19 Best Contract Analytics Software In 2024
10 Best Contract Analytics Software Shortlist
Here's my pick of the 10 best software from the 19 tools reviewed.
With so many different contract analytics software available, figuring out which is right for you is tough. You know you want to extract and interpret data from contracts more efficiently, but need to figure out which tool is best. I've got you! In this post I'll help make your choice easy, sharing my personal experiences using dozens of different contract analytics tools with various teams and departments, with my picks of the best contract analytics software.
What Is Contract Analytics Software?
Contract analytics software is a digital tool used for analyzing and managing contractual documents. It employs artificial intelligence and machine learning to extract, interpret, and organize key information from contracts. This software provides comprehensive insights into contract terms, obligations, compliance, and risks, and integrates with existing contract management systems for enhanced functionality.
The benefits of contract analytics software include improved visibility and control over contract terms and performance, leading to better risk management and compliance with legal standards.
It streamlines contract management processes, making it easier to track contract lifecycles and obligations. The software also aids in informed decision-making by providing data-driven insights, identifying opportunities for cost savings, and ensuring proactive contract monitoring. Additionally, it saves time by automating the extraction and analysis of contract data, thereby increasing overall efficiency in contract management.
Worried about a contract's validity? Discover what makes a contract void.
Overviews Of The 10 Best Contract Analytics Software
Here, you’ll find my review of the best contract analytics software, which includes what the tool does best, standout features, integrations, and a pros and cons list.
DocuSign Contract Analytics is a product offered by DocuSign, an electronic signature software. It employs artificial intelligence and machine learning techniques to automatically review, extract, and understand contract terms and clauses.
Why I picked DocuSign Contract Analytics: The risk assessment feature of DocuSign Contract Analytics helps evaluate and categorize the level of risk associated with specific clauses or terms within contracts. This functionality is valuable for businesses and legal departments because it helps them identify potentially problematic or non-standard clauses requiring further attention or negotiation.
It enables users to gain insights into the overall risk profile of their contract portfolio and make informed decisions about negotiations, compliance, and risk mitigation strategies.
DocuSign Contract Analytics Standout Features and Integrations
Standout features include customizable reporting and dashboard features that enable users to learn about their contract portfolio, track contract performance, and compliance.
Integrations are available with 400+ apps, including Salesforce, Zoom, Google, Oracle, SAP, Apple, Stripe, Workday, ServiceNow, and Microsoft Outlook. You can also get additional integrations through Zapier and API.
Pros and cons
Pros:
- Easy to use
- Provides real-time document signing
- Integration with MS Word
Cons:
- No free trial/plan available
- Pricing details are not transparent
Evisort
Best contract analytics software for analyzing existing agreements
Evisort is a contract analysis software that empowers enterprises and growing companies to manage and analyze their contracts.
Why I picked Evisort: The best aspect of Evisort is that it helps analyze existing agreements. Evisort's AI-powered contract analytics enables efficient analysis of historical data. It can scan and assess 100 contract types, tag, store, and analyze contract categories.
Additionally, Evisort looks at current agreements and suggests the best words to use and alternatives to help businesses make better deals.
Evisort Standout Features and Integrations
Standout features include the document editor that allows businesses to create and negotiate contracts. You can use it to create contracts from scratch or use their pre-built contract templates.
Integrations include Salesforce, ServiceNow, Google Drive, Microsoft OneDrive, Microsoft SharePoint, Box, Dropbox, Amazon S3, Adobe Sign, and DocuSign. You can also get additional integrations through Zapier and Evisort API.
Pros and cons
Pros:
- Easy to use
- Customizable alerts and notifications
- AI-powered contract analytics
Cons:
- No mobile app
- Pricing details are not transparent
Icertis is a contract management and analytics software for enterprises.
Why I picked Icertis: Icertis provides all the tools enterprise businesses require for contract analysis. This full-featured analytics solution provides key insights related to contract cycle times, savings, deviations, risks, expiry, and renewal statistics.
Icertis also offers several compliance tracking tools that help enterprises ensure compliance. For example, the GDPR compliance app identifies contracts that are not compliant with GDPR. It also helps users track compliance to commitments, terms, and other obligations automatically.
