In today’s fast-paced business world, managing contracts effectively is crucial for maintaining smooth operations and fostering growth.
Contract Lifecycle Management (CLM) software has become an essential tool for organizations of all sizes, helping to simplify the entire contract process from creation to renewal.
In fact, studies show that businesses can reduce contract cycle times by up to 50% with the right CLM software. Additionally, automated contract management can lower operational costs by up to 30%, demonstrating its value in both efficiency and cost savings.
The CLM software market is booming, with an expected growth rate of 13.5% annually, projected to reach $3.16 billion by 2026. With numerous options available, it can be challenging to choose the best solution for your company.
This article will guide you through the best Contract Lifecycle Management software options, highlighting their key features, benefits, and how they can transform your contract management processes.
Features of a Contract Lifecycle Management Software
Automated Workflow: Simplifies the contract creation, review, approval, and renewal processes with automated workflows, reducing manual effort and minimizing errors.
Centralized Repository: Provides a secure, centralized location for storing and managing all contracts, making it easy to access, search, and retrieve documents as needed.
Compliance Management: Ensures adherence to legal and regulatory requirements by offering compliance tracking, audit trails, and automated alerts for key contract milestones and obligations.
Collaboration Tools: Facilitates seamless collaboration among stakeholders through features like version control, real-time editing, and comment tracking, enhancing communication and efficiency.
Reporting and Analytics: Offers robust reporting and analytics capabilities to track contract performance, identify trends, and generate insights for better decision-making and strategic planning.
- Electronic Signatures: Securely sign and manage contracts digitally.
- AI-Powered Contract Analysis: Extract key contract data, identify risks, and suggest improvements.
- Integration Capabilities: Connect with CRM, ERP, and other systems for seamless data flow.
Tips to use Contract Lifecycle Management Software Effectively
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15 Best Contract Lifecycle Management (CLM) Software
1. SAP Ariba
SAP Ariba specialises in developing basic templates and unified terms to help buyers and suppliers save time and avoid errors.
The solution helps customers manage procurement and sales contracts, intellectual property licenses, and internal agreements, as well as automate and accelerate the entire CLM process.
It also makes contracts quickly and easily, using pre-approved templates and clauses.
Top Features:
- IP licensing
- CLM automation
- Contract document creation and process management
- Standardize compliance
Pricing:
Available on request
2. Juro
Juro is a platform that makes contract management easier. It streamlines the entire process by converting contracts into useful data using a simple editor that requires no code. This offers you control over your contracts and allows you to monitor their progress.
Juro enables in-house legal staff to perform things independently, such as negotiate and sign contracts without hassle. The editor is created exclusively for contracts, making the entire process smooth and productive for all concerned.
Top Features:
- Renewal Remainders
- AI Review
- Native Integration
Pricing:
Custom
3. Docusign
DocuSign is a tool that enables organisations to employ electronic signatures. DocuSign’s robust API and connectivity to over 350 apps allow it to seamlessly integrate with major business tools, automating tasks. It is a popular platform that simplifies agreement management, with over 500,000 customers in 180+ countries.
DocuSign also provides a CLM solution to supplement its eSign platform. DocuSign CLM aims to standardise the entire CLM system and make it more accessible to non-technical stakeholders. Anyone can use it to manage any sort of contract.
Top Features:
- User Friendly Interface
- Multi recipient signature
- Prompt Notification
Pricing:
Talk to the sales team for details
4. Conga Contracts
Conga Contracts has a strong customer retention rate (9 out of 10) and has been the most downloaded premium CLM app for the past ten years.
It provides an end-to-end contract lifecycle management solution incorporated within Salesforce. It has also been awarded a Leader in the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Buy-Side Contract Lifecycle Management Applications 2021 and the Gartner Magic Quadrant for Contract Lifecycle Management, 2021.
Top Features:
- Contract lifecycle automation and management
- Process automation
- Workflows
- Transactional contract execution
- AI-powered data extraction for risk tracking and managing opportunities
Pricing:
Custom
5. Ironclad
Ironclad, formed in 2014 and headquartered in San Francisco, is a SaaS startup that specialises in contract management software. It’s software that automates workflows, generates reports, and manages contracts efficiently.
