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Top Enterprise Contract Management Software | The layout and storage of contracts have been revolutionized and modernized by Software-as-a-Service (SaaS) platforms, giving rise to the current contract management market. Systems that offer seamless integration are praised for assisting businesses in maintaining compliance while boosting closing rates by 40% or more.
Choosing the ideal contract management software, one that can increase your close rate and save your team time, can be challenging in the burgeoning SaaS industry for contract management. Not all software is immediately intuitive to use or to connect with existing workflows, which adds further tension to the predicament.
In this article, we are going to discuss Enterprise contract management software and all you must know about it before you decide on it. Let’s get started with understanding what is contract management software.
What is Enterprise Contract Management Software?
A tool that integrates all parties, contracts, and versions involved in contract negotiation and contract drafting is contract management software. A trusted platform, such as a contract management tool, enables all parties to view updates and monitor contract timelines from creation to signature.
The top contract lifecycle management systems include thorough reporting and analytics, a plethora of continuing management and workflow automation options, and thoughtful notifications. All or some of these features are offered by many of the software solutions covered in this compilation of reviews.
Depending on an organization’s needs, there are several levels of complexity for contract management software. While some platforms allow for comprehensive customization and have a wider range of applications, others are built for simplicity and only support a few specific business verticals and use cases for contract administration.
Features to look for in Contract Management Software: What must include?
1. AI-powered Documentation and Extraction
The administration of your contract life cycle can be made more efficient with the use of AI-enabled documentation and extraction. Users can choose data points and set up rules depending on different contract kinds.
Data consolidation and comprehensibility are two further benefits of AI-enabled contract management software. Users can define rules for critical data subsets, locations, dates, values, and other identifiable information. They can cut down on the time needed for laborious operations like content conversion, tagging, extraction, and entering contract data into an electronic format. Making it quicker and simpler for various teams to document contracts.
2. Centralized Dashboard
It is simpler to plan tasks, make decisions, and take appropriate action when using an automated contract management system that gives users a unified view of all contracts and all relevant information, such as contract expiration, current contracts, etc. One of the key components of a contract management system and perhaps the first step on your path to streamlining the contract lifecycle management process is a single, integrated dashboard.
3. Central Contract Repository
One of a contract management system’s standout characteristics is its central contract repository, which makes it possible to obtain contract information quickly and easily. Your teams will have more time to focus on contract strategy because they won’t have to spend as much time scouring files and email inboxes for pertinent contract information.
If multiple teams are working together on contracts, an automated contract management system also helps to break down information silos because each team has access to the same repository of data. Your contract management system should provide a central contract repository in addition to configurable and filtered searches that enable quick access to any contract data.
4. Ready-to-use Contract Templates
Users should be able to simply develop and use contract templates thanks to the capabilities of good contract management software. Therefore, you can either use existing templates or design your own standard template using Create contracts on the go rather than spending time creating contracts from start each time. It is less expensive and takes less time to digitize contracts using pre-approved clause libraries and pre-existing templates.
5. Workflow Automation
Your business may make wise use of its time and resources with the aid of customizable and automated contract workflows. Your staff can devote more time to strategic projects as these procedures lead your teams through each phase of the contract lifecycle. The automated workflow, one of the key components of the contract management system, uses established sequencing to make contract planning, reviewing, negotiating, and approval easier.
Top 3 Contract Management Software to look for in 2023
1. PandaDoc
With more than 20,000 users worldwide, PandaDoc is a very well-liked document and contract management program. It’s a great option for expanding small businesses and startups since it gives you the tools you need to create expert contracts without consulting a lawyer. Even better, you may easily move crucial information from a proposal to a contract with just one click.
Additionally, it offers insightful insights without the need for a full-fledged sales team or data experts to collect, track, and modify the data into something you can utilize.
PandaDoc essentially fills in the gaps left by your organization so you may manage contract administration and management on your own. As a result, you can deliver professionally prepared papers and take advantage of enterprise-grade analytics for a lot less money than it would cost you to hire additional workers or contractors to do it for you.
You receive everything you need to easily write, send, and manage documents and legally binding agreements, whether you’re submitting a proposal to a potential customer or a finalized contract with a deposit invoice attached.
Cost range of PandaDoc Enterprise Contract Management Software:
For individuals, the price is $9; for corporations, it is $49.
Reasons to use PandaDoc Enterprise Contract Management Software:
It’s a complete management, communication, and contract monitoring system. This all-encompassing contract lifecycle management solution makes it simple for internal teams to manage contracts, from contract automation and drafting through contract approval (before they are given to clients) to signature and payment. Due to the flexibility of its contract management platform, it can handle practically any business process that calls for document management and electronic signatures.
2. ContactSafe
As a comprehensive contract management solution, ContractSafe was created. It supports an illimitable number of users and is free from the complicated user permissions common to other programs.
To discover contracts, reports, and other business documents fast, ContractSafe provides a quick and simple keyword searching option. Both broad and extremely specific keywords are acceptable. When a document is finished, you can store it in a single, safe location. All stored papers can be easily tracked down and searched for. On all papers that are saved and sent, ContractSafe offers data encryption. The software also has the ability to identify malware, viruses, and intrusions.
ContractSafe will notify you through email when a deadline, contract termination, or contract renewal is approaching. Assigning duties to each team member is simple thanks to the software’s infinite user capacity. This covers read-only and no-delete users.
Numerous third-party programs, such as those for cloud storage, eSignature, CRM, and other highly regarded contract managers like PandaDoc, are integrated with ContractSafe software. The business provides free implementation, in-product support, and specialized training.
Cost range for ContractSafe Enterprise Contract Management Software:
Pricing ranges from $299 per month for 500 active users on the Basic plan to $899 per month for 5,000 active users on the Enterprise plan.
Reason to Use ContractSafe Enterprise Contract Management Software:
The software has a Speed Search function that also functions with scanned documents.
3. Concord
Concord is a software solution that makes compliance and negotiating simple. Concord has pre-approved templates for quicker contract creation, and its version-control system makes sure that everyone who uses the software always sees the most recent revisions of the contract. It allows users to keep track of changes and have conversations inside the platform with stakeholders and other reviewers. Users can also view the status of every contract to quicken the purchasing process.
The automated approval feature relies on automated contracts being sent through the appropriate approval channels, which assures shorter waiting times. The sales cycle is considerably sped up by the online negotiating and redlining tool, which allows comments, redlines, and editing within the document itself. Customers have the free choice to study, alter, and electronically sign the contract. Concord helps you integrate Salesforce and automates the post-signatures process in your CRM.
Concord also enables you to create real-time bespoke reports and data derived from active contracts. This makes it possible for you to spot chances to upsell existing clients. The program has an integrated eSignature solution to shorten the time required for the entire CLM process and do away with the necessity for on-premise contract signature.
Cost Range of Concord Enterprise Contract Management Software:
The cost per creative every month ranges from $100 to $195, plus $50 to $95 for each collaborator.
Reason to Use Concord Enterprise Contract Management Software:
Users may choose to select Concord if they need to generate an audit trail.
Concluding Note
There are many different types of contracts, including those for partnerships, service-based contracts, suppliers, and new hire documentation. For compliance reasons, it is essential to manage those contracts well and to keep a careful check on them.
Additionally, your company will benefit greatly from integrating strong automation capabilities, monitoring important dates, and maintaining everything in a searchable database.
Additionally, the correct software may potentially enable cost savings. Thankfully, there are numerous applications that make managing contracts, getting e-signatures, and getting reminders when things are about to expire simply.