What is Contract Management Software?
Contract management software is used to automate the processes behind contracts including their creation, tracking and monitoring. Contracts are frequently used across sectors and involve a large level of negotiating and defining terms, amending agreements and executing contracts. This could be for sales people, account representatives and legal departments of all involved parties, to name just a few. It is the job of the legal departments in order to ensure compliance with both internal company rules as well as external laws and regulations.
Contract management software aims to simplify the processes involved in contract generation and execution allowing users to create, manage, store and share complex business contracts. Importantly, it allows companies to streamline operations and collaborate in one place. Typically integrated with other software such as CRM and e-signature, contract management software can help vendors manage their documentation.
Best Contract Management Software
TechRound has reviewed the best contract management software to make your companies more efficient and streamline the processes behind contracts:
PandaDoc’s goal is to assist sales teams to improve their work efficiency and provide an incomparable buying experience. PandaDoc’s users (now over 18,000 customers) can use the software to automate contract management process from document creation, to approval, signing, quotes and contracts. Subsequently, this increases efficiency across the overall organisation. Sales teams have reported a 65% decrease in document creation time, 28% increase in close rate and 18% increase in average sales price after using PandaDoc.
Accelo is designed for Service Businesses, offering an all-in-one professional services business system. Through this, companies can manage all client processes from initial prospect to final payment. Run entirely in the cloud, Accelo relies on an automated, user-friendly and intelligent platform, allows you to connect all aspects of your business in one single cloud-based platform. Aiming to make businesses more efficient, Accelo is able to automatise all processes including automatic alerts, email capture, time sheets and reports, as well as allowing you to forecast and manage revenue growth objectives.
Price: Free Trial + $39 per user, per month
GetAccept is an all-in-one platform which integrates contract management with other key tools such as video messaging, proposal creation, document tracking and analytics and e-signature. It can be used across sectors and industries and is already favoured by HR, customer success, sales and development teams in more than 9,500 companies globally. GetAccept’s high tech features such as the ability to create video prospecting messages, live chat, and trackable sales decks all help to capture client and close contracts.
Who Is Contract Management Software For?
Sales Teams – Contract management software allows for the secure sharing of contracts. For sales teams, this means streamlining processes of signing contracts and minimising potential delays in contract settlements. It helps to keep smooth relationships between sales teams and customers by reducing potential errors and saving time for all parties.
Legal Teams – Legal teams can use contract management software to carry out complex searches of contract databases. Additionally, it ensures secure transactions and automation of processes such as contract renewal.
Finance Teams – Contract management software can help finance teams identify any potential legal problems or liabilities for the company. Thus, they can improve clarity on audit trails by flagging any risky clauses or loopholes in language.
What Does Contract Management Software Include?
In order to be categorised as contract management software, there are certain requisites that must be met:
- Offer customisable templates which users can use to create business contracts
- Provide the ability to create, edit, collaborate and share contracts both internally and externally
- Enable users to send key notifications such as contract renewal
- Allows storage of documents including categorisation for different types of contract
How Much Does Contract Management Software Cost?
The price of contract management software will depend on the platform that you choose. Basic plans are typically very reasonable and will increase dependent on how many users there will be. For example, the first tier may begin at $6 per user with up to 10 users.
What to Consider Before Choosing a Contract Management Software?
Type of Software – the main types of contract management software are cloud-based, hybrid and on-premise. It is worth weighing up the pros and cons of each before deciding the best solution for your company’s needs.
Reporting and Dashboard – the majority of platforms will enable its users to generate live overviews of contract activities and produce ad hoc reports of contract statuses and timelines.
Automated Processes – it is worth thinking about what takes up time on a daily basis and whether these services could be automated. For example, approval processes, reminders for contract renewal and integrations are all things that could be potentially time-consuming that contract management software is able to automise.