Contract Lifecycle Management Software

Finding software can be overwhelming. We help businesses choose the right contract lifecycle management software so they can manage negotiation workflows and track expiration dates.

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Shipedge

Shipedge is a cloud-based warehouse management solution for small, midsize and large enterprises. It caters to e-commerce warehouses, fulfillment service providers, third-party logistics companies (3PL/4PL), omni/multi-channel ret... Read more

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Recent recommendations: 16 recommendations

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Conga Contracts

Conga Contracts is a hybrid contract lifecycle management (CLM) solution that helps organizations to generate, track, maintain and report on different business contracts. The solution can either be deployed on-premise or hosted in... Read more

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Recent recommendations: 10 recommendations

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iM3 SCM Suite

iM3 SCM’s Smart Warehouse Management (smartWMS) is a cloud-based software offered to its customers as a SaaS Application. iM3 SCM helps clients reduce their implementation costs to help increase ROI and productivity. From mul... Read more

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Recent recommendations: 10 recommendations

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ShippersEdge TMS

ShippersEdge is a cloud-based transportation management solution that manages shipping logistics. It helps users manage shipments, submit claims and handle multiple carriers. ShippersEdge helps companies save time and control... Read more

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Recent recommendations: 7 recommendations

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NetSuite

NetSuite is a business management software suite offered as a service that performs enterprise resource planning (ERP) and customer relationship management (CRM) functions. It is a horizontal package designed for an extensive rang... Read more

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Recent recommendations: 6 recommendations

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Contract Logix

Contract Logix is a data-driven contract lifecycle management software platform that provides the ability to automate and digitize the drafting, negotiation, approval, execution, and management of contracts and related documents. ... Read more

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Recent recommendations: 6 recommendations

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Suuchi GRID

Suuchi Inc. is a next-generation supply chain management platform for innovative businesses of all sizes. Using its cloud-based technology, the Suuchi GRID connects companies with real-time supply chain visibility from product con... Read more

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Recent recommendations: 4 recommendations

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Concord

Concord is a contract management system that helps all companies manage the entire lifecycle of their contracts—from creating contracts all the way through managing renewals post-execution. Users can draft a contract from a t... Read more

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Recent recommendations: 3 recommendations

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Icertis Suite

Icertis provides cloud-based contract lifecycle management (CLM) solutions that enable businesses to manage all stages of a contract’s lifecycle. Key features include approval workflow, auto extraction, milestone tracking, contrac... Read more

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Recent recommendations: 3 recommendations

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Gatekeeper

Gatekeeper is a cloud-based vendor and contact management solution. Key features include automated alerts, customization and collaboration tools and integrations with other software. Users can manage contracts and vendor in... Read more

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Recent recommendations: 3 recommendations

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DocuVantage OnDemand

DocuVantage OnDemand Contracts is a cloud-based contract management solution offering a complete portfolio of features to manage the contract development and review process from beginning to end for businesses of any size and indu... Read more

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Recent recommendations: 3 recommendations

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B2BE Procurement

B2BE offers wholistic Procure-to-Pay solutions to cover both indirect AND direct spend. The solution’s omni-channel approach meets your suppliers at their level, whether it be supplier portal, EDI, or email. By more effectively ma... Read more

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Recent recommendations: 3 recommendations

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ContractWorks

ContractWorks is a contract management solution designed to address the signing, tracking, and managing of contracts. ContractWorks features a centralized, searchable repository for contracts, and includes helpful features l... Read more

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Recent recommendations: 2 recommendations

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Outlaw

Outlaw makes it easy and affordable to manage contract generation, workflow automation, negotiations and a smart repository from a single, comprehensive contract management platform. At every stage of the contract lifecycle, Outla... Read more

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Recent recommendations: 2 recommendations

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Medius Spend Management

Medius Strategic Sourcing Medius Strategic Sourcing helps conduct RFX events and auctions online. Suppliers can submit bids and information via the self-service portal, saving time and effort. The powerful, highly intuitive t... Read more

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Recent recommendations: 2 recommendations

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EPMX

Bellwether Purchasing Software is an on-premise and cloud-based purchasing and inventory management solution. Primary features include requisitions, approval routing, purchase order management, receiving, invoice matching, invento... Read more

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Recent recommendations: 1 recommendations

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SourceDay

SourceDay is collaboration software that stops supply chain misses at their source. Thousands of companies use SourceDay to streamline the first mile of their supply chain and ship more orders on time. From Fortune 100 companies t... Read more

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Recent recommendations: 1 recommendations

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JAGGAER ONE Supplier Management

JAGGAER ONE is a cloud-based solution that enables businesses to manage processes related to eProcurement, sourcing, supply chain collaboration, invoicing and contract management. It helps supply chain teams collaborate with respe... Read more

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Recent recommendations: 1 recommendations

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Workday Strategic Sourcing (formerly Scout RFP)

Workday Strategic Sourcing (previously Scout RFP, a Workday company) makes sourcing simpler, smarter, and more streamlined than ever before. Its intuitive, cloud-based platform – encompassing everything from project intake through... Read more

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Recent recommendations: 1 recommendations

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QuickBooks Desktop Enterprise

QuickBooks Enterprise is an accounting solution designed for SMBs across different industry verticals such as construction, nonprofit distribution, manufacturing, and retail. With QB Enterprise solution, any business owner can exp... Read more

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Buyers guide


Last Updated: April 13, 2021

Choosing a contract lifecycle management (CLM) solution for small and midsize businesses (SMBs) can be a challenge, especially when there are so many options available on the market. It’s important to understand in detail all the features, deployment models and market trends before finalizing your software purchase decision. For that reason, we’ve created this buyer’s guide to help you choose the right CLM solution for your organization.