Icertis Standout Features and Integrations
Standout features include intelligent contract setup. Icertis can help you with full lifecycle contract management, which includes setting contracts to authoring, approval, analytics, and other aspects.
Integrations include SAP, Microsoft, Salesforce, and Workday.
Pros and cons
Pros:
- Powerful search feature
- Allows separate access for different roles
- Great customization options
Cons:
- No free plan/trial available
- Implementation and onboarding can be lengthy
Best contract analytics software for creating risk reports
Conga Contract Intelligence is an AI-powered contract analytics and contract management platform.
Why I picked Conga Contract Intelligence: Conga Contract Intelligence is the best tool for creating risk reports. It uses AI and machine learning technology to extract key data, track obligations, and alleviate risk.
The platform offers a unique advantage by allowing businesses to define their rules that specifically outline what constitutes a risk. Through the power of AI, it automatically detects these defined risks when importing third-party contracts. This leads to an immediate generation of risk scores, which are determined by how much the extracted data deviates from the established standards and acceptable clauses.
Then, it suggests alternative language and clauses. This expedites the review process and enhances the overall quality of the contract.
Conga Contract Intelligence Standout Features and Integrations
Standout features include Optical Character Recognition (OCR), which converts PDF images into a searchable document.
Integrations include Google Drive, Dropbox Business, DocuSign, Salesforce Sales Cloud, Evernote Teams, HubSpot Marketing Hub, Adobe Acrobat Sign, NetSuite, Jive, and Conga CPQ. You can also get additional integrations through API.
Pros and cons
Pros:
- Provides easy contract ingestion and analysis
- Provides automated alerts and notifications to stay on top of contracts
- Provides 360-degree contract visibility
Cons:
- Pricing details are not transparent
- OCR feature does not extract contract provisions
Kira Systems is a contract analytics software built on patented machine learning technology. Its powerful search capabilities extract important provisions and clauses from contracts.
Why I picked Kira: Kira can import documents in over 60 formats. Then, it uses a proprietary AI model to highlight and analyze key information, clauses, provisions, and data points. You can also find documents using Kira based on absence or presence of clauses, custom tags, and search URLs.
The platform's smart technology identifies risks related with regulatory and legal changes. To maintain the accuracy of Kira’s technology, it is trained by a team of expert accountants, subject matter experts, and lawyers, who have worked at prominent companies including Torys, Allen and Overy, Goodmans, KPMG, PayPal, and Bank of Montreal.
Kira Standout Features and Integrations
Standout features include the export reports feature, which allows users to create custom charts and summaries that you can share with clients and your team members.
Integrations include Intralinks, Ansarada, Bryter, Conga, HighQ, Neota Logic, Prosperoware, and SeeUnity. You can also get additional integrations through API.
Pros and cons
Pros:
- Built using patented machine learning technology
- Powerful search capabilities
- Simple user interface
Cons:
- No free trial/plan available
- Not suitable for small teams
Sirion AI is a contract lifecycle management (CLM) software that provides 360-degree visibility of your business contracts. It provides a cloud-based and centralized repository of your contracts and utilizes AI technology to digitize and assess contracts.
Why I picked SirionAI: I picked Sirion AI because it provides 360-degree visibility of your entire contract visibility. It uses AI technology to provide contract extraction, collaboration, obligation management, and contract authoring.
Its analytics functionalities include advanced contract extraction, self-learning AI, and paper remediation. These features enable users to identify missing clauses and ensure compliance.
SirionAI Standout Features and Integrations
Standout features include collaboration tools that empower teams to work more efficiently. Sirion AI also integrates with productivity tools that empower teams to collaborate on the creation and analysis of contracts. Additionally, Sirion AI’s contract drafting feature uses AI to suggest missing clauses in your contracts.
Integrations include SAP, Oracle Salesforce, Microsoft Outlook, Service Now, DocuSign, Box, AWS, Metricstream, and Beeline.
Pros and cons
Pros:
- Integrates with DocuSign
- Provides auto-contract extraction tools
- Great contract governance tools
Cons:
- No free trial/plan available
- Limited customization options
Lexion is a contract management tool that empowers users to gain insights into their contracts.
