Contract Management Platforms: A Breakdown
Contract management software is a solution deployed for creation, negotiation, signing, renewal, and gathering practical data on business contracts. With contract management software, lawyers and parties dealing in various business deals can substitute the manual management of physical contacts. This can help address large volumes of contact in far lesser time and efficiently without demanding more headcount.
In other words, contract management software refers to various computer programs, instructions, and data used to digitize and streamline the management process of legal agreements, thereby rendering contract procedures more efficient.
Benefits of Contract Management Solutions
Here are the top benefits you get to enjoy after deploying contract management software:
- Manages access to business contracts, thereby improving security.
- Integrate it with procurement or financial software systems and monitor current outlays against a supplier.
- Offers important alerts to important contacts, for instance, when the expiry date of a contract is approaching.
- Store the critical contract docs in a central repository with security.
- Maximize financial and operational performance by helping with performance analysis.
Why consider contract management?
Being slapdash in the management of contract management exposes entities to serious legal risks. Know that about 80% of revenue in B2B businesses is dictated by contracts. Furthermore, as per stats from the IACCM, businesses waste about 92% of their time on the contracting process.
Furthermore, poor management of business contracts potentially catalyzes friction between sales teams and different departments. Hence, missing key dates becomes a common occurrence that triggers expensive renewal costs. Contract management software, on the other hand, supports businesses in doing so by eliminating the need to handle the contracts manually. This leads to increased efficiency, accuracy, and productivity in the company.
Top Contract Management Platforms & How They Help
Here are some of the best contract management products along with their top features for a quick overview:
1. PandaDoc
This is a user-friendly and powerful document management tool employed to create, transfer, and share files online. PandaDoc offers various customizable templates that can be used to incorporate specific branding into the docs. Its advanced features and analytics have made it one of the favorite platforms for sales companies. That’s because it helps boost marketing operations and sales by offering real-time analysis of the campaign performances.
Some of the top features include:
- Branding
- Multiple Workspaces
- Cost & Margin Calculation
- Webhooks
- Electronic Signatures
- Document Forwarding
- Audit Trail, and so on.
2. signNow
This is a cloud-based e-signature software which enables companies to get legally-binding signs on all sorts of documents via any device, with native mobile applications for iOS and Android. signNow is supportive for both single as well as multi-party signing and delivers authentication tools, cloud storage integrations, customizable branding, and more.
Some of the top features include:
- Edit docs using a mobile app
- Supports in-person and a mass signing
- Allow collection of payments in docs through Payeezy and Stripe
3. ConnectWise Sell
This is a quote and proposal software created under the ConnectWise Suite. ConnectWise Sell is a solution that helps users create proposals that entail cover letters, product info, and statement of work automatically and in no time and generate professional tech quotes.
Some of the top features include:
- CRM
- Audit Trail
- Billing & Invoicing
- Bills of Material
- Automated Quoting
- Client Portal
- Cataloguing
4. Conga CPQ
This is a cloud-based multi-channel sales management software created to assist businesses in configuring services and products and generate quotes on the basis of the latest pricing details.
Some of the top features include:
- Approval Process Control
- Automated Quoting
- Collaboration Tools
- Configurable Workflow
- Client Portal
- CRM
- Cataloguing
5. Coupa
This is a cloud-based application meant for spending management. Coupa, thus, helps streamline every aspect of spending of your business efficiently and accurately. The software comes with a robust set of tools and provides various functions to aid users in monitoring outlays, budgeting, contracts, catalogs, and suppliers.
Some of the top features include:
- Inventory
- Analytics
- Storefront
- Budgeting
- Contract Lifecycle Management
- Sourcing
- Expenses
- Supplier Information Management
6. DocuSign CLM
This software enables businesses to streamline the agreement lifecycle by turning analog processes into an automated digital workflow. This results in a better and accelerated pace of doing business, more efficient and productive employees, and enhanced compliance.
Some of the top features include:
- Contract Creation
- Contract Collaboration
- Contract Editing
- APIs/ Integrations
- Reporting & Dashboards
- Metadata for File Management
- Contract Templates
Read More: How to Utilize Customer Education to Onboard, Retain, And Engage With Your Audience
Contract Management Solutions stores and digitizes all the contracts into a centralized repository, thereby offering a way for shareholders like legal and compliance departments to find and review contracts and eradicate the need to find and sift through the piles of paper manually. Contract management software is essential if you aspire to enhance efficiency and productivity across your company.
