Contracts play a crucial role in today’s business environment. Statistics show that about 60-80% of businesses are governed by contracts. Thanks to technological advancement, contract management is now simple and stress-free. Automation of contract management has not only eliminated mistakes, tracking challenges, and the need to hire more human capital but it has also sped up the sales negotiation cycle by up to 50% and cuts inaccurate payment by up to 90%. If you want to manage your business contracts more efficiently to minimize loss and boost sales, then you need to implement contract lifecycles management (CLM) and adopt suitable CLM software.
But with so many CLM software on the market each claiming to be the best, finding one that suits your business needs can be a daunting task. Fortunately, today you have come to the right place. We have researched on your behalf and compiled a list of the 14 best Contract Lifecycle Management Software.
Now, without further ado, let’s get started.
What Is Contract Lifecycle Management?
Contract Lifecycle Management is simply a digital platform that automates and streamlines contract processes on key stages including initiation, authoring, process and workflow, negotiation and approval, execution, ongoing management and compliance, and contract renewal. Contract Lifecycle Management creates unified terms, core templates, common languages, and repeated conditions for both buyers and suppliers. This is important because it helps to reduce errors, save time, lower administrative costs, provide greater visibility, and enhance efficiency in contract management.
What Is CLM Software?
CLM software is simply software used to manage an organization’s contracts, from initiation through execution, performance, and renewal/expiry. CLM Software helps to improve efficiency and cost saving. It also reduces the company’s exposure to risk by limiting missed obligations and ensuring compliance with legal requirements.
Features Of CLM Software
Contract Audit And Change History
CLM Software usually creates version history to ensure that you use the latest version of contracts. Additionally, they also allow you to monitor all changes that have been made in the contract. This is important because it allows you to detect and correct mistakes on time.
Compliance
One of the most important aspects of a contract is compliance. If you don’t comply with legal requirements, then you will lose a lot in your contracts. CLM Software will continually check to ensure that all your contracts have complied with all legal requirements.
Collaborative Contract Editing
CLM Software contains a collaborative contract editing feature that allows all the parties involved to edit the contract digitally. For instance, if you make changes in the contract, your business partner in another state can view those changes in real-time.
Workflow Management
CLM Software ensures that there is seamless workflow management by ensuring that all parties involved in the contract are well informed. This is important because it makes the entire process of processing the contract easy and stress-free.
Notification And Alerts Of Contract Changes
The last thing you want is missing important contract obligations or deadlines. CLM Software allows users to set up alerts based on any date field captured on the contract. CLM Software allows you to set automated alerts to ensure you don’t miss your contract obligation such as an auto-renewal that you wanted to cancel. This is important because it enables you to alleviate risks in your contract management process.
Powerful Search Capabilities
Having all your contracts in a central database will not be helpful if you cannot find something when you need it. CLM Software provides a search tool that allows users to find what they are looking for quickly. All you need to do is type what you are looking for in the search box and you will get fast and accurate results.
Electronic Signatures
Another great feature of CLM Software is that it allows you to go paperless through e-signature. This is important because it allows you to gain full control of your contract process. You can track them from the initial draft stage all the way to the execution stage. This feature also provides a great user experience because it allows you to sign your contracts from anywhere, including using your smartphone.
Best CLM Software
1. Evisort
On top of our list of the best CLM software is Evisort. This software has topped our list because of the amazing features that it is equipped with. Evisort is a contract intelligence platform that was created by MIT and Harvard law alumni.
Evisort AI including natural language processing and machine learning delivers powerful contract data extraction which allows you to reduce cost and risk across all your contracts, including third-party paper.
This CLM software also helps to accelerate deals with data drive negotiations and eliminates complex contract review processes. It uses artificial intelligence to search and track metadata and provisions without the need to enter data manually
Evisort is also equipped with intelligent dash-boarding that visualizes contract data in real-time from PDFs or scanned word files and provides a summary of key metrics without the need to enter data manually. Evisort also allows companies to streamline workflow from review to signatures, use built-in collaboration tools, comment and view changes in real-time, and gain visibility into approval processes.
Evisort also allows integration with other third-party systems like Google Drive, Dropbox, Box, SharePoint, Gmail, and much more. Other incredible features of this CLM software include an activity dashboard, audit trail, search functionality, and automated notifications.
Key Evisort Features
- AI-powered contract analytics
- Risk mitigation approval processes
- Pre-built templates
- Contract linear repository
If you want to leverage AI And Machine Learning for Contract Lifecycle Management, download the Guide.
