Best Contract Lifecycle Management Software
Explore the best contract lifecycle management software such as Conga, Docusign, Icertis, PandaDoc, and SAP Ariba. Such CLM software allows you to manage all contract lifecycles and keep an eye on each task being performed.



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Most Popular Contract Lifecycle Management Software
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List of 20 Best Contract Lifecycle Management Software
Emergents | 2025
Digitized Contract Lifecycle management solution
Product Description
Legasis Contract Management is a renowned contract lifecycle management platform. It provides insightful business insights and manages risks successfully. Legasis enables businesses to manage contracts and obligations on a single platform. With automated contract generation, users can instantly produce their standard-format contracts. Along with adding... Read More About Legasis Contract Management - CARRAR
Legasis Contract Management - CARRAR Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Automated Alerts
- Contract Repository
- Approval Workflows
- Document Management
- Template Management
- Risk Management
- User Permissions
- Mobile Access
- View all Features
Legasis Contract Management - CARRAR Features and Usability-Based User Satisfaction Score
Contenders | 2025
Product Description
DocuSign is one of the best contract lifecycle management software. It enables users to send documents for signatures directly from Google Drive, Gmail, and Chrome browsers. DocuSign can be easily used from a tablet, computer, or smartphone. Some key features are legally binding signatures, templates,... Read More About DocuSign
DocuSign Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Workflow Automation
- Multi Language Support
- Audit Trail
- Api Access
- Document Templates
- Document Expiration
- Bulk Send
- Third Party Integrations
- View all Features
Personal
$ 15
Per Month
Standard
$ 40
Per Month
Business Pro
$ 60
Per Month
DocuSign Features and Usability-Based User Satisfaction Score
Software by Conga
Product Description
Conga is a popular contract lifecycle management company. It aims to simplify particular difficulties in order execution, configuration, and fulfillment. Through the automation and simplification of data, papers, contracts, and reporting, Congas range of products helps organizations become more productive. Businesses can utilize its special... Read More About Conga
Conga Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Custom Branding
- Document Automation
- Customizable Templates
- Cloud Storage Integration
- Workflow Automation
- Mobile Access
- Template Management
- Api Access
- View all Features
Contenders | 2025
Product Description
SAP Ariba is a popular CLM system. Sellers can use the platform to manage their catalogs, bids, purchases, and invoicing, and customers can use it to find suppliers, bargain for discounts, order goods and services, and keep tabs on their spending. It makes transactional data... Read More About SAP Ariba
SAP Ariba Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Approval Workflows
- Clause Library
- E Signature Integration
- Search And Filter
- Amendment Management
- Contract Analytics
- Reporting
- Document Management
- View all Features
SAP Ariba Features and Usability-Based User Satisfaction Score
Contenders | 2025
Managing Contracts Just Got Easier!
Product Description
For professionals in legal, procurement, sales, and risk management across a variety of industries, CobbleStones contract lifecycle management solution automates and streamlines the entire contract lifecycle. CobbleStone blends a user-friendly interface with powerful contract capabilities supported by machine learning and artificial intelligence. For larger organizations,... Read More About CobbleStone Contract Insight
CobbleStone Contract Insight Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Contract Authoring
- Compliance Tracking
- Reporting And Analytics
- E Signature Integration
- Clause Library
- Version Control
- Obligation Management
- Document Management
- View all Features
CobbleStone Contract Insight
$ 59
Per User
CobbleStone Contract Insight Features and Usability-Based User Satisfaction Score
Contenders | 2025
Product Description
PandaDoc is comprehensive CLM software that makes it simple and quick to create, send, edit, track, and eSign documents. The firm leadership and the sales and marketing teams are the main users of the system. Businesses can use PandaDoc to create quotations, proposals, and contracts... Read More About PandaDoc
PandaDoc Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Custom Fields
- CRM Integrations
- Role Based Permissions
- Form Builder
- Payment Processing
- Audit Trail
- Electronic Signatures
- Custom Branding
- View all Features
Essentials
$ 35
Per Month
Business
$ 65
Per Month
PandaDoc Features and Usability-Based User Satisfaction Score
Helping the world agree more.
