Top 15 contract management software: a buyer's guide for 2024
Compare best contract management software that can help improve your contract creation, negotiation, and execution procedures.
Jul 08, 202422 MINS READ
Contract management is often a complex undertaking that involves cross-departmental input from legal teams, sales representatives, finance professionals, and more. Contract management software (CMS) offers a centralized platform where these moving parts can come together to verify that everybody’s needs are considered before an agreement is executed. These systems can be leveraged to oversee IT agreements, assisting with the management of software licensing and subscriptions to ensure that assets are always being utilized optimally and that contract terms are always as agreeable as possible.
Join us as we dive into what contract management software is, the useful features it can provide, and how to choose the best provider for your unique business needs.
What is contract management software?
Contract management software is a digital solution designed to streamline an organization’s IT contract lifecycles. It assists in the creation, negotiation, and execution of agreements, while providing a unified platform for managing them. By automating and standardizing contract processes, CMS helps businesses improve efficiency, reduce risks, and ensure compliance with regulatory requirements.
These systems allow for the storage of all software licensing agreements and subscription details in a unified, accessible repository as well. This ensures that IT departments can easily track terms of use, renewal dates, and compliance requirements. Automated notifications about upcoming expirations can also be leveraged to prevent lapses in service, while verifying that software remains compliant with licensing agreements.
Who uses contract management software?
Contract management software is utilized by various departments within an organization, each benefiting from its ability to streamline processes and ensure compliance. Teams that typically use contract management software include:
IT departments: IT teams manage contracts for software licenses, IT services, and maintenance agreements, ensuring compliance with terms and avoiding service disruptions. CMS also helps track and enforce data security within contracts.
Legal departments: Legal teams utilize contract management software to draft, review, and approve contracts. This verifies legal compliance and reduces the risk of errors. CMS helps track regulatory compliance and manage contractual obligations as well.
Finance departments: Financial professionals use CMS to track financial obligations associated with contracts, aiding in accurate budgeting and forecasting. Additionally, it helps manage payment terms and schedules, ensuring timely payments and cash flow management.
Sales departments: Sales agents employ these systems to manage customer contracts, ensuring all terms are clearly defined and tracked. CMS also assists in monitoring contract performance, ensuring sales targets and customer expectations are met.
Features to look for in contract management software
Well-rounded CMS typically provides an abundance of features that help expedite and optimize processes from contract creation all the way through renewal or closeout. Central functionalities of these systems often include, but aren’t limited to:
contract creation
Customizable templates and pre-approved clauses are often offered in contract management software, assisting in streamlining the agreement creation process.
These templates aim to ensure compliance with legal standards and organizational policies, reducing the effort required to draft new contracts. By leveraging predefined templates, companies can maintain uniformity across all agreements, helping minimize errors and omissions. CMS often includes clause libraries that offer standardized language for common contract terms as well, further simplifying the drafting process and ensuring that all necessary legal protections are included.
For instance, a company seeking to license a new software application could use a CMS’s prespecified templates tailored specifically for software licensing agreements. The organization’s legal team then might customize the template to include details such as licensing terms, usage restrictions, payment terms, and termination clauses.
contract collaboration
The centralized platform offered by contract management software eliminates the inefficiencies of more traditional collaboration methods, where multiple versions of a document might be circulated. Instead, CMS allows for a single, unified document that all parties can view and edit simultaneously. This real-time access reduces the likelihood of miscommunication or conflicting changes.
Furthermore, IT departments can generate customizable dashboards to track key metrics related to software licenses and subscriptions, such as license utilization rates, compliance status, and spending trends. These insights enable IT teams to identify areas for cost savings, allocate IT assets more effectively, and plan for amendments to be made during the renewal process.
contract management
CMS typically provides robust tools for monitoring contract obligations and deadlines. For example, automated alerts serve to remind stakeholders of important dates, such as renewal deadlines, expiration dates, and compliance milestones. This proactive approach helps organizations avoid penalties for missed deadlines, while verifying that they’re always in compliance with contractual requirements.
For IT teams, contract management software facilitates proactive management of software licenses by providing automated alerts for key contract milestones. This preemptive approach enables technical teams to stay ahead of contract renewals and avoid potential compliance issues. CMS can also help optimize IT asset usage by providing insights into license utilization rates, identifying underused assets, and facilitating consolidation efforts.
contract storage
Contracts are usually stored with encryption in contract management software, protecting sensitive information from unauthorized access. These systems might also include role-based access controls (RBAC), ensuring that only vetted users can view or edit specific documents. Even more, audit trails track all actions taken on a contract, providing a detailed history of who accessed a document and when.