2. DocuSign CLM
DocuSign CLM is a powerful software that allows you to streamline your contract lifecycle by orchestrating complex workflows, reducing unnecessary risks, and automating manual tasks.
This software provides a great e-signature experience and workflow. You can upload all your documents and edit them as you wish. It is also a great content management software that you use to store and organize your documents electronically.
DocuSign CLM has more than one billion users globally and serves top fortune 500 companies in technology, healthcare, and finance. It also serves more than 3000 local government and federal state agencies.
This cloud-based software is ideal for managing contracts, documents, and related collateral. DocuSign CLM is equipped with a scalable and robust workflow engine that automates even the most sophisticated document processes. DocuSign CLM is also the first and only FedRAMP-compliant CLM solution.
DocuSign CLM Key Features
- Contract document generation
- Clause library
- Collaboration and sharing
- AI-powered contract analytics
- Renewal tracking
3. SAP Ariba Contract
SAP Ariba Contracts is an end-to-end software designed to eliminate ink and paper from the creation, execution, and management of any type of contractual agreement. With this CLM software, you will strengthen the contractual, operational, and regulatory compliance of your contract with ease.
SAP Ariba Contracts allows companies to connect directly with their customers when creating, negotiating, executing, and managing ongoing contracts. When you use this software you will not only experience greater efficiency but you will also improve relationships with your clients and lower administrative costs.
SAP Ariba Contracts also creates incredible core templates and unified terms to help suppliers and buyers reduce errors and save valuable time. The pre-approved templates and clauses that it comes with also allow you to create contracts quickly and with ease. If you are looking for CLM software to help you in managing sales and procurement, internal agreements, and IP licenses, then SAP Ariba Contracts is the perfect choice for you.
SAP Ariba Contract Features
- CLM automation
- IP licensing
- Standardize compliance
- Powerful search and reporting capabilities
4. Conga Contracts
Conga Contracts is one of the best CLM software on the market. It has a high retention rate of 9 out of 10, a clear indication that most customers are impressed with its performance. It is an intuitive platform that is easy to use
With Conga Contracts you can control how your contracts are created, processed, and stored. It also allows you to automate crucial contracting steps to lower risk, increase compliance and accelerate your cycle times.
This CLM software allows you to store all your contracts in a secure and central repository for easy retrieval when you need it. It also allows you to automate time-consuming tasks like negotiations, authoring, approvals, and reporting thus allowing you to create complex contracts that are free of errors.
Features Workflow And Approvals
- Milestone tracking
- Advanced analytics
- Electronic signature
- Document and compliance management
5. LinkSquares
LinkSquares is a powerful platform that provides a solution for e-signature, pre-signature, and post-signature. It offers a built-in e-signature tool, full-text search, proprietary OCR, self-service drafting, contract template, automatic extraction, and custom reporting and notifications.
LinkSquares is highly customizable, thus ideal for creating unique contracts. It also does a great job of capturing key contract terms, and calculating auto renewal and termination opt-out dates. It can also select several contract types from different providers with minimal information as well as store every contract in a single online repository for easy retrieval.
LinkSquares Features
- Integrates with popular enterprise software and CRMs
- Automated review and execution
- AI-powered contract analysis
- Automated review and execution
6. Icertis Contract Management Software
Icertis Contract Management Software provides could base CLM solution that allows organizations to manage all stages of contract cycles with ease. Some of its key features include milestone tracking, auto extraction, approval workflow, and contract drafting.
In addition to offering the traditional axes of a contract, this CLM software also offers risk management and compliance. The analytics and features that it is equipped with allow users to monitor contractual risks, and manage negotiation intelligence and contractual performance.
Icertis Contract Management Software allows users to digitize contracts into a searchable repository. This software can also manage all types of contract needs, including NDAs, buy-side, sell-side HR contracts, service agreements, workflows, and pertinent metadata.
Icertis Contract Management Software Features
- Proposal management
- milestone tracking
- Contract drafting
- Contract analytics
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7. Contract Logix
Contract Logix software has been around for a long time and it has proven beyond a reasonable doubt to be efficient and reliable. Hundreds of companies across the world have partnered with Contract Logix to enhance their contract management.
This CLM allows you to automate and streamline the drafting, negotiation, approval, execution, and management of contracts. One of its key features includes a fully searchable contract repository with automated alerts for obligations, dates, and millstones.
Contract Logix is equipped with amazing features that support every stage of your CLM process, from the request of a new contract to amendments, renewals, and termination. Another interesting thing about Contract Logix is that every new client is assigned an experienced customer success manager to guide you on how to use the software to make the entire process seamless and stress-free. Also included in the package is a 100% US-based technical team that can be accessed via online chat, email, and phone.