Product Description
Juro is collaborative contract lifecycle management software that unifies all business contracts into a single workspace. Contract creation, sharing, and tracking have been simplified by this tool. By improving communication between the legal and business teams, contracts can be closed more quickly. Read More About Juro
Juro Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Approval Workflows
- Audit Trail
- Contract Repository
- Custom Branding
- Contract Creation
- Clause Library
- Collaboration Tools
- Analytics And Reporting
- View all Features
Software by Ironclad
Product Description
A web-based CLM platform called Ironclad assists companies in developing, automating, and managing workflows for contracts and agreements. Users can create and alter templates on a self-service platform to create any kind of contract easily. It aids in the management of all facets of the... Read More About Ironclad
Ironclad Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Customizable Dashboards
- Collaboration Tools
- Document Assembly
- Clause Library
- Automated Workflows
- Search And Filter
- E Signature Integration
- Compliance Management
- View all Features
Software by Icertis
Product Description
Icertis is strategic contract lifecycle management software. It offers businesses the strong skills they need to maintain their lead both now and in the future. Icertis pushes the limits of contract lifecycle management with unrivaled technology and category-defining innovation. Read More About Icertis
Icertis Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- E Signature Integration
- Clause Library
- Customizable Dashboards
- Document Management
- Collaboration Tools
- Ai And Machine Learning
- Risk Management
- Template Management
- View all Features
Contenders | 2025
Product Description
With Gatekeeper, one of the top contract lifecycle management software solutions, users can track workloads, keep an eye on risk, and manage contracts and vendor information. Requesting files and teamwork are made easier with an integrated chat feature. Users can set up automated alerts to... Read More About Gatekeeper
Gatekeeper Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Performance Monitoring
- Vendor Onboarding
- Collaboration Tools
- Automated Workflows
- Approval Processes
- Alerts And Notifications
- Mobile Access
- Contract Management
- View all Features
Gatekeeper Features and Usability-Based User Satisfaction Score
Emergents | 2025
New Age Contract Lifecycle Management Solution
Product Description
Evisort is one of the best contract lifecycle management platforms powered by AI. This next-gen platform provides contract lifecycle management and analysis. It boosts productivity, contract data, and offers digital workflows that improve user experiences throughout the company. Evisort enables businesses to create, collaborate, manage,... Read More About Evisort
Evisort Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Ai Powered Contract Analysis
- Approval Workflows
- Customizable Workflows
- Mobile Access
- Audit Trail
- Third Party Integrations
- E Signature Integration
- Role Based Access Control
- View all Features
Evisort Features and Usability-Based User Satisfaction Score
Contenders | 2025
Product Description
By streamlining the purchasing process, Coupa Software is contract lifecycle management software that lets procurement teams organize and track purchases more easily. The software automates approval operations, enabling businesses to streamline their procurement procedures and save time. Users income and expenses are supported by contracts,... Read More About Coupa
Coupa Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Mobile Receipt Capture
- Custom Reporting
- Real Time Analytics
- Integration With Erp Systems
- Multi Currency Support
- Customizable Approval Workflows
- Ocr Technology
- Fraud Detection
- View all Features
Coupa Features and Usability-Based User Satisfaction Score
Contracts on Autopilot
Product Description
SpotDraft is one of the top contract lifecycle management software powered by AI, created for rapidly expanding businesses. It provides legal, marketing, sales, human resources, business operations, and procurement teams with end-to-end contract management services. SpotDraft serves as a co-pilot for legal teams with its... Read More About SpotDraft
SpotDraft Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Approval Workflows
- Contract Renewal Management
- Contract Creation
- Audit Trail
- Version Control
- Clause Library
- Contract Repository
- Collaboration Tools
- View all Features
Emergents | 2025
Product Description
Users of Agiloft, one of the best CLM software, can expedite the approval process, automate the whole contract lifecycle, and connect contract data to other business processes. Agiloft is believed to significantly reduce compliance risk while enabling significant purchasing savings, more effective legal operations, and... Read More About Agiloft
Agiloft Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Document Management
- Knowledge Base
- Workflow Automation
- Customizable Dashboards
- Email Integration
- Custom Fields
- Contract Management
- Customer Support Portal
- View all Features
Free
$ 0
license/month
Professional
$ 45
license/month
Professional Unlimited
$ 65
license/month
Enterprise
$ 95
license/month
Agiloft Features and Usability-Based User Satisfaction Score
Software by LinkSquares, Inc
Product Description
With solutions for e-signature, pre-signature, and post-signature that are incredibly intuitive, developed for todays legal teams and powered by AI, LinkSquares offers genuine end-to-end CLM solutions. It is a natively developed e-signature tool with proprietary OCR, full-text search, and contract templating capabilities. Some useful features... Read More About LinkSquares
LinkSquares Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Compliance Tracking
- E Signature Integration
- Ai Powered Insights
- Approval Workflows
- Reporting And Analytics
- Mobile Access
- Notifications And Alerts
- User Permissions
- View all Features
Software by SirionLabs
Product Description
Sirion is a fully featured CLM tool designed to serve enterprises and agencies. Sirion provides end-to-end solutions designed for Windows. This system offers Contract Lifecycle Management, Government Contracts, Workflow Management, Version Control, and Specialty Contracts in one place. Read More About Sirion
Sirion Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Performance Management
- Approval Workflows
- Risk Management
- Compliance Tracking
- Contract Authoring
- Third Party Integrations
- Contract Analytics
- Automated Workflows
- View all Features
Software by Zycus Inc.