Additionally, CMS can automatically categorize agreements based on predefined criteria, making it easier to organize and retrieve documents. Businesses can then connect their software with existing IT infrastructure to promote seamless synchronization, reducing the risk of data discrepancies.
15 best contract management softwares in 2024
1. Freshservice
Freshworks’ Freshservice offers all the tools that a business requires to efficiently manage its contracts and business relationships. Its unified dashboard focuses on enhancing visibility across all relevant fields, allowing companies to easily conduct customized audits, manage costs, identify agreements that are approaching expiration dates, and much more. Furthermore, Freshservice’s no-code Orchestration Center supports a plethora of third-party apps that can be integrated with workflow automation, helping expedite and customize processes to fit unique business needs.
Key features
No-code Orchestration Center automates license allocation and provisioning processes across systems by performing actions directly on them
Analytics tools provide curated reports for contract expiry timelines and cost trends across software, products, and providers
Insights-driven optimization enables complete visibility into inactive users mapped to software licenses to right-size them before upcoming renewals
All software licenses are consolidated into a single location to promote complete visibility into your SaaS portfolio
Pros
Easily build customized workflows that automate repetitive manual tasks, helping to expedite the creation and execution of contracts
Enhanced visibility of all agreements to verify compliance and audit readiness
Acts as a comprehensive ITSM software in addition to its contract management capacity
Project management tool can help plan and execute complex contract-related undertakings
Integrations include Juro, Microsoft Teams, G Suite, and many more to ensure connection with existing infrastructure
Why customers rave about Freshservice
Our clients love Freshservice’s easy-to-navigate interface that provides enhanced visibility into all existing contracts and licenses, helping verify that resources are always being allocated efficiently. With Freshservice, it’s easy to recognize contracts that need to be restructured or abandoned altogether before upcoming renewals, allowing businesses to solicit the agreements that best serve their needs.
But don’t just take it from us – satisfied client Thorsten F. praises Freshservice’s comprehensiveness and flexibility, saying, “We use Freshservice since 2015 as our internal ITSM solution for IT support, services-catalog, asset management, contract management, self service portal and reporting. Everything is combined in one unified solution. Freshservice is providing outstanding and very customer focused support. Freshservice is very flexible. There was nothing we couldn't do with scripts and extenstions [sic] to fit our needs and to customize the product. “
2. IronClad
Ironclad is a digital contracting platform that aims to streamline every part of a company's contract process, from managing to storing. It’s built from the ground up to handle all types of agreements – legal, sales, finance, HR, marketing, procurement, and more.
Key features
Ironclad editor enables the drafting, editing, and redlining of documents in either Word or PDF, while letting companies track all changes in one place
Ironclad repository allows businesses to upload and create fully text-searchable documents, while eliminating manual tagging with automatic contract data ingestion
Ironclad clickwrap facilitates faster contract creation by providing personalized blueprints for implementation and simplified version management without the need for dev resources
Pros
Robust AI tools can review contracts, offer suggestions based on custom guidelines, automatically extract contract data, and more
Extensive reporting and analytics features provide customizable dashboards, shareable reports, customizable templates, and more
Wide-ranging integration capacity serves to automatically sync contract metadata between systems, connect with popular third-party applications, and help perform tasks without leaving your preferred platforms
Cons
Post-signature contract management is limited, making it more difficult to search, track and query
User interface (UI) can be complex and confusing, creating challenges in differentiating between internal and external workflows
Only accepts Word and PDF file formats, so all other formats will need to be converted before uploading
Price
You’ll need to contact Ironclad directly for a custom quote for your specific organizational needs
3. LinkSquares
LinkSquares is an enterprise legal management (ELM) platform designed to assist legal teams with AI-powered technology to perform, manage, and quantify all their work in one place. It includes contract lifecycle management (CLM) and legal project management features to connect all tasks in a single, unified location.
