Featured article by James Corbett, Independent Technology Author
Contract Lifecycle Management Software manages the agreement process from beginning to end, starting with the proposal request and ending with negotiations. This program eliminates nearly eliminates manual contract management. As a result, the risk of human error is minimized. Additionally, users of this software can have full awareness of the agreement. Complete knowledge of various contracts reduces time-wasting and allows for strategic negotiation.
Firms benefit significantly from employing Contract Lifecycle Management Software. To help you find the software that best suits your needs, we’ve compiled a list of the best contract lifecycle platforms:
Agiloft
Agiloft is a highly customizable contract management software. The system offers advanced management features for the contract lifecycle as well as detailed reporting and analytics. It also boasts an easy to use interface and granular access controls. Furthermore, it integrates with Salesforce. It does, however, require an elaborate initial setup and implementation, especially when compared to other tools.
Evisort
Evisort is an AI-powered product that specializes in contract generation, review, and management. This end-to-end software comes with pre-trained algorithms and the ability to tag and train your own AI. The algorithms are incredibly accurate, so much so that other AI companies license it for their own platforms. Additionally, the program makes it easy to look for data and metadata. The company is solid, having spent several years growing. As a result, they are continually hiring and acquiring new funding.
Evisort offers standalone centralized storage or the option to integrate with your current storage location. On the downside, though, Evisort doesn’t have a strong e-signature system.
Updraft
Updraft is the only program to offer guided contract creation. Agreements are created using a custom interview-based questionnaire. This process is unique to Updraft and highly convenient for users. Updraft also provides reporting and analytics, task management, and email alerts. On the downside, however, Updraft’s user interface, (not including the interview process) is clunky and a bit hard to navigate.
Concord
Concord boasts an easy-to-learn interface. It also offers a powerful contract authoring and formatting editor, although customization is limited. Nonetheless, the system has capable agreement collaboration and negotiation features, as well as analytics and reporting. It also features native eSigning, full contract audit history, and granular agreement access.
Onit Contract Management
Onit offers a fully featured and extremely customizable contract lifecycle platform that also provides auditing and analysis. Moreover, it includes reporting and agreement analytics as well as native collaboration and contract negotiation. It does not, however, offer agreement authoring. The software is rather expensive when compared to other available options.
ContractSafe
ContractSafe has all the basics of a decent contract management system. It includes routing, search, OCR, and excellent security and permissions.
The software also has unlimited users and a simple user interface. However, it does not offer workflow automation or in-app authoring and has limited collaboration and reporting.
Coupa Contract Lifecycle Management
Coupa’s specialty is procurement operations and spend-management. It has in-depth, commerce-driven reports and analytics, as well as an audit trail and version control. As a result, users will enjoy robust contract collaboration and reliable negotiation functionality. Nonetheless, Coupa is only available as part of a larger enterprise subscription.
Great Minds Software Contract Advantage
Great Minds offers all the necessary features of agreement management as well as customizable ways of enabling said features. This does mean that the system is somewhat complicated, and the interface is not so intuitive. That said, it does have advanced workflow automation and all-in-one contract storage, tracking, and management that includes custom fields and pages.
Blueridge Software Contract Assistant
Blueridge offers excellent contract categorization and management features and is highly customizable. It also features Boolean search, useful reports, and extensive help resources. Unfortunately, Blueridge is not a web-based service. Therefore it requires on-premise installation.
Contract Hound
Contract Hound is designed for smaller enterprises. It has unique features such as drag-and-drop approval workflows, but it doesn’t allow contract creation. It does offer easy agreement storage and tracking, as well as unlimited users and alerts. Additionally, it features DocuSign integration and document collaboration and sharing.
ContractWorks
ContractWorks is simple to use and features substantial document storage and security features. It is the ideal solution for companies of any size. It offers native eSignature, granular user access controls, and an audit trail. On the downside, though, it does not allow for contract creation, and there is no focus on agreement negotiations.
