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10 Best Contract Management Software Shortlist 

Here's my pick of the 10 best software from the 20 tools reviewed.

  1. PandaDoc - Best for all-around document management
  2. LinkSquares - Best for digitizing existing contracts
  3. Proposify - Best for managing proposals and quotes
  4. Ironclad - Best for managing contracts across company departments
  5. Qwilr - Best contract management software for sales teams
  6. DocuSign CLM - Best for international and multilingual contract management
  7. SpotDraft - Best for outstanding customer support
  8. Evisort - Best AI-powered contract management software
  9. Juro - Best for a straightforward user interface
  10. Oneflow - Best for creating a more personalized experience

With so many different contract management software available, figuring out which is right for you is tough. You know you want to streamline and automate the processes involved in managing contracts 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 management tools with various teams and projects, with my picks of the best contract management software.

Why Trust Our Contract Management Software Reviews?

We’ve been testing and reviewing contract management software since 2022. As revenue operation leaders ourselves, we know how critical and difficult it is to make the right decision when selecting software.

We invest in deep research to help our audience make better software purchasing decisions. We’ve tested more than 2,000 tools for different RevOps use cases and written over 1,000 comprehensive software reviews. Learn how we stay transparent & our contract management software review methodology.

How To Choose Contract Management Software

With so many different contract management software solutions available, it can be challenging to make decisions on what tool is going to be the best fit for your needs.

As you're shortlisting, trialing, and selecting contract management software, consider the following:

  • What problem are you trying to solve - Start by identifying the contract management software feature gap you're trying to fill to clarify the features and functionality the tool needs to provide.
  • Who will need to use it - To evaluate cost and requirements, consider who'll be using the software and how many licenses you'll need. You'll need to evaluate if it'll just be the revenue operation leaders or the whole organization that will require access. When that's clear, it's worth considering if you're prioritizing ease of use for all or speed for your contract management software power users.
  • What other tools it needs to work with - Clarify what tools you're replacing, what tools are staying, and the tools you'll need to integrate with, such as accounting, CRM, or HR software. You'll need to decide if the tools will need to integrate together or if you can replace multiple tools with one consolidated contract management software.
  • What outcomes are important - Consider the result that the software needs to deliver to be considered a success. Consider what capability you want to gain or what you want to improve, and how you will be measuring success. For example, an outcome could be the ability to get greater visibility into performance. You could compare contract management software features until you’re blue in the face but if you aren’t thinking about the outcomes you want to drive, you could be wasting a lot of valuable time.
  • How it would work within your organization - Consider the software selection alongside your workflows and delivery methodology. Evaluate what's working well and the areas that are causing issues that need to be addressed. Remember every business is different — don’t assume that because a tool is popular that it'll work in your organization.

Best Contract Management Software Reviews

Below, I’ve outlined general overviews of each tool based on my selection criteria. Read on to understand how each tool stands out from other contract management software.

1. PandaDoc - Best for all-around document management

screenshot pandadoc contract management software
The platform has hundreds of contract templates to speed up contract development.

PandaDoc is a cloud-based document management platform that enables companies to share, review, and manage all their documents, including contracts, proposals, quotes, and forms.

Why I picked PandaDoc: Users can manage their contracts and other documents in the same place with this software. The platform has over 750 templates that can be customized and saved to speed up and standardize document creation. Version tracking, comments, and approvals keep things organized and clear, and automated features like variables and conditional logic prevent and reduce errors.

The platform’s capabilities make it suitable for businesses of any size, in any industry. For contracts specifically, the tool’s features enable customization, negotiation, and e-signatures. In addition to ready-to-use contract templates, the software hosts a library of clauses users can draw from to craft custom contracts. Customizable user permissions and approval flows help automate the contract development and signing process.

PandaDoc Standout Features and Integrations

Features include signing orders, version history, audit trail, signature requests, reminders, expirations, regulatory compliance, and customizable templates.

Integrations include Authorize.Net, HubSpot, Omniscient, PayPal, Pipedrive, QuickBooks, Salesforce, Stripe, and Zoho. More integrations can be unlocked with a paid Zapier account.

