In our previous blogs, we discussed how a contract management solution is significant in a pandemic ridden world, especially because work environments have shifted to a remote space and likely will continue for the foreseeable future. Contract management is a crucial process in all organizations, and at times like these when teams are working remotely, the conventional paper-based contract management could become inadequate for the proper functioning and management. Contract management is a sophisticated process, it requires close supervision, we cannot afford any blunder in the process, one slip-up or a breach of contract will inevitably lead to a chain of events that even could lead to litigation. That is why you should consider contract management at your organization.
Like we said before, contract management has become more significant than ever. Companies need to put contract management systems at top of their priority lists and find innovative strategies to efficiently manage the contract life cycle. The contract management system is changing the business world and there is no reason for you to not adopt one at your organization. Find out more about contract management and how it benefits the organization.
How contract management software can benefit your business in 2021? Give it a little thought, read more articles about it, and leverage it with what you already have at your organization. Is it enough? The features you are currently using for contract management could be ineffective in a remote environment or even manage high volumes of contract management. Before adopting a contract management solution, you need to understand the basic features required in a solution to manage these processes seamlessly. Do not worry we have put together a blog with all the key features a contract management system should have in 2021.
If you are just starting out in contract management solution, we recommend that you read some of our previous blogs and find out what is a contract management system and its functioning and benefits before diving into the top 10 list we have put together below.
There are several solutions available in the market to choose from, well we thought we could make that process easy for you. Given below are the 10 best performing contract management solutions available in the market now.
ContractSafe contract management has all the required features for a basic contract management system. These features include routing, search, OCR, and good security and permissions. The only one con the solution has is that it does not have automated workflows.
- Do not miss deadlines: With automated alerts and notifications you can be sure that you will not miss deadlines.
- Speed Searching: You can search any document from anywhere - even the scanned ones!
- Security: Assigned permission roles for users and SOC2 certified solution that houses the data via Amazon’s AMS ISO 2700 I certified Data centres with encryption.
To know more about the solution, visit their site: https://www.contractsafe.com/.
9. Icertis Contract Management
The solution is AI-powered contract management that transforms contract documents into strategic advantage by structuring and connecting the important contract information.
- Flexible: Extremely flexible configuration, with the ability to model any type of agreement relationship.
- Customised for User Friendliness: Intuitive, personalized, role-based experience for any type of user
- Cloud Architecture: Microsoft Azure-native, scalable, and integration-friendly cloud architecture
- Security: Enterprise-grade security and administration to manage highly sensitive confidential contracts
Visit their site here to learn more: https://www.icertis.com/contract-management/.\
8. Onit Contract Management
End-to-end automation of the entire contract life cycle process is what the company is offering. Onit contract management is a cloud-based contract repository that is a fully featured and highly customizable contract life cycle platform that also well in auditing and analysis.
- Conditional Contract Generation: Automatically generate a contract with appropriate clauses based on a robust rules engine and contract metadata.
- Microsoft Word Integration: Empower users to work on contracts within their preferred word processing tool, while maintaining a seamless and secure link to Onit CLM.
- Clause & Template Library: Manage and maintain contract clauses and templates in a centralized and secure cloud-based location.
- Obligation Management: Give your users the power to manage and measure tasks or milestones related to compliance.
- Partner & Client Self Service: Provide partners and clients an easy-to-use portal to request, submit, or create contracts.
- Automated Risk Mitigation: Identify clauses and terms which add risk to your agreement and score your contract repository to assist you in both negotiations and renegotiations.
Visit their site to learn more - https://www.onit.com/products/contract-lifecycle-management/.
PandaDoc offers a contract management solution that is beyond eSignature, document automation for fast-moving teams. An automated document workflow that creates sends and tracks documents with a tool that replicated the approval process. The solution aims at simplifying the tasks of the revenue team so that they can get a whole lot done in a very small time.
- Instant Access: Access your contracts from anywhere at anytime you want.
- Contract Drafting: Create a new contract based on an existing one that will automatically include client’s data and more using “Transfer data to” feature.
- Contract Renewal: Easy to revisit contracts and renew the details on exact dates.
