What Is Contract Management Software?
If you’re in the market for contract management software, whether you’re a first-time buyer or looking for an upgrade, you probably have a general idea of what contract management software is and what its main functions are.
Contract management software is designed to create, manage, track, store, secure, and send contracts and other key documents between businesses and other parties. However, simply knowing what contract management software is doesn’t guarantee you’ll end up with the best solution for your unique business needs.
In this post, we’ll introduce you to seven of the top contract management software programs and provide pertinent information about each one.
PandaDoc is one of the more popular contract management software programs thanks to the wealth of features including document analytics, template embedding, multiple workspaces, eSignature software, payments, and content and image libraries. The software is touted for its problem-solving benefits including document consolidation through its template and content library. This allows users to create and deliver documents in one location, rather than having to use multiple tools for different documents.
Another huge benefit of PandaDoc is its built-in electronic signature feature. Rather than wasting time, money, and resources on the conventional method of signing a document, it only takes a couple of seconds for PandaDoc users to open a document, sign, and send it, cutting out the need to open a document, print it, sign it on paper, scan it, and then send it.
Finally, with the PandaDoc collaboration tools and workflow automation feature, you may also experience a higher volume of sales and an increase in close rates. When trapped in the antiquated methods of signing and sending documents, it lengthens the whole process, wasting time and delaying results. When everything is electronic and automated, you won’t keep colleagues and clients waiting.
PandaDoc can be used on multiple devices including web-based devices, Mac, iPhone, iPad, Android, and Windows. Users pay an annual subscription of $15 per month for the Professional plan or $49 per month for the Business plan. If you’re on the fence about whether to commit, you can take it for a test drive with a free 14-day trial.
The $15 monthly subscription for professionals (generally solo users like freelancers and self-employed individuals) includes the following: five templates, 50 documents, 50 electronic signatures, email support, custom branding, document analytics, and document builder and editor.
A big benefit of ContractWorks is its commitment to the highest levels of document security, privacy, and confidentiality. Not only can you safely and conveniently store all your sensitive documents in the management system, but you’ll also benefit from other features including 24/7 support, quick search, electronic signature tools, customizable reports, and rapid setup.
ContractWorks uses a search system similar to Google and allows you to find files, folders, and documents swiftly and with ease. This management software also comes with ready-made documents like nondisclosure agreements and other contract templates. You’ll save several hours by not having to create these documents from scratch.
Plus, these documents are easy to send electronically, saving you precious time, energy, money, and resources. Should you ever need assistance, you can access a support team 24/7 through multiple communication channels.
Like PandaDoc, you won’t have to make an up-front commitment with ContractWorks; you can opt for a free trial before making your decision. Afterward, the subscription costs $600 monthly when paid annually or $750 each month when paid quarterly. If you have any questions along the way, ContractWorks’ 24/7 support team can be accessed via phone, email, or live chat.
3. ManageEngine ServiceDesk
If you’re looking for a solid help desk application, consider ManageEngine ServiceDesk. The system is designed to enhance the service quality for your customers in need of support. On your end, you benefit from a bevy of features that allow you to use several support channels, and support that is compatible with all mobile devices including Androids, iPhones, and iPads.
Support is offered in multiple languages and includes other key features like ticket management, knowledge-base software that can be modified, and a self-service portal. Another attractive element of ManageEngine ServiceDesk is remote support. This means support agents can connect with and assist any of your customers no matter where they are located.
Finally, the system comes with an asset management feature, which allows you to safely store and access any pertinent information—no matter how old.
Concord is the go-to contract management solution for effective delivery and execution of contracts. The software offers over 18 features including online document editing, e-Signature tools, webmaster and website tools, data export, API, amendments management, discussion, deadline alerts, and an analytics dashboard. Another notable feature that Concord provides is unlimited storage, allowing you to store contracts and other crucial documents for as long as you need at no extra cost.
It’s an all-in-one contract management solution that lets you create, edit, amend, discuss, sign, send, track, and store contracts in one location with zero hassle or extra effort. It’s seamless for both you and other parties, who can receive and sign the document electronically. Concord is frequently used by businesses of all sizes, freelancers, and those who are self-employed.
Multiple pricing models exist including monthly payment, annual subscription, quote-based pricing, and a free plan. The free plan includes features like online document editing, eSignature tools, deadline alerts, and an audit trail. The standard $24.99 per month plan includes the following: online document editing, discussion, deadline alert, electronic signature tools, audit trail, version control, advanced access control, amendments, and integrations with Google Drive, Dropbox, and Cilo and other small business accounting tools.
The software is supported on devices including Windows, Android, iPhone, iPad, Mac, and is web-based. Concord provides technical support with their live chat software, email, and telephone with trained support agents.
5. SAP Ariba
If you’re looking for a sharp, cloud-based solution that improves efficiency in your workplace and makes interacting with colleagues, employees, and clients more seamless and effective, take a look at SAP Ariba.
This software system comes with many built-in features including payments, invoice management, spend analysis, procurement, strategic sourcing, financial supply chain management, supplier management, supplier discovery, and supply chain collaboration.
SAP Ariba allows users to implement the solution without inconvenient software upgrades or complex and expensive onboarding. By using this management software, you can track spending, negotiate for better deals and discounts, and mitigate financial risks. Other beneficial results include the opportunity to get rid of excess inventory, improve contract compliance, and source more enhanced design teams for your products.
Businesses looking for ways to get their information, intelligence, documents, dates, and messages safely stored in one place should consider the cloud-based management platform Gatekeeper. This system is designed to make complicated relationships easier to manage while making communication more effective.
Gatekeeper’s most important features include tools like email software, unlimited storage, renewals management, secure document management, enterprise-grade security, and multi-currency support.
Businesses that opt for this management software system benefit from multiple support channels via live support, email, and phone through a ticketed system.
Gatekeeper can sync with many top ecommerce platforms, and operates on multiple devices including web-based, Mac, and Windows. Small businesses, medium-sized enterprises, and large corporations will find Gatekeeper to be an outstanding solution for enhancing communication transparency and better tracking correspondence, contracts, and other important documents.
Finally, users can opt for a monthly subscription or sign up for a one-time payment each year.
Another excellent contract management software is Corridor Contracts 365. This software allows you to seamlessly integrate applications you use daily including Salesforce, Office365, SAP, Microsoft Dynamics, and Oracle. Corridor provides self-service contract automation so users can cut down on the time it takes to create, send, sign, and receive contracts.
Other benefits include greater risk management, improved contract compliance, and a higher return on your investment. Corridor allows you to see contracts through their entire life cycle from creation to completion, increasing compliance and minimizing hassle. Additionally, you can store an unlimited number of contracts and documents in the system without having to worry about expiration.
The Final Word
Choosing a contract management software system for your business should not be taken lightly. Some of the best in existence today include the ones we’ve mentioned above. With 80% of clients seeking out professional services and marketing, take the time to weigh your options and ask important questions before committing to an investment. You can also read contract management software reviews to help narrow down your search.
All the software listed above has a wealth of additional information available on the web, so if you have additional questions, do your homework before making your next move.
Meredith Wood is the founding editor of the Fundera Ledger and a vice president at Fundera.
Meredith launched the Fundera Ledger in 2014. She has specialized in financial advice for small business owners for almost a decade. Meredith is frequently sought out for her expertise in small business lending and financial management.