Every business, regardless of size, will need to create, negotiate, and manage contracts. Smaller businesses may find it easier to manage and sort out their contracts. Meanwhile, larger businesses dealing with more than 10 contracts per week may need to use proper contract management software to get ahead of the game. Creating, negotiating, managing, and implementing contracts can be time-consuming and susceptible to usual data entry errors. As such, it is a great idea to have a digital, automated, and centralized contract management software that can help in making contracts easier and more efficient.
TABLE OF CONTENTS
- What is a contract management software?
- How does a contract management software work?
- What does a contract management software do?
- How do I choose a contract management system?
- Zendoc, the best contract management system for post-award
- DocuSign, the best contract management system for e-signature
- PandaDoc, the best document management system
- Juro, the best free plan contract management system
- Agiloft, the best contract management system for customization
- Outlaw, the best contract management system for reporting
- Concord, the best contract management system for lifecycle management
- About Zendoc
What is a contract management software?
A contract management software is usually used to manage contracts from its creation to its renewal/expiration. Having a proper contract management software can help a business deal with numerous contracts at the same time. It can help track a contract throughout its lifecycle, making it easier for business owners and employees to keep a centralized data repository that they can visit anytime. Contract management software can also set up automated notifications when a contract is about to reach its expiration, reducing the risk of additional costs in late renewals/termination.
What are contract tools?
As the name suggests, contract tools offer a set of tools specifically designed to simplify the review of long and complex contracts. It increases the speed and accuracy with which a lawyer or contract manager can navigate, search, and edit an agreement.
More on this topic: What is end-to-end contract management?
How does a contract management software work?
Most major deals and agreements in all kinds of industry require an effective use of contract management software to assist in managing multiple clients at the same time. Contract management software can help a business in different areas of contract management, including approval and negotiations, commitment management, communication management, and visibility and awareness of the contract.
What are the stages of contract management?
Contract management lifecycle refers to the seven stages a contract undergoes from its creation to its renewal/expiration. Each phase of the contract lifecycle should meet all the expectations and agreed upon by all the parties involved before going to the next one. The stages of contract management lifecycle include planning - implementation - pre-contract - handover - contract - pre-renewal - post-contract.
What does a good contract management look like?
Implementing a successful contract management strategy means that benefits, efficiency and price-quality ratio are guaranteed. All parties involved should be able to know and understand their roles and obligations. A good contract management can also help in reducing costs and time while increasing efficiency and productivity.
More on this topic: How do you build a contract management system?
What does a contract management software do?
Contract Management Software brings together all parties involved on a trusted medium in which all parties see the changes and can monitor the time frame of the contract from inception to signing.
What makes a good contract management system?
Features of a good contract management system should have centralized storage of standardized company contracts. A basic workflow management system that facilitates and guides the preparation and implementation of new contracts is also a must. A good contract management system must exhibit flexibility in managing vendor relationships and its interactions.
More on this topic: What does a contract management system do?
How do I choose a contract management system?
With all the contract management software available in the market, it can be quite confusing which one suits the company’s needs. When choosing a contract management system, here are some key factors that business owners or contract managers should consider.
A good contract management system should have a user-friendly interface with secure sharing, delivery, documentation, and storage capabilities. It is also great for businesses to implement a customizable contract management software that businesses can edit to fit their needs. Basic troubleshooting and risk management should also be considered when it comes to choosing the right contract management software.
Zendoc, the best contract management system for post-award
Zendoc is the one on the top when it comes to post-award contract management. It’s AI-powered contract discovery, search, and notifications can help businesses drastically reduce time in trying to find a specific contract. Zendoc also has a powerful AI that finds and retrieves legal documents directly in the cloud and email providers, then gathers them all in one place. The platform AI can also highlight key terms and information throughout your legal documents for easier organizing, and send smart alerts to the business and stakeholders about deadlines, clauses, awards, and much more.
DocuSign, the best contract management system for e-signature
DocuSign is the leading contract management system when it comes to facilitating secure exchange of electronic contracts and authorized documents. Boasting over 15 years of service, DocuSign is one of the best in affixing digital signatures on documents using a secure electronic signature technology and digital transaction processes.
PandaDoc, the best document management system
With custom templates available for use and secure audit trail for documents, PandaDoc is a great choice when it comes to document management systems. Their easy-to-use, rich-media, and editable templates can help even a beginner contract manager to keep things going.
Juro, the best free plan contract management system
Juro has one of the best free plans when it comes to contract management. It is a great end-to-end contract management platform that offers templates that can easily be changed in its built-in template editor.
Agiloft, the best contract management system for customization
Agiloft might be the oldest one in the list, but its contract management system is still on par with the latest ones. Offering a code-free configuration, Agiloft offers custom workflows, routing processes, reports, and dashboards that can be personalized.
Outlaw, the best contract management system for reporting
Boasting unlimited cloud storage and highly-functional AI analytics, Outlaw is the best contract management system when it comes to reporting. Outlaw can help businesses by running reports on timelines, contract statuses, and ongoing activities.
Concord, the best contract management system for lifecycle management
When it comes to managing the entire process of contract management lifecycle, Concord is the top choice. It’s user-friendly interface and customizable approval process, reports, insights, and user groups can give the business the flexibility it needs in addressing their contracting needs. Concord also generates a new log when a field is entered or edited in a document, providing a consistent audit trail.
More on this topic: What is a Contract Management Framework?