Price: Plans start at $19/user/month

Free Trial: Free 14-day trial available

Pros
  • Simple, user-friendly experience for people signing contracts
  • Quick setup and time to value
  • Robust feature set brings all types of company documents into a single platform
Cons
  • Mobile apps could be more user-friendly
  • Updating existing documents can be difficult, users say they’ve needed to start over 

2. LinkSquares - Best for digitizing existing contracts

screenshot linksquares contract management software
The software’s AI can scan existing documents and digitize them for use in the platform.

LinkSquares is an artificial intelligence-powered legal contract management software. Users can draft, sign, and manage contracts using the platform.

Why I picked LinkSquares: The tool uses AI to help speed up the contract drafting process and digitize existing contracts for use within the platform. It also has collaboration tools and e-signature capabilities to support the contract execution workflow. Analytics and reporting tools support contract management and search.

For companies looking to digitize their contracting operations, this software is a great option because the AI scans existing documents and renders them searchable and editable. The tool’s intelligence can also facilitate contract review, and search and organize contracts using smart variables like renewal terms and effective dates.

LinkSquares Standout Features and Integrations

Features include customizable contract templates, Optical Character Recognition (OCR), private cloud storage, encryption, and a dedicated support specialist.

Integrations include AdobeSign, Amazon S3, Box, DocuSign, Egnyte, Dropbox, Google Drive, Microsoft Word, OneDrive, Salesforce, ShareFile, and SharePoint. 

Price: Pricing available upon request

Free Trial: Free demo available

Pros
  • Simple, user-friendly dashboard
  • Responsive and knowledgeable support team
  • Truly best-in-class technology
Cons
  • Lacking in contract update notifications
  • Limited task scheduling features

3. Proposify - Best for managing proposals and quotes

screenshot proposify contract management software
Users can draft and manage contracts, proposals, and quotes in the software.

Proposify is document management software for contract development and management. Users can create contracts using templates and have them signed with e-signatures.

Why I picked Proposify: Users can draft contracts using the customizable templates provided in the software or from scratch. The software auto-populates fields to speed up the drafting process and reduce manual errors. Approval workflows can be set up in the product with set editing and sending privileges and user permissions.

This platform is particularly suited to sales and marketing teams as it can also be used to draft and manage proposals and quotes. Sales teams can use the templates for quicker turnaround with client communications. Meanwhile, marketing teams can craft branded sales enablement collateral and pre-approved copy to be used across departments.

Proposify Standout Features and Integrations

Features include a content library, roles and permissions, customizable templates, custom branding and design, auto-populated fields, and approval workflows.

Integrations include Basecamp, Drift, FreshBooks, Gong, Harvest, HubSpot, Intercom, Olark, Pipedrive, QuickBooks, Salesforce, Stripe, and Zoho. Access additional integrations when you get a paid Zapier account.

Price: Plans start at $49/user/month, billed quarterly or annually

Free Trial: 14-day free trial available

Pros
  • Users can centralize proposals, quotes, and contracts in the same software
  • Some fields are auto-populated and design assets are automatically added, saving time
  • Templates are designed to be eye-catching and incorporate your branding
Cons
  • Getting comfortable with the editor can be a learning curve
  • Proposals are the centerpiece of the product, and have more features than contracts

4. Ironclad - Best for managing contracts across company departments

screenshot ironclad contract management software
The tool’s dashboard and repository help keep contracts organized across departments.

Ironclad is a digital contracting software with contract generation, negotiation, approval, signature, and storage functionalities.

Why I picked Ironclad: A contract editor lets you draft and develop contracts and a workflow designer lets you create and automate approval and signature flows. Storage and organization are also built into the system, and users can search and filter through their contract repository to find and repurpose existing contracts. The tool’s reporting feature offers data visualization on contract processing status and helps users spot bottlenecks.

This software was built by legal professionals but can be used by legal, sales, marketing, HR, procurement, and finance teams. It’s a good option for companies that manage contracts in several departments. The workflow designer and analytics dashboard help users keep track of contracts across an organization.

Ironclad Standout Features and Integrations

Features include editing, commenting, and track changes in DOCX files; an AI-powered repository; data visualization; approval flows; and automated compliance.

Integrations include Adobe Acrobat Sign, Box, Deloitte Legal, DocuSign, Dropbox, Egnyte, Eigen, FiveTran, Formstack, Google, OneDrive, OneTrust, and Salesforce. Users can access additional integrations with a paid Zapier account.

