Find out more about Contract Lifecycle Management Software
- What Is Contract Lifecycle Management Software?
- Most Popular Contract Lifecycle Management Software Products
- How To Choose The Best Contract Lifecycle Management Software?
- All Contract Lifecycle Management Software Reviews
- Types Of Contract Lifecycle Management Software
- Examples Of Contract Lifecycle Management Software
What is Contract Lifecycle Management Software?
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.
CLM 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.
Users can utilize CLM systems to automate and simplify contract acquisition and maintenance, and ensure consistent contractual language, well maintained buy-cycles, and skilled financial planning. They can benefit from notification systems that help in identifying opportunities to improve contract alignment. Thus, CLM software can give you a smoother acquisition process, better supplier retention, and reduced contractual risk that can lead to more efficient cash
Most Popular Contract Lifecycle Management Software
Best Contract Lifecycle Management Software
How To Choose The Best Contract Lifecycle Managemnt Software
Contract lifecycle management (CLM) software helps 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 software app for your needs from the scores of good quality systems out there? This buyer’s guide helps you by detailing the list of features to look for and the factors to consider in a high quality CLM software solution.
Get to know each product with free trial
The best way to start your search is by registering for the free trials of leading CLM systems. This will enable you to test drive each app’s features free of cost 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 Contract Management, Octiv, Agiloft, Accelo, and Concord.
CLM software is typically used by the following professionals:
- Procurement professionals
- Sales operations professionals
What are Examples of Contract Lifecycle Management Software?
- SpringCM Contract Management: SpringCM’s contract management software transforms the contract review process. It automates the contract process to reduce the sales cycle, enhance productivity, and boost revenue.
- Octiv: Octiv’s logic-based workflows help streamline the creation and distribution of contracts, quotes, proposals, and presentations. Teams spend less time creating proposals, contracts, and presentations, and more time selling.
- Agiloft: Streamline your approval process, enhance revenue, and reduce risk with Agiloft. You can use the app to negotiate, generate, and manage contracts with ease.
- Accelo: Better billing and contract management. Get paid faster for your professional service and support. Accelo streamlines your support with automation and time-saving tools.
- Concord: It is used by more than 30,000 small, medium, and Fortune 500 companies. Features include compliance, contract management, online negotiation, centralized database, and unlimited e-signatures.
Types of Contract Lifecycle Management Software
CLM software systems typically support a range of contract types including:
- Vendor contracts
- Employment agreements
- Non-Disclosure Agreements (NDAs)
- Enterprise contracts
- Procurement contracts
- Sales contracts
Key Features of Contract Lifecycle Management Software
- Compliance assurance – CLM software offers automation which assures that contractual negotiations comply with regulations. You can add additional industry-specific and company compliance protocols as needed.
- Contract creation and automation – The software offers new contract templates that can be easily exported to MS Word and other document apps. Plus, future contracts can be generated automatically with the user’s pre-defined workflow.
- Approval management – The contact approval process goes through many people. This software notifies the person next in line that the contract needs their approval. This greatly speeds up the process.
- Alerts and notifications – You can create notification parameters for renewal and expiration dates, and other renegotiation opportunities. You can get alerts within the solution or have them sent to your email account.
- Ad-hoc reporting – You can use reporting features to find more opportunities to enhance contractual terms. Plus, you can generate reports based on specific contracts or general search queries.
- Integration with ERP and accounting systems – Good quality CLM apps integrate smoothly with ERP and accounting platforms to help accurate cash flow data and financial forecasting.
Benefits of Contract Lifecycle Management Software
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.
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 stake holders 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.
List of Contract Lifecycle Management Software Companies
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Our platform makes use of our innovative SmartScore™ mode to examine all the software in the Contract Lifecycle Management Software category so that we can help you select the best possible software. It pays attention to the following elements: individual features, collaboration possibilities, custom elements, integrations with other services, how easy a software is to use and learn, help & support, security, support for mobile devices, ratings in media. As of now, SAP Ariba is the leader in this category and we gave it the highest score in our tests. After extensive evaluation it received the best results among its competitors and our reviewers strongly suggest that you include it as one of the solutions for your company.
A summary of general user satisfaction with the services in our Contract Lifecycle Management Software category evaluated with our unique algorythm that collects customer reviews, comments and opinions across a wide set of social media platforms to help you make an educated buying choice.
Each vendor in the Contract Lifecycle Management Software category will provide a different group of pricing packages for its product and each plan will include a different group of elements. Below we list the general pricing for the cheapest package offered for each product. Please note that advanced features may cost extra.
An overview of what type of devices and operating systems are supported by all B2B solutions in the Contract Lifecycle Management Software category, including mobile platforms and web-based solutions.
Learn what languages and countries are served by the top B2B apps in the Contract Lifecycle Management Software category, including solutions intended for international markets and created for multi-cultural groups of employees.
Examine what pricing plans are offered by the vendors in the Contract Lifecycle Management Software category to check which one suits your business needs and expenses best. Note that some solutions can provide free or freemium accounts for you to test first.
A brief look at which kinds of companies a given B2B solution in the Contract Lifecycle Management Software category is designed for, from small businesses and non-profits to big enterprises.
An overview of what styles of software deployement are supported by every B2B vendor in the Contract Lifecycle Management Software category. Even though the majority of modern SaaS services are cloud-based some solutions might offer an on-site deployment model too.