Contract Logix Features
- Full-text search
- Completion tracking
- Compliance tracking
- Electronic signature
8. SirionLabs CLM
SirionLabs CLM is one of the leading full-scale AI-led software that is used in over 70 countries and has processed over 5 million contracts worth more than 450 billion. This CLM software has been recognized as the leading CLM software lead top analysts like G2, Spend matters, and Gartner.
SirionLabs CLM will offer your legal and contract management team the ability to meet the complex needs of your clients. It provides smooth functionality from contract creation to termination.
This software also provides a wide array of AI automation capabilities, allowing you to accomplish more is less time. Its unparalleled analytics will allow you to gain important insights about the contract. This tool will also help to ensure that your approval protocol and templates are in sync and all compliance is met.
SirionLabs CLM Features
- Milestone tracking
- Contract templates
- Contract traffic
- Full-text search
9. Ironclad CLM
Ironclad CLM is a platform designed to streamline all parts of your organization’s contract process allowing you to focus on legal work as opposed to paperwork. It will help your organization create, automate and manage workflows related to agreements and contracts with ease. It is also equipped with a self-service portal that you can use to design and customize templates for your contracts.
Some of the key features of Ironclad CLM include red line previewing, audit trail, workflow engine, and automated signatures. This software also comes with a contract repository with automated naming and storage functionality that allows you to search, and organize control data with ease on the platform.
Ironclad CLM Features
- Centralized repository of contracts
- Digital workflows
- Real-time contract collaboration
- Compliance capture feature
10. PandaDoc
PandaDoc is an all-in-one platform used to create, send, track edit, and eSign documents easily and quickly. It is the best software to use if you want to generate error-free and professionally looking proposals and contracts.
PandaDoc will automate all your documents and proposal thus eliminating the need for paperwork. You can easily manage your workflow with this software and track your contract to ensure they are error-free and compliant.
PandaDoc is used by over 40,000 customers around the world to create, manage and e-sign all their documents with ease to minimize inefficiencies.
PandaDoc Features
- Intuitive UI
- Contract Template
- e- Signature
- Compliance tracking
11. ContractWorks
As the name suggests, ContractWorks is contract management software designed to help streamline the signing, managing, and tracking of agreements.
This software is equipped with a centralized searchable repository that allows you to locate data from your contract with ease. It also features notifications and alerts for key milestone dates. The AI that it features will make your contract management process much easier.
ContractWorks also features a customizable repository functionality that provides insight into your company’s portfolio. On the other hand, the built-in e- signature will speed up your contract signature process. ContractWorks is indeed the best software to purchase if you want to make executing, tracking, and storing corporate contracts easy.
ContractWorks Features
- CRM integration
- Electronic signature
- Alerts and notifications
- Analytics
- 24/7 customer support
12. ContractPodAi
ContractPodAi is a leading CLM software designed to streamline your contract management process. It uses powerful cognitive technology, natural learning processes, and machine learning that enable it to deliver quick and error-free results.
ContractPodAi comes fully located with advanced features, including easy-to-use templates, a smart repository, auto document generation, e-signatures, collaboration tools, AI analytics, alerts and reminders, and third-party document review that will make your contract management easy and stress-free.
ContractPodAi Features
- Team collaboration
- Compliance tracking
- CRM
- Electronic signature
13. Concord
Concord is a well-designed contract management platform with excellent CLM tools. Over 500,000 companies trust concord with their contracts, a clear indication that it is reliable. With this tool, you can create, negotiate, sign, and manage multiple contracts across your organization. It contains easy to use interface and advanced features that will make your contract management process seamless.
Concord Features
- Electronic signature
- Al analytics
- Templates
- Clause library
14. Agiloft
Agiloft is a powerful CLM software with military-grade security. This means that if you adopt this software in your organization, you are guaranteed that all your contracts will be safe. Agiloft is also the most customizable contract management system on the market. Its wizard-based approach makes it easy to configure this tool with many other platforms.
Agiloft was named the top in the 2021 Gartner magic quadrant for contract life cycle management. This CLM tool is also a five-time winner of the PC magazine editor choice award. Its robust technology makes it easy to set up and use. Additionally, its scalable platform supports multiple approval processes with email alerts integrated workflows, and one-click contract generation.
Agiloft Features
- Approval process control
- Asset tracking
- Audit management
- Automated routing
- Customizable dashboards and reports