Why I picked Lexion: I love that Lexion is easy to set up, and your team members can start using it instantly with the help of email workflows and no-code integrations. Users can initiate tasks from within their email inbox. Additionally, you can easily collaborate with team members via email or Lexion.
Lexion's folder-based file structure and document hierarchy make navigation of the software straightforward. This way, you can store and organize your contracts within Lexion. Also, its AI functionality automatically tracks key dates of your contracts and reminds you about upcoming events, including auto-renewal, cancellation, expiration dates, etc.
Lexion Standout Features and Integrations
Standout features include the search functionality, which instantly finds the contracts that you are looking for. You can search for contracts based on auto-renewal, payment dates, expiration, and so on.
Integrations include Google Drive, Slack, Gmail, Dropbox Business, DocuSign, Microsoft Teams, Box, Microsoft SharePoint, and Dropbox Sign. You can also get additional integrations through API.
Pros and cons
Pros:
- Integration with Gmail
- AI-powered contract repository
- Easy and fast implementation
Cons:
- Pricing details are not transparent
- No free trial available
Malbek is a contract lifecycle management (CLM) software that provides tools to manage and analyze contracts, from authoring, negotiation, review, and tracking.
Why I picked Malbek: Malbek is an excellent tool for analyzing contracts for revenue loss analysis. It analyzes the contract cycle and performance to identify areas of revenue loss. It also offers suggestions to mitigate revenue loss.
Furthermore, Malbek's dashboard provides a clear overview of contract data, making navigating complex information easy. The platform's robust reporting capabilities allow for in-depth analysis and the generation of actionable insights.
Malbek Standout Features and Integrations
Standout features include a searchable and centralized repository to store and search for contracts.
Integrations are available with 30+ tools, including Microsoft Sharepoint, SAP, Salesforce, Adobe Sign, DocuSign, Microsoft Word, Microsoft Outlook, Google Drive, Dropbox, and Box.
Pros and cons
Pros:
- Offers approval workflow automation
- Provides a clause library with pre-approved language and terms
- Easy to use and operate
Cons:
- No free trial/plan available
- Pricing details are not transparent
Affinitext is a contract management system that uses machine learning to evaluate contracts.
Why I picked Affinitext: I picked Affinitext due to its obligation tracking capabilities that allow users to track their contracts’ compliance status. It helps users identify ways to improve their contracts. Additionally, it offers task management features that let users manage tasks related to obligations and entitlements. You can set notifications, email reminders, and view compliance status.
Affinitext Standout Features and Integrations
Standout features include the clause library tool that allows businesses to manage their contracts in a centralized place.
Integrations include Microsoft 365 and Microsoft Word.
Pros and cons
Pros:
- AI-powered contract analysis
- Helps manage the entire contract lifecycle
- Great contract library tool
Cons:
- Pricing details are not transparent
- Limited integrations
LinkSquares is an end-to-end contract lifecycle management platform that provides businesses insight into their legal documents.
Why I picked LinkSquares: Contracts are used and affect different departments of a company, such as legal, finance, and sales departments. LinkSquares enables the legal team to pull essential information from contracts and create custom reports and dashboards that can be shared and accessed by different company departments.
The Smart Values feature automatically pulls the required information, providing key insights. Additionally, you can combine Smart Values with custom reporting and search features to get quick answers to your questions without manual intervention.
For example, your finance team can use the Smart Values feature to pull renewal dates so they can complete financial obligations. Similarly, the legal team can use it to understand the contract's termination terms.
LinkSquares Standout Features and Integrations
Standout features include security features that allow users to protect their contracts and data with the help of best-in-class encryption.
Integrations include Slack, Microsoft Word, Salesforce, DocuSign, Adobe Sign, DocuSign, Adobe Sign, Google Drive, Dropbox, and OneDrive. You can also get additional integrations through API.
