Best Contract Lifecycle Management (CLM) Software
Best contract lifecycle management software is TouchBase, ContraxAware, Ivalua, Volody CLM, and ContractWorks. These CLM software will allow you to manage all contract lifecycles and keep an eye on each task being performed.
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List of 20 Best Contract Lifecycle Management Software
Emergents | 2024
Digitized Contract Lifecycle management solution
Legasis Contract Lifecycle Management Solution helps you to manage Contracts and Obligations on a single platform to generate sharp business insights and manage risks effectively. Learn more about Legasis Contract Management - CARRAR
Explore various Legasis Contract Management - CARRAR features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
- Contract Approval
- Reporting/Analytics
- Smart alerts
- Approval Workflow
- Generate Contract
- Alerts/Notifications
- Integration
- Task Management
Legasis Contract Management - CARRAR Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Category Champions | 2024
Contracts-Driven Corporate Legal Operations Platfo
RazorSign is a Contracts-Driven Corporate Legal Operations Platform for Smarter Contracts, Streamlined Legal Operations, and Effortless Compliance. Read RazorSign Reviews
Explore various RazorSign features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all RazorSign Features- Electronic Signature
- Audit Trail
- Workflow Management
- Document Indexing
- Buy Side (Suppliers)
- Document Management
- Full Text Search
- Auto Reminders
Pricing
Free Trial
$ 0
Upto 5 Users
RazorSign Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Contenders | 2024
Software by DocuSign Inc
Listed in NASDAQ, this leading digital signature software will be a great help at work with its digital signature applications. The digital signature app of DocuSign is highly useful to sign documents – promptly and efficiently. Read DocuSign Reviews
Explore various DocuSign features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all DocuSign Features- Audit Log
- Document Overview
- Authentication
- Multi-Party Signing
- Templates
- Progress Tracking
- Mobile Signature
Pricing
Personal
$ 15
Per Month
Standard
$ 40
Per Month
Business Pro
$ 60
Per Month
DocuSign Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Emergents | 2024
Software by LinkSquares, Inc
LinkSquares is a fully featured Contract Management Software designed to serve SMEs, Agencies. LinkSquares provides end-to-end solutions designed for Web App. This online Contract Management system offers Buy Side (Suppliers), Completion Tracking at one place. Learn more about LinkSquares
Explore various LinkSquares features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all LinkSquares Features- Buy Side (Suppliers)
- Billing & Invoicing
- Customer Management
- Approval Process Control
- Contract Management
- Archiving & Retention
- Invoice Processing
- Product data management
LinkSquares Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Contenders | 2024
Software by Ariba, Inc
SAP Ariba is the latest contract management software for store information, strengthen compliance and run the lifecycle. Complete packaging with attributes i.e control on the process, immediate access, visibility and save e signature. Read SAP Ariba Reviews
Explore various SAP Ariba features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all SAP Ariba Features- Contact Management
- Milestone Tracking
- Buy Side (Suppliers)
- Lifecycle Management
- Full Text Search
- Auto Extraction
- Contract Drafting
- Digital Signature
SAP Ariba Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Emergents | 2024
Software by Ironclad
Ironclad is a fully featured Contract Management Software designed to serve SMEs, Agencies. Ironclad provides end-to-end solutions designed for Windows. This online Contract Management system offers Compliance Tracking, Electronic Signature, Buy Side (Suppliers), Full Text Search, Version Control at one place. Learn more about Ironclad
Explore various Ironclad features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Ironclad Features- Pre-built Templates
- Contract Lifecycle Management
- Completion Tracking
- Full Text Search
- Specialty Contracts
- Sell Side (Customers)
- Version Control
- Government Contracts
Ironclad Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Emergents | 2024
Software by Lexion
Lexion is a fully featured Data Extraction Software designed to serve Enterprises, SMEs and StartUps. Lexion provides end-to-end solutions designed for Web App and Android. This online Data Extraction system offers Document Extraction at one place. Learn more about Lexion
Explore various Lexion features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Lexion Features- Reporting/Analytics
- Data Analysis
- Campaign Management
- Contact Management
- Customer DataBase
- Document Extraction
- Data filtering
- Predictive Analytics
Lexion Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Emergents | 2024
Contracts on Autopilot
Award-winning end-to-end contract management platform that makes contract drafting, redlining, and execution a matter of minutes. Modern companies use SpotDraft to reduce their contract lifecycles by up to 90%. Learn more about SpotDraft
Explore various SpotDraft features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all SpotDraft Features- Document Signing
- Workflow Management
- Contract Lifecycle Management
- Collaboration
- Electronic Signature
- Approval Workflow
- Templates
- Contract Drafting
SpotDraft Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Emergents | 2024
New Age Contract Lifecycle Management Solution
Evisort is an AI-powered contract lifecycle management solution that provides in-depth contract visibility and eliminates risks and inaccuracies. It offers a contract builder, automated workflows, automated reviews, and e-signatures. Learn more about Evisort
Explore various Evisort features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Evisort Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Emergents | 2024
Software by Agiloft Inc
Agiloft is the award winning and most trusted solution for the customer support across the world. Improves the customer's satisfaction by the faster response, quickly and accurately resolve the tickets. Seamlessly provide the help desk solution too. Learn more about Agiloft
Explore various Agiloft features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Agiloft Features- Dashboard
- Performance Management
- Sales Force Automation
- Sales Dashboards & Reports
- Marketing Automation
- Product Database
- Sales Pipeline Tracking
- Landing Pages
Pricing
Free
$ 0
license/month
Professional
$ 45
license/month
Professional Unlimited
$ 65
license/month
Agiloft Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Contenders | 2024
Managing Contracts Just Got Easier!
