Contract management is the backbone of any business, big or small. As such, adopting an efficient and reliable system can have a huge impact on the success of your business.
This is where contract management software comes in. This magical tool is designed to help businesses stay on top of their contracts, rendering the process silky smooth from start to finish.
Regardless of what industry you operate in, there are contracts hiding behind every aspect of a business. From contracting suppliers, hiring employees, acquiring resources, selling services or goods, etc. If you stop to think about it, you’ll see contracts everywhere!
So, when we talk about contract management, we’re referring to how a business manages all those contracts. What’s more, it covers the entire lifecycle of a contract, from start to finish and every little step in between. Let’s dive in a little deeper.
How can contract management software help you and your business?
Naturally, when signing up to any kind of software, you want to think about your Return on Investment (ROI). Great contract software makes for fantastic ROI.
Here’s an example: you’re running a scale-up marketing agency based in Brussels. You’re looking for a remote designer, and you’ve found the perfect candidate in Warsaw. You send the contract through, but notice a mistake. The salary is only displayed in Euros, instead of in both Euros and Polish Złoty.
With the right contract software, you can easily make that change in real-time, rather than having to manually edit, and then send the contract back to the signee. Alternatively, you can let the user edit parts of the contract before both parties sign.
This is just one example of how the right contract software can help you get moving more quickly, as Eurofins found when they looked to digitalize their contracts. By using contract software, managers at Eurofins were able to stay more on top of things, as they had more of “a sense of ownership over their own employment agreements”.
In brief, what are the advantages of using contract management software?
If we were to talk about every single aspect that makes this tool so great, we’d be here for years. Instead, we’ll keep it short and sweet and tell you about three key benefits it can bring your business.
Contract management software advantages
- Reduces business risk
Managing contracts manually is a process prone to human error, which can have both financial and legal implications, as well as hinder the trust of the counter signatory.
Automated systems have proven to significantly reduce the risk of errors. What’s more, all contracts are stored safely in one place and the person responsible can restrict and monitor who has access to them.
- Exceptionally timesaving
Every single step of the process is quicker, from creating the contract to signing it. According to Forrester and Aberdeen, using a contract management system reduces the time it takes for a project to be approved by 82%, on average.
Cloud-based contract managing software even allows for real-time negotiation, which further reduces processing times and gets the deal signed even quicker.
- Undeniably cost-effective
Aberdeen’s report on this topic revealed how top-performing companies believe that getting the contract right the first time can have a positive impact on sales. Not only that, but delays in closing a deal can result in lost business. In short, a quicker process leads to higher chances of success as well as extra time to invest in securing more deals.
Contract management software has proven to significantly reduce the risk of errors. Human errors in contracts can lead to costly legal fees, so error-free documents can save a business a lot of money.
Although the lifecycle remains the same whether you handle the process manually or use contract management software, the workflow is worlds apart. An efficient process saves a lot of time and, as we all know, time means money.
How to choose the right contract management software for you?
The right contract management software depends on any number of factors, and can vary from business to business. But here are some important things to consider when finding the right contract management software for you:
- Is it simple and user-friendly?
- How many of its features are you likely to realistically need in your business?
- Does it come with integrations that match your other workflows?
- Do the platform’s security features match your own data needs?
- Does the contract management platform come with AI capabilities?
Even if you’re not too familiar with AI, an intuitively-built capability can help your contract management workflows run far more quickly and smoothly.
Contract management software: Cloud-based vs. offline solutions
So, using contract software is clearly better than wasting hours away doing it manually. But are all contract management services the same?
While they are all designed to effectively manage the lifecycle of contracts from one place, speeding up the process and facilitating work, we should distinguish between cloud-based and offline solutions.
Cloud-based solutions can be accessed from the browser, while offline software needs to be installed on a device. There are several benefits to using a cloud-based system over an offline solution. Let’s see what these are:
- Live editing
Version control can be an issue when working offline and can lead to misunderstandings. With live editing, everyone can be sure they’re working on the latest version of the contract, at all times. Contracts are edited directly on the platform, in real-time. So, both parties can view the changes and updates immediately.