Product Description
Zycus iContract is a fully featured contract lifecycle software designed to serve enterprises and agencies. Zycus iContract provides end-to-end solutions designed for Windows. This online contract management system offers pre-built templates, government contracts, completion tracking, sell side (customers), and contract lifecycle management in one place. Read More About Zycus iContract
Zycus iContract Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Third Party Integrations
- Version Control
- Alerts And Notifications
- Obligation Management
- Contract Repository
- Contract Renewal Management
- Search And Filter
- Clause Library
- View all Features
Emergents | 2025
Digitize Source to Pay for all categories
Product Description
Ivalua is a platform that helps an organization implement Source to Pay processes for all categories. The solution is modular in nature, which can help accelerate time to value for immediate needs and can scale to future requirements. Best in class, 98% renewal rate YOY. Read More About Ivalua
Ivalua Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Supplier Performance Management
- Reporting And Analytics
- Budget Tracking
- Catalog Management
- Audit Trail
- Approval Management
- Compliance Management
- Invoice Management
- View all Features
Ivalua Features and Usability-Based User Satisfaction Score
Make Your Contracts Work For You
Product Description
Contract Logix is a long-time leader, innovator, and provider of intelligent and data-driven contract lifecycle management software. The CLM software empowers organizations across dozens of industries to digitally draft, negotiate, approve, execute, and manage their contracts. Hundreds of brands have partnered with Contract Logix to... Read More About Contract Logix
Contract Logix Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Third Party Integrations
- Compliance Tracking
- Customizable Dashboards
- Workflow Automation
- Contract Lifecycle Management
- Document Management
- Contract Repository
- E Signature Integration
- View all Features
Emergents | 2025
Contract review and creation, made easy.
Product Description
One of the best contract lifecycle management companies, Summize is a game-changer for any firm that deals with contracts. Businesses can create concise, intelligent summaries of important contractual information that they can distribute, with significant dates automatically retrieved and added to the calendar. They can... Read More About Summize
Summize Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Audit Trail
- Document Tagging
- Access Control
- Customizable Dashboard
- Workflow Automation
- Reporting And Analytics
- Compliance Management
- Integration With Other Systems
- View all Features
Legal User
$ 132
User/Month
Business User
$ 65
User/Month
Summize Features and Usability-Based User Satisfaction Score
Contracts, just like other things in life, go through a lifecycle. From their inception to termination and beyond, the management of contracts involves a series of stages that ensure their effectiveness and compliance. Simplifying the jargon, we can break down the contract management lifecycle into six key stages that mirror human experiences.
By understanding these stages in relatable terms, you'll be better equipped to navigate the contract management process and take the necessary steps to get things moving when a contract request lands on your desk.
What is Contract Lifecycle Management (CLM) Software?
Contract lifecycle management software is crucial in supporting businesses throughout the contract lifecycle, facilitating a seamless process from initial creation to post-signature activities. It encompasses activities such as obligation tracking, contract resolution, and contract compliance management.
By storing all contract data in a centralized repository, these software tools enable organizations to ensure that both internal and external stakeholders are well-informed and adhere to their contractual obligations.
CLM solutions cater to various departments within an organization since contracts are an inherent aspect of numerous business operations. Furthermore, these tools typically integrate with a range of software, including CRM software, e-signature software, accounting software, proposal software, and CPQ software.
