Contract lifecyle management (CLM) software helps to organize the meticulous and complex contractual negotiation process between buyers and suppliers. These apps typically manage the entire contract lifecycle, from initial request for proposal (RFP) to later re-negotiations. Users can get full control of the contractual procedure which minimizes supplier risk, and also helps them obtain deep insight into contracts, which creates more negotiation opportunities and boosts cash flow. Show moreCLM software systems range from applications that exclusively manage vendor contracts to robust suites that include bidding, sourcing, and procurement features. These solutions can seamlessly integrate with enterprise resourcing planning (ERP), supply chain, and accounting systems. Start by checking our leader ContractWorks, and other recommended solutions in this category.Show less
To prepare this list of best Contract Lifecycle Management Software we have analyzed 98 different systems currently available on the market, studying their features, ease of implementation, client service, available integrations and mobile device support with our exclusive SmartScoreTM rating algorithm. This ranking has been prepared by Nestor Gilbert, our software authority responsible for the Contract Lifecycle Management Software category.
ManageEngine ServiceDesk is an integrated help desk solution offering asset and project management built on the ITIL framework. It is packed with robust tools and features to help users achieve total visibility of the entire IT infrastructure, enabling better management and quicker response to address identified issues.
SAP Ariba is a cloud-based procurement platform that enables businesses to connect to their trading partners anywhere, at any time from any application or device. It includes a robust contract management module that makes it easy to manage procurements, sales, internal agreements, and IPs. It streamlines the entire lifecycle from initiation to renewal.
Emptoris covers all stages of the contract lifecycle from creation, execution and discovery through renewals, renegotiation, and performance monitoring. With this, you can facilitate better business transactions and foster stronger relationships with your clients.
ContractWorks is the easiest, most secure contract management software, complete with unlimited users, unlimited contracts, and low flat-fee pricing. It leverages artificial intelligence to help companies use less time, smaller budgets, and fewer people when processing contracts. It includes a secure contract repository, document tagging, e-signature, and much more.
Coupa is a spend management platform that provides a suite of cloud applications for finance, including procurement, expense management, and accounts payable. It incorporates various functionalities such as spend analysis, contract management, supplier management, strategic sourcing, invoicing, procurement, and much more.
Accelo is a cloud-based software that combines simple and powerful tools for professional services for businesses. It automates various processes to increase productivity and profitability. It comes with tools for sales, projects, services, retainers, and servops. The platform also integrates with many third-party apps such as G Suite, Office 365, Xero, Quickbooks, and more.
Concord is a contract management solutions provider that enables companies to streamline their contract lifecycle management processes. It makes it easy to collaborate on all your contracts, which increases productivity. You can easily create, update, edit, and manage contracts in one place. It also includes an e-signature tool.
SAP Sourcing CLM is a platform that works on ensuring process visibility and compliance in contract management. Available for on-premise and cloud-hosted deployment, it comes equipped with features for file documentation, auctions hosting, compliance management, and more.
Octiv is a provider of a sales productivity platform that drives for efficient process work that empowers teams and businesses. It offers a wide range of CLM functionalities ranging from document generation and localization to e-signature support and real-time reporting.
SpringCM is a simple yet intuitive software tool that helps companies of different sizes close deals faster by automating the biggest bottleneck in your sales cycle: the contract management process. It provides tools for workflow automation, document organization, collaborative editing, and mobile document access.
Cobblestone Software provides enterprise contract lifecycle management software that helps businesses to successfully manage the entire lifecycle of their contracts.
Contract lifecycle management tools (CLM) help you to manage the entire contract lifecycle from the initial proposal stage to later re-negotiations. However, how do you select the best contract lifecycle management tools for your needs from the scores of good quality platforms out there? This buyer’s guide helps you by detailing the list of features to look for and the factors to consider while doing informed comparisons to select a high-quality CLM software solution.
The best way to start your search is by registering for the free trials or demo offered by leading contract lifecycle management software providers. This will enable you to test drive each app’s features free of cost, do a comparison, and understand whether it is the best contract lifecycle management software solution for small business. You can begin by finding out whether the following popular CLM platforms offer a free trial: SpringCM, Octiv, Agiloft, Accelo, and Concord. These tools have received high rankings in our contract lifecycle management software reviews.
CLM software is typically used by the following professionals:
Contract lifecycle management tools typically support a range of contract types including:
With CLM software, you don’t have to click through multiple screens to search for a vendor contract. Plus, you will not end up misplacing a contract saved on your computer. The CLM software stores all your contracts conveniently in one place, which makes it simple to locate and manage them. You can use easy search features and simple keywords to find contracts which can help you save time and use it for productive work.
CLM software can help to minimize risk as they enable proactive compliance management and easy auditing. You can use reporting and automation features to evaluate the performance of contracts and to ensure nothing slips through the cracks. Cloud software vendors offer dedicated encryption, access, and permissions features you can use to ensure only authorized persons get to view your contracts.
Saves money and time
Time is money in any industry. CLM software helps you save time as you can find and manage contracts easily. Plus, you can also monitor milestone dates effectively. All this can boost your efficiency and productivity. Thus, the money you invest in the software is repaid many times over by the various benefits it offers.
