Contract management is the act of managing contract formulation, implementation, and analysis in order to maximize an organization’s operational and financial performance while minimizing financial risk. It also has its uses in business organizations. This article talks about contract management tools, their best online tools, free tools, lifecycle management tools, and software for small business firms.
What Are Contract Management Tools?
Contract management software also allows business teams to self-serve from legal-owned templates, allowing the company to agree and administer routine contracts at scale from a single unified workspace.
Meanwhile, it also enables lawyers and other contract professionals to replace manual management of physical contracts, allowing businesses to handle big contract volumes swiftly without adding more staff. It can also be used in conjunction with project management software.
How Does Contract Management Software Work?
Systems provide a centralized platform for creating, revising, managing, and renewing contracts throughout their existence. However, contract management software enables businesses to set up automated procedures that automatically route contracts to the appropriate person. The program also captures modifications to contract terms throughout the creation process, generating an immutable audit trail and escalations if unapproved clauses are inserted.
Best Contract Management Tools
Below are the following of the top tools for contract management.
#1. PandaDoc
PandaDoc is an all-in-one document workflow management platform that enables fast-growing teams to produce, manage, and sign digital documents such as proposals, quotations, contracts, and more.
#2. Proposify
Proposify is an online offer software that allows you visibility and control over the most essential stage of your sales process. However, it creates eye-catching sales documents that are consistent and error-free, so as to get the insights you need to scale your process, make timely engagements, and forecast properly. Meanwhile, give your customers and prospects a flawless sign-off experience. Also, a customizable and user-friendly design editor, electronic signatures, CRM connectors, data-driven insights, interactive pricing, content management, approvals, and much more are among the features.
#3. DealHub.io
DealHub’s award-winning Revenue Platform provides your organization with the most comprehensive and linked revenue workflow. The zero-code platform enables sales teams to close new and subscription businesses as well as move leads along the funnel from anywhere.
#4. Evisort
Evisort is the market leader in contract management and artificial intelligence (AI) solutions for legal, procurement, sales, finance, and IT departments. It also centralizes contracts without migration, utilizes AI to manage and search information and provisions without manual data entry, and enables teams to write, redline, review, sign, report on, and renew contracts. Meanwhile, Evisort’s Contract Intelligence Platform delivers rapid ROI in 30 days.
#5. Juro
Juro is a contract automation platform that enables innovative legal counsel and the teams they support to agree and manage contracts in a single unified workspace. We collaborate with rapidly growing companies such as Deliveroo, Trustpilot, and Cazoo to expedite contract workflow and obtain greater insight into contract data.
Online Contract Management Tools
Below are the best online contract management tools;
#1. App4Legal
App4Legal enables users to handle the contract formation, drafting, approval, signature, and execution procedures in order to maximize collaboration and efficiency and save time spent during the end-to-end process.
#2. CobbleStone Contract Insight
Lots of contract admin, legal, and procurement professionals have chosen CobbleStone online Contract Insight Contract Management Software tools as their Enterprise CLM system. However, the online contract management platform, Insight, is AI-powered and can automate as well as streamline the whole contract lifecycle with user-friendly features and management.
#3. Symfact
Scanmarket is a source-to-contract software (S2C) supplier that creates extensive features in a simple design. However, scanmarket’s S2C solution was developed in response to the needs of the end-user and is tailored to the needs of the procurement expert.
#4. Adobe Acrobat Signature
Adobe Acrobat Sign assists teams in managing contract lifecycles by decreasing errors and human labor, saving time and money. Also, the Adobe Acrobat signature is suitable for online contract management tools for businesses
#5. JIRA Service Management
Jira Operations Function is ITSM software that enables high-speed teams to offer outstanding service experiences quickly and collaboratively.
#6. Quickbase
Quickbase is a safe, compliant, and easily managed no-code platform for contracting that allows you to track/manage anything. It is also among the best online contract management tools.
#7. Intellect
Small-to Fortune 500 firms utilize Intellect’s award-winning no-code platform to build contract management solutions that digitize and automate the entire process, also including version control, approval, and signatures. However, complete control over access, permissions, reminders, notifications, and other features.
Free Contract Management Tools
The following are free contract management tools below:
#1. PandaDoc
PandaDoc is an all-in-one document management platform for free contract tools that enables fast-growing teams to produce, manage, and sign digital documents such as agreements, proposals, quotations, contracts, and more.
#2. CINCEL
A Cincel is Metafirma-as-a-Service, a multi-signature, notarization, blockchain, and identity platform. It also ensures agility, trust, and compliance in people’s and enterprises’ agreements. Cincel is LATAM’s unique solution that provides an end-to-end suite customized to each organization.
#3. TRADOGRAM
A Tradogram is a procurement management program that does it all. Businesses use it all over the world to track their expenditures and manage their entire purchase process. It is also among the best free contract management tools.
#4. Axelor
Axelor is a robust, readily customizable Open Source ERP, CRM, and BPM platform that includes over twenty linked business apps. Enjoy the sleek style and simple navigation. Axelor, unlike traditional management tools, combines usability, simplicity, and efficiency. Discover a fresh strategy for unrivaled adaptability.
#5. UniPhi
UniPhi is a free contract program tracking management that shows how well tasks are progressing with its tools. However, the software provides your clients, workers, and owners with the capacity to spot concerns, cooperate, and run predictive analyses using the dashboard summary tools.
#6. ContraxAware
ContraxAware is a cloud-based contract management software that is centralized and highly secure. However, store an unlimited number of contract documents and related data. ContraxAware’s sophisticated search features will assist you in quickly locating any contract. Meanwhile, contraxAware manages secure servers, automated backups, updated operating systems, and security control software.
