Contract Management Software, commonly known as Contract Lifecycle Management (CLM) software, is an integrated tool that efficiently manages the whole contract process. This software combines the efforts of procurement, sales, legal, contract and financial teams to devise a constructive solution. Contract management software automates the creation, negotiation and approval process of all the contracts that a business goes through.
Evolution of Contract Management Software
Contract management software was originally developed to create an efficient delivery of a contract by mitigating the risks of any contract and increasing its velocity at the same time. Contract management software packages are a safe space to store all your contracts as the security offered by these platforms is quite strong.
Contract management software packages are not just a storehouse for legal documents. They have features that every department in your organization can benefit from. If you consider the sales and marketing teams, you will find the great impact the contract management software packages have on them is widely beneficial.
The contracts between the customers and your company are efficiently streamlined into the system with contract management software packages. Keeping a paper-based log is subject to manual errors and negligence. But with everything added to a single system, the space for errors is greatly reduced. Your customers and the sales team can have quick access to a specific contract at any given time.
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Best Contract Management Software
Using contract management software packages gives your organization a chance to implement web-based authentication. Paper signatures can be disguised or forged, but with e-signatures, the chances for illegal activities are almost zero. Authentication of the signatures becomes easy, and your contracts become legally binding to the most extent.
Some of the best contract management software packages
- PandaDoc
PandaDoc is a robust Contract Management Software. It is an all in one solution for contracts and documents management. It provides 24×7 customer support to its paid users. You can add unlimited users, e-signatures, and documents to PandaDoc. It manages the contracts through their entire lifecycle.
- Agiloft
Agiloft is well known for its code-free customization options. It can manage every contract entered in the system throughout its lifecycle. The security guarantee offered by Agiloft is unconditional. Even though it is one of the oldest contract management software packages in the market, several organizations still use it.
- Concord
Concord is the best-suited Contract Management Software for large businesses. The enterprise-grade features of this software provide complete onboarding support and allow unlimited transactions of contracts and documents. Concord has a bulk upload feature that is most fitted for organizations having a large number of clients.
- DocuSign
DocuSign is the Best Contract Management Software for small businesses. The solutions offered by this platform are quite inexpensive. DocuSign provides customer support 24×7 to all its users. This software can configure your workflow with flexibility. The reusable templates of DocuSign are a plus to the content repository. The real-time notifications, reminders and comments are very helpful.
- Juro
Juro is the best open source Contract Management Software that offers end-to-end services. With Juro’s free plan, users can upload up to 50 contracts and/or documents. This is a very intuitive and user-friendly contract management platform. The AI-based analytics, strong search capabilities and attractive dashboard of Juro make it a widely used Contract Management Software.
- ContractWorks
The AI-based technologies of ContractWorks enable automation services for all its users. This platform is economically friendly. This time-saving software provides free data migration along with 24×7 user support. You can add unlimited users and contracts/documents to ContractWorks, and it will manage them throughout their lifecycle.
How do contract management software packages enable customer-facing teams?
Contract management software packages might seem to be just for the internal use of the employees, but they are of great help for customer-facing teams such as sales. These software packages generate quick actions and seal the deals efficiently within minutes of completion of negotiations. This decreases the length of any sales cycle. The shortened sales cycles allow the sales rep to take on more leads and effectively leads to a higher closing rate. And as the customer provisioning is quick and smooth, the impact is a rise in the revenue as customers come back for more. Since the contract management software packages completely streamline the administration of contracts from writing to authenticating, it allows the sales team to focus on their pitch and enhance their selling techniques. It gives room for implementing strategies and experimenting with new sales techniques. Customer-facing teams focus on the customers rather than spending time in legal work, which greatly benefits the sales rate.
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