The process of contract management may become cumbersome when the business has to deal with numerous contracts at one time. The administrative cost in monitoring contracts is a time-consuming and resource-intensive task, which is given the need to monitor renewal dates, compliance and so on. The modern contract management software changes this hurdle by automating the manual processes, central document storage and simplification of the approval processes.
Companies that use contract management software have high efficiency in their operations. These platforms save time in contract creation, reduce compliance risks and give a real-time insight into contractual obligations. At the startup level, or for an enterprise handling thousands of contracts per year, the right software solution can transform the contracting process.
What is Contract Management Software?
Contract management software is an online application that aims to make the contract process a smooth lifecycle of contractual agreements. These platforms mechanise essential activities such as contract generation, contract negotiation, approval, execution, storage and renewal monitoring. Having all the activities surrounding the contracts in a single accessible place will allow businesses to remove the bottlenecks and cut down on the number of manual errors.
The current contract management software uses artificial intelligence to retrieve metadata and find important obligations and point out potential risks in contracts. These platforms are compatible with CRM platforms, cloud storage solutions, and eSign solutions to provide a single contracting ecosystem. With these solutions, organisations are able to speed up deal closures, stay compliant with regulations and benefit from sophisticated analytics and reporting features.
Essential Features to Look for in Contract Management Software
In selecting the right contract management software, the point of note would be to consider the functions that would suit your specific organisational needs. Even though every company has its specific needs, there are basic requirements that are preconditions of successful contract lifecycle management. These key attributes will help you make a voluntary decision in the comparison of the different platforms.
- Workflow Management: Automation Workflow Build approval chains and routing strategies without the need to learn the technology.
- AI-Based Metadata Extraction: Since the AI capabilities are more developed, identifying and eliminating necessary data related to the contract, including dates and the parties, obligations, and financial terms, should be achievable automatically.
- Centralised Repository with advanced search: This is a secure cloud-based repository, in which all the contracts are stored in a centralised location and, therefore, can easily be accessed.
- Integration Capabilities: Simple access to integration with your existing business applications, including CRM systems, email systems, cloud storage applications and eSignature applications.
- Security and Compliance: Enterprise-level security controls like role-based access controls, encryption and industry standards like SOC 2 and ISO 27001.
Comparison Table for Contract Management Software
| Software Name | Rating | Best Feature |
| SpotDraft | 4.5/5 | AI-driven redlining automation |
| HyperStart CLM | 4.7/5 | 2-minute contract creation |
| Ironclad | 4.4/5 | 194 pre-defined contract properties |
| Juro | 4.5/5 | Integration with 5,000+ tools |
| LinkSquares | 4.3/5 | Seamless Microsoft Word integration |
| Docusign CLM | 4.2/5 | 100+ pre-trained AI models |
| CobbleStone | 4.3/5 | VISDOM AI contract analysis |
| Agiloft | 4.6/5 | No-code workflow configuration |
| ContractWorks | 4.4/5 | GPT-3 AI drafting assistance |
| Concord | 4.2/5 | 5,000+ app integrations |
| Conga Contracts | 4.1/5 | Deep Salesforce integration |
Top 11 Contract Management Software
1. SpotDraft
Rating: 4.5/5
Website: https://www.spotdraft.com/
Best Use Cases: High-volume contract processing and cross-departmental collaboration
SpotDraft provides a comprehensive solution to a company that wants to reshape the way it conducts contracting. It is a platform that is a combination of high-powered AI automation with user-friendly interfaces to speed up contract life cycles in legal, sales, finance and HR departments. The redlining functionality of the software can help to save time spent on negotiations by a significant margin and allow teams to wrap deals faster than they have ever done.
Key Features
- Customizable workflow automation
- Bulk contract campaigns
- Single-click consent collection
- Comprehensive contract insights dashboard
- Multi-system integration support
Pros
- Flexible pay-per-use pricing
- Strong approval of collaboration tools
- Quick contract upload capability
Cons
- No on-demand template generation
- Template updates require resubmission
- AI requires human oversight
Pricing: Custom pricing
2. HyperStart CLM
Rating: 4.7/5
Website: http://hyperstart.com/
Best Use Cases: Fast-growing companies needing rapid implementation and AI accuracy
HyperStart CLM is a platform distinctive in the sense that it offers end-to-end solutions to organisations that enable them to develop, identify, and sign contracts 80 times quicker than normal procedures. This solution is an AI-driven HyperVerge solution that provides the best accuracy in metadata extraction, with 95 per cent precision in renewal tracking with both legacy and newly-created contracts.