Its simple drag-and-drop interface makes it accessible to all stakeholders, regardless of technical background. Ironclad stands out by focusing on the nuances of contractual collaboration and negotiation.
This distinct approach helps to decrease risks and accelerate approvals. It accomplishes this by utilising a public API and integrating smoothly with other tools and systems.
However, Ironclad is best suited for large-scale contract management. If you are a small-scale or startup business, there are many alternatives to Ironclad that you can consider, like HyperStart, LinkSquares, Lexion, and Juro. These alternatives offer similar functionalities with better flexibility to meet dynamic needs.
Top Features:
- Contract Workflow
- Contract Repository
- System Integration
Pricing:
Custom Quotes Available
6. Volody
Volody provides advanced features such as risk analysis, clause suggestions, and summary tools to guarantee comprehensive risk management, educated decision-making, and efficient operations.
Volody offers over 150 interfaces with CRM, E-sign, and other applications. It is also SOC-2 and ISCO 27001 accredited, which ensures the security of your data. And the best part? Volody integrates seamlessly into your existing procedures, helping things run even better.
Volody’s CLM software is designed for a variety of legal teams and provides a full view of contract language. Volody’s mission is to increase productivity and alter how firms manage contracts. It serves a diverse spectrum of organisations, from small startups to Fortune 500 companies.
Top Features:
- Easy to use interface
- AI Clause Summary
- AI Review
Pricing:
| Basic | Premium | Enterprise |
|---|---|---|
| $0 | $359.87/month | custom |
7. Evisort
Evisort is an AI-powered contract management platform designed for legal, procurement, and sales departments. It streamlines contract development, approval, storage, extraction, organisation, and tracking.
Streamlining workflows provides visibility into approval processes, collaborative tools for document review, and the option to create alerts for expiration dates. Evisort lets legal teams develop templates and extract data. It also monitors agreements through reports, making document management more efficient.
Top Features:
- AI-powered contract analysis
- Automated review and execution
- Contract clause template library
- Tailored workflows
Pricing:
Available on request
8. Sirion Labs
SirionLabs, headquartered in Noida, India, has been a global enterprise contract lifecycle management software vendor since 2012.
With offices throughout the world, it serves a wide range of sectors and provides cloud-based and on-premise solutions. SirionLabs specialises in contract drafting, obligation tracking, risk analysis, and advanced analytics.
Automated extraction, natural language processing, and machine learning are notable aspects that improve risk insights. When choosing a contract management system, prioritise robust templating, risk analysis, integration, and analytics—areas where Sirion excels.
Top Features:
- Risk Mitigation
- Increased Visibility
- Revenue Protection
Pricing:
Available on request
9. Oneflow
Oneflow is a comprehensive platform for digital contracts that includes configurable templates, real-time negotiation tools, and full audit logs.
Signed contracts are securely saved for convenient access, with tools for document filtering and lifecycle management included as standard.
Users benefit from the ability to automate workflows, which saves time while maintaining control over the contract process.
The platform also enables for detailed permission settings without limiting workspaces, templates, or documents. Users can customise their settings to meet their own requirements, providing smooth communication and efficient contract management.
Top Features:
- Smart archive
- Calendars & reminders
- CRM & HR integrations
- Collaboration & customizable permissions
- Contract metadata
Pricing:
| Free | Essential | Business | Enterprise |
|---|---|---|---|
| $0 | $17/month | $45/month | custom |
10. PandaDoc
PandaDoc is a robust contract management solution that enables organisations of all sizes to write, send, and track contracts and other crucial documents.
Its user-friendly design, adaptable features, and connectors make it a popular choice for businesses seeking to optimise document workflows and improve contract administration processes.
PandaDoc’s features include contract creation, document management, e-signature, and payment processing. Users can write custom documents from scratch or select from a library of templates, such as contracts, NDAs, and service agreements.