Key features
LinkSquares Finalize empowers teams to generate, review, and approve contracts, while integrating with tech stacks and offering dynamic workflows
LinkSquares Analyze provides an AI-powered contract repository that can extract data, reduce risk, and unlock valuable insights for every contract
eSignature tool built into the platform, allowing businesses to create and send agreements out for signature from a single location
Pros
Signed agreements are backed by an encrypted, verifiable signature record to enhance security and verify that contracts are enforceable
Designed to comply with UETA, ESIGN, and eIDAS regulations, while every action is stored on a single, downloadable log for comprehensive auditing
Native AI scans digitized contracts, extracting smart values that can be intelligently structured into reports or dashboards
Cons
Complex AI-powered features may require extensive training and adjustments
Limited pre-signature functionality may present challenges in drafting and negotiating agreements
Restricted integration capacity can create issues in connecting with popular third-party apps like Zapier or Slack
Price
You’ll need to contact LinkSquares directly for a custom quote for your specific business requirements
4. Juro
Juro serves as an AI-driven contract automation platform that empowers teams to create, execute, and manage agreements efficiently. It’s broad in scope, enabling end-to-end management from initiation through renewal all within a secure, unified environment.
Key features
Powerful AI assistant can set guardrails for drafting, instantly generate contract language, and refine clauses
Structured approval workflows based on contract values aim to remove bottlenecks, enabling companies to approve contracts faster
Dynamic repository provides enhanced visibility into contract data, ensuring that renewal deadlines aren’t missed
Pros
Drag-and-drop fields, dynamic contract questionnaires, and conditional logic facilitates the creation of templated agreements within seconds
Vast integration potential allows for the initiation of contracts from CRM or ATS systems
Runs redlines natively, allowing teams to comment and suggest, while staying in control of internal and external versions
Cons
Lack of customization features can present challenges in tailoring contracts to unique business requirements
Limited reporting and analytics tools can hinder the collection of insights
Restricted search functionality can make tracking down past documents a time-consuming task
Price
You’ll need to contact Juro directly for a custom quote for your unique company needs
5. Docusign
DocuSign offers e-signature technology that allows users to create, send, sign, and track documents digitally, replacing manual, paper-based processes. The platform emphasizes security through enhanced signer identity verification and a robust compliance certification program.
Key features
Document generation creates personalized, professional-looking agreements directly within eSignature
PowerForms draft on-demand, self-service documents for signature, reducing preparation time and pulling collected data into backend systems
Reusable templates save tags and field placement, workflow routing, and other settings, helping to standardize processes and enable end-to-end automation
Pros
Custom branding and responsive signing tools provide more intuitive experiences for customers
Enhanced signer identification and robust threat detection verify ongoing compliance and security of sensitive data
No-code format enables teams to use drag-and-drop functionality to build forms in just minutes
Cons
Most useful features are reserved for upper-tier plans, which may be restrictive for smaller businesses
Tunnel vision on e-signature capabilities, leaving much to be desired in other areas of contract management processes
Agreements require recipient authentication, which can only be performed via phone or RSA ID check, both of which cost extra
Price
Begins at $10 per month for Personal plan, while its Business Pro package runs $40 per user per month
6. PandaDoc
PandaDoc is a digital document management platform that assists in generating, sending, and signing documents. It aims to simplify document lifecycles by providing features like templates and collaboration tools that can optimize procedures for contracts, proposals, quotes, and more.
Key features
Document tracking enables users to discover when documents are opened, viewed, and signed in real-time
Audit trails provide proof of which users interacted with a contract and when
Smart content utilizes rules to dynamically generate legal language based on predefined criteria, ensuring that the right content is always included
Pros
Offers renewal notifications to alert businesses of when it’s time to revisit contracts
AI-driven data extraction verifies that company names are automatically extracted, helping to filter and retrieve contracts
Highly integrable with external business tools, particularly most popular CRM systems
Cons
Mobile app is quite restricted, creating difficulties for on-the-go teams
Limited number of templates available, which can hinder customization for unique contract requirements
Reporting and analytics tools are relatively basic and can be slow to load
Price
Essentials plan starts at $19 per user per month, while you’ll need to contact PandaDoc directly for a quote on its Enterprise package
7. DealHub
Deal Hub acts as a CLM platform that enables sales teams and buyers to collaborate on personalized and dynamic content, while providing real-time insights on buyer engagement. The software enables teams to configure contracts, quotes, and proposals faster and with fewer errors.