- Contract Redlining: The redlining feature enables legal and other teams to painlessly collaborate on business contracts.
- Proposals & Quotes: Create interactive and error free quotes using the solution.
- E-signatures & Payments: Features that enable e-signatures and quick payment.
Learn more about the software here - https://www.pandadoc.com/.
A very well-designed contract management tool that offers excellent life cycle management tools. The solution provides templates and pre-designed approval workflows to streamline the compliance process for legal teams.
The solution also provides features to reduce the emails of edits, redlines, and comments. Users can also view the full audit trail of a document. Version history and e-signature integration are some other features.
- Buy Side: A separate UI for suppliers.
- Sell Side: A separate UI for Customers.
- Government Contracts: Features to create contracts compliant to government standards.
- Full Text Search: Ability to perform searches using full texts.
- Specialty Contracts: Create specialty contracts as you want.
- Version Control: Control the version of documents in the solution.
Visit their site here to learn more about this- https://www.concordnow.com/concord-for-legal/.
5. Conga Contracts
The company reports that customers who adopted their contract management system have seen an ROI of 282% in just 6 months. It also ensures the fast-tracking of contract management processes through advanced technology. From request removal, the contracts in the system can be tracked and connected. The system allows you to control how contracts are created, shared, stored, and analyzed for better transparency in processes. Here are some of the amazing features that the solution offers.
- Complete CLM: Complete CLM to automate and streamline all your contracts.
- Customer Support: They are offering a 5-star customer support.
- Easy Configuration: The solution has an easy no code configuration.
- Pre-configured Templates: Templates the enforce compliance with legal standards and guidelines.
- Effective Workflows: Keep your contracts moving with automatic workflows and avoid any bottlenecks in the process.
- Clause Library: A library that bundles all commonly used clauses in a contract, makes it quicker to create a contract.
Visit their site here to learn more: https://conga.com/workflow-automation-software/contract-management-system.
Updraft is a well-featured contract management tool; the company claims that its contract management cuts drafting time by up to 90%. It also has customers around the world. The company also assures that the contract management system enables users to close deals faster. It also has AI technology that allows you to create a contract with just a few clicks. The company also provides free legal support as part of their plan. Let us take a look at some of the solutions features.
- Completion Tracking: Track the progress of the contract life cycle from beginning to completion efficiently.
- Contract Template: Create templates from previous contracts so that you can use it again to maintain consistency.
- Sell Side & Buy Side: Separate UI for sellers and buyers.
- Version Control: Using version control you can retrieve older versions of a document.
- Auto Extraction: Automatic extraction is one of the impressive features that the solution offers.
- Milestone Tracking: This feature is great in analysing audit trails and tracking progress of contract lifecycle.
Visit their site here to learn more: https://www.updraftsoftware.com/.
ContractWorks contract management aims at reducing the manpower and time spent on a contract management lifecycle. Some of their advanced features include –
- AI Auto-tagging: automatically identifies the type of contract.
- Document Templates: Create custom templates for a frequently signed document.
- OCR & Advanced Search: Quick search results across the platform.
- Security: Recently they have added an extra layer of security that is multi-factor authentication.
- Fujitsu ScanSnap Integration: The solution has integrated features that allow you to transform a hard copy contract to a digital one by simple scanning with your device.
- Bulk Tag Editing: Instead of editing those one by one you can now update them as bulk.
Visit their site here to learn more - https://software-info.gartnerdigitalmarkets.com/contractworks/?directory=contract-management&channel=capterra
2. Agiloft: Agile Contract Management Software
Agiloft, Inc. is a trusted provider of agile software for contract and commerce lifecycle management. Their contract management software is an incredible solution with some very reputable recognitions. Their contract management is a complete software suite to administer and negotiate agreements with suppliers, partners, and customers. Their pre-built solution is enabled to be customized for your exact needs. Here are some of the top features of Agiloft contract management software.
- Eliminates Approval Bottlenecks: With features like automatic notifications and one-click email approvals, the contract management process keeps running smoothly without any interruptions.