- Negotiating on the fly
Use comments directly in the contract to ask questions and negotiate terms, in real-time. The other party will be able to see the comment immediately and respond. This makes communication more direct and transparent.
- Unlimited storage
When software is installed on your device, it takes up space, and over time it will take up more and more until it eventually runs out of storage. Cloud-based software has unlimited storage at its disposal, so that’s one thing less to worry about.
- Remote access
A cloud-based system is not tied to a location or device. It can be accessed from anywhere, through any browser. The pandemic emphasized this necessity loud and clear, and as we enter the era of remote working, cloud-based systems are truly the only logical solution.
- Safer than ever
The idea of being able to access the platform from anywhere may cause some alarm bells to ring. Well, you should know that only interested parties with permission to access a document will be able to do so. Not only that – all changes are registered and timestamped, so you can always see who opened the document and when, as well as any changes they made.
As you can see, cloud-based contract management software is one step ahead in terms of speed and efficiency. It also offers more flexibility and transparency throughout the process.
What to look for when choosing contract management software
When you’re deciding what contract management tool you should use, you’re probably wondering what you should look for? And asking yourself, or the internet, what features should you keep an eye out for? In essence, what makes a good contract management tool? Here are a couple of things to consider when evaluating the plethora of options out there:
- Ease of use: The tool should be easy to use and understand. It shouldn’t take too long to get up and running to use either. Onboarding should be easy and help, not hinder your process.
- Security: The tool should provide robust security to protect sensitive data and be GDPR compliant.
- Features: The tool should have features that are relevant to your workflows and allow you to work in a manner that increases efficiency. It should have numerous quality features that have an impact on your work.
- Cost: The tool should be a cost-effective solution based on your needs and the size of your business.
- Integration: The tool should be able to integrate with other systems and applications that you currently use or plan to use.
These are just a few of the criteria you should consider when selecting a contract management tool.
Top 10 contract management software
Oneflow is a leading contract management software that offers a comprehensive set of features to help businesses automate their contract workflows. With Oneflow, you can create, manage, and track contracts effortlessly. The software allows you to customize contract templates, collaborate with stakeholders, and even e-sign contracts securely. Oneflow also offers analytics and reporting tools to gain insights into your contract performance and make data-driven decisions.
Overall, Oneflow is a robust contract management solution that can save you time and improve your contract management processes.
If you’ve ever dealt with contracts, you’ve probably heard of DocuSign. It is one of the most popular contract management software tools available today. With DocuSign, you can streamline the entire contract lifecycle, from creation to signing, and even storage. The software offers a user-friendly interface, making it easy for both you and your clients to sign and manage contracts. DocuSign also integrates with other platforms, such as Salesforce and Microsoft Office, to provide a seamless experience.
With its industry-leading security measures and compliance certifications, DocuSign ensures that your contracts are safe and legally binding. Plus, its advanced analytics and reporting features give you valuable insights into your contract performance.
PandaDoc is an all-in-one contract management software that simplifies the entire contract lifecycle. It offers a range of features, including contract creation, collaboration, e-signatures, and even payment collection. PandaDoc’s intuitive interface and drag-and-drop editor make it easy to create professional-looking contracts without any technical skills. It also integrates with various CRM and payment platforms, allowing you to automate your workflows and streamline your sales processes.
Additionally, PandaDoc provides robust analytics and reporting tools to help you track your contract performance and identify areas for improvement. With PandaDoc, you can increase your contract efficiency and close deals faster.
GetAccept is a contract management software that focuses on sales enablement and document tracking. It offers features like document creation, e-signatures, and even sales automation tools. With GetAccept, you can personalize your contracts, track recipient activities, and follow up on contracts easily. The software also includes AI capabilities that can help you predict your contract success rate and make data-driven decisions.
GetAccept’s integration with popular CRM and sales platforms allows you to sync your contracts and streamline your sales processes. It also provides comprehensive analytics and insights to help you understand your contract performance and optimize your sales strategy.