CobbleStone Software provides world-class contract lifecycle management software solutions to leading organizations in healthcare, pharma, government, banking/financial, education, retail, distribution, manufacturing and more with an AI-powered CLM platform. Read CobbleStone Contract Insight Reviews
Explore various CobbleStone Contract Insight features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
- Balance Sheet
- Lease Management
- Cost Management
- Web Data Extraction
- Maintenance Management
- Schools
- Remote Document Access
- Templates
Pricing
CobbleStone Contract Insight
$ 59
Per User
CobbleStone Contract Insight Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Emergents | 2024
Helping the world agree more.
Juro is the all-in-one contract automation platform that helps visionary legal counsel and the teams they enable to create, agree and manage contracts in one unified workspace. Learn more about Juro
Explore various Juro features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Juro Features- Completion Tracking
- Full Text Search
- Contract Lifecycle Management
- Analytics / ROI Tracking
- Version Control
- Pre-built Templates
- Workflow Management
- Electronic Signature
Juro Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Emergents | 2024
Software by Conga
Conga is a digital document transformation tool that automates & optimizes documents and contract processes to increase overall productivity. It tracks versions & centralizes all contracts to maintain an audit trail. Learn more about Conga
Explore various Conga features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Conga Features- Template Creation
- Version Control
- Document Creation
- Document Indexing
- Document Conversion
- Notification & Alerts
- Electronic Signature
Conga Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Contenders | 2024
Software by Gatekeeper
Gatekeeper is a robust vendor management software preferred by businesses across industries. This AI-powered system offers useful contract/contractor and vendor management features. They also have a responsive team to resolve your queries. Request a demo now. Read Gatekeeper Reviews
Explore various Gatekeeper features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Gatekeeper Features- Vendor Maintained Profiles
- Contact Management
- Version Control
- Specialty Contracts
- Task Management
- Sell Side (Customers)
- Full Text Search
- Customer DataBase
Gatekeeper Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Emergents | 2024
Software by Contract Logix, LLC
ContractLogix is a web based solution for contracting. Contract Logix will comprehend your one of a kind business needs with respect to full Contract Lifecycle Management, from the point of view that issues most to your coveted business result. Learn more about ContractLogix
Explore various ContractLogix features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all ContractLogix Features- Version Control
- Chat / Messaging
- Project Management
- Document Management
- Group Calendars
- Contact Management
- Task Management
- Audio / Video Conferencing
ContractLogix Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Emergents | 2024
Software by Icertis
The Icertis equips enterprises with smart work, speed, and agility required to manage complexity- with powerful features that address all types of contract. Icertis have the ability to work effectively facilitate the achievement of the business goal. Learn more about Icertis
Explore various Icertis features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Icertis Features- Customization
- Marketing Automation
- Access Monitoring
- Document Management
- Project Management
- Accounting
- Interaction Tracking
- Opportunity Management
Icertis Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Contenders | 2024
Software by Pandadoc
PandaDoc is all-in-one software to create, deliver, and eSign your team’s quotes, proposals, contracts, and other sales collateral. PandaDoc makes document assembly simple and saves you tons of time. Templates and preset content blocks let reps construct picture-perfect documents in minutes Read PandaDoc Reviews
Explore various PandaDoc features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all PandaDoc Features- Document Delivery
- Document Archiving
- Applications Management
- Forms Management
- Electronic Signature
- Access Controls/Permissions
- Workflow Management
- Email Management
Pricing
Essentials
$ 35
Per Month
Business
$ 65
Per Month
PandaDoc Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Contenders | 2024
Software by Coupa Software Inc
Coupa's expense management software simplifies entry, streamlines review, eliminates paper pushing, and reduces administrative effort across the organization. Easy-to-use for all users, Coupa Expenses automates all tasks from creating and submitting to approving, while helping companies optimize their expenses spend. Read Coupa Reviews
Explore various Coupa features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Coupa Features- Spend Control
- Approval Process Control
- Invoice Management
- Expense Tracking
- Applications Management
- Multi-Currency
- Workflow Management
- Invoices
Coupa Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Emergents | 2024
Contract review and creation, made easy.