Price: Pricing available upon request

Free Trial: 30-day free trial available; free demo available

Pros
  • “Launch forms” walk users through contract requirements to start drafting
  • Negotiation features enable back-and-forth between signers and stakeholders to finalize contracts
  • Visual representation of each contract’s workflow helps users track progress
Cons
  • Users without a legal background may face a learning curve with technical aspects of the product
  • Lacking templates, a feature many competitors offer

5. Qwilr - Best contract management software for sales teams

screenshot qwilr contract management software
Sales teams can create and store contracts and other collateral in the platform.

Qwilr is a sales automation and content management software with contracting, collateral, and buyer tracking capabilities.

Why I picked Qwilr: This platform goes beyond contract management to include sales automation and reporting and analytics features. Contract, proposal, and quote development can be automated with personalized variables like company names, contact details, and pricing information. E-signature, brand control, and permissions simplify contract management.

For sales teams looking to automate their processes and manage contracts and other collateral in one platform, this can be a great tool. Ready-made templates with drag-and-drop customization and an Unsplash image library make it easy for sales reps to design polished, branded collateral quickly. The tool’s buyer engagement tracking feature sends users real-time notifications on buyer actions.

Qwilr Standout Features and Integrations

Features include drag-and-drop collateral builder, template gallery, automated variables, custom API to pull data from other sources, and buyer activity insights.

Integrations include HubSpot, Pipedrive, QuickBooks, Salesforce, Slack, Stripe, and Zoho CRM. A paid Zapier account gives users access to additional integrations.

Price: Plans start at $35/user/month, billed annually

Free Trial: 14-day free trial available; free demo available

Pros
  • Live updates make reviewing documents and accessing the most up-to-date version easy
  • Highly adaptable and customizable content builder
  • Responsive and knowledgeable customer support team
Cons
  • Certain content blocks lack flexibility
  • Product is catered to sales teams and may not deliver as much value to other departments

6. DocuSign CLM - Best for international and multilingual contract management

screenshot docusign contract management software
Contracts are managed from generation through signing and storing.

DocuSign is a contract lifecycle management (CLM) software with automation features that speed up the process of generating, signing, and storing contracts.

Why I picked DocuSign CLM: Users can quickly produce contracts using the template and clause libraries and auto-population. Comments, notifications, and detailed version control facilitate the revision and negotiation process. A drag-and-drop editor and over 100 pre-configured workflow steps help users to design custom workflows for the contract lifecycle. All contracts are stored in a central repository with permission controls as well as search and filtering.

A standout feature of the software is that it can be used in over 180 countries, and it has 44 languages available for signers and 14 available for senders. The tool is suited to HR, legal, procurement, and sales teams and can be used across an organization to facilitate contract management. In addition to contract lifecycle management, the software offers digital notarization and identity verification functionality.

DocuSign CLM Standout Features and Integrations

Features include multiple language options, drag-and-drop workflow builder, template and clause libraries, auto-population, version control, permission controls, and a mobile app.

Integrations include Apple, Google, Microsoft, Oracle, Salesforce, SAP, Smart Communications, Stripe, Workday, and Zoom. Additional integrations can be accessed with a paid Zapier account.

Price: Plans start at $15/month

Free Trial: 3-day free trial available

Pros
  • Users can bundle multiple documents in a single ‘envelope’ for consolidated sending
  • Full visibility of the lifecycle stage and status of each contract
  • Friendly user interface with color coding and intuitive navigation
Cons
  • Difficult to make updates and adjustments once a document is finalized and sent
  • Documents may be ‘canceled’ if signers fail to sign by the deadline

7. SpotDraft - Best for outstanding customer support

screenshot spotdraft contract management software
The tool is user-friendly and the support team is readily available.

SpotDraft is contract management software with templates, workflows, a repository, reporting, and campaign management.

Why I picked SpotDraft: The software’s template feature allows users to create editable templates from scratch or from existing Word documents. Variables in an existing template can be turned into placeholders for easy personalization when it’s used in the future. The workflow feature can auto-assign tasks to specific users, and auto-signing can even be set up for certain basic, standardized contracts.

Users can store, search, and access contracts in the tool’s repository, with role-based access controls and automated report generation. The software also enables contract linking to connect relevant documents to one another, so they can all be tracked in a single view. Reporting can be done based on contract status, type, dates, users, or custom tags.