If you’re looking for a simple and user-friendly contract management software, HelloSign is worth considering. With HelloSign, you can create, sign, and send contracts seamlessly. The software offers a clean and intuitive interface, making it easy to navigate and manage your contracts. HelloSign also integrates with popular cloud storage platforms, such as Google Drive and Dropbox, to streamline your document management processes.
In addition to its contract management features, HelloSign also offers templates, team management tools, and advanced security measures. Whether you’re a small business or a large enterprise, HelloSign can help you streamline your contract workflows and improve your productivity.
Contractsafe is a cloud-based contract management software designed to simplify contract management for businesses of all sizes. With Contractsafe, you can securely store and manage your contracts in one centralized location. The software offers advanced search capabilities, making it easy to find specific contracts or clauses within contracts. Contractsafe also provides customizable workflows, reminders, and alerts to ensure that you never miss important contract deadlines.
With its user-friendly interface and robust security measures, Contractsafe is an excellent choice for businesses looking to streamline their contract management processes and mitigate risks associated with contract management.
Juro is a contract management software that focuses on streamlining the contract creation and collaboration processes. With Juro, you can create and edit contracts collaboratively in real-time. The software offers a range of contract templates and customization options, making it easy to create professional contracts quickly. Juro also provides contract approval workflows and e-signature capabilities to make the signing process seamless.
One of the standout features of Juro is its contract analytics and insights. The software offers data visualization tools that help you understand your contract performance and identify bottlenecks. With Juro, you can optimize your contract management processes and improve your overall contract efficiency.
Scrive is a contract management software that specializes in e-signatures and document automation. With Scrive, you can send, sign, and manage contracts electronically, eliminating the need for manual paperwork. The software offers advanced features like mobile signing, document tracking, and customized branding options. Scrive’s integration capabilities allow you to connect it with other systems and automate your contract workflows.
Scrive’s robust security measures, such as two-factor authentication and audit trails, ensure that your contracts are secure and compliant. Whether you’re a small business or a large enterprise, Scrive can help you streamline your contract processes and reduce administrative overhead.
9. Adobe Sign
Adobe Sign is a contract management software that offers a complete solution for managing contracts electronically. With Adobe Sign, you can easily create, send, and sign contracts on any device. The software integrates with various platforms, such as Microsoft Office and Salesforce, to provide a seamless experience. Adobe Sign also offers advanced features like form creation, document tracking, and customizable workflows.
One of the unique features of Adobe Sign is its integration with the Adobe Document Cloud, which allows you to store and access your contracts securely. The software also provides detailed analytics and reporting tools to help you track the progress of your contracts and identify areas for improvement.
Last but not least, SignNow is a contract management software that focuses on simplicity and ease of use. With SignNow, you can create, send, and sign contracts effortlessly. The software offers a user-friendly interface and intuitive signing experience, making it easy for both you and your clients to complete the signing process. SignNow also provides features like document templates, real-time collaboration, and advanced security measures.
Whether you need to sign contracts on the go or manage a large volume of contracts, SignNow can help you streamline your contract management processes and improve your overall efficiency.
Keep an eye out for specific features
When selecting a contract management tool, there are a few key features you should look for.
- Automated workflows: Automated workflows help streamline the contract process, reducing manual errors and saving time and money.
- Analytics: Analytics provide valuable insights into contract performance and help organizations make informed decisions.
- Reporting: Reporting provides visibility into contract performance and helps organizations stay on top of their contracts.
- Security: The tool should provide robust security to protect sensitive data.
- Integration: The tool should be able to integrate with other systems and applications.
These are the main key features to look for in a contract management tool, yet there are many more. Some are more relevant to you and your workflows than others. With that being said, it’s time to tell you our recommendations on what tools to use.
Step into the future and reach new heights
Companies often pour endless resources and money into getting their marketing just right, while the way contracts are handled is often overlooked and left struggling with outdated systems.
If this sounds familiar, then it’s time for a change. Revel in pure efficiency, boost your profits and watch your company grow. With the right contract management software, the sky is the limit!