Key features
Dynamic contract repository empowers businesses to reuse previously amended agreements, reducing manual efforts
Robust collaboration tools allow teams to share agreements internally before they’re sent to customers
Automated workflows serve to trigger parallel approval processes based on configurable criteria
Pros
Extensive reporting features help track contract edits, provide real-time notifications on engagement, and identify stakeholders that a contract has been shared with
Supports the creation of NDAs, MSAs, and other documents in a variety of formats
Easy to edit terms and automatically pull contact data from your CRM
Cons
Consumption-based pricing may not be cost-effective for organizations managing a high volume of contracts
Dated interface that negatively impacts user experience (UX)
Lack of flexibility can cause issues for growing businesses or those with evolving needs
Price
You’ll need to contact DealHub directly for a custom quote for your specific business needs
8. Concord
Concord is a CMS designed to help companies create, collaborate, sign, and store their agreements all in one place. It offers enhanced flexibility by allowing teams to work in real-time on live documents, or import Word and PDF contracts.
Key features
Auto-population can fill contracts with Excel data in bulk and then send them with just a few clicks
Comments feature empowers teams to discuss contracts directly inside of a document, with the option to make notes visible only to internal teams or to external guests as well
Deadline alerts distribute automated weekly email notifications; everyone with access to a contract receives alerts, helping keep teams on the same page
Pros
Automatically routes contracts to designated approvers, who can review and approve within the document
Comprehensive dashboard for reporting and analytics enables businesses to customize reports to track the parameters of their choice
Allows companies to replace their current storage platforms, as all pricing plans provide unlimited cloud storage
Cons
Restricted workflow automation can limit its ability to adapt to unique business processes
User reviews mention various bugs and glitches that can affect software performance
Editing documents inside the platform can be confusing; many users suggest making adjustments externally and then importing them in later
Price
Begins at $49 per user per month for the Essential plan, while you’ll need to reach out to Concord directly for a quote on its Enterprise package
9. OneFlow
Oneflow is an AI-based contract management software that aims to expedite the entire contract process from pre-sign to post-sign. The platform facilitates the creation of agreements directly in the browser, signatures with a click, and management of the entire contract lifecycle.
Key features
AI review evaluates contracts and offers recommendations to ensure compliance and more favorable terms
AI predict can analyze usage patterns and trends to improve the sign rate of contracts and detect potential risks
Flexible forms provide interactive web forms with the malleability to add logic, custom branding, validations, and more
Pros
Each team is assigned their own dedicated workspace with individual templates, document archives, and dashboards
Easily invite collaborators to a workspace and assign them different roles; these roles determine which actions they can perform within the workspace.
Contract metadata provides insights into how documents are being used and engaged with
Cons
Emphasizes sales and HR use at the expense of legal teams
Restricted search functionality can create challenges in tracking down past agreements
Non-intuitive interface; features that seem like they should all be in the same place are often spread apart instead, requiring more time and navigation
Price
Starter plan is $0, while you’ll need to contact OneFlow directly for a custom quote on its Enterprise plan
10. Proposify
Proposify is a digital proposal software that focuses on control and visibility into the closing stage of the sales process. Key features include electronic signatures, CRM integrations, content management, and more.
Key features
Content library provides a full framework for proposals with a repository of templates, images, and content
Design editor empowers companies to apply their unique style to all documents, from font family to typestyle
Interactive pricing tailors pricing options, fees, taxes, and discounts for each proposal, allowing prospects to pick a customized price
Pros
Ability to embed images and videos in documents to bring offers to life
Easily sync contacts and use custom variables to pre-populate document fields
Locate proposals in just a few clicks with filter options based on date, rep, stage, and status
Cons
Customizing proposals within the platform can be an arduous undertaking
Overabundance of convoluted features which may be overwhelming for smaller businesses or non-tech-savvy teams
Lower-tier plan limits the number of active proposals available, which can be restrictive for organizations managing a high volume of documents
Price
Team plan starts at $49 per user per month, while you’ll need to reach out to Proposify directly for a quote on its Business package
11. Evisort
Evisort is an AI-driven CLM platform that connects contract data, unlocks productivity, and delivers digital workflows. One of its key functionalities is that it allows businesses to set up intake forms for each document so that cross-departmental teams can collect key information before reviewing agreements.
Key features
Integrated intake forms pre-populate contract templates to accelerate stakeholder review
AI-generated redlines automate workflows in your preferred language to streamline collaboration and approvals
Automatic version control ensures that all parties are on the same page during every phase of contract negotiation
Pros
Updates intelligent dashboards with core data from every contract in real-time
Customized, automated alerts help teams stay ahead of every deadline, while tailoring notifications so the right people have the time they need to take action
AI-powered search engine enables teams to find documents and data throughout their contract portfolio quickly
Cons
Limited word processing capacity can make editing and redlining difficult
Frequency of updates and changes create challenges in acclimating to the platform
No option to mass download documents
Price
You’ll need to contact Evisort directly for a custom quote for your company’s specific requirements
12. Conga
Conga acts as a CLM system that allows companies to automate key contracting steps to promote faster cycle times, lower risk, and increased compliance. It emphasizes post-signature processes, such as obligation tracking, compliance management, and dispute resolutions.
