Last updated on March 26th, 2019 at 06:37 pm
In the digital age, the idea of having to follow a paper trail for contracts and other legal documents is ridiculous.
Not only would an employee or a business waste vast amounts of time, money, and space by keeping hard copy contracts.
But it would require an incredible level of personal organization to know when each contract must be renewed.
Enter contract management software where users can follow a contract through the whole process without ever having to print out a page, including signing the contract with the help of e-signatures.
Contract management software can create and management contracts electronically. However, some platforms of the software only provide the user with templates so the user can print out hard copies of the needed contract.
It is important to find out what your business needs are and the features that would make a business run smoother.
Our #1 Pick for Contract Management Software: ContractWorks
They are able to provide unlimited users, unlimited contracts to store and manage, and all within a high-security protocol.
For all of your contracts, ContractWorks allows you to store them in a central repository where you can easily access all of your contracts as well as control who has access to them with a flat monthly fee.
Users do not need special education or have a background in technology to use ContractWorks.
Top 3 Contract Management Software Providers[table “102” not found /]
ContractWorks works with clients to determine if they need to be billed annually or on a more quarterly basis. Annually, it is $400 a month.
While this price may be considered expensive, the license holder can invite as many users as they need as well as grant specific access to the users; not to be confused with privileged access management solutions like this.
ContractWorks are on the path of constant improvement for their users. They will soon be able to offer a built-in electronic signature function that does not require a second application or integration for providing electronic signatures.
Being able to provide a built-in electronic signature means that users can rest assured that they are complying with all Esign acts, federal, and state laws and regulations.
It is important to ContractWorks to be a one-stop-shop for their users. Not only will they provide a built-in electronic signature but they also provide a central repository where users can complete a quick search across.
The various contracts for folder names or users can give a contract a specific tag, and they can search the repository for anything with that tag. Searches can be exported so that you can share contracts with others.
ContractWorks strives for a simple and intuitive platform that can be learned in minutes. The contract management software platform works with common computer knowledge by providing a familiar folder-based layout.
Team members who have very little computer knowledge will find that ContractWorks is easy to use and simple. Not only can a business keep track of specific contracts that they need to support their businesses.
But they also support their team by keeping track of W-8 forms, various legal forms, and tax compliance forms.
This could help a business by streamlining the process of filing business appropriate quarterly reports and ensuring that teams get the correct benefits.
For those businesses that need to generate reports to clearly share and understand aspects of the contracts, ContractWorks provides reports based on the criteria that you specify.
The tags that are attached to the contracts allows a user to generate a report based solely on those tags.
All of the reports that the ContractWorks platform can generate are either be saved for future reference, or a user can export them for business needs and client communication.
ContractWorks promises that they can remain incredibly secure while providing an advance amount of privacy. The company does not access your contract data, and they will never market to those people that you have designated as a user.
For those that you invite as a user, you are able to control what their user role is and what they are allowed to do with a contract such as ‘no print,’ view-only, or full access.
Even though ContractWorks has high levels of security and privacy, this doesn’t mean that it is hard to access or complicated.
Most users are able to learn to use the contract management system within a few minutes and start saving contracts with their drag and drop uploads.
For any contract that has specific milestones such as expiration, quarterly reviews, or a renewal date, ContractWorks provides alerts that are customizable.
ContractWorks also has an auto-renew feature; users just set the term of the contract and ContractWorks will update the contract with dates and other important data as it automatically renews.
ContractWorks may be simple, but all users need a little customer service support from time-to-time. They provide 24/7 support by both phone and email.
The customer service support is not an extra cost, and most problems or questions are responded to immediately. If you have any specific questions on your account ContractWorks provides administers with a dedicated account manager.
To help you find the best service for you or your business. As part of their service, ContractWorks offers free ongoing upgrades for their contract management software platform.
While the tags may be helpful for finding contracts and generating reports, it may prove difficult you are working with a lot of people in the system.
Tags are unable to be categorized by department, so it is very easy to create duplicate tags for the same topic especially if vocabulary changes from one department to another. Inappropriate tags will skew the reports generated.
ContractWorks is our number one pick for contract management software. The software platform is intuitive, and it is very easy to train and support your team members without having a designated IT person on hand.
It is almost effortless to generate reports that are easy to understand and share. The timeframe reminders and alerts make staying on top of contracts. Download a free trial to find if ContractWorks would work with your business.