Pros and cons
Pros:
- Good encryption feature
- Supports popular document storage tools
- User-friendly interface
Cons:
- Pricing details are not transparent
- Steep learning curve
| Tools | Price | |
|---|---|---|
| DocuSign | From $10/user/month | Website |
| Evisort | Pricing upon request | Website |
| Icertis | Pricing upon request | Website |
| Conga Contract Intelligence | Pricing upon request | Website |
| Kira | Pricing upon request | Website |
| SirionAI | Pricing upon request | Website |
| Lexion | Pricing upon request | Website |
| Malbek | Pricing upon request | Website |
| Affinitext | Pricing upon request | Website |
| LinkSquares | Pricing upon request | Website |
Compare Software Specs Side by Side
Use our comparison chart to review and evaluate software specs side-by-side.
Compare SoftwareOther Options
Here are some other great contract analytics tools to consider:
Selection Criteria For Contract Analytics Software
Here’s a short summary of the main selection and evaluation criteria I used to develop my list of the best contract analytics software for this article:
Core Functionality
The best contract analytics software deliver the following core functionalities:
- Helps stakeholders analyze contracts and extract critical information such as clauses, dates, parties, and obligations
- Helps evaluate contracts to identify potential risks and ensure compliance
- Helps locate contracts based on specific criteria like keywords, dates, contract types, or parties involved
Key Features
To ensure the above functionalities, all software in this list have some combination of the following features:
- Clause identification and extraction: It pinpoints and extracts specific clauses or sections within contracts, making reviewing and analyzing individual provisions easier.
- Risk assessment and compliance monitoring: Contract analytics software assesses potential risks by identifying non-compliance with legal and regulatory requirements.
- Search and retrieval: This feature lets users quickly locate contracts based on specific criteria, such as keywords, dates, or contract types.
- Contract comparison: Some software offers the ability to compare contracts side by side, highlighting differences and similarities to facilitate negotiations and ensure consistency across agreements.
- Reporting and analytics: Contract analytics software generates reports and provides analytics on contract data.
Usability
I prioritized contract analysis tools with simple implementation and intuitive navigation. The tool should have a modern design, smooth onboarding, and good customer support. A powerful search feature should allow users to quickly locate contracts based on various criteria, such as keywords, dates, parties involved, or contract types.
Users should be able to view contract documents within the software and make basic edits or annotations without switching to an external application.
Software Integrations
Contract analytics software should ideally integrate with various tools and platforms to maximize utility and improve contract management processes. These integrations include CRM, enterprise resource planning (ERP) Systems, document management and storage solutions, and email and communication platforms.
Pricing
The pricing for contract analytics software can vary widely depending on factors such as the features, the complexity of the software, the vendor, and the level of customization required. Usually, contract analytics software offer customized pricing upon request.
People Also Ask
Have more questions about contract analytics software? Here are the answers to some frequently asked questions:
What are the benefits of contract analytics software?
Manual contract review is expected to be reduced to 50% due to the adoption of contract analytics solutions. This is because contract analytics software provides several advantages, including increased efficiency in contract review processes, reduced risk of errors or oversights, improved compliance with legal and regulatory requirements, and enhanced insights for better decision-making. It also enables businesses to identify cost-saving opportunities and optimize contract terms, ultimately leading to more effective contract management.
Who uses contract analytics software?
A wide range of professionals and organizations use contract analytics software. This includes legal teams within corporations, law firms, procurement departments, contract managers, and compliance officers. Additionally, businesses across various industries, such as healthcare, finance, and technology, leverage this software to manage their contract management processes.
What are the major types of contracts?
There are several common types of contracts, including sales contracts, employment contracts, lease agreements, partnership agreements, and service contracts. Each type serves a specific purpose, outlining the parties’ agreed-upon terms and conditions. These contracts are legally binding documents that establish each party’s rights, responsibilities, and obligations in a transaction or agreement.
Other Revenue Operations Software
Do you want to add more revenue operations software to your tech stack? Check out these platforms:
- Conversion Rate Optimization Software
- Enterprise Contract Management Software
- Sales Mapping Software
- Solutions for Cold Calling
What’s Next?
As you embark on the journey to enhance your contract management processes, remember that choosing the right software is just the beginning. Regularly reviewing and optimizing your approach will yield ongoing benefits. Keep an eye on emerging contract analytics and technology trends to stay ahead of the curve.
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