Who Uses CLM Software?
Contract lifecycle management software is utilized by various departments within an organization to streamline and enhance contract management processes. Let's take a closer look at the different teams that commonly benefit from CLM software.
-
Sales Teams
Sales teams heavily rely on contracts to establish agreements with customers. CLM software enables sales teams to streamline the contract creation process, track contract milestones, and manage customer commitments. It helps with contract generation, automates approval processes, and offers perceptions of how well contracts are working.
-
Finance Teams
Finance teams play a critical role in managing the financial aspects associated with contracts. They have the resources to automate the billing and invoicing procedures thanks to contract lifecycle management software. It integrates with accounting systems, allowing finance teams to track contract-related revenue, monitor payment terms, and generate accurate financial reports.
-
Legal Teams
Contract management is a core responsibility of legal teams, and contract lifecycle management software simplifies their work processes. It assists legal teams in creating, reviewing, and approving contracts, ensuring compliance with legal requirements. CLM tools facilitate collaborative workflows, version control, and centralized storage of contract documents. It also helps legal teams monitor contract obligations, manage contract renewals, and mitigate risks associated with non-compliance.
-
HR Teams
Human Resources (HR) teams handle a wide range of contracts, such as employment agreements and vendor contracts. To assist HR teams in the creation, review, and management of these contracts, Contract Lifecycle Management (CLM) software is utilized. This software automates approval workflows, keeps track of important contract dates, and offers visibility into contractual obligations.
What are the Features of Contract Lifecycle Management Software?
When evaluating the features of top-notch contract lifecycle management software, it is essential to consider certain key aspects. The best contract lifecycle software offers these features to enhance contract efficiency and ensure effective contract lifecycle management.
-
Contract Creation and Templates
A robust CLM software allows users to create contracts efficiently and accurately. It offers pre-defined contract templates that can be customized to meet specific requirements, saving time and ensuring consistency. Users can easily input relevant information, clauses, and terms while the software ensures legal compliance and adherence to company policies.
-
Contract Database
A comprehensive contract database is a core feature of contract lifecycle management software. It serves as a centralized repository where all contracts are stored, organized, and easily searchable. This feature allows users to quickly locate specific contracts, review contract details, track key dates and milestones, and maintain a complete contract history. By having a well-organized contract database, organizations can improve contract visibility and accessibility.
-
Contract Editing
CLM software should provide intuitive and user-friendly editing capabilities. It allows users to make modifications, add or remove clauses, and update contract terms as needed. The software typically includes version control, ensuring a clear audit trail of contract changes and preserving a history of previous versions. Efficient contract editing features enable collaboration between stakeholders, ensuring accurate and up-to-date contract content.
-
Advance Contract Analytics
Cutting-edge contract lifecycle management software utilizes sophisticated analytics to extract valuable insights from contract data. These analytics capabilities enable organizations to gain actionable intelligence by evaluating contract performance, identifying patterns, and pinpointing risk or potential growth areas. By harnessing data-driven insights, organizations can make informed decisions, optimize contract terms, and enhance their overall contract management strategies.
-
Contract Approvals
Contract lifecycle software facilitates streamlined contract approval workflows. It allows users to define approval processes, set up automated notifications, and track the status of contract approvals in real-time.
This feature helps ensure that all necessary stakeholders review and approve contracts within designated timelines, minimizing delays and bottlenecks in the approval process. Organizations can achieve faster contract turnaround times and improve overall efficiency.
What are the Benefits of CLM Software?
The best contract lifecycle management software offers numerous benefits to organizations by streamlining and improving their contract management processes. Let's explore each of these benefits in detail:
-
Increased Self-Service
According to a report by Forrester, implementing self-service contract management software can reduce contract cycle times by up to 50%. CLM software empowers users with self-service capabilities, enabling them to independently manage their contracts. Users can access the software to create, review, and track contracts without heavy reliance on other departments or manual processes. This reduces bottlenecks, saves time, and improves overall operational efficiency.
-
Audit Trail
Contract lifecycle management software provides a comprehensive audit trail of all contract activities and changes. It captures and records every action taken on a contract, including modifications, approvals, and communications. This feature ensures transparency and accountability, enabling organizations to maintain a complete history of contract events. The audit trail also facilitates compliance with regulatory requirements and supports risk management efforts.