SpotDraft Standout Features and Integrations

Features include approval workflows, auto-assignment of tasks, auto-sign, role-based access, automated reporting, contract linking, customizable templates, and Microsoft Word plugin.

Integrations include Adobe Sign, BambooHR, Copper, DocuSign, Gmail, Google Drive, HubSpot, Jira, Lever, Pipedrive, QuickBooks, Salesforce, Slack, Xero, and Zoho.

Price: Pricing available upon request

Free Trial: Free demo available

Pros
  • Customer support and onboarding team are responsive and knowledgeable
  • Product team is receptive to feedback and regularly ships new product features
  • User interface is friendly and easy to navigate
Cons
  • Product is still new and lacks certain features that competitors offer
  • E-Stamp Paper is not currently supported but is required in some states

8. Evisort - Best AI-powered contract management software

screenshot evisort contract management software
Users can migrate their existing contracts and leverage contract data for automation.

Evisort is AI-powered contract management software with drafting, negotiation, automation, management, analytics, and reporting capabilities.

Why I picked Evisort: The artificial intelligence in this product helps users migrate their existing contracts and automate contract drafting and management based on data from their historical agreements. Users can populate a clause library using excerpts from their legacy contracts and establish automated best practices for new contracts, such as fallback language or standard terminology. Existing contracts can also be turned into templates for future use. 

In addition to automated contract drafting, the software automates contract workflows, management, and reporting. Standardized request and review processes can be set in the tool for simplified contract lifecycle management, and AI-extracted contract data helps users easily search the contract repository. Users can develop reports on request trends, cycle times, and ticket volumes to understand their contract management efficacy.

Evisort Standout Features and Integrations

Features include AI-powered migration of existing contracts, template and clause libraries, workflow and approval processes, AI-powered search, and reporting.

Integrations include Adobe Sign, Amazon S3, Box, DocuSign, DropBox, Google Drive, Microsoft OneDrive, Microsoft SharePoint, Salesforce, and a custom API.

Price: Pricing available upon request

Free Trial: Free demo available

Pros
  • Migration of legacy agreements means users don’t have to start from scratch
  • Ability to search repositories based on document contents and keywords
  • Responsive and knowledgeable customer onboarding and support team
Cons
  • Workflow logic configuration is less complex than some competitors
  • Some elements of the tool have a learning curve

9. Juro - Best for a straightforward user interface

screenshot juro contract management software
The simple and straightforward user interface makes the platform easy to navigate.

Juro is contract automation software for contract creation, execution, and management purposes. Users can have contracts drafted, negotiated, and signed using the platform.

Why I picked Juro: Users can draft contracts and templates directly in the platform, or by uploading an existing document. Conditional logic and drag-and-drop fields can be used to customize a contract or template. The no-code workflow builder helps users create approval flows and track the progress of their contracts. Users can stay up-to-date on contract negotiations with split internal and external versions with comments, threads, and suggestions.

The platform has advanced e-signature capabilities with identity verification and the ability to sign from any device. Users can set multiple signatories with sequential logic, and audit trails of key actions help users keep up with the status of each contract. Reminders can be automated to ensure no steps are missed or skipped, and the searchable repository stores all contracts in one place.

Juro Standout Features and Integrations

Features include in-browser redlining, drag-and-drop fields, conditional logic, AI-driven OCR tagging, no-code workflow builder, split internal and external versions, e-signature on any divide, and identity verification.

Integrations include Gmail, Google Drive, Greenhouse, HubSpot, Salesforce, Slack, Webhooks, Workday, and a REST API. A paid Zapier account gives users access to additional integrations.

Price: Pricing available upon request

Free Trial: Free demo available

Pros
  • User-friendly interface that’s easy to navigate and quick to learn
  • Highly customizable, so users can mold the tool to fit their needs
  • Users can see when a contract has been viewed
Cons
  • Reporting tool has fewer features and options than some competitors
  • Once a contract has been sent, it can’t be updated and must be duplicated to edit 

10. Oneflow - Best for creating a more personalized experience

screenshot oneflow contract management software
Users can add video walk-throughs and other personalized content to contracts.

Oneflow is a contract lifecycle software that handles the pre-sign, signing, and post-signing process of digital contract management.

