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CobbleStone Contract Insight
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
Juro
Juro
The AI-enabled contract automation platform enabling legal & business teams to create, execute & manage contracts faster than ever. Juro helps in-house legal teams at rapidly-scaling companies empower their colleagues to self-ser...Read more about Juro
Concord
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 temp...Read more about Concord
Contract Assistant
Contract Assistant
Contract Assistant by Blueridge Software is a hybrid contract management solution that helps businesses to create and review contracts and set reminders for renewal or other specific dates.The solution can be installed on-premise ...Read more about Contract Assistant
Gatekeeper
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 about Gatekeeper
Contract Eagle
Contract Eagle
Contract Eagle enables users to manage the entire contract lifecycle by centralizing, optimizing and monitoring contracts and is suitable for midsize and large businesses. Contract Eagle enables contract document management ...Read more about Contract Eagle
openSourceCM
openSourceCM
OpenSource Contract Manager allows users to manage the entire contract lifecycle from need identification to negotiation, agreement, monitoring and renewal. The product is suitable for small, midsize and large enterprises across t...Read more about openSourceCM
R3 Contract Management
R3 Contract Management
R3 Contract Management is designed specifically for Federal Government Contractors. It's a single, central repository to manage contracts, documents, and customers. It's made for small to mid-size Government Contractors, giving mo...Read more about R3 Contract Management
Lextree
Lextree
Lextree by Berkman Solutions is a compliance and legal risk management solution that allows businesses to manage their contracts and legal entities. The solution is designed for all types of contracts across all industries. L...Read more about Lextree
OnitX CLM
OnitX CLM
Onit Apps is a cloud-based contract management suite that enables organizations to automate and combine business process management, project management and information management functionalities. The software is suitable for large...Read more about OnitX CLM
Contract Alert
Contract Alert
Contract Alert is a cloud-based contract management platform that enables organizations to automate their routine tasks. The solution serves the needs of professionals in industries such as supply chain management, law, procuremen...Read more about Contract Alert
eContracts
eContracts
eContracts, offered by Optimus BT, is a cloud-based contract management system that helps midsize and large organizations manage contract lifecycles by monitoring contract progress, tracking key milestones and managing renewals an...Read more about eContracts
ContractZen
ContractZen
Secure governance software with advanced contract management, board meeting management, entity management, e-signature, and VDR that is loved by hundreds of customers from over 30 countries. Start your 30-day free trial today – no...Read more about ContractZen
Signable
Signable
Signable is an easy to use, cloud-based eSignature solution for businesses of all sizes in a range of industries such as property management, real estate, financial services, legal, automotive, recruitment and more. Signable mak...Read more about Signable
Agiloft
Agiloft
Agiloft Contract Management Suite is a cloud-based contract management suite suitable for companies of all sizes. It offers workflow automation, budget and forecast reports, a search engine with optical character recognition (OCR)...Read more about Agiloft
ContractWorks
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
Conga Contracts
Conga Contracts
Contracts are crucial to every business, which is why it’s so important to end the era of manual and disjointed contract processes. Conga’s CLM solutions empower you to improve customer and user experiences while increasing visibi...Read more about Conga Contracts
Contract Logix
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
Icertis Contract
Icertis Contract
With unmatched technology and category-defining innovation, Icertis pushes the boundaries of what’s possible with contract lifecycle management (CLM). The AI-powered, analyst-validated Icertis Contract Intelligence (ICI) platform ...Read more about Icertis Contract
Intelligentcontract
Intelligentcontract
Intelligentcontract is a cloud-based contract management solution. Key features include risk management, expense management, amendment management, reporting, and report customization, invoice tracking, key performance indicators (...Read more about Intelligentcontract
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Buyers Guide
Last Updated: March 16, 2023Famed American talent scout and dealmaker Irving Paul Lazar once said, “I have no contracts with my clients; just a handshake is enough.” While this may have worked for him, this type of informal contract would lead to a mountain 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 vendor relationships are maintained. As such, it becomes absolutely essential to draft and approve any necessary contracts that affect the workflow of an organization in order to avoid potential litigation.
That’s where contract management software can help. A contract management system enables companies to create new contracts and track the status of existing ones to ensure that employees, vendors and clients deliver on the stated requirements.
This guide can help potential buyers find the best contract 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 Is Contract Management Software?
Contract management software allows users to track and manage contracts through the various 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, compliance management, capturing digital signatures and managing contract templates, as well as document storage and version control.
Common Functionality of Contract Management Software
Most contract management systems come with some or all of the following 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. |
Benefits of Contract Management Software
Professional and business owners can realize multiple benefits as a result of adopting contract software, including:
Centralizing information. Contract management centralizes all contract related documents within a single location and makes them searchable for retrieval in the future. This process ensures that no contract is ever lost, enabling account executives to monitor contract commitments and track their renewal cycles.
Collaborative authoring. Large enterprises are usually bound by complex contracts involving several internal departments or external vendors. This complexity can sometimes result in several parties creating their own terms and stitching them together, which can lead to the different interpretation 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 language and section definitions to avoid later conflict.
Compliance enforcement. Contract software allows users to monitor contract milestones by tracking important events such as periodic review dates or contract expiration dates. These solutions also provide alerts or notifications to account managers for contracts nearing their milestones, and can escalate reports if there are any deviations from the predefined workflow. Certain features can also enable the provisioning of time-dependent deliverables and help manage additional costs or penalties associated with the delays.
What Type of Buyer Are You?
Choosing the right contract management software wil likely depend in part 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 solely in contract creation and electronic storage.
For example, small and midsize companies usually work on thin margins, which means it’s important for them to maintain the recurring cash flow that comes from contract renewals. Contract storage can be an issue, since such companies usually rely on hard copies or archaic file storage systems. A basic, no-frills contract management system is usually 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 different modules needed.
For example, 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.
Market Trends to Understand
Data analytics. Contract management vendors are quickly realizing the benefits and opportunities that data analytics provides in accelerating the decision-making process of organizations. Data analytics can be applied on a stored contract repository to measure the optimum amount of time an enterprise has to wait before making price concessions, helping them to negotiate better contract terms. Analytics can also help companies monitor their contract negotiation cycles, suggesting the best time for executives to begin negotiations if a contract has to be closed in a predetermined timeframe.
Blockchain technology. There is an increase in the prevalence of “smart contracts,” where automated computer programs are capable of executing the terms of a contract without a verifying authority having to be involved in the process. These smart contracts are created using blockchain technology, which houses and protects prior data and transactions. This technology can automatically execute a contractual clause as soon as a pre-programmed condition is triggered—e.g., the automatic release of payment for a package upon delivery without the user having to authorize the transaction separately.