Key features
Agreement hierarchies help visualize the relationship between a parent contract and its related agreements
Bulk import and data extraction allows teams to import legacy contracts and extract key data points for reporting and risk analysis
Clause library offers a collection of pre-approved clauses, with each version tracked to provide an audit trail of the change history
Pros
Real-time collaboration features allow teams to securely comment and redline agreements simultaneously with both internal and external parties
Ability to set up approval processes based on specific criteria such as total agreement value, key terms, or clauses
Robust analytics and visualization tools enable companies to easily create reports, customize dashboards, and set-up customized alerts
Cons
Interface is a bit clunky, resulting and excessive scrolling and clicking to find and use features
Insufficient training materials and tutorials can result in the platform not being utilized to its full potential
Restricted search engine functionality may present challenges in finding archived documents
Price
You’ll need to contact Conga directly for a custom quote for your specific business needs
13. ContractSafe
ContractSafe is a cloud-based CMS that offers secure, centralized document storage, automated reminders, document searching and filtering, and more. It’s highly integrable with many other popular business solutions such as DoucSign, Salesforce, Okta, and more.
Key features
[AI]ssistant gives organizations the power of effortless organization, enabling them to categorize, run reports, find answers, and set reminders quickly and easily
Proactive alerts for auto-renewals and termination dates put businesses in control of their contract's lifespans
Optical character recognition (OCR) technology allows teams to pull up the right documents with just a few keywords
Pros
Access to full audit trails, empowering teams to see all the changes to and views of a contract
Easily designate read-only and no-delete users to ensure important information isn’t changed or deleted
Download a backup of all of your documents at anytime and from anywhere with an internet connection
Cons
Dashboards are narrow in scope, limiting reporting capacity
Restricted workflow automation potential
Limited document editing capabilities within the platform
Price
Plans begin at $375 per month, while its top-tier package runs $746 per month
14. Trackado
Trackado is a cloud-based contract management system that enables teams to store all contract information in one location. Users can access documents from anywhere, customize automated alerts, and keep track of contract-related milestones.
Key features
Master and sub-agreements help track associated contracts as well as changes and amendments
Dedicated business partner module displays all external partners and contact persons in one place
E-signing functionality assists in preparing and sending documents to any device, while supporting attachments or requiring attachments from other participants
Pros
Start workflows from predefined templates or create a workflow from scratch; all actions are visible in an activity log.
Assign tasks and events to unique users, with the option for automated reminders to be sent to relevant stakeholders
Easily find and retrieve contracts by category, department, or any other custom properties
Cons
Limited contract creation capabilities
No mobile app available, restricting on-the-go use
Steep learning curve may present challenges for some users
Price
Starts at $0, while its Enterprise package is $299 per month
15. GetAccept
GetAccept is a digital sales room software designed to help teams optimize their document workflows, close deals faster, and enhance experiences from opportunity to signed deal. It acts as a centralized hub where buyers and sellers collaborate throughout the sales process.
Key features
Configure, price, quote (CPQ) enables teams to create and send proposals with accurate quotes and pricing information
Mutual action plan promotes a collaborative success blueprint so that all parties understand which actions need to be taken to close a deal
Live chat automatically appears when a prospect first enters a document to trigger their engagement
Pros
Automatic reminders can be delivered by either email or SMS, helping improve win rates
Leverage chat and document commenting to gather stakeholder feedback and update proposals in real-time
500+ third-party integrations allow you to easily connect the platform with existing digital tools
Cons
Lack of customization features can make it difficult to tailor contracts to unique processes or branding
Updates made to resources aren’t automatically applied across the board, so teams must manually update content in all rooms in which it exists
Users may experience issues in data syncing with their CRM systems
Price
Professional plan begins at $49 per user per month, while you’ll need to contact GetAccept directly for a custom quote on its Enterprise package
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Choosing the right contract management software for your business
There’s no single CMS on the market that is best for organizations of all sizes and across all industries. Instead, the ideal platform for your company is the one which provides the functionalities that best addresses your unique pain points, while helping achieve your overarching goals.
Thus, the process for determining which CMS to employ typically begins with clearly identifying these challenges and objectives.