Why I picked Oneflow: Users can record a video walking the signer through the contract to add context and create a more personalized experience. Contract fields can be left open for signers to fill in themselves, and live negotiation tells users when contracts have been opened, updated, or signed. The software also allows users to edit and update contracts after sending.

The personalization features of this platform make it a good option for HR, procurement, and sales teams. Users can create a more engaging and human virtual signing experience, helping them stand out from their competitors. The tool also has a secure repository with automated updating to delete expired and rejected contracts, workflow automation, and access control features.

Oneflow Standout Features and Integrations

Features include collaboration and real-time editing, AI-generated content, a library of customizable templates, the ability to edit after sending, interactive fields, live notifications, and e-signature on any device.

Integrations include Google Workspace, Microsoft Dynamics 365, Pipedrive, Sympa, Teamtailor, Upsales, and Workable. A paid Zapier account unlocks additional integrations.

Price: Plans start at $21.45/user/month

Free Trial: 14-day free trial available; free demo available

Pros
  • Ability to edit contracts after sending
  • Personalization features make for a more human experience
  • Expired and rejected contracts are automatically deleted to support GDPR compliance 
Cons
  • People must be set up as users to review contracts
  • Some fields in templates don’t auto-populate or sync with each other

Other Contract Management Software

Didn’t find the perfect match in the overviews above? Here are a few more contract management software that didn’t make the shortlist:

  1. Contractbook - Best for automated workflows
  2. INHUBBER - Best for signing various file types
  3. Concord - Best for collaborating with external contributors
  4. Lexion - Best for contract workflow management
  5. CobbleStone Contract Insight Enterprise - Best for enterprise-level management
  6. Conga Contracts - Best for a digital commerce platform
  7. PocketLaw - Best for legal teams
  8. ContractHero - Best for managing contracts by category
  9. ContractSafe - Best for high-security standards and compliance
  10. Contract Logix - Best for healthcare and pharmaceutical companies

If you still haven't found what you're looking for here, check out these tools closely related to contract management software that we've tested and evaluated.

Selection Criteria For Contract Management Software

Selecting the ideal contract management software is a critical task that directly impacts an organization's ability to streamline contract processes, mitigate risks, and enhance revenue operations. Through personal trials and extensive research into these tools, I've distilled a comprehensive evaluation framework that balances functionality with specific user needs and operational challenges. Effective contract management software not only simplifies the creation, negotiation, and storage of contracts but also ensures compliance and facilitates easy access to contractual documents.

Core Contract Management Software Functionality: - 25% of total weighting score

To be considered for inclusion on my list of the best contract management software, the solution had to support the ability to fulfill common use cases:

  • Streamlining the contract creation process using templates
  • Managing contract approvals and revisions efficiently
  • Tracking contract performance and compliance
  • Automating reminders for key contract milestones and expirations
  • Facilitating secure and legally binding electronic signatures

Additional Standout Features: - 25% of total weighting score

Beyond the basics, the following features distinguish superior contract management solutions:

  • Advanced AI for contract analysis and risk assessment
  • Robust integration with CRM and ERP systems for seamless data flow
  • Granular role-based access control for enhanced security
  • Comprehensive contract lifecycle analytics for strategic insights
  • Blockchain integration for immutable contract storage and verification

Identifying these features helps pinpoint contract management software that offers more than just document management, providing tools that add value through every phase of the contract lifecycle.

Usability: - 10% of total weighting score

Ease of use is paramount for ensuring high adoption rates:

  • Intuitive user interface that minimizes the learning curve
  • Customizable dashboards tailored to different user roles
  • Mobile compatibility for contract management on the go
  • Drag-and-drop functionality for easy document handling

Onboarding: - 10% of total weighting score

The transition to a new contract management system should be smooth:

  • Detailed training materials and online tutorials
  • Interactive onboarding sessions or product tours
  • Responsive customer support during the initial setup phase
  • Community forums for peer advice and best practices

Customer Support: - 10% of total weighting score

Quality customer support is essential for ongoing success:

  • Availability of support across multiple channels
  • Timely and helpful responses to inquiries
  • Proactive assistance with software updates and new features
  • Access to a comprehensive knowledge base for self-help

Value For Money: - 10% of total weighting score

Evaluating cost-effectiveness is crucial:

  • Transparent pricing without hidden fees
  • Scalable plans that grow with your business needs
  • Free trials or demos to assess the software's fit
  • Clear ROI through time savings and efficiency gains

Customer Reviews: - 10% of total weighting score

Feedback from existing users provides valuable insights:

  • Positive experiences with the software's functionality and usability
  • Stories of how the tool has improved contract management processes
  • Constructive criticism and the provider's responsiveness to feedback

By applying these criteria, I guide software buyers towards selecting a contract management solution that not only meets their immediate needs but also supports strategic objectives in revenue operations and risk management. The right software should enhance operational efficiency, ensure compliance, and provide actionable insights into contract performance.