Top Features:
- Approval workflow
- Contract renewals
- Payments and CRM integrations
- Collaborative contract negotiation
- Document analytics
Pricing:
| Essential | Business | Enterprise |
|---|---|---|
| $19/month | $49/month | custom |
11. Agiloft
Agiloft, Inc. develops CLM software for commerce and contract lifecycle management.
Military-grade security can secure documents by preventing unauthorised internal access and external data breaches, as well as tight security access and user-access controls to reduce operational risk.
The CLM tool’s platform is built on security-first principles, such as automated backups, robust anti-virus and malware protection, and precautions against external or internal power users.
Top Features:
- Customizable reports and dashboards
- Centralized repository of contracts
- Text-rich contract search
- Approval automation
Pricing:
custom pricing
12. Icertis
Icertis specialises in a wide range of CLM capabilities, including compliance, audit history, and compliance tools. It also works with all major ERP, CRM, and spend management systems.
The platform includes a dashboard for risk analysis based on internal data and third-party sources, allowing for early detection of defects or risks in a contract and prompt action to address them.
Top Features:
- AI-powered contract creation
- Automated contract management
- Governance, risk, and compliance tools
- Proposal management
Pricing:
Custom
13. Linksquare
LinkSquares has acquired clients and accelerated their business with over 400 legal teams at mid-to-large organisations, including major brands such as TGIFridays, Cogito, and Wayfair.
It also provides LinkSquares Finalise, which extracts critical data from all of your agreements, generates real-time reports across your entire legal portfolio, and securely stores each contract in a single online repository.
Top Features:
- AI-powered contract analysis
- Automated review and execution
- Contract clause template library
- Tailored workflows
Pricing:
Custom
14. SignWell
SignWell is an e-signing platform that includes document management, automation, and reporting capabilities to help simplify the complete contract lifecycle.
SignWell allows you to effortlessly create, send, track, and sign contracts online, with features such as bulk sending, ready-made contract templates, and a no-download, no-signup signature process.
It also provides a variety of automated capabilities, such as notifications and order signature, to help reduce turnaround times.
All papers are safely saved using strong encryption, and you can easily track document statuses from your dashboard.
Top Features:
- Document Templates
- Integrations
- Access Permission
Pricing:
| Free | Personal | Business | Enterprise |
|---|---|---|---|
| $0 | $8/month | $24/month | custom |
15. ContractWorks
ContractWorks simplifies contract management with features such as smart document labelling, customisable reporting, alerts, notifications, and built-in electronic signatures.
It provides contract management operations such as authoring, collaboration, monitoring, and Salesforce integration.
Top Features:
- AI-powered contract analytics
- Contract automation
- Contract linear repository
- A large amount of enterprise software integrations
Pricing:
| Standard | Professional | Premium |
|---|---|---|
| $700/month | $900/month | $2000/month |
Also Read: Best Project Management Software
Summing Up
In conclusion, choosing the right Contract Lifecycle Management (CLM) software can make a significant difference in how efficiently and effectively your business handles contracts. With the right CLM software, you can streamline your processes, ensure compliance, and reduce costs, ultimately contributing to the success and growth of your organization.
As we have seen, each of the CLM software options highlighted in this article offers unique features and benefits. By carefully evaluating your business needs and comparing these options, you can find the best fit for your company.
FAQs
Is CLM software suitable for small businesses?
Yes, CLM software is suitable for businesses of all sizes, including small businesses. Many solutions offer scalable options and pricing plans that cater to smaller organizations. Implementing CLM software can help small businesses manage their contracts more efficiently, save time, and reduce costs.
Can CLM software integrate with other business systems?
Most modern CLM software can integrate with other business systems such as ERP, CRM, and document management systems. These integrations enable seamless data flow between systems, improving overall efficiency and providing a unified view of business processes.
How secure is CLM software?
Security is a critical aspect of CLM software. Reputable CLM solutions offer robust security features, including data encryption, access controls, audit trails, and compliance with industry standards and regulations. Always ensure that the CLM software you choose has strong security measures to protect your sensitive contract information.
