related to compliance regulations; helps automate or partially automate contract compliance check.
What is Contract Lifecycle Management (CLM)?
Contract Lifecycle Management (CLM) is the practice of organizing, managing, monitoring, analyzing, and automating contractual processes within an enterprise.
CLM holds that contracts should be accessible, digestible, and top of mind for executives. This allows the business or legal firm to better enforce contractual obligations and events, collect all due revenue, follow through on commitments, and close pending deals. This is in contrast to a signed-and-done, file-away approach to managing contracts—which can result in legal oversights and penalties or lost revenue.
Since using human resources for constant contract vigilance is resource-intensive, and humans are more prone to error, CLM is accomplished using contract management software.
While simple contract software may only allow users to author contracts via templates, or store contracts in a database, systems designed for CLM/enterprise contract management have more complex features related to the following:
Collaboration & editing
Scheduling & reminders
Project change management (such as VORs).
Contract analysis and optimization
Rather than just a contract database or contract authoring tool, CLM software functions as a digital contract manager of sorts.
Contract Analysis and CLM
Contract analysis is an essential and growing part of CLM, especially for law firms, legal services organizations, and finance teams. This activity is part of the overall contract lifecycle management process, meaning the contract analysis software category is closely related to the contract management software category.
Many contract lifecycle management software providers have started integrating artificial intelligence into their CLM solution to automate this process. Using natural language processing (NLP) and machine learning (ML) technology, AI-based contract analysis engines can help organizations find hidden risks or opportunities within legal documents.This can help legal firms and corporations identify contract terms, specific clauses, and metadata across a portfolio of contracts. Contract analysis is especially important within the legal profession and for financial or procurement activities within corporations.
Larger contract management platforms usually include a set of contract analysis capabilities. However, there are also individual products that specialize in the contract analysis part of CLM. Examples of these point solutions include:
Both types of software are included in this category so that firms looking for either type of technology can find them here.
Contract Management Software Comparison
Before investing in either a new CLM solution or contract analysis tool, consider these three key factors:
Does your business need a comprehensive CLM solution, or are you looking for a dedicated contract analysis solution? Contract lifecycle management software is ideal for corporations or legal firms looking for a platform that can help them automate the entire process of contract creation, review, management, analysis, and renewal or termination. On the other hand, contract analysis software focuses on extracting important information from contract text. This surfaces insights about key terms, clauses, risk exposure, etc that might otherwise remain hidden.
If your business operates in the supply chain management and procurement space, does your procurement software have built-in contract management capabilities? Many source-to-pay or source-to-contract procurement solutions include some level of contract management. However, if you’re looking for a platform with advanced contract management capabilities, including AI-based contract analysis, you may want to consider investing in a CLM platform.
One last thing to consider is which type of deployment will fit your firm’s needs best. Will you need an on-premise solution for managing and monitoring contracts or a cloud-based platform that can be accessed via the internet? Some vendors may only offer one type of deployment, so make sure to check with the vendor if they provide the deployment option you’ll need.
A wide range of products are available in the contract management market, from very basic to sophisticated enterprise systems. Some simple contract management tools are free and certain CLM vendors offer a free version of their product. Examples of free contract management software include:
Other enterprise-level systems offering contract lifecycle management capabilities can cost more than $8,000 per user per year. Factors that help determine the cost of a CLM solution are the number of contracts that need to be managed, amount of storage space needed, and level of features required. Most vendors do not disclose pricing on their website but will provide a quote upon request.
Other Contract Management Products
Frequently Asked Questions
However, there are several other contract management solutions to consider as well, such as SAP Arbia Contract Management, Concord, and Oracle E-Business Suite Procurement Contracts. Learn more about alternative contract management tools on TrustRadius’ contract management software page.
Contract management is a larger grouping of capabilities including contract creation, storage, tracking, and management that contract analysis falls under. Contract analysis, on the other hand, focuses on doing in-depth text-based analysis of contract terms. Contract analysis products are language processing tools that can either be rules-based or use AI technology like natural language processing (NPL) to understand the substance of contracts.
Contract analysis tools are widely used in the legal services industry, and by some government organizations and corporations as well.
The price of contract management software can vary widely based on the breadth of features included in the tool and number of users.
Some vendors offer a free version or trial period of their product like Agiloft Contract Lifecycle Management, Concord, and OneSoft Connect. Other products designed for non-enterprise use cases may charge anywhere between $10 - $200 per user per month, or charge a flat monthly fee. Enterprise-grade contract lifecycle management (CLM) solutions can cost upwards of multiple thousands of dollars per year.