Contract management software continues to evolve, driven by the need to streamline operations, enhance compliance, and optimize revenue operations. The latest developments in the field reflect a broader trend towards automation, integration, and intelligent analytics. These advancements aim to address the complex challenges faced by revenue operation leaders, such as reducing contract cycle times, ensuring legal compliance, and maximizing contract value. Here's a look at the key trends shaping the future of contract management software:

Advanced Automation and AI

  • AI-Powered Contract Analytics: The introduction of AI and machine learning algorithms for analyzing contract terms, identifying risks, and suggesting optimizations.
    • Evidence: Tools now offer predictive insights into contract performance, highlighting potential issues before they impact revenue operations.
  • Automated Contract Creation and Workflows: Enhanced automation capabilities for generating contracts using templates and managing approval workflows without manual intervention.
    • Evidence: Users report significantly reduced contract cycle times and improved accuracy in contract drafting.

Seamless Integration Capabilities

  • CRM and ERP Integration: Tighter integration with CRM and ERP systems to ensure that contract data flows seamlessly across business operations.
    • Evidence: Businesses experience improved data consistency and visibility, facilitating better decision-making and forecasting.
  • Blockchain for Contract Security and Verification: Utilization of blockchain technology for secure contract storage and verification, enhancing trust and transparency in contract execution.
    • Evidence: Emerging contract management platforms are adopting blockchain to offer immutable audit trails.

Enhanced User Experience and Accessibility

  • Mobile Access and User-Friendly Interfaces: Development of mobile applications and user-friendly web interfaces that allow users to manage contracts on the go.
    • Evidence: Increased user adoption rates and positive feedback on ease of use from mobile platforms.

Shifting Feature Priorities

  • Decline in Manual Data Entry Features: A move away from features focused on manual data entry as automation and data integration capabilities become more advanced.
    • Evidence: Users favoring solutions that offer comprehensive data import and synchronization over traditional manual entry.

These trends indicate a significant shift towards making contract management software more intelligent, integrated, and user-friendly, with a strong emphasis on automating routine tasks and providing strategic insights. As contract management technology continues to advance, revenue operation leaders should focus on selecting tools that align with these trends to maximize their organization's operational efficiency, compliance, and revenue potential.

What Is Contract Management Software?

Contract management software is a tool that assists organizations in managing the life cycle of contracts. This software streamlines processes involved in creating, executing, and monitoring legal agreements and documents. It provides a centralized platform for storing contracts, automating workflows, tracking compliance, and managing renewals. These tools are used across various industries for efficient handling of contractual obligations and documentation.

The benefits of using contract management software include improved efficiency in managing contracts, from drafting to completion. It helps ensure compliance with legal requirements and organizational standards, reducing the risk of penalties and mismanagement. The software provides timely alerts for critical dates like renewals and deadlines, aiding in proactive contract administration. Additionally, it offers enhanced visibility and control over contract processes, making it easier to access and analyze contract data. This leads to better decision-making, cost savings, and optimized operational performance. By automating routine tasks, the software also frees up resources, allowing staff to focus on more strategic activities.

Features Of Contract Management Software

Having the right contract management software is indispensable. Such software not only streamlines the contract lifecycle but also ensures that every agreement is optimized for maximum revenue generation and compliance. To effectively manage revenue operations, certain features in contract management software stand out as critical. These features ensure that contracts contribute positively to the financial health and operational efficiency of an organization.