Here's what we'll cover:

What Is Contract Lifecycle Management Software?
Common Features of Contract Lifecycle Management Software
Evaluating Contract Lifecycle Management Software
Deployment Models and Pricing
Market Trends to Understand

What Is Contract Lifecycle Management Software?

Contract management lifecycle software organizes the complex and detailed contractual negotiation process between buyers and suppliers. These solutions typically manage the entire lifecycle of a contract, from initial request for proposal (RFP) to eventual renegotiations. Gaining full control of the contractual process allows users to not only reduce supplier risk, but also to gain increased insight into contracts—creating strategic negotiation opportunities and improved cash flow.

CLM software solutions have proven to be a must-have tool for managing efficient workflows. These solutions help streamline processes for sales, procurement, legal, operations and finance professionals. With more organized workflows, managers can focus on key performance areas and reduce the need for constant follow-ups. These systems also give users the capability to create personalized contracts with their clients.

These software systems range from applications that exclusively manage vendor contracts to robust suites that also include sourcing, bidding and procurement functionality. Many of these solutions also integrate with other supply chain, accounting and enterprise resourcing planning (ERP) systems.

Common Features of Contract Lifecycle Management Software

By automating and simplifying contract acquisition and maintenance, users can ensure consistent contractual language, regularly maintained buy-cycles and sound financial planning. Users can also take advantage of notification systems that help identify opportunities to improve contract alignment. The result is a smoother acquisition process, higher supplier retention and reduced contractual risk that can lead to better cash management practices.

Specific features of CLM solutions include the following:

Compliance assurance Automation assures users that contractual negotiations meet compliance regulations. Additional company and industry-specific compliance protocols can be added as necessary.
Contract creation and automation These systems often include new contract templates that can easily be exported to Microsoft Word or other document creation programs. Additionally, future contracts can be automatically sent through the user’s predefined workflow.
Approval management The approval process goes through many hands. These solutions enable the next-in-line to receive automated notifications that the contract is ready for their approval—speeding up the process greatly.
Notifications and alerts These systems allow users to construct both broad and long-tail notification parameters for renewal dates, expiration dates and other renegotiation opportunities. Alerts can be delivered within the system or sent directly to a user’s email address.
Ad hoc reporting Reporting features allow users to find additional opportunities to improve contractual terms. Reports can be generated based on search queries or specific contracts.
Accounting and ERP integration Oftentimes, these systems integrate directly with accounting and ERP solutions to maintain accurate cash flow data, as well as aid in financial forecasting.

Evaluating Contract Lifecycle Management Software

Analyst firms have consistently found that streamlined CLM is a best practice for companies looking to reduce supplier risk. Regulation of the contract lifecycle allows users to gain increased visibility and reduce this risk, as well as discover contract improvement opportunities.

When evaluating CLM systems, these questions can help determine if the solution fits your needs:

  • Do you need an on-premise deployment or cloud-based, software-as-a-service (SaaS) solution?
  • Do you negotiate contracts internationally? Many regions and governing bodies have unique regulations for contracts and proposals. Your chosen solution needs to comply accordingly.
  • In addition to CLM, do you need this system to include procurement and sourcing functionality? What other features does this system require to fit your supply chain needs?
  • Will the system need to integrate with existing solutions? Is integration with accounting, ERP or other supply chain software necessary?

Deployment Models and Pricing

CLM software is generally available in two separate deployment models, which tend to have different pricing structures:

Cloud-based. Cloud-based CLM software is hosted on the vendor’s servers and is typically priced as a SaaS model, meaning that users pay a monthly or annual subscription fee that is usually based on the number of users.

On-premise. On-premise CLM software is hosted on the user’s own servers. This type of deployment usually costs a flat, upfront fee to use the software indefinitely, though there may be recurring support and maintenance fees on an yearly basis. The upfront fee is also typically based on the number of users on the system, as this type of software is sold in the form of licenses per person.

Market Trends to Understand

The CLM software market is gradually evolving as business executives realize the benefits of implementing a CLM solution. Buyers are looking for a solution that both fits their budget and meets the needs of their small business. Here are the primary trends influencing the CLM software market:

Digitization of paper contracts. Organizations are moving on from paper to digitized documents for faster processing of contracts. Also, digitized documentation help in reducing overhead paper and printing costs. E-signature functionality enables executives to swiftly approve documents while fulfilling all compliance requirements. Advanced CLM software helps users monitor contracts in real time and sends alerts for pending documents with upcoming deadlines.

Increased adoption of cloud-based software. Cloud-based software provides agility to businesses by reducing the upfront investment of licensing fees. This model suits the requirements of small businesses, as it incurs only operational expenditures. Furthermore, online platforms require minimal hardware infrastructure and could be more secure than on-premise solutions for small businesses operating on a limited budget.