Contracts still form the basis for most business relationships across the world. This is true for vendor-client relationships, employee-employer relationships, and even customer-business relationships.
As organizations scale, managing these contracts in an optimized and efficient manner becomes a major challenge. This is where contract management software comes into the picture.
In fact, 40% of the legal departments in organizations have already adopted a contract management software to improve efficiency, and another 29% are interested in doing so.
In this article, we’ll talk about what contract management software is and which are the top contract management systems to look out for in 2019.
What is Contract Management software?
Contract management or contract lifecycle management simply refers to the management of all the different contracts in the organization- vendor contracts, customer contracts, partner agreements, and employee contracts.
Effective contract management means supporting the entire contract lifecycle, including any process that creates, uses, or contributes contract data.
Earlier, most companies just kept their contracts in the filing cabinet, without looking back at it ever again.
Today, however, contract management has become a means to get the most out of contracts and manage risk effectively.
Contract management software uses tools like e-signature, legal playbooks, pre-approved templates, and self-service portals. These tools automate everyday contract management tasks, which means contract managers can focus on non-standard contracts that bear more risk.
10 best contract management software in 2019
Contract management systems have come into their own in the last few years and have become almost indispensable for organizations of a certain size and scale.
Here’s our pick of the best contract lifecycle management software in 2019.
Icertis is consistently rated as one of the most user-friendly contract management systems out there.
It is one of the market leaders as far as cloud solutions are concerned and its strength lies in its simple and innovative user interface that continuously adapts to meet evolving customer requirements.
Icertis is extremely versatile and can be tailored to suit your current workflows. It’s a cloud-first solution that is very easy to set up and is fully functional within weeks.
Icertis is built on Microsoft Azure so not only is it stable and secure, but it also works really well with Microsoft applications like Microsoft Office.
It also integrates with most enterprise software from ERP, Sourcing, Procurement to CRM, Project Management, and Document Management.
SAP is a cloud-based procurement platform that helps buyers and suppliers get into iron-clad contracts that work for both parties.
The system is revolutionalizing B2B commerce for many organizations across the world. It has both powerful cloud solutions as well as a robust online trading community.
SAP Ariba’s cloud-based software makes it easier for companies to use the platform to collaborate with each other.
They can access the platform through a very simple interface, no matter where they are or which browser they use. It also integrates with any ERP or back office system that you might be using.
The financial claim management system of Ariba uses advanced capabilities and intelligence.
Coupa is an advanced contract lifecycle management software that moves beyond simply organizing contracts to actually optimizing costs through effective contract management.
Coupa helps to speed up the contract creation process by avoiding paperwork altogether. The software also gives timely reminders of the discounts that were negotiated in the contract so that you can realize them and achieve significant cost savings.
With features like centralized clauses and template libraries, Coupa also ensures that you reduce errors and author contracts online with complete certainty.
Important features of the software include direct flow into business spend processes, easy guided contract generation process, automated contract data extraction, streamlined negotiation and approval process, real-time tracking of changes, contract expiration alerts, and complete visibility over the lifetime of the contract.
Concord is a fully automated contract management system that completely revamps the way people manage contracts — right from creating and signing to filing the contract.
There is no need for manual contract management once you start using Concord. Most companies successfully streamline their entire contract management lifecycle with Concord.
It’s currently being used by more than 30000 companies across the world; from individual freelancers to large-scale businesses.
Concord provides a whole range of services from compliance to e-signatures to online negotiation.
Concord also has features to ensure follow-through even after execution of the contract. Deadline alerts help contract managers to leverage opportunities and improve contract performance.
ContractWorks is a simple contract management system but it also has most features that are needed for effective contract management.
You can have as many contracts and users as required, have an e-signature option and can customize the platform based on specific requirements.
The strength of ContractWorks lies in its secure and well-organized contract repository which can be searched easily. Another advantage is its brilliant user-friendly interface.
One of the biggest reasons loyal customers swear by ContractWorks is its knowledgable customer support team that provides 24X7 service.
SpringCM allows businesses to manage not just contracts, but documents and various types of content. It has a number of distinguishing features like mobile functionality, security features, and powerful workflow.
The goal is to remove a bunch of manual processes so that the entire workflow becomes more streamlined. Important elements in SpringCM include document sharing and storage, annotation, version control, fax, email, e-signature, and desktop sync.
SpringCM deals with a multitude of processes including contract approvals, purchase requisitions and approvals, and invoice payments.
Different users can have different access levels based on the workflow as far as overseeing and managing folders is concerned.
Emptoris Contract Management helps companies manage every aspect of the contract lifecycle including creation, execution, follow-through, and discovery.
It is one of the most comprehensive solutions available and can deal with a variety of processes from renewals, renegotiation, and performance monitoring to advanced contract analysis.
It is also suited to a variety of contracts including procurement contracts, enterprise contracts, and sales contracts.
Since the software automates contract management to such a large degree, companies often leverage it to reduce time to contract execution, maximize revenue, and strengthen client relationships.
Conga is designed to process workflows for managing not just contracts but also proposals and sales presentations.
It is able to integrate data from a range of enterprise software including CPQ, CRM, and ERP software in order to save time and streamline workflows.
Conga was introduced in 2010 and has garnered over 400 clients since then.
Some of Conga’s major benefits include a reduction in cycle time, driving pipeline momentum, maximizing revenue and cost savings.
Users can create a contract using various themes and a state of the art WYSIWYG editor TinyMCE. The contract creation feature is built on a point and click dynamic logic which makes it extremely simple to use.
Onit is a contract management software that focusses on building workflows in a way that people actually end up using it frequently.
The goal is to create an interface that is so easy to use that people give up on paper contracts altogether.
Onit has three significant features. The first is Contract Administration. This lets you manage contracts and business documents in one central location.
It also has a Contract Review and Approval tool that simplifies the process of submission, approval, review, and management of contracts into one easy-to-use interface. ****
Onit captures the entire contract lifecycle starting from initiation to approvals, review, compliances, and monitoring.
This solution also helps companies optimize costs and enhance profitability by leveraging timely discounts mentioned in the contracts.
ContractSafe is a cloud-based software that works for businesses of different sizes and scale.
It has a number of features apart from contract management including document management, key date alerts, differential account access, reporting, and analytics.
ContractSafe also has a comprehensive search functionality across all documents due to the automatic OCR (Optical Character Recognition) feature.
It also has other features like the ability to create customized tags, allowing users to sort, filter, and export important documents and information. Users are also allowed to export documents to CSV and Excel or print them directly.
ContractSafe also includes automatic date reminders, role-based permissions, customizable dashboards, and contract templates.
One of the best things about ContractSafe is that it can be used by any number of people and offers great email and phone-based customer support.
As a business, if you’re managing a number of contracts with multiple stakeholders — employees, investors, clients, and so on — it’s time to consider deploying a contract management system.
Contract management software not only helps you make the process of contract management more efficient, but it can also help you optimize your contracts to maximize revenue or save costs.
Setting up a contract management software in the early stages of your company will help you build holistic efficiencies from the beginning.