  • Centralized Contract Repository: Stores all contracts in a single, searchable database. This centralization makes it easier to manage and access contracts, ensuring that revenue opportunities are fully leveraged and compliance risks are minimized.
  • Automated Workflow Management: Streamlines the contract lifecycle with automated workflows. Automating processes like approvals and renewals accelerates the contract lifecycle, reducing bottlenecks that can delay revenue recognition.
  • Advanced Analytics and Reporting: Provides insights into contract performance and obligations. Analytics help identify trends and performance metrics, crucial for making informed decisions that affect revenue operations.
  • Electronic Signature Integration: Facilitates the execution of contracts with legally binding e-signatures. Speeding up the contract signing process directly impacts the speed at which revenue can be realized from agreements.
  • Contract Renewal Alerts: Sends notifications for upcoming renewals and expirations. Timely reminders ensure that revenue-generating opportunities are not lost due to overlooked contract renewals.
  • Customizable Contract Templates: Offers pre-designed templates for common contract types. Templates standardize the contract creation process, reducing errors and ensuring consistency across agreements that impact revenue.
  • Risk Management Tools: Identifies and assesses contract risks. By highlighting potential risks before they become issues, businesses can safeguard their revenue streams and ensure compliance.
  • Integration Capabilities: Seamlessly connects with CRM, ERP, and other business systems. Integration ensures that contract data supports wider business processes, enhancing overall revenue operations.
  • Access Controls and Permissions: Manages who can view, edit, or approve contracts. This feature protects sensitive information and ensures that contract processes are carried out by authorized personnel only.
  • Audit Trails: Tracks changes and actions taken on contract documents. Audit trails provide transparency and accountability, essential for compliance and managing disputes that could impact revenue.

Selecting contract management software with these features equips organizations to effectively manage their contracts, from creation through execution and renewal. The right software not only streamlines administrative tasks but also provides strategic insights, helping businesses maximize their revenue potential and maintain compliance. By focusing on these critical features, revenue operation leaders can ensure they choose a solution that supports their objectives and contributes to the organization's success.

Benefits Of Contract Management Software

Contract management software is a vital tool for streamlining processes, enhancing efficiency, and securing profitability. This software not only simplifies the management of contracts but also brings a host of benefits critical for any organization aiming to optimize its contract lifecycle and revenue operations. Here are five primary benefits that contract management software provides to users and organizations:

  • Increased Efficiency: Automates and streamlines the contract lifecycle. By reducing the time and effort required for manual contract management tasks, organizations can focus more on strategic activities that drive revenue growth.
  • Improved Compliance: Ensures adherence to legal standards and corporate policies. This software helps businesses minimize risk and avoid penalties by keeping contracts in compliance with internal and external regulations.
  • Enhanced Visibility: Provides a centralized view of all contracts. Having all contracts stored in one place and easily accessible improves oversight and management, ensuring that no opportunities for revenue are missed due to mismanagement of contracts.
  • Risk Reduction: Identifies and mitigates potential contract risks. By highlighting areas of concern within contracts, software helps prevent disputes and losses that could negatively impact the organization's financial health.
  • Better Decision Making: Offers insights and analytics on contract performance. This feature allows organizations to make informed decisions based on the analysis of contract data, leading to more strategic operations and revenue optimization.

Costs & Pricing for Contract Management Software

Choosing the right contract management software is crucial for organizations aiming to streamline their contract processes, enhance efficiency, and secure compliance. The market offers a variety of software options, each with its own set of features, capabilities, and pricing models designed to meet the needs of different business sizes and sectors. Understanding the various plan options available is key to selecting a software solution that not only fits your current requirements but also scales with your business's growth. Below is an overview of typical plan options and pricing for contract management software.

Plan Comparison Table For Contract Management Software

Plan TypeAverage PriceCommon Features Included
Basic$10 - $25 per user/month- Core contract management features
- Contract creation and storage
- Basic reporting
Professional$50 - $100 per user/month- Electronic signatures
- Workflow automation
- Integration with other business systems
Enterprise$100+ per user/month- AI analytics
- Advanced security options
- Full customization capabilities
Free option$0- Basic contract storage and management
- Minimal user access

When evaluating contract management software options, consider not just the upfront cost but also the value each plan offers in terms of features, scalability, and support. A plan that closely aligns with your business needs and growth projections will ensure that you invest in a solution that delivers both immediate benefits and long-term value.

Contract Management Software Frequently Asked Questions

Wondering what else you need to know about contract management? Here are answers to a few common questions.

What are the three stages of contract management?