-
Performance Tracking
According to a study by Aberdeen Group, companies that utilize CLM software experience a 26% improvement in contract compliance rates and a 30% increase in on-time contract renewals. Contract lifecycle management companies allow organizations to track and monitor contract performance against key metrics and milestones. It provides real-time visibility into contract status, deadlines, and obligations. This feature helps stakeholders proactively manage contracts, ensuring timely execution and compliance with contractual commitments.
-
Enhanced Automation
Contract Lifecycle Management (CLM) software incorporates advanced automation features to optimize contract management procedures. By automating tasks such as contract generation, approval workflows, notifications, and document storage, contract lifecycle software minimizes manual errors, expedites contract cycles, and allows employees to allocate their time to more strategic endeavors. This enhanced automation streamlines operations increases efficiency, and enables a focus on high-value activities.
List of Top Contract Lifecycle Management Software with Pros & Cons
Name
|
Free Trial
|
Demo
|
Starting Price
|
---|---|---|---|
14-days |
Yes |
$19 USD/month per user | |
14-days |
Yes |
Custom Pricing |
|
14-days |
Yes |
$700/month/billed annually | |
14-days |
Yes |
$23/user/month | |
14-days |
Yes |
On-Request |
Effective contract management is crucial for organizations to streamline operations and mitigate risks in today's fast-paced business environment. We will explore the top CLM solutions that offer robust features, user-friendly interfaces, and seamless integration capabilities, empowering businesses to optimize their contract management processes.
1. PandaDoc
PandaDoc is a comprehensive solution designed to streamline and optimize the entire contract management process. It offers a range of powerful features and functionalities to simplify contract creation, negotiation, execution, and tracking.
With PandaDoc CLM Software, businesses can efficiently manage their contracts from start to finish, ensuring compliance, reducing manual errors, and enhancing collaboration among teams. The software provides intuitive contract templates, customizable workflows, and automated approval processes to expedite contract cycles.
- Contract creation and editing
- Document collaboration and commenting
- Electronic signatures
- Workflow automation
- Payment processing integration
- Analytics and reporting
- Easy-to-use interface with intuitive contract creation and editing capabilities.
- Streamlined electronic signature process for efficient contract execution.
- Robust document collaboration and commenting features for effective collaboration.
- Seamless integration with payment processing systems for streamlined financial transactions.
- Comprehensive analytics and reporting functionalities for tracking contract performance.
- Advanced features like analytics and reporting may require higher-tier plans.
- Some users find the learning curve steep for new users.
Pricing
- Essentials: $19 USD/month per user
- Business: $49 USD/month per user
- Enterprise: Contact Sales
2. DocuSign
DocuSign offers comprehensive contract lifecycle management software that focuses on enhancing and optimizing the entire contract lifecycle. It enables organizations to efficiently handle contract creation, negotiation, execution, and compliance.
With a centralized repository for contract data, DocuSign CLM facilitates seamless access and collaboration among internal and external stakeholders. Advanced features like contract creation, templates, editing, approvals, and analytics further enhance the functionality of DocuSign CLM.
- Document preparation and customization
- Workflow automation and routing
- Audit trails and version control
- Integration with other business systems
- Mobile Accessibility
- Legally binding electronic signatures ensure secure and efficient contract execution.
- Extensive customization options for document preparation and branding.
- Automated workflow capabilities facilitate smooth routing and approval processes.
- Audit trails and version control provide a clear history of contract changes.
- Mobile accessibility allows for convenient contract management on the go.
- Pricing plans can be costly for small businesses.
- Some users experience occasional delays in document processing and delivery.
Pricing
- Custom Pricing
3. ContractWorks
ContractWorks is a comprehensive contract lifecycle management software designed to simplify and streamline contract management processes. With its user-friendly interface and robust features, ContractWorks helps organizations effectively manage the entire lifecycle of contracts. From contract creation and negotiation to execution, compliance, and renewal,
ContractWorks provides a centralized platform to store, track, and collaborate on contracts. Its advanced search and reporting capabilities enable easy access to contract data, ensuring quick and informed decision-making. With automated reminders, deadline tracking, and customizable workflows, ContractWorks helps improve efficiency and reduce risks associated with contract management.
- Centralized contract repository
- Document tagging and indexing
- Advanced search and filtering
- Contract expiration and renewal tracking
- Compliance management
- User permissions and access controls
- A centralized contract repository ensures easy access and organization of contracts.