Our Runners Up: CobbleStone Systems Contract Insight
CobbleStone Systems Contract Insight software platform’s strong points are they focus on reducing operational cost, financial risk, and improving performance with a fast return on investment.
The CobbleStone Contract Insight is geared towards specific industries such as manufacturing, education, legal, government, banking, and healthcare to name a few.
CobbleStone’s staff will work you to determine which version of the software is needed for your business.
CobbleStone charges per user of the software platform. It was found that, typically, they charge $59.99 per month per user. However, it is best to rest out to CobbleStone for the most accurate pricing for your business.
Smaller businesses may find this software platform affordable, and larger enterprises can take advantage of flexible licensing options based on how many users that they intend to use on the platform.
The Enterprise edition to the Contract Insight software has the most features that are standard with the package, the other two editions the users can add on features that they need.
The support staff will help you add the perfect tools that you would need for your business. Some of the items that come standard for all editions are a central repository for all of your business’s contracts.
Unlimited storage, core data reports, exporting capabilities, email alerts, custom fields, and mobile access to software.
With the central repository for all of the contracts in CobbleStone Systems Contract Insight users are able to access any contract when needed as well as they are able to link related contracts for easy reference.
Users can easily search, sort, and filter contracts in the repository for up-to-date reports. Reports can be generated using custom data fields, and users can track contracts based on those custom data fields.
Once generated reports can be exported via Excel, PDF, Microsoft Word, and other options. Cobblestone’s software offers a unique option to have reports automatically emailed to users on a recurring schedule.
Users are able to integrate CobbleStone System Contract Insight with Microsoft and Microsoft Dynamics systems, Salesforce, Oracle, SAP, and DocuSign to name a few.
Being able to integrate various systems allows a business to move smoothly to this platform, but it also ensures that none of the important variables for making good business decisions are missed.
Team leaders are able to manage their team better through CobbleStone Systems Contract Insight by building assignments for teams, to-do items, assigning classifications to contracts, and manage price and cost schedules.
Administrators can trouble shoot client issues through the software platform by completing an audit trail of who, what, when, and where specific contracts have been accessed for an added level of accountability.
Team leaders are also able to set up user profiles with the exact permissions of the type of contracts that they are allowed to see and edit.
When a new contract comes in, the CobbleStone System Contract Insight users have a variety of templates that they can use that meets federal and state legal requirements while making the process as streamlined as possible.
Team members are able to review, cancel pending requests, or reject contract requests. CobbleStone System helps your team members write correct contracts by providing a legal clause library.
That stores approved legal language and team member can copy the appropriate clause onto templates.
CobbleStone’s contract management software is also fully integrated with Microsoft Word for further document governance and MS Word Ribbon integration.
All of these features support an easy-to-use, controlled, self-service contract authoring environment. CobbleStone System Contract Insight provides a business with a method for keeping track of financial costs.
Features that are geared specifically to tracking finances are the line item pricing and budgeting tool, the financial transactions dashboard, and the spend management tool.
The financial tools are especially helpful for those businesses that are not only keeping track of legal contracts but vendor contracts.
One item that makes the CobbleStone System contract management software platform stand out away from the competition is the mobile access that they provide.
The nature of the web access system has been optimized to be able to utilize the system correctly from a smartphone or a tablet.
Having access on a mobile device or a tablet allows team members to gather signatures for contracts on the go or review important information while meeting with clients.
Another item that makes CobbleStone stand out from competitors is that they are the only solution provider to offer fully integrated eSignature options.
CobbleStone has developed their own eSign options and also integrate with other leading eSign tools including Docusign, Adobe and more.
CobbleStone System provides a customer support area for you and your team to access. The support center is able to generate problem tickets that users can track until the problem is resolved.
However, if the team needs more immediate support they do provide a phone and an email address. For learning and training with the system, CobbleStone provides video tutorials to make the process easier.
CobbleStone System Contract Insight provide three different types of software platforms as well as software that is geared towards a specific industry.
while the product may prove useful the actual decision making process will be difficult without the help from a CobbleStone representative.
The software platform also has various features which may be difficult to integrate and adapt to, increasing the time needed to train your team.
Luckily, CobbleStone Systems has been supporting contract management software implementations for over 20 years for thousands of users worldwide.
CobbleStone works with your team to achieve an automated, streamlined contract administration environment with best-practices gained to meet industry-specific and client-specific needs.