Automate the contract lifecycle
The entire contract lifecycle involves a lot of repetitive processes. Automating many parts of the workflow opens up your schedule to accept more clients and accomplish important work. It also reduces the risks of human error and improves compliance.
Emerging technologies in CLM software are helping to create synergy between the different business units of a company as they can learn the contractual obligations of the firm. The new systems provide info that can be customized for specific companies and industries. They can offer even advanced fields of info such as the contracting parties, limited liability, indemnification, expenses, obligations, venue or jurisdiction and more. This information is useful particularly in the post-execution phase of contracts and these new technologies are helping to boost an organization’s efficiency.
Intuitive and user-friendly method
The new technologies are simplifying the contracting process by using an intuitive and user-friendly method to filter strategic info. These technologies are helping business analysts to better understand the relationship models and terms of the contracting process. This helps analysts to offer more simplified and accessible contracts. The new technologies also help to make contract drafting more efficient.
Excluding stakeholders from the selection process
You should ensure to include all important stakeholders in your company in the software selection and usage process. Ask them all to attend a product demo and inform them about the benefits of the CLM system. Bring all the important parties on board to ensure there are no problems later on in the implementation and usage of the software.
Do not attempt a big bang implementation which may backfire. Rather, implement the CLM software in stages. Use a phased and gradual approach, and segment the process. Take feedback from users after a stage and use it to improve the implementation in the next stage.
Do not leave it to the vendor
Do not leave the entire implementation process to the vendor. You need to customize the CLM system for your company’s unique needs. While smaller businesses can do with a basic CLM solution, larger enterprises typically use different way to administer and monitor their contracts. So they need more customization to ensure the software fits their greater needs.
Modern contract lifecycle management platforms include various business tools to provide a centralized solution to your daily operation.
Creating contracts and related documents can be done right on the platform. Most solutions now include rich-text editing, formatting, and document management. Some apps may even include drag-and-drop interfaces, which make it easy to create branded content.
Processing such contracts is now much easier as contract lifecycle management applications allow collaboration. You can invite stakeholders to access a contract with varying permissions based on their roles. Some even allow you and your team to chat, comment, and annotate various parts of a contract.
At the end of a successful contract development process is the signing. Luckily, there is no need to mail hard copies in order for your clients to sign the contract. Esignature tools are integrated into the solution itself. Some even automatically email clients where they are notified when the contract is ready for signing.
While modern contract lifecycle management software includes security layers, they still need third-party services to protect sensitive information. Fortunately, smart contracts are now being developed to create a robust and secure system.
It leverages blockchain technology. Blockchain is a distributed system that provides an immutable foundation to create a more secure and stable system. Every action in the blockchain becomes a digital transaction that is stored across a worldwide network along with a unique cryptographic signature. These transactions cannot be deleted or modified, which effectively secures the entire system.
Smart contracts can be built on top of the blockchain, where protocols can be created, verified, and enforced without the need for a third-party. Contract clauses can be agreed upon and entered into the system. These can be self-executing and self-enforcing. Since the underlying system is secure, many parts of smart contracts can be automated with minimal security risks.
SaaS software offers many advantages such as simple setup, access, and integration as well as data security. To select the perfect platform for your requirements, you need to do your research thoroughly. To start, begin with the following suggestions to consider and evaluate the various products:
Know your needs: First, be certain about your organization’s needs and requirements. Why do you need to invest in a SaaS system? What tasks and goals do you intend to achieve with the system? If you are clear about your requirements, you can easily find a suitable app that fulfills them.
Compare features and price: Make a shortlist of SaaS products that offer the features you need and are within your budget. Read online reviews of the shortlisted programs to get an idea of what each one offers.
Use the free trial and extend it if necessary: Subscribe to the free trials of the shortlisted platforms and check out their tools firsthand. This will help you to understand if the system offers what you need to enhance your company’s competence and productivity. Ask for an extension of the free trial if the time is too short to learn about the program’s effectiveness.
Talk to the vendor: Finally, talk to each provider about the assistance and support they can offer. Try to negotiate the cost and get discounts. Ask about the training and consultation they offer to assist you to use the system efficiently.
The best contract lifecycle management software is ManageEngine ServiceDesk. It combines powerful features to create an enterprise-level solution for many business processes. It was designed around best practices in ITSM, smart automation, integration, and customization.
One of its features is contract management, where you can centralize your entire contract lifecycle. It streamlines all processes while improving visibility and control. You can create primary contracts and establish a parent-child relationship with related sub-contracts. This functionality makes it easy to manage complicated agreements.
The platform also ensures that you will not miss anything important. You can set-up a trigger when a contract expires so you can renew them on time. The notifications can be customized, so only relevant stakeholders receive them. Additionally, you can view a history of past contracts, organized contracts, standardize your entire workflow, and more.
Businesses often have to juggle contracts that need monitoring. As such, it is important to use platforms such as contract lifecycle applications to make things significantly easier. Here are some of its benefits:
Contract lifecycle management applications often include features that allow you to manage various parts of your business. However, they should include the following primary functionalities:
A contract’s lifecycle is complicated in itself. That is why the platform used to handle such business operations should be intuitive and user-friendly. Here are some of them:
A full-suite contract lifecycle management software is often too expensive for solopreneurs or startup. Fortunately, free options are available in the market, such as:
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