Define problems and goals
Start by conducting a comprehensive assessment of your current contract management processes. Engage with all relevant stakeholders, including legal, procurement, sales, and compliance teams, to gather diverse perspectives on existing challenges. Common problems to look for include bottlenecks in contract creation, compliance issues, lack of visibility, and difficulties in retrieving contracts.
For IT asset management in particular, a common challenge is asset discovery and inventory management. With the proliferation of software applications across multiple departments, keeping track of all IT assets can be daunting. Thus, a software that offers real-time inventory updates can help verify that organizations aren’t overpaying for unused licenses or underutilizing resources.
Determine who it will be for
Different teams within an organization interact with contracts in various ways. Understanding their specific requirements helps in selecting a software that provides relevant features for each group. For instance, legal teams might prioritize robust compliance and version control features, while sales teams might value contract templates and quick approval processes.
IT departments will likely emphasize a CMS’s capacity to integrate with IT asset management (ITAM) solutions, which can automatically populate contract data into asset inventories. This connection facilitates proactive management of software licenses, hardware warranties, and service contracts by providing real-time insights into asset utilization and expiration dates.
Ensure it aligns with current tools and software
Seamless integration with existing systems ensures that data flows smoothly across a company’s entire IT infrastructure. This eliminates the need for manual data entry and reduces the risk of inconsistencies. For example, connecting CMS with an ERP system can automate the synchronization of contract terms with financial records to help reduce administrative burdens.
Alignment with existing software also helps enhance user adoption and productivity. Employees are more likely to embrace a new system if it integrates well with the tools they already utilize. This familiarity reduces the learning curve and minimizes disruptions to already-established workflows.
Outline how it will fit within current structure
Understanding how contract management software will integrate into your current framework can help facilitate a smoother implementation process. Mapping out contract workflows, review, and approval assists in identifying where the software can streamline processes and add value. By visualizing how the platform fits within their current infrastructure, companies can better anticipate any adjustments.
Even more, considering how a potential CMS fits within an organization’s current structure allows for the assessment of its long-term viability. As a business changes, the software should be able to adapt with it. Evaluating factors such as customization, integration, and support for future expansion verifies that the software can remain responsive to evolving requirements.
Bring your contract management capabilities to the next level with Freshservice!
There’s no way around it: Freshservice is simply the top choice for organizations seeking a capable IT contact management solution within a robust ITSM platform
Our clients enjoy enhanced visibility into all their licenses and contracts, helping verify that terms and conditions are always working in their favor – even as their needs continue to evolve. Furthermore, Freshservice’s asset lifecycle management potential acts as a single source of truth from which companies can oversee asset procurement, improve asset life, and empower asset managers.
Getting started with Freshservice is simple. First, sign up for a free trial or request a demo to ensure the platform meets your business needs; once you’ve done this, you can leverage our no-code Orchestration Center to connect Freshservice with your existing IT infrastructure. You're now free to enjoy the benefits of the market’s leading IT contact management system, with enhanced visibility into all contract activities that makes it easy to right-size renewals, optimize software costs, and much more.
Simply put, Freshservice provides unmatched oversight and guidance throughout the entire contract and asset management processes, ensuring that all agreements and licenses are serving a business’s best interests and that services are being delivered as promised.
Intelligent IT service management, powered by AI.–
Get enterprise-level capabilities minus the complexity—and give your team the ability to do more with less effort.
What is contract management software?
Contract management software is a digital solution designed to streamline an organization’s contract lifecycles. It assists in the creation, negotiation, and execution of agreements, while providing a unified platform for managing them.
Is contract management software suitable for businesses of all sizes?
Small businesses often have limited resources and staff; by automating routine tasks and providing easy-to-use templates, CMS helps create professional-looking contracts without the need for extensive legal expertise. As for larger organizations, contract management software offers a centralized repository for all contracts, making it easier to track documents across multiple departments.
Can contract management software integrate with other business systems?
Integration with customer relationship management (CRM) platforms, enterprise resource planning (ERP) software, or human resources management systems (HRMS) allows CMS to pull relevant data directly into agreements. For instance, when integrated with a CRM system, contract management software can automatically include customer details, pricing, and terms negotiated during the sales process.
How secure is contract management software for storing sensitive contract data?
The level of security offered will vary from provider to provider, but most competent software will offer robust safeguarding to protect confidential information. Common security measures include in-transit and at-rest encryption, role-based access control (RBAC), multi-factor authentication (MFA), and more.
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