Post Updated: September 22, 2023
Good business relationships are an essential part of every organizational growth. So, how do you effectively manage these relationships? Well, you need to have a contract that specifies how various activities will be conducted. The contract can be formal or informal but note that it is prone to errors. These errors include data entry mistakes or misplacement of files, which may end up putting your business at audit and financial risks. The good news is that there are best contract management software 2023 that have revolutionized businesses.
What is Contract Management Software?
A contract management software is an online based tool that unites parties involved in a business contract. It simplifies access to contract information by hosting them in a single dashboard. As a result, all participants will be able to stay abreast with all processes in a contract starting from inception to when it is terminated.
Simply put, this tool provides contract management solutions and supports contract lifecycle management. It can also be used with project management software for excellent business performance.
Benefits of Contract Management Software
As mentioned above, a contract management software simplifies business contracts by improving accuracy and the risks of audits and finances. However, there are other benefits that make this tool an excellent addition to your organization, including:
- Saves time on contract drafting, review, and management.
- Cuts down costs such as travelling expenses to get to in-person meetings. It also saves on labour costs for printing and more.
- Reduces workload, allowing you to focus on other essential matters for business growth.
- Data is secured and there is no risk of loss or misplacement.
- Offers automated services, including access to online documents and e-signatures.
- Tracking important milestones and alerting you via email notifications so you do not miss out the deadlines.
- Empowers procurement firms in order to manage compliance effectively.
List of Top 12 Contract Management Software 2023
Below is our list of the top contract management software 2023. Note that we did not randomly make a choice based on user recommendations. Instead, our team of experts tested dozens of contract lifecycle management companies and compared them based on key elements. For example, we looked into the ability to be customized, automation functions, pricing, third-party integration, data security, compliance measures, and more.
Deel is a contract management software designed specifically for remote and global teams. It simplifies the process of hiring and managing international contractors while ensuring compliance with local labor laws and regulations. Deel offers features like contract generation, e-signatures, payment processing, and tax compliance. For businesses with a global workforce, Deel is a game-changer in simplifying the complexities of cross-border contract management.
Papaya Global is not only an exceptional payroll and HR management platform but also a versatile contract management tool. Its contract management features offer comprehensive solutions for creating, storing, and tracking contracts. Users can customize contract templates, collaborate with team members, and set up automated alerts for important contract milestones. What sets Papaya Global apart is its integration with HR and payroll, creating a seamless flow of data across these critical business functions.
This Icertis Contract Intelligence (ICI) software has an AI-powered technology and category-defining innovation that pushes boundaries of what’s possible with contract lifecycle management. This tool manages your contract by encouraging compliance and team participation.
Icertis Suite also structures and connects all information in a contract that indicates how businesses are conducted. It is easy to use, flexible, and adaptive, and regardless of the size of business you run in any industry, this software can be customized to suit your needs.
Symfact is another preferred tool that helps you to simplify contract processes from start to finish. It also minimizes operational risks that may affect the relationship between parties in a contract. In addition, the tool is AI-powered and has automated functions to make contract management seamless and error-free. As a result, you will experience increased productivity and efficiency throughout the contract lifecycle.
Symfact also has a self-service portal where participants can manage documentation, workflow, and track contract management. There are also plenty of e-signatures, templates and documents for easier contract management. You can easily book a free demo and see how it works before committing.
DocuSign is the best contract management software for small business. This is because it offers affordable contract management services and has e-signatures, templates, and documents that simplify small business performance. Its self-service portal will also keep every participating member updated with every process in a contract. The tool also has end-to-end solutions for contract-heavy workflows.
DocuSign is user-friendly and has a reliable mobile app for Android and iOS devices. It also has customizable features and integrates with other third-party software to ensure businesses run smoothly.
Formal contracts can be challenging to manage, especially with legal procedures involved. However, with the Volody Contract LifeCyle Management tool, businesses can easily be automated. You will also be able to quickly create and execute legal agreements. In addition, its self-service portal encourages collaboration during contract drafting and negotiations. Volody is also digitized with e-signatures and other documents to minimize paperwork.
Volody Contract LifeCyle Management software is suitable for small, medium-sized and large enterprises. Its mobile app allows you to access any document anywhere. Give it a try today by requesting a free demo.
Automate your contract management with Contract Works and save time and money. The software has an intuitive design and is user-friendly. Setting it up only takes a few minutes though we highly encourage you to try it out using its free version before diving in.
ContractWorks has excellent automated functions. As a result, you will increase contract visibility, reduce risks of errors and auditing, and stay up to date with important processes such as renewal dates. Its price plans also vary based on your contractual needs, so confirm this before signing up for an account.
Enjoy flexibility and automated functions in your business with Legito. Its cutting edge AI technology and unique template editor automates complex dependencies without the need for coding. Thousands of users, including top-tier companies globally, have benefited from Legito. The tool has successfully been integrated into over 80 countries and states globally.
Legito has a self-service portal, which improves communication and collaboration. Data is also secured to users only, and you can choose a price plan based on your business needs. What’s more, it offers a free demo and a 30-day free trial to test it and see what you are missing.
A1 Tracker serves small, medium, and large organizations with automated contracts notifications, workflow, budget controls, vendor, and document management. Our key objectives include contract centralization for all contract types (buy & sell), to streamline renewals, contract templates, & offer dashboard analytics. Users have a wide range of custom reporting for any contract data point and can automate renewals with contract workflow and business rules to replace manual processes. Contract escalations & workflow with email-based approval optimize the entire contract lifecycle process.
A1 Enterprise Inspires to serve enterprise organizations seeking to centralize data across the company and departments. A1 Tracker has matured into a comprehensive risk management platform that offers integrated modules such as contract management, procurement, risk management, certificates of insurance, bonds, insurance policies, incidents, asset management, warranty management, litigation, work comp and claims management.
Are you wondering how to manage large businesses’ relationships? Well, Concord is the solution you seek. Highly ranked companies use this contract management tool since it offers unlimited contracts, e-signatures, users, and several documents. Bulk uploads are also allowed hence securing all your business information in a single database.
Concord is easy to use and flexible. Its intuitive design and automated functions improve compliance and speed. As a result, you will stay abreast with significant contractual changes, renewal and termination deadlines.
Aptien is another reliable contract management software that tracks your contracts, customers, suppliers, agreements, and other business functions in a single dashboard. You can enter any type of contract by choosing from its offerings or creating your own. Simply put, there are no limitations in this respect.
Aptien also sends automated notifications to your email so that you do not miss out on crucial activities and deadlines, especially for contract renewal and termination. You can try it using its 30-day free trial, after which you will choose a subscription plan based on your business needs.
Agiloft provides customizable solutions, making it an excellent choice for all types and sizes of companies. It offers free online training, contract authoring, plenty of e-signatures and documents, and more. The tool also has a personalized dashboard to track alerts and key performance indicators (KPIs).
Agiloft can be integrated with Microsoft and Google for quick uploading of documents. All data are secured and ensures compliance. Its price plans are based on the number of users and size of the business, so make sure you check if it’s affordable.
The best contract lifecycle management software 2023 are listed above. Note that our research does not end here, and we will keep updating the list with the latest tools. You can also contact us with more suggestions that you feel should be included in this list.