Key Features
- Dynamic template creation
- Automated approval workflows
- Centralised redlining negotiation
- Multiple eSignature options
- Automated renewal tracking
Pros
- 95% AI accuracy rate
- Comprehensive integration ecosystem
- SOC 2 and ISO certified
Cons
- Limited to 15 integrations
- Newer platform in the market
- May require custom integration requests
Pricing: Custom pricing
3. Ironclad
Rating: 4.4/5
Website: https://ironcladapp.com/
Best Use Cases: Enterprise organisations requiring extensive metadata extraction and custom reporting
Ironclad positions itself as an AI-based contracting platform, adding full efficiency in the whole lifecycle of the contract. The best feature attributed to the software is that it has the automatic extraction of the metadata of contracts in an astonishing 194 pre-defined contract properties, which offers unparalleled granularity in contract data handling.
Key Features
- 194 pre-defined contract properties
- Custom reporting dashboards
- Automated metadata extraction
- Salesforce and Slack integration
- Complete version history tracking
Pros
- Automated request and approval flows
- Comprehensive workflow accountability
- Robust data visualisation tools
Cons
- Complex integration setup process
- Higher pricing tier
- Limited self-service support options
Pricing: Custom pricing
4. LinkSquares
Rating: 4.3/5
Website: https://linksquares.com/
Best Use Cases: Legal teams needing Microsoft Word integration and AI-powered contract analysis
LinkSquares provides a completely integrated contract management solution that facilitates the process of contracting, starting with a draft all the way to final signature. The AI-based platform identifies the terms of a contract in prior agreements automatically, and it can fully track its obligations without human intervention. This feature will make historical repositories of contracts searchable and insightful databases.
Key Features
- AI contract term identification
- Microsoft Word integration
- Digital signature management
- Intelligent dashboard analytics
- Cross-team collaboration tools
Pros
- Clean, intuitive interface
- Powerful AI tagging system
- Seamless Word connectivity
Cons
- Manual tag entry required
- No folder organisation system
- Performance issues with complex features
Pricing: Custom pricing
5. Juro
Rating: 4.5/5
Website: https://juro.com/
Best Use Cases: Organisations needing extensive third-party integrations and AI-powered contract review
Juro has established the confidence of more than than6,0000 businesses by providing a customizable, collective contracting framework that brings all agreements to one easily reachable place. Intelligent automation can make the platform draft, summarise and review contracts 90 per cent faster, and this can enhance the turnaround time.
Key Features
- No-code workflow creator
- AI-powered contract review
- Native eSignature capability
- Intelligent data tracking
- 5,000+ tool integrations
Pros
- Quick implementation process
- Wide feature array
- Enhanced stakeholder visibility
Cons
- Email notification delivery issues
- No bulk sending capability
- Missing Google Drive integration
Pricing: Custom pricing based on requirements
6. Docusign CLM
Rating: 4.2/5
Website: https://www.docusign.com/products/clm
Best Use Cases: Enterprises seeking Gartner-recognised leadership and an extensive AI model library
DocuSign CLM eases contract management with strong automation and AI implementations throughout all the lifecycle phases. Being a well-known player in the Gartner Magic Quadrant of CLM, this platform presents credibility and proven ability to the enterprise, regardless of its size. The wide range of integration capabilities and the excellent client support of the software make the software be regarded as the best agreement management software.
The AI assistant on the platform will help to speed up the review of the contract, preserving the accuracy and consistency of the review. The organisations are able to design contract processes with a simple drag-and-drop editor that does not require technical skills. DocuSign CLM supports complex approval chains and routing needs by default with more than 100 workflow steps.