- Advanced search and filtering options enable quick retrieval of relevant contract information.
- Contract expiration and renewal tracking ensure timely management of contracts.
- Compliance management features help ensure adherence to regulatory requirements.
- User permissions and access controls enhance data security and confidentiality.
- No built-in document editing capabilities, requiring external software for modifications.
- The interface may be less intuitive compared to other solutions, as reported by some users.
Pricing
- Standard: $700/Month/Billed Annually
- Professional: $900/Month/Billed Annually
- Premium: $2000/Month/Billed Annually
4. Concord
Concord is an innovative contract lifecycle management tool that transforms contract management for organizations. It offers a user-friendly platform that simplifies the entire contract lifecycle, from creation to renewal.
Concord enhances communication, efficiency, and compliance with collaborative features, customizable templates, e-signature capabilities, automated reminders, and advanced analytics. It provides a centralized repository for storing contracts, catering to businesses of all sizes, and driving streamlined contract management processes for business growth.
- Contract drafting and editing
- Collaborative negotiation and commenting
- Task management
- Integration with CRM and other systems
- Collaborative negotiation and commenting tools foster efficient contract discussions.
- E-signatures and approvals streamline the contract execution process.
- An extensive library of contract templates and clauses facilitates contract drafting.
- Task management and reminders ensure timely completion of contract-related activities.
- Integration with CRM and other systems enhances overall contract management efficiency.
- Integration options with certain business systems may be limited or require custom development.
- Mobile applications may have fewer features and functionality compared to the web version.
Pricing
- Standard: $23/user/month
- Pro: $59/user/month
- Enterprise: $109/user/month
5. Agiloft
Agiloft is a dynamic and adaptable solution that optimizes and automates the complete contract lifecycle. It empowers organizations to effectively handle contract creation, negotiation, approval, execution, and renewal.
Agiloft features a centralized contract repository and offers customizable workflows, automated notifications, and document generation. Its strong analytics and reporting capabilities provide valuable insights into contract performance and compliance.
- Customizable workflows and approvals
- Contract authoring and negotiation
- Contract templates and clause libraries
- Intelligent contract search and reporting
- Compliance tracking and management
- Integration with third-party applications
- Agiloft offers a highly customizable CLM solution to fit diverse business needs.
- Its intuitive interface enhances user experience and simplifies contract management.
- Agiloft's advanced reporting and analytics features provide valuable insights.
- The software ensures compliance with regulatory requirements through automated workflows.
- User interface may require some adjustments for new users.
- Occasional software updates or system maintenance may cause temporary disruptions.
Pricing
- On-Request
How Much Does Contract Lifecycle Management Software Cost?
The pricing of contract lifecycle management software differs based on the available features and subscription plans. Typically, software providers offer monthly or annual subscriptions with potential discounts for yearly payments, high contract volumes, or a large user base. Small businesses with standard contracts can opt for free or affordable plans, enabling users to upload their agreements, utilize templates, and send them for e-signature.
Paid plans typically start at $25 per user per month*, providing basic contract lifecycle management features. On the higher end, premium plans can cost up to $125 per user per month*, offering advanced features such as AI technologies, automation, and extensive customization options. The pricing varies based on the level of sophistication and functionality required by the organization.
Key Challenges of CLM Software
Contract lifecycle management software faces several key challenges that organizations need to address. Overcoming these challenges is crucial for organizations to fully leverage the benefits of CLM software and achieve efficient contract management throughout the lifecycle.
-
Compliance Requirements
One of the primary challenges in contract management is ensuring compliance with legal and regulatory requirements. Contract lifecycle management software should provide robust features to help organizations track and adhere to compliance obligations. This includes features such as automated reminders for key dates, monitoring contract terms, and facilitating compliance reporting.
-
Security
Security is a paramount concern in contract management as it involves handling sensitive and confidential information. To safeguard against unauthorized access, data breaches, or leaks, contract lifecycle management software should implement robust security measures like encryption, access controls, and data backup processes. It is essential for organizations to prioritize security when choosing a CLM solution to protect valuable contract data.
-
Complex Integrations
Integrating CLM platforms with existing systems can be complex, particularly due to variations in data formats and compatibility. However, seamless integration is essential to facilitate smooth data flow, minimize manual entry, and prevent data duplication. To address this challenge, organizations should consider CLM software that provides user-friendly integration options and robust API capabilities.