CobbleStone System Contract Insight has several different aspects in one system, some that may require additional training. Contract management, financials, and aspects of project management in one software may prove useful.
But may need the assistance of a dedicated rep. It may be a perfect software platform for larger businesses with multi-level departments.
The systemis built for legal, risk, and procurement professionals so the users do not need atechnical background to take advantage of the advanced features.
Agile Business Software
Agiloft allows for several customizable areas within the software in order to meet the most needs of their users.
Agiloft stresses that their system practically eliminates the need to complete software code on your software platform.
The Agile Business Software provides databases, documents, and tasks are searchable for full access to be able to save time and money.
Agiloft Agile Business Software supports the user by offering their software both as a web service and as a software purchase where the user holds the license agreement.
With the web service only package it is $45 per month per user, while the purchase of the software agreement is $1,050 per user. The software agreement never expires, but support and upgrade packages are an extra charge.
Agiloft Agile Business Software can be used not only for contract management but with communication with clients. Communication is improved by providing users with custom URLs to update their records.
Also Agiloft provides a chat feature that customers can reach out to your business and be able to receive support for their contracts.
Team members can receive alerts based on service level agreement standards. If a customer has an issue, an alert will be sent to meet those service level standards.
Users are also able to brand their interfaces to reflect the client’s logo, login, and their specific industry standards. Interfaces are customizable with graphics and languages.
The Agiloft Agile Business Software is able to translate system messages, labels, and instructions to work in a global marketplace.
Not only does Agiloft focus on having the most customizable software program for their overall platform but also for each individual user.
Each user can have a home page that has important dashboards to include records, helpful saved searches, charts, and various reports all within a glance. This keeps all data and contract information at the forefront of their minds.
With their contract repository, users can search the whole text of a contract and the attached files.
When a user needs to create a new contract, Agiloft Agile Business Software has a one-click contract creation process that allows important data to be inserted into Microsoft Word or PDF templates.
Once a contract is scanned in the system, the OCR detects text, so the contract is fully searchable while still maintaining the original image.
A team can work with any contract and edit as needed without creating surprises for the remaining team members. Changes to a contract are redlined for clarity and for simple comparison from previous versions.
When changes are clearly marked then the approval process can be more streamlined for the team leader or the client.
Team members are able to manage multiple contracts at once. Related contracts can receive a mass edit which saves a business time and money.
Team leaders not only have the ability to manage automatic notifications that best fit the contract that they have in the system but they also have the ability to manage team members by setting alerts for overdue tasks or when a task has been assigned.
Leaders can also send messages through the software platform to specific users to launch a broadcast message for all team members.
A strong point for Agiloft is their ability to develop custom forms, tables, as well as graphs. Users can find which contract is at which stage of approval by visuals or tables.
For contracts that are waiting for approval Agiloft assists team leaders by letting the system send them an email with a one-click approval process, allowing the team to not slow down waiting on approvals from leadership.
A unique feature to Agiloft is that they allow users to create a customer service trouble ticket dashboard within the contract management software.
Users can create and manage customer’s trouble tickets for fast response. Team leaders are able to see high priority trouble tickets in a color-coded layout.
Agiloft has excellent customer service for their products, they take user feedback seriously and try to implement any new ideas.
All issues get addressed quickly and effectively, Agiloft’s speed surpasses the standards in the industry with updates and bug fixes.
Their customer service representatives are known for almost immediately replying to emails and using video conferencing to solve any problems or show a step-by-step process to answer any how-to questions.
The Agiloft Agile Business Software is fully customizable but very data driven. If the user does not have a background in technology or software system workflow, the software platform may prove difficult to learn.
While having all of that data on hand may be considered beneficial in the long term, implementing the software with a team that has more of an administrative background verses a technology background could have a steep learning curve.
Due to Agiloft Agile Business Software being so data driven it can take extra time and assistance to learn the system or train new employees. While Agiloft does provide extra training and support via webinars and IM chat.
Establishing some of the administrative tasks may take additional resources as well as help from customer support to fully understand all the options for customizing.
Our Final Review for Contract Management Software Providers
A business should evaluate exactly what they need with a contract management software platform before spending the money and investing the time of their employees.
All the contract management software platforms offer free trials for potential users. ContractWorks provides the most user-friendly platform for even those without a technology background.
CobbleStone Systems provides a platform that is geared towards a specific industry. Finally, Agiloft provides a system with the most access to contract data. Assess each software platform and determine if they would fit your business needs.