Contracts are vital in the professional industry since they serve as an acknowledgment of the agreement between parties. Since manually generating, evaluating, and requesting approval of contracts can get hectic, you will need a solution. Meet contract lifecycle management software, a tool with complete features to reach your objectives. Continue reading below for more.
10+ Best Contract Lifecycle Management Software
1. PandaDoc
2. Kira
3. Ivalua.com
4. eBrevia Contract Analyzer
5. Coupa
6. Seal’s Contract Discovery software
7. Fullstep Suite
8. GEP SMART
9. CLM Matrix
10. Ultria
11. SAP Sourcing and SAP Contract Lifecycle Management
What is Contract Lifecycle Management Software?
Contract lifecycle management involves the stages of generating, negotiating, and signing contracts. Such activity is essential in the business industry, given the purchasing and selling processes. A contract serves as a sealer of the agreements, which involve entities must follow. Since these processes are nerve-wracking, overlooks are inevitable, leading to disappointed clients. That is why experts developed contract lifecycle management software to assist you in solving complexities. It automates processes, provides clear documentation, enables effective communication, delivering professional and understandable negotiation and contract to clients. That said, you can improve operational efficiency and ensure high-quality customer service.
Benefits
Negotiations itself consumes a lot of time how much more when you generate documentations with manual processes. With contract lifecycle management software, you can save more time and effort as it automates processes, enables document generation, provides accurate data analytics, leading to improved productivity and quality. That way, you can minimize hassle in work.
Features
Features and functionalities are critical factors you need to analyze before buying the software you like. As you know, not all platforms deliver high-quality performance. The software has different qualities depending on its features and functionaries. For this reason, it is essential to research the software’s capabilities to choose the best software for your company. Luckily, you can read from the software comparison website presenting content about the software’s pros and cons. Free trials and versions are also available, allowing you to test them firsthand. The following features are recommended by users:
- Electronic Signature
- Full-Text Search
- Government Contracts
- Pre-built Templates
- Version Control
- Workflow Management
- Compliance Tracking
- Document Classification
Top 10 Contract Lifecycle Management Software
1. CLM Matrix
CLM Matrix from Wolters Kluwer includes project management, collaboration, government contracts, contract lifecycle management, supplier management, and more advanced features. Wolters Kluwer has annual revenue of $2.1 billion and 18,879 employees.
2. Seal’s Contract Discovery Software
Contract Discovery from Seal Software includes data discovery, email address extraction, document extraction, predictive analytics, and more valuable features. Seal Software has annual revenue of $1.6 billion and 8,120 employees.
3. GEP SMART
GEP SMART includes approval workflow, completion tracking, invoice processing, procurement management, spend management, and more innovative features. GEP has annual revenue of $1.2 billion and 3,969 employees.
4. Coupa
Coupa includes capacity planning, data visualization, demand forecasting, inventory management, inventory optimization, supplier risk management, and more advanced features. Coupa Software has annual revenue of $640.9 million and 3,091 employees.
5. Ivalua.com
Ivalua.com includes auction management, budget management, expense tracking, fixed asset management, contract lifecycle management, order fulfillment, and more innovative features. Ivalua has annual revenue of $147.3 million and 736 employees.
6. PandaDoc
PandaDoc includes an activity dashboard, document management, task management, template management, document management, and more advanced features. PandaDoc has annual revenue of $145.7 million and 728 employees.
7. SAP Sourcing and SAP Contract Lifecycle Management
SAP Sourcing and SAP Contract Lifecycle Management includes approval process control, fraud detection, invoice processing, cash management, and more logical features. SAP has annual revenue of $25.3 million and 128,880 employees.
8. Kira
Kira includes specialty contracts, compliance tracking, full-text search, feedback management, evaluation management, applicant tracking, and more valuable features. Kira Systems has annual revenue of $16.2 million and 116 employees.
9. Ultria
Ultria includes compliance tracking, specialty contracts, workflow management, version control, electronic signature, full-text search, and more valuable features. Ultria has annual revenue of $14.4 million and 99 employees.
10. eBrevia Contract Analyzer
eBrevia Contract Analyzer includes an electronic signature, RFP management, workflow management, contact management, compliance tracking, and more logical features. eBrevia has annual revenue of $3.3 million and 30 employees.
FAQs
Why is contract important?
The contract has existed since the earlier era. As we all know, business moves the world. People and businesspeople sell and purchase endlessly, as that is how the world works. A contract is a special paper serving as proof that the transaction and agreement are acknowledged between providers and consumers. For this reason, contract plays a critical role in the professional industry.
Why is software beneficial?
Since the world today operates through technology, businesses adapt by using technical tools such as software. The software has advanced features and characteristics, making the professional industry improve operational efficiency and ensure quality assurance to the market. With software, businesses reach their goals, catching up to the market’s demands and expectations.
What makes a contract illegal?
We have laws we need to follow and comply with. A contract becomes illegal if its intention and purpose violate the law. It is necessary to know whether the contract is legal or not to exact justice and ensure no one experiences casualties and no victims. According to the court, though called an illegal contract, it is not a contract, as they treat it as if it never existed.
Traditional methods are prone to work errors, consume time, and are a lot of work. Given the business competition, manual processes would not suffice in the race. With contract lifecycle management software, you can ensure customer satisfaction. Having an innovative and advanced tool on hand allows you to prevent errors and ensure the quality of your work in a timely and convenient approach.
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