You can break down the contract management lifecycle in a few different ways, but generally speaking, these are the three stages of the contract process:

  1. Drafting: In this stage, the contract is being developed. The necessary dates, contact information, and clauses are being compiled into a comprehensive document that outlines the parameters of an agreement. Sometimes multiple stakeholders are involved, and contract drafting usually has a clear approval process.
  2. Signing:  Sometimes, there’s a contract negotiation stage between drafting and signing to ensure the document meets the expectations of all parties involved. Once the draft is finalized, all relevant parties can sign it. Contract management software offers e-signature capabilities for digital signing.
  3. Management: Once a contract is signed, it needs to be properly stored for reference, amendments, renewal, or cancellation. Stored contracts can also be used to support the drafting of new contracts by repurposing sections and clauses. It’s important that contracts are effectively managed with privacy, security, and access guardrails in place.

What are the types of contract management software?

Contract management software can be categorized into various types based on functionality, deployment method, and the specific needs they address. Understanding these types can help organizations choose the most suitable solution for managing their contracts efficiently. Here are the main types of contract management software:

  1. Cloud-Based Contract Management Software: Hosted on the provider's servers and accessed via the internet. This type offers flexibility, scalability, and reduced IT infrastructure costs. It's ideal for organizations looking for ease of access and minimal maintenance.
  2. On-Premises Contract Management Software: Installed and operated from the organization's own servers. This type provides greater control over the software and data, appealing to organizations with strict data security and privacy requirements.
  3. Integrated Contract Management Software: Designed to function as part of a larger enterprise resource planning (ERP) system or business process management (BPM) suite. It offers seamless integration with other business processes, such as procurement, finance, and sales.
  4. Standalone Contract Management Software: Operates independently of other systems, focusing solely on contract management functions. It's suitable for organizations that need specialized contract management capabilities without extensive integration with other business systems.
  5. Open Source Contract Management Software: Offers source code that users can modify to fit their specific needs. This type is favored by organizations with the technical expertise to customize their contract management solution.
  6. Sector-Specific Contract Management Software: Tailored to the unique requirements of specific industries, such as healthcare, construction, or government. These solutions come with preconfigured templates and workflows that align with industry standards and regulations.
  7. Contract Lifecycle Management (CLM) Software: Provides comprehensive features covering the entire contract lifecycle from creation, execution, and renewal to expiration. CLM software is ideal for organizations looking for end-to-end contract management capabilities.

Each type of contract management software has its advantages and is designed to meet different organizational needs, from basic contract storage to complex lifecycle management. Selecting the right type depends on factors like the size of the organization, industry-specific requirements, integration needs, and budget constraints.

How does contract management software support contract renewal processes?

Contract management software streamlines the renewal process by alerting users to upcoming expiration dates and automating the initiation of renewal procedures. It can store contract preferences and terms, enabling quick generation of renewal documentation. This proactive approach helps organizations avoid lapses in contracts and ensures continuous service or partnership.

How do these systems handle contract disputes or breaches?

Contract management software aids in handling disputes or breaches by maintaining detailed contract histories, communication logs, and compliance records. These features enable organizations to quickly access relevant information to assess and address issues, potentially reducing resolution times and legal risks.

Can contract management software integrate with project management tools?

Yes, many contract management solutions are designed to integrate with project management tools, ensuring seamless information flow and coordination between teams. This integration can enhance visibility, enable better resource allocation, and ensure that contractual commitments align with project milestones and deliverables.

What other revenue operations software should I use?

Contracts are just one piece of the bigger picture of your revenue operations, and there is plenty of software out there that can support your sales, marketing, and success teams. Here are a few to consider:

Conclusion

When you introduce a great contract management platform, you’re able to streamline your process from authoring contracts all the way through to signing and securely storing them. It also makes a big difference in the day-to-day experience of employees at your company. Rather than getting bogged down in the busy work, teams can focus on the work that really counts.

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By Phil Gray

Philip Gray is the COO of Black and White Zebra and Founding Editor of The RevOps Team. A business renaissance man with his hands in many departmental pies, he is an advocate of centralized data management, holistic planning, and process automation. It's this love for data and all things revenue operations landed him the role as resident big brain for The RevOps Team.

With 10+ years of experience in leadership and operations in industries that include biotechnology, healthcare, logistics, and SaaS, he applies a considerable broad scope of experience in business that lets him see the big picture. An unapologetic buzzword apologist, you can often find him double clicking, drilling down, and unpacking all the things.