Key Features
- 100+ pre-trained AI models
- Drag-and-drop workflow editor
- Pre-defined clause libraries
- Advanced analytics dashboard
- AI-powered contract review
Pros
- Intuitive drag-and-drop interface
- Excellent implementation support
- Comprehensive training resources
Cons
- Performance bugs reported
- Tagging functionality limitations
- Premium pricing structure
Pricing: Custom pricing
7. CobbleStone Software
Rating: 4.3/5
Website: https://www.cobblestonesoftware.com/
Best Use Cases: Fortune 500 companies and large enterprises requiring VISDOM AI analysis
CobbleStone Contract Insight Enterprise is a complex commercial solution that is aimed at large-scale businesses. The platform also employs proprietary VIS wisdom AI to process contracts that are made by the internal and external teams to generate profound insights into contractual liabilities and risks in large portfolios of contracts.
The software can communicate with major CRM solutions, ERP systems, and other tools specific to each department to establish an ecosystem of contract management. CobbleStone offers tested enterprise scalability and reliability, having supported thousands of companies, including many Fortune 500 organisations. The QuickSearch feature of the platform allows quick searching through the volumes of contracts in the central repository.
Key Features
- VISDOM AI contract analysis
- QuickSearch repository browsing
- Customised reporting generation
- Financial control optimisation
- Pre-defined clause templates
Pros
- Comprehensive training resources
- Highly customizable fields
- Strong implementation support
Cons
- Lengthy email notifications
- Unresponsive mobile interface
- On-premise deployment challenges
Pricing: Custom pricing
8. Agiloft
Rating: 4.6/5
Website: https://www.agiloft.com/
Best Use Cases: Organisations requiring extensive customisation and no-code workflow configuration
Agiloft is a unique contract management software platform that is based on no-code configuration principles. This is a very versatile, easy-to-use, and scalable platform that is equally effective for businesses of any size. The capability of the software to combine with more than 1,000 systems simplifies the process of coordination between departments and eradicates inter-departmental silos.
Having reached a satisfaction rate of nearly 100, Agiloft has become one of the best options to be chosen by those organisations that want easy, effective, and automated contracting. The no-code platform configuration will enable business users to define workflows without IT resources and developers. All the fields, rules, and integrations may be made to fit the needs of the organisation.
Key Features
- No-code workflow configuration
- 1,000+ system integrations
- Customizable dashboards
- AI metadata extraction
- Comprehensive audit trails
Pros
- Complete lifecycle management
- Extensive customisation options
- Seamless task organisation
Cons
- Complex configuration learning curve
- Requires additional training
- Non-intuitive table linkages
Pricing: Custom pricing
9. ContractWorks
Rating: 4.4/5
Website: https://www.onit.com/products/clm/contractworks/
Best Use Cases: Remote teams requiring SOC 2 Type 2 compliance and GPT-3 AI assistance
The specialised system of remote contract management and keeping organisations organised with minimal risks of contracts allows ContractWorks to remain on track. The solution is SOC 2 Type 2 certified in its contract repository, which provides support with uninterrupted access control, as well as with enterprise-grade security. This is what makes ContractWorks especially useful in a distributed team that works with sensitive contractual documents.
The site makes contract redlining easy by doing away with lengthy chains of emails when negotiating a contract, and instead, offers a focal point where all editing processes are carried out. The integration of GPT-3 AI will introduce intelligent support in drawing up contracts, which will speed up the process of drafting and save a lot of time. The advanced search option has the benefit of using AI to find specific contracts fast and highlights the clauses that appear problematic, thus needing to be reviewed.
Key Features
- GPT-3 AI drafting assistance
- Automated approval flows
- AI-powered advanced search
- Intelligent tagging suggestions
- Multi-language support
Pros
- Self-learning tagging system
- Excellent implementation support
- Robust folder organisation
Cons
- Limited external integrations
- No bulk-send capability
- No API integration option
Pricing: Custom pricing
10. Concord
Rating: 4.2/5
Website: https://www.concord.app/
Best Use Cases: Small businesses needing quick deployment and unlimited signature requests
Concord offers an adaptable system that allows editing and redlining, and commenting in contract documents. This contract management solution allows very customised workflows, which can be adjusted to changing business requirements. The capability of the software to integrate with more than 5,000 applications makes it easy to coordinate the work of various teams across the organisation.
The platform has limitless signature requests that are valid in over 150 countries around the world, and this means that it has a global reach regardless of the use limitations. Concord implementation support allows organisations to be active within 24 hours, which is one of the quickest deployment schedules within the industry. The customer service attends to the queries and feedback quickly.