-
Accessibility and Adoption
Achieving widespread accessibility and adoption of contract lifecycle management platform presents its own set of challenges. To overcome these hurdles, it is crucial to prioritize user-friendly interfaces that are compatible with various devices and platforms. Additionally, providing comprehensive training and support to employees is essential in fostering adoption and maximizing the advantages of the software.
Latest Trends in Contract Lifecycle Management Software
Contract lifecycle management software is continuously evolving to meet the changing needs of organizations. These trends are shaping the future of contract lifecycle management companies and enabling organizations to streamline their contract management operations.
-
Advanced Analytics
Advanced analytics is a growing trend in CLM software, enabling organizations to extract valuable insights from their contract data. By leveraging data analytics techniques such as machine learning and natural language processing, this software can analyze large volumes of contracts and identify patterns, trends, and risks.
These findings assist organizations in making data-driven decisions, optimizing contract conditions, and improving overall contract management methods. According to a survey by Deloitte, 49% of organizations are planning to invest in advanced analytics for contract management.
-
Vendor Management
A study by Gartner predicts that by 2025, 75% of organizations will use contract lifecycle management software to improve vendor management processes. Effective vendor management is critical for organizations to ensure successful partnerships and contract performance.
CLM tools incorporate features specifically designed for vendor management, including vendor onboarding, performance tracking, and risk assessment. These features help organizations evaluate vendor performance, manage vendor relationships, and ensure compliance with contractual obligations.
-
Blockchain Technology
Blockchain technology is gaining traction in the field of contract management. Contract lifecycle management software can leverage blockchain to create secure, tamper-proof records of contract transactions and activities. This enhances transparency, reduces the risk of fraud, and ensures the integrity of contract data. Blockchain-based CLM solutions provide a decentralized and immutable ledger that can be accessed by relevant stakeholders, streamlining contract management processes.
Top Contract Lifecycle Management (CLM) Software Comparisons
- PandaDoc vs Conga
- DocuSign vs PandaDoc
- DocuSign vs Juro
- DocuSign vs Ironclad
- Icertis vs Ironclad
- Ironclad vs LinkSquares
- Ironclad vs SpotDraft
- Coupa vs SAP Ariba
Conclusion
In summary, implementing contract lifecycle management (CLM) software brings substantial advantages by streamlining the contract management process, resulting in time and resource savings. It serves as a valuable asset for legal teams, promoting efficiency and cost-effectiveness. Exploring various CLM platform options that align with your specific requirements and scheduling a demo to personally experience the benefits it offers is advisable.
By embracing contract lifecycle management tools, you can effectively reduce time spent, optimize resources, and alleviate the challenges associated with manual contract management. Allow the CLM software to handle the demanding tasks, enabling you to focus on more critical responsibilities effortlessly and confidently.
FAQs
What is the difference between CRM and CLM?
CRM (Customer Relationship Management) and CLM (Contract Lifecycle Management) differ in their focus and purpose. CRM primarily concentrates on customer interactions, relationships, and sales processes, whereas CLM is specifically designed for overseeing the complete contract lifecycle, including creation, negotiation, execution, and compliance.
What are the key stages of a contract life cycle?
The four stages of the contract life cycle are as follows:
a) Initiation and Planning: This stage involves identifying the need for a contract, defining requirements, and planning the contract creation process.
b) Contract Formation: In this stage, the contract is drafted, reviewed, negotiated, and finalized by the parties involved.
c) Contract Execution: Once the contract is signed, this stage focuses on implementing the terms, fulfilling obligations, and monitoring performance.
d) Contract Closure: The final stage involves assessing the contract's outcomes, resolving disputes, evaluating satisfaction, and archiving the contract.
What are the three phases of contract management?
The three phases of contract management are typically described as follows:
a) Pre-award Phase: This phase covers the activities that occur before a contract is awarded. It includes tasks such as contract planning, solicitation, evaluation, and negotiation.
b) Award Phase: In this phase, the contract is awarded to the selected vendor or party. It involves contract acceptance, signing, and formalizing the agreement.
c) Post-award Phase: After the contract is awarded and executed, this phase focuses on contract administration, performance monitoring, compliance management, and contract closeout.