- Centralized Storage: Replaces the need for conventional file cabinets with a secure, centralized contract repository.
- Provides Actionable Insights: Insights into every aspect of the contract management process and reports, automatic alerts, etc.
- Auditability: Features that allow you to carry out a smooth and efficient audit.
- Brandable Portals: All the portals in the solution can be customized to match the organizational branding standards.
Agiloft contract management is the right choice for any company that is looking for an agile contract management platform with great features. Visit their site here -https://www.agiloft.com/.
1. Dock 365 Contract Management Solution
Dock 365 is a Microsoft Gold Certified Partner that specializes in business productivity, employee communication, and collaboration solutions based in Jacksonville, Florida. Dock 365’s contract management system is built entirely on SharePoint and Office 365 and serves as a great solution for any enterprise company that is looking to improve their contract management processes. The solution is highly customizable since it is built on SharePoint, allowing you to customize it to fit your organizational standards. SharePoint is HIPAA compliant, meaning this contract management is also suitable for healthcare institutions as well. Here are some of the highlight features of the Dock 365 Contract Management System:
- Comprehensive Dashboard: The Dashboard gives the users a complete overview of the contracts in the system so users can make intelligent and proactive decisions. It is easy to draw a summary from the dashboard, even if the user is a first-time visitor.
- Our contract management dashboard provides you detailed insights on demand, allowing you to make the best decisions for your business. In this way, you can implement new and thoughtful data-based strategies as you move forward. With this phenomenal feature at your fingertips, you can streamline, act, and effectively plan ahead in all your contract management operations.
- Contract Intake Process: An optimized contract intake process and an automated contract generation process makes it easy to self-service contracts.
- Customizable contract request forms work to document all important data prior to launching an automated workflow. Without a well-organized intake and request step, you may miss out on potential leads and encounter delays, bottlenecks, and other errors.
- Automated Approval: Automated approval workflows and associated notifications increase efficiency and productivity of contract lifecycles.
- Additional stages such as contract review, planning, negotiation, and execution are made easy with the various settings that can be enabled within automated contract workflows.
- Automatic Contract Creation: Enables you to create contracts from pre-approved contract templates.
- With preapproved contract template and clause libraries, not only do you cultivate a more efficient and accurate environment for building contracts, but you also cultivate a more secure and protected one.
- Enhanced Search Capability: Search and sort through results based on specific keywords, contract names, or IDs.
- Rapidly search and locate any clause or contract within minutes while keeping documents secure and clients satisfied.
- E-Signature Integration: Receiving signatures is seamless with various electronic signature technology integrations, such as Sertifi, Adobe Sign, and DocuSign.
- With the Sertifi eSignature solution built into our Contract Management System, you and your clients can sign documents on any device, anytime, anywhere.
- Reports: Generate reports based on several contract-related factors, such as date or departments. Integrate with Microsoft Power BI for dynamic reporting.
- With a well-designed digital contract management software solution, you can and analyze reports and data in real-time so you can stay up to date on every single detail. Measure the progress of contract lifecycles and assess where changes need to be made so you develop a better contract management process as you go. By viewing and analyzing reports, you can focus on key metrics and current contract data, as well as assess steps to take for risk mitigation.
- Audit Trails: Audit trails allow you to assess compliance and build awareness of organizational policies so you can ensure that every decision made is the correct and compliance-oriented one.
- Audit trails are especially helpful for reviewing contract history so you can stay fully aware and engaged. Audit trails are key for maintaining visibility and transparency in your contract management processes.
If your company currently uses SharePoint, Dock 365 can be a great investment that increases the value of your contract management processes.
There are several contract management solutions available in the market for you to choose from, these are just 10 of the best out there. If you are planning to adopt a contract management solution for yourself or at your organization, do extensive research to make sure that you are getting what you need. Our blog key features a contract management system should have in 2021, pretty much covers what you should be expecting from a contract management system in 2021. Keep in mind that extensive customization or a solution that is packed with features can also be daunting.
Written by Adarsh Dorai
Adarsh is a SharePoint expert with hands-on experience developing various SharePoint and Office 365 solutions.