Key Features
- Direct document editing
- Unlimited signature requests
- 5,000+ app integrations
- Automated deadline tracking
- Multi-platform negotiation sync
Pros
- Fast 24-hour implementation
- Unlimited global signatures
- Responsive customer support
Cons
- Unfamiliar editing interface
- Notification delivery issues
- No SOW creation functionality
Pricing: Custom pricing
11. Conga Contracts
Rating: 4.1/5
Website: https://conga.com/platform/contract-lifecycle-management
Best Use Cases: Salesforce-centric organisations and procurement departments
Conga Contracts provides niche contract management software tailored to the legal and procurement departments. Although the software is compatible with virtually any CRM, it has wide-ranging integration with Salesforce, which makes it a perfect fit in organisations that have invested significantly in Salesforce. This close integration makes sure that there is a flow of data across systems.
Conga Contracts efficiency gains in the area of drafting, negotiation, signing, and post-execution management save organisations up to 1000 hours annually. The negotiation portal allows the invitations of participants to the contract development, and the smart central repository leverages the metadata extraction through AI to increase their search and grouping options.
Key Features
- Salesforce deep integration
- AI metadata extraction
- Collaborative negotiation portal
- Advanced data visualisation
- Automated change synchronisation
Pros
- Seamless Salesforce connectivity
- Automatic document syncing
- Streamlined approval accountability
Cons
- Steep learning curve
- No change tracking functionality
- Complex initial setup
Pricing: Custom pricing
How to Choose the Right Contract Management Software
The decision to adopt the most optimal contract management software must be made with proper regard to the unique requirements of your organisation as well as operational constraints. The market has numerous options to this issue and their pros and cons. The experience of understanding what is valuable to your business will take you to a platform that is most valuable and acceptable to the users.
- Determine Your Workflow Complexity: Find out how many layers of approval your contracts have and the departments that are engaged in the contracting process.
- Evaluate Integration Requirements: Identify all your business systems to be integrated with your system of contract management, like CRM systems, cloud system, email system and eSignature system.
- Consider AI and Automation Abilities: Learn what the biggest section of your current working process with contracts is.
- Find Security and Compliance Requirements: Examine the regulatory policies and data protection standards of the industry that you are in to ensure the potential solutions can meet these requirements.
- Divide Cost of Ownership: To calculate the cost of ownership, other than subscription costs, there are the costs of implementation, training and support maintenance.
Conclusion
The installation of powerful contract management software is quite an enticing investment and has the potential to deliver material gains in terms of enhanced efficiency, reduced risk, and heightened compliance. All eleven platforms presented in this guide have their benefits, including HyperStart CLM with its capacity to introduce fast and AI accuracy or Agiloft with its capacity to develop and Juro with its integration eco-system size.
Current contract management software has not only evolved into simple document storage systems but also, it has evolved into intelligent systems, which facilitate better business operations. The paper-based contracts are turned into dynamic sources of business intelligence using metadata extraction, workflow routing and predictive analytics based on AI. These types of sites may assist legal teams to leave the administrative aspect of the business and focus on strategic operations.
Frequently Asked Questions
Q: What do you consider the most valuable advantage of using contract management software?
A: The software of contract management removes the manual administrative procedures and saves time on contract cycles (up to 80 per cent) and offers a centralised access to all legal obligations of contracts. Companies enjoy enhanced compliance, accelerated dealings and complete audit trails.
Q: What is the average cost of a contract management software?
A: The price is a lot different depending on features, number of users and volumes of contracts. Prices go as low as subscription plans that cost between 50-200/user/month to highly customised enterprise systems that might need a quote of over 50,000/year to implement completely.
Q: Does the contract management software have the capability of integrating with the current business tools?
A: The majority of the contemporary platforms have a lot of integration opportunities with CRM systems, cloud storage, e-signing, and emailing systems. The depth of integration also depends on the solution, and some have 15-20 native connections, whereas others have thousands of applications.
Q: What is the time required to implement contract management software?
A: The implementation times are between 24 hours in simple deployments or months in the complex enterprise setups. The majority of the mid-market implementations take a duration of 1-3 months, including data migration, customisation and user training.
Q1: Does AI work in contract management software?A: The major platforms have 90-95 per cent accuracy in AI-driven capabilities such as metadata extraction and clause identification. All solutions, however, suggest human review on critical contracts where AI is used to speed up the human judgment instead of replacing it.