#7. Avokaado
Avokaado is a contract lifecycle management software digital workplace. It allows you to generate and collaborate on documents from a single platform at every stage of the document lifecycle, including clause-based contract automation, smart template drafting, workflow management with digital signing, and electronic storing.
#8. DocSpace
DocSpace simplifies employees daily work routines by speeding up document and task management, as well as streamlining and speeding up your business operations. Automate contract management, eliminate unnecessary stages, and shorten the contract approval lifecycle. Collaborate effectively with business teams, eliminate paperwork, and make the contracting process transparent and manageable.
Contract Lifecycle Management Tools
Contract lifecycle management tools are the process of tracking and managing every component of a contract for its performance, compliance, and other success factors throughout its lifecycle, from execution to renewal or expiration. The contract lifecycle management tools software is used to automate the full contract lifecycle process, from pre-signature to post-signature. The following are the contract lifecycle management tools below:
#1. LinkSquares
LinkSquares provides an e-signature solution that is natively developed, proprietary OCR, full-text search, contract templating and self-service drafting, bespoke reporting and notifications, version control, strong integrations, and automatic extraction of 100+ essential contract dates, clauses, and conditions.
#2. Conga Contracts
Conga Contracts allows you to automate critical contractual stages for faster cycle times, less risk, and increased compliance. Automate and streamline your contracts: Manage and improve efficiency throughout the contracting process. Conga Contracts can help you solve problems, increase visibility, and decrease risk within your organization.
#3. Workday Strategic Sourcing
Workday Strategic Sourcing (previously Scout RFP) is a prominent cloud-based platform for strategic sourcing and supplier interaction that teams rely on to streamline and reinvent procurement processes.
The Contract Lifecycle Management Process Stages
The contract lifecycle management tools process is divided into various critical stages, which are as follows:
- Planning.
- Implementation.
- Pre-contract.
- Handover.
- Contract.
- Pre-renewal.
- Post-contract.
- Contract Lifecycle Management Software Advantages
- Access, visibility, and contract organization
- Contract tracking and reporting automation
- Contract signing is faster and easier.
Contract Management Software for Small Business
Because contract software serves as the core repository for legal documents throughout your organization, robust search features are critical to ensuring that management, legal, finance, and project managers can rapidly discover papers and track third-party connections, especially for small business firms.
To be productive as a developing business, you will require contract management solutions. Here are the lists of contract management software for small businesses below:
#1. Agiloft
Agiloft is widely regarded as a market leader in the contract management solutions industry due to the breadth of its tools and capabilities, as well as its great and extensive customizability. The contract management software is free for up to ten people (five staff and five users), and pricing and features ramp up from there, making it ideal for small business firms.
#2. ContractSafe
ContractSafe is an excellent solution for basic, straightforward content management software for small businesses. Most of the standard base-level features and functionalities are appropriate for small to medium-sized organizations who do not want to spend a fortune on monthly contract software. ContractSafe’s base package includes 100 contracts. They also provide a variety of bundles with increased contract capacity as well as additional premium features and functionality.
#3. GateKeeperHQ
GateKeeperHQ is one of the more expensive software packages included here, but it contains a slew of useful tools and features not found in competitors’ offerings. The Gatekeeper core platform is a robust process automation engine that scales to meet the needs of each contract or contract type. GateKeeperHQ is an excellent choice for any organization with a dedicated contracting staff. It is less suited to small businesses and better suited to firms with more than 100 employees.
What Does a Contract Management Tool Do?
Contract management professionals can use it to organize contracts, manage permissions, use document version control, find existing contracts, track contract status, collaborate, and more. It also aids in risk mitigation and compliance by making it simple to put a contract into the platform and rapidly identify possible problem clauses.
The software can analyze all contracts across the organization to generate risk analysis reports, compliance tracking, and other benefits. It aids in cost control, revenue management, productivity enhancement, and error reduction.
What Tools Are Used in Contract Management?
The following are the contract management tools:
- eSignatures
- Intelligent Contract Monitoring
- System for Secure Contract Repository
- Contract Workflow Efficiency
- Document Assembly Simplified
What Are the Four Components of Contract Management?
The four elements of contract planning and management are as follows:
- Plan for contract management
- Management of supplier relationships.
- Transaction management.
- Variation.
What Is the Best Way to Manage Contracts?
They do;
- To conduct a background investigation on the other party
- Choose a point of contact for each party.
- create the contract lifecycle
- Decide on the review procedures
- Describe the implications of delays
- Keep records of how the process went.
What Is a Contract Management Framework?
The Contract Administration Framework (CMF) is a high-level guideline that outlines the requirements for government entities in terms of contract management and accounting.
What Are the Phases of Contract Management?
The critical contract management process is divided into three stages. Each of these three contract management phases covers a different stage in the life cycle of an agreement and is equally crucial to its success. There are some;
- Pre-award.
- Award
- post-award.
Conclusion
Every organization has to manage its contract to avoid financial risks and complications that will lead to getting more staff. Contract management is good and should be applied in every organization. This article teaches about “contract management tools.”
CONTRACT MANAGEMENT TOOLS FAQs
What are the objectives of contract management?
Contract management contributes to the seamless operation of transactions, the maintenance of good relationships with suppliers, the reduction of risks, and the quick settlement of difficulties. However, the primary goals of contract management in procurement are as follows: To make certain that the product/service is sold at the agreed-upon price.
How do you implement contract management?
- Examine the region of contract management currently
- Obtain the support of senior management.
- Collaborate with internal business partners.
- Engage the people to manage the process strategically.
What are the benefits of a contract management system?
- Contract review and execution are being sped up.
- Reduce business risk while increasing compliance.
- Increasing Contract Visibility Through a Single Source of Truth.
- Improve Your Renewals in Less Time
- Document management with added value.
- Contract Protection and Privacy Best Practices
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