3 Best Contract Management Software 2020

ISETIA

Ready to use Management Solution, implemented for small & medium size business with a cloud network. It can manage, collaborate & execute to increase efficiency

ContracTool

Fast-growing digital platform, delivering & processing contracts in standardized & automated process with robust corporate tools helping Contract lifecycles.

Sertifi

Offering Agreement Platform, built for efficiency & security, managing full contract process, easing to send & collect agreements with payments with automation

Contract Management Software

It helps institutions to develop, allocate, and manage contracts their entire employee life. Systems offer users with the drafting of contracts, pre-defining terms and conditions, and enabling to keep track of achievements. The organized and detailed contract management software provides efficiently managed connections with suppliers, employees, vendors, and customers to help the business grow.

Benefits of contract management software

Increased productivity

Drafting contracts is a time-consuming as well as tedious task. It needs a lot of editing, re-editing and legal formalities. All organizations are not free to spare time for contract management. It is here, and this software comes to improve creation & efficiency with their in-built and ready to use contract templates. With some minimal adjustments, businesses can meet their requirements. This not only saves time and effort but also offers a helping hand in sharing and signing of a contract.

Organized storage

It helps in storing, managing, and retrieving data, whenever necessary. It provides help to the businesses to deal with data, which can be an operational nightmare to store and search. It eases storing contracts in a digital form. Users

Mitigate risks

Many organizations have to deal with breach of contract or missing deadlines. A well-designated contract management system helps stakeholders to keep track of terms and conditions and various deadlines. Renewing contracts before expiry to avoid service interruption is also one of the original key features.

Typical features of Contract Management Software

Contract drafting: Establish terms and conditions of a contract.

Document management: Manage contracts in a well-organized order.

Workflow management: Helps in assigning, executing, and monitoring activities in order.

Contract lifecycle management: Workflow of the employee is managed throughout the lifecycle of a contract till expiration or renewal.

Full-text search: Helps in searching contracts and documents with just using a text string.

Cost of the Software

Most products available in the market are listed on a “per user, per month” basis. A premium product is priced higher due to additional features like analytics dashboard, third-party integrations, and advanced reporting.

Points to ponder while buying contract management software

Security of contractual data: Safety and security is of utmost importance for an organization. Contracts are crucial assets of businesses. As the software is cloud-based, it is indispensable to evaluate the data security standards of any software shortlisted by you for purchasing. Relevant industry-specific compliance must be kept according to cloud services.

Full-text search: Advanced contract management solutions should be able to search contracts and related documents with content inside the full text. The software must be able to instruct users for any abnormalities in the contract’s execution.

Trends in Contract Management Software

AI and machine learning enhance contracts.

Contract management software vendors have initiated artificial intelligence (AI) and machine learning capabilities addition to their software solutions. They are analyzing general conditions given in a draft and coming up with newer clauses and phrases to ensure smart contracts.

Increase in Complexity of Contracts

With the expansion of businesses and decades-old traditions broken, extra steps have to be taken to close the deal. Personalized contracts, with new models and licensing options, should be considered. “One-size-fits-all” contracting system has to be discarded with time.

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