Top 5 Contract Management Software You can use in 2022
What is an organization without any contracts? Probably, not a fun field; contracts are everywhere. Right from bringing your idea on innovation and entrepreneurship to getting new employees onboarded in an organization, contracts are necessary. Be it a small business or a big one; it gets quite hard to build authenticity without proper contract management.
In many cases, companies may even shut down or be penalized against legal Acts defined for business showdowns.
What is a Contract Management Software?
Contract management, aka Contract Lifecycle Management (CLM). Contract lifecycle management (CLM) automates the creation, tracking, and monitoring of contracts. The best software will simplify your entire business with its ability to store complex documents while also making it easy for users like you or me who are not computer savvy.
Traditionally, all these processes were once carried out in pen and paper. However, with the iconic digital transformation of the whole world discovering voice assistants and smart speakers, innovation in contract management was inevitable. After all, when the cost of contracts and agreements rose to $49,000, there had to be something to manage the unavoidable contract management operations.
With the worldwide CLM market expected to grow by 3.5x over 2020 and 2030, this growth in adoption rates has been exponential, with a CAGR (compound annual percentage rate) at 13%.
This article today is about the best contract management software available in the market and is about to help you shape your fresh venture ideas. Even if you are not using any of these platforms, now you have your options — and it’s never too late to start something new and exciting!
With PandaDoc, you have an affordable, all-in-one solution that can provide businesses with the ability to manage their contracts and documents. It’s a robust software that makes it easy for users of any skill level to create/edit agreements, whether contractors or employees. With so many features, this platform is a popular choice for businesses.
It offers document analytics and template embedding right on your device to make it easy — no matter what kind of business you have. With payment options and content libraries with images included at every level in the PandaDocs organization — there’s never been an easier way to get things done before now.
- 24/7 customer support
- Unlimited Documents
- Contract Drafting
- Approval Workflows
- Payment Processing
- Reporting and Analytics
- Redlining and Collaboration
- CRM Integrations
- User Role and Permissions
- Excellent Security
DocuSign is the perfect choice if looking for an affordable contract management solution. They specialize in giving smaller businesses full access to inexpensive software with simple user interfaces, along with e-signature plans that can suit your needs perfectly.
The DocuSign CLM has more than 1,000,000 paid customers and 1 billion global users. This software serves the Fortune 500 companies dealing with tech, finance, and healthcare along with 3000 other federal, state, and local government agencies.
- Configurable Workflows
- Centralized Dashboard
- AI-powered Contract Analytics
- Clause Library
- Customized Workflow Templates
- Renewal Tracking
- Rish Scoring
- Collaboration and Sharing
Ironclad is a contract management software company specializing in helping legal teams automate workflow and generate reports. The intuitive interface makes users easily navigate processes, while the drag-and-drop nature makes it easy for them to do so without any fuss or hassle.
The best thing about Ironclad is that you don’t need any technical skills to run it. Thanks to the drag-and-drop system, which allows for quick previews and adjustments without ever leaving their platform.
- 24-hour live support
- Secure Infrastructure
- Digital Collaboration
- Contract Negotiation
- App Integrations
- Contract Authoring
- Centralized Repository
- Approval Workflows
SirionLabs is a leader in CLM software and ranked among the best providers for nine different areas, such as extracting metadata from contracts. They have over 5 million contract users across 70+ countries who admire their high ratings when it comes to offering these types of services like intelligent apps or KPI modelling that can be used with complex financial information/structures within each individual agreement.
- Contract document creation and management
- AI-powered Analytics
- Smart Workflows
- AI-Powered Data Extraction
- Team Collaboration
- Automated Compliance process
Last but not least, the best CLM software on our list is COncord. One of the simplest software, using this software and its features are pretty much amazing. Concord provides a review process before contracts go to final approval with their unique features. They have conditional workflow permissions for each agreement that only allows the right person to see it in its best light and makes sure no one else sees what they don’t want you seeing either.
- Contract Generation
- Automated Approvals
- Online Negotiations
- Free for Customers
- Report Customization
- e-Signing Capability
- CRM Integration
As a leader and a professional owner of your company, below are some of the top features you should look for when opting for the best CLM software:
- Contract Creation
- Easy Collaboration
- Easy Approval Process
- Notifications and Reminders
- Full Database
- API Integrations
- Data Analytics Tools integrations
- Streamlined Dashboards
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