Summize is intelligent and conversational software that makes contract reviews, creation and management easy for legal teams and business users, no matter where they work. Learn more about Summize
Explore various Summize features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Pricing
Legal User
$ 132
User/Month
Business User
$ 65
User/Month
Summize Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
Emergents | 2024
Software by Concord
Concord is a fully featured Contract Management Software designed to serve Agencies, Enterprises. Concord provides end-to-end solutions designed for Windows. This online Contract Management system offers Full Text Search, Buy Side (Suppliers), Completion Tracking, Pre-built Templates, Electronic Signature at one place. Learn more about Concord
Explore various Concord features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Concord Features- Government Contracts
- Customer Management
- Project Management
- Workflow Management
- Catalog Management
- Approval Workflow
- Pre-built Templates
- Specialty Contracts
Pricing
Free
$ 0
User/Month
Standard
$ 25
User/Month
Plus
$ 50
User/Month
Concord Caters to
- StartUps
- SMBs
- Agencies
- Enterprises
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?
Contract Lifecycle Management (CLM) involves the comprehensive management of the entire contract process. This includes multiple stages: discovery, creation, negotiation, approval, execution, compliance, and amendments. CLM goes beyond contract execution and also includes tasks like dispute management, reporting, and archiving to ensure efficient contract administration.
In the past, Contract Lifecycle Management (CLM) was predominantly conducted using paper-based systems. However, with the advent of digital transformation in contract management, the contracting process can now be efficiently managed using software solutions.
This shift is driven by the substantial costs associated with producing contracts, which can amount to $6,900 for basic agreements and exceed $49,000 for complex ones. To effectively handle the contracts being generated, it becomes essential to implement a robust contract management system
What Is CLM Software?
Contract Lifecycle Management (CLM) 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 Contract Lifecycle Management (CLM) Software?
Contract Lifecycle Management (CLM) 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.
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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 CLM 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 CLM software simplifies their work processes. It assists legal teams in creating, reviewing, and approving contracts, ensuring compliance with legal requirements. CLM software facilitates 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 Best Contract Lifecycle Management Software?
When evaluating the features of top-notch Contract Lifecycle Management (CLM) software, it is essential to consider certain key aspects. The best CLM 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 CLM 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 (CLM) 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
CLM 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
Benefits of The Best Contract Lifecycle Management Software
The best Contract Lifecycle Management (CLM) 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.
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Audit Trail
CLM 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. CLM software allows 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, CLM 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 5 Contract Lifecycle Management Software Comparison
Name
|
Free Trial
|
Demo
|
Starting Price
|
---|---|---|---|
14-days |
Yes |
Starting price at $19 USD/month per user | |
14-days |
Yes |
Custom Pricing |
|
14-days |
Yes |
Starting price at $700/Month/Billed Annually | |
14-days |
Yes |
Starting price at $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 five CLM software options that offer robust features, user-friendly interfaces, and seamless integration capabilities, empowering businesses to optimize their contract management processes.
1. PandaDoc
PandaDoc Contract Lifecycle Management (CLM) Software 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 (CLM) 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 (CLM) 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 (CLM) software 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 Contract Lifecycle Management (CLM) software 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 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 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 Contract Lifecycle Management Software
Contract Lifecycle Management (CLM) 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.
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Compliance Requirements
One of the primary challenges in contract management is ensuring compliance with legal and regulatory requirements. CLM 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 (CLM) 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.
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Complex Integrations
Integrating Contract Lifecycle Management (CLM) software 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.
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Accessibility and Adoption
Achieving widespread accessibility and adoption of Contract Lifecycle Management (CLM) software 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 (CLM) software is continuously evolving to meet the changing needs of organizations. These trends are shaping the future of CLM software and enabling organizations to streamline their contract management operations.
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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, CLM 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.
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Vendor Management
A study by Gartner predicts that by 2025, 75% of organizations will use CLM software to improve vendor management processes. Effective vendor management is critical for organizations to ensure successful partnerships and contract performance.
CLM software incorporates 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. CLM 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.
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 software options that align with your specific requirements and scheduling a demo to personally experience the benefits it offers is advisable.
By embracing CLM software, 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
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.
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.
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.
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