Find the best Contract Lifecycle Management Software

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Shipedge

The Shipedge Platform was created to solve the challenges associated with the complete order management lifecycle and supporting activities. We’re dedicated to providing innovative solutions to make commerce easier and more connec...Read more about Shipedge

4.5 (8 reviews)

14 recommendations

Tradogram

Tradogram is a cloud-based procurement management solution. Users can choose from a list of integrated modules such as supplier management, purchase-to-pay, contract management, strategic sourcing and order management. Team manag...Read more about Tradogram

4.5 (91 reviews)

13 recommendations

Gatekeeper

Gatekeeper is the Vendor & Contract Lifecycle Management Platform trusted by Flo Health, Sumup, Starling Bank, and Karyopharm. Gatekeeper helps customers regain control of everything from contract approval to vendor onboarding & s...Read more about Gatekeeper

4.7 (70 reviews)

12 recommendations

ContractWorks

ContractWorks is contract management software designed to address the signing, tracking, and managing of corporate agreements. ContractWorks features a centralized, searchable repository for contracts, and includes helpful feat...Read more about ContractWorks

4.8 (78 reviews)

10 recommendations

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NetSuite

With an integrated system that includes ERP, financials, commerce, inventory management, HR, PSA, supply chain management, CRM and more – NetSuite enables fast-growing businesses across all industries to work more effectively by a...Read more about NetSuite

4.2 (1513 reviews)

8 recommendations

CobbleStone Contract Insight

CobbleStone Contract Insight provides enterprise CLM software that has been selected by thousands of contract and procurement professionals spanning the globe. CobbleStone’s award-winning software, Contract Insight, is fully confi...Read more about CobbleStone Contract Insight

4.8 (47 reviews)

7 recommendations

ContractSafe

ContractSafe is a cloud-based contract management solution suitable for businesses of any size. Key features include document management, contract management, key date alerts, permissions and reporting and analytics. Contract...Read more about ContractSafe

4.8 (130 reviews)

5 recommendations

Coupa

Point solutions are pointless: spend smarter with the leading spend management platform built for companies like you. The Coupa platform allows you to take control of your spend and position your business for resilience and growth...Read more about Coupa

4.1 (90 reviews)

2 recommendations

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 about Contract Logix

4.2 (19 reviews)

2 recommendations

SAP S/4HANA Cloud

SAP S/4HANA Cloud is a cloud-based and on-premise enterprise resource planning (ERP) solution. It is suitable for small, midsize and large businesses in industries such as automotive, engineering, construction, mining, research an...Read more about SAP S/4HANA Cloud

4.4 (333 reviews)

1 recommendations

Trimble TMS

Trimble TMS solutions help carrier companies keep their costs and services competitive, while delivering significant value every day. Trimble’s TMS products helps businesses with fleet management, route optimization, dispatch, loa...Read more about Trimble TMS

3.5 (28 reviews)

1 recommendations

BlueCherry

BlueCherry is an enterprise resource planning (ERP) suite featuring modules for omnichannel planning, product lifecycle management (PLM), shop floor control, logistics, e-commerce, finance and electronic data interchange. It is su...Read more about BlueCherry

4.2 (25 reviews)

1 recommendations

Oracle Fusion Cloud SCM

Oracle Supply Chain Management (SCM) With Oracle Supply Chain Management (SCM) & Manufacturing, organizations can respond quickly to changing demand, supply, and market conditions. Seamlessly connect your supply chain to create a...Read more about Oracle Fusion Cloud SCM

3.9 (9 reviews)

1 recommendations

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 about QuickBooks Desktop Enterprise

Dynamics 365

Microsoft Dynamics 365 is a cloud-based CRM ecosystem for small, medium and enterprise organizations, with a focus on Sales, Field Service, Customer Service complete with strong integrations with Microsoft’s other Office 365 offer...Read more about Dynamics 365

PandaDoc

PandaDoc is an all-in-one tool to create, edit, send, track, and eSign documents quickly and easily. Discover a better way to generate professional-looking and error-free proposals, quotes, and contracts with PandaDoc. Win more de...Read more about PandaDoc

Odoo

Odoo is the #1 open-source integrated business apps suite. Main apps include Website Builder, eCommerce, CRM, Accounting, Project Management, Warehouse Management, Manufacturing, Human Resources, and Marketing. There is an app for...Read more about Odoo

Cin7 Core

Cin7 Core is an app that makes enterprise-level inventory management, manufacturing, sales integration, reporting, and automation accessible to all businesses. Leverage the power of multi-module inventory management software to k...Read more about Cin7 Core

Samsara

Samsara helps the largest and most complex operations organizations empower workers, save on fuel, and build a world-class safety program—all from a single easy-to-use, integrated platform. With tens of thousands of customers ac...Read more about Samsara

SAP Business One

SAP Business One is a modular and integrated enterprise resource planning (ERP) solution. This platform integrates financials, CRM, inventory, sales and operations management modules within a single system. SAP Business One automa...Read more about SAP Business One

Buyers Guide

Last Updated: March 16, 2023

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.