A contract is standardized in the professional field as you need them to implement a business partnership with other suitable firms to share marketing data and grow together. In other cases, contracts are also crucial when purchasing services to convey the responsibilities and obligations that both parties need to meet. For this reason, contract management can sometimes be complicated, which is why you need contract analysis software.
12+ Contract Analytics Software
3. Contract Wrangler
5. DocuSign Contract Analytics
6. Malbek Contrax
7. Ultria Orbit
8. Icertis Contract Management Software
10. Kira Contract Analysis
What is Contract Analytics Software?
Contract analytics software is a technology using machine learning used to improve contract management. Contract analytics software is helpful as it provides innovative features to assist you in tracking and organizing your contract agreements, leading you to lessen possible errors which can lead to misunderstandings. As commonly known, numerous disputes happen because of contract complications, and such instance is undeniably time-consuming. For this reason, professionals developed contract analytics software to lessen these unnecessary contingencies and increase document management systems’ effectiveness and efficiency. With contract analytics software on hand, you can ensure smooth contract processes, extract information quickly, and build strong relationships through your allied firms.
Manually managing and tracking a particular contract can take a long time and too much physical effort. Imagine being asked about a contract that lies deep in your files. However, with contract analytics software, you can search and review contract agreements quickly and automatically. You need not go to your piles of files and search for them physically because, with one type, you can answer inquiries.
Numerous firms developed contract analytics software. Such software provides various valuable and innovative features for contract management. They also have a different range of prices, which is why it is advisable to try and check them out before choosing what is best for your company. Below are few feature examples you should consider in your research:
- Audit trail
- Customizable features
- Document analysis
- Mobile signature capture
- Task progress tracking
- Performance metrics
- Government contracts
- Electronic signature
- Audit management
These characteristics are only a few examples you need to take note of. Every software offers different high-quality and creative features that can help you with every aspect of your contract management.
Top 10 Contract Analytics Software
1. DocuSign Contract Analytics
DocuSign developed DocuSign contract analytics with document analytics, mobile signature capture, and more to assist you to send, sign and manage agreements anytime, anywhere, on any device with trust and confidence. With annual revenue of $518.5 million and 3558 employees.
2. Icertis Contract Management Software
Icertis contract management software developed by Icertis with innovative features contract lifecycle management, workflow management, pre-built templates, and more. With annual revenue of $211.1 million and 1642 employees.
Manage opportunities, obligations, and risks in your signed contracts conveniently and precisely. Pramata, where business-to-business company contracts are effortless. With annual revenue of $38.4 million and 265 employees.
4. Kira Contract Analysis
Kira Systems developed Kira contract analysis software with innovative document extraction features and more to help you to identify automatically, extract contract terms, and speed up contract review. With earning up to $29.9 million per year and 206n employees.
With annual revenue of $21.3 million and 115 employees, LinkSquares provides interactive business dashboards and configurable reports that help you make the most of your contract data.
6. Ultria Orbit
Ultria Orbit contract analytics software developed by Ultria offers government contracts, completion tracking, workflow management, and more. With annual revenue of $10.9 million and 75 employees.
With earnings of $10.2 million and 65 employees, ThoughtTrace contract analytics software offers reporting and statistical analysis, contract/license management, document management, which are few features most valued by their customers.
8. Contract Wrangler
Save time, money, and headaches. Contract Wrangler extracts business terms and converts them into verified data improving business performance. With annual revenue of $7.4 million and 51 employees.
With annual revenue of $7 million and 48 employees, Gatekeeper is a user-friendly, powerful, AI-driven cloud-based contract management software. With reporting/analytics, audit trail, and more valuable features to help you contract management.
10. Malbek Contrax
Malbek Contrax, with $5.1 million in annual sales and 35 team members, offers some of its top-rated features, including contract compliance, contract database, and notifications and reminders, to encourage you to use their software for better contract management.
Why is contract analysis critical to your company’s success?
Contract analysis is necessary for business because the contract itself serves as the foundation of business partnerships. Without contract analysis, incidents such as unattended contracts, inability to review particular contracts, unforeseen conflicts between several existing contract documents, etc., have a high probability. Contract analysis is crucial as managing and analyzing your contract file helps prevent unnecessary complications within your business and business partnerships.
In contract management, what role does artificial intelligence play?
Manually managing contract agreement documents can lead to numerous errors that can cause problems. Professional developed technology such as contract analytics software to arrange, evaluate, and review contracts effectively and efficiently. With such a tool, you can help you, your members, your business process while also guiding you to generate professional contracts.
What is contract analytics?
Contract analytics is an action of reviewing and analyzing contracts to locate and gather critical data to improve risk management. Contract analytic processes help you assess contract agreements you need to attend to and sign. With this method, you can enhance your business performance by allowing you to see risks, obligations, and opportunities in your contracts.
Contract agreements are one of the most critical materials in the business industry; it holds obligations and responsibilities contract parties should meet to avoid potential disputes. Contracts are a key to partnership and growth, which is why your contract management should be high-quality. Fortunately, contract analytics software is introduced. With contract analytic software, you improve your contract management or document management system impressively. Due to that, you can feel rest-assured and ensured that overlooks and errors are prevented in your project management.
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