Sealing a contract is a big step that shows your business is moving forward. Whether it’s bringing in a new client, forming a partnership, or locking in a supplier deal, contracts represent trust and growth. But as the number of contracts grows, keeping track of them can become tough. This can lead to missed deadlines, confusion, or problems with compliance.
If your business is finding it hard to manage contracts, it’s time to make better contract management a priority. A KPMG report found that 76% of organizations are planning to switch to digital tools for contract management. Thankfully, contract management software can simplify things, cutting down mistakes and saving time so you can focus on what matters most.
What is Contract Management and Software?
Contract management means creating, negotiating, signing, storing, and keeping track of agreements between parties. It makes sure everyone follows the terms, reduces risks, and helps maintain strong business relationships. But as the number and complexity of contracts grow, keeping track of terms, due dates, and tasks manually can become challenging.
That’s where contract management software comes in. These tools automate repetitive tasks, saving time and reducing errors. They make it easy to create contracts using templates, track deadlines, and analyze contract performance, giving companies better control at every stage of the process.
While contract management software is a big help, attorneys still play an important role. They ensure contracts comply with laws, reduce risks, and create terms that are beneficial for the company. Instead of replacing legal experts, the software makes their work faster and allows them to focus on more strategic tasks.
A contract management system acts as a central place for all contract-related activities. Its main job is to streamline the contract process, make sure rules are followed, and help teams like legal, sales, and procurement work better together.
Features to Look For in Contract Management Software
If your business needs contract management software, it’s important to choose one that meets your needs. Here’s a simple breakdown of key features to look for and how they help:
1. Centralized Contract Storage
With centralized storage, all your contracts are securely stored in one place. This makes it easy to find specific documents without having to search through cluttered email threads or shared folders. Cloud-based storage takes it a step further by allowing remote access, making it ideal for teams spread across different locations or working remotely.
2. Powerful Search Tools
Search tools help you quickly locate details like key terms, clauses, or payment dates within contracts. Some systems even support searching scanned documents using special technology like OCR (Optical Character Recognition). With these tools, finding critical information becomes faster and more efficient.
3. Automated Reminders
Automated reminders ensure you don’t miss important deadlines such as contract renewals, expirations, or payment schedules. These alerts keep your team organized and help avoid unnecessary penalties or missed opportunities.
4. Custom Workflows
Not all contracts go through the same process, and custom workflows allow you to tailor approval and review steps based on the type of agreement. For example, sales contracts might need fewer steps, while legal agreements require additional checks. This feature saves time and ensures consistency in how contracts are handled.
5. Clause and Template Libraries
Having a library of template contracts and pre-approved clauses makes drafting new agreements faster and ensures they follow company standards. It also reduces the risk of errors or inconsistencies, as you’re not starting from scratch for every new agreement.
6. Collaboration Tools
Contracts often require input from multiple people, such as team members or external partners. Collaboration tools like real-time editing, comments, and version tracking help everyone stay on the same page. This improves the review process and speeds up negotiations.
7. E-Signatures
Signing contracts digitally saves time and cuts out the hassle of printing, signing, and scanning documents. E-signature tools make it simple to get contracts signed from anywhere and are especially useful for distributed teams or international agreements.
8. AI Insights
AI features can analyze contracts to extract important details such as dates, terms, or risks. This makes it easier to review agreements, avoid common errors, and even identify patterns that can improve decision-making. AI insights can save time and provide a deeper understanding of your contracts.
9. Reporting and Dashboards
Reporting tools and visual dashboards give you an overview of all contract activities. They can show you things like upcoming deadlines, contract statuses, and performance trends. These insights help you stay organized and monitor progress at a glance.
10. Role-Based Security
Not everyone in your company needs access to all parts of a contract. Role-based security features allow you to control who sees or edits sensitive information. For example, a sales team might only view the summary, while the legal team can modify specific clauses.
11. Mobile Access
Mobile-friendly platforms provide the flexibility to manage contracts on the go. Whether you need to review, approve, or sign a document, you can do it directly from your phone or tablet. This helps avoid delays, especially when team members are traveling or working outside the office.
Top Benefits and Top Choices in Contract Management Software
Managing contracts effectively can make a big difference in how a business runs. Contract management software brings several benefits that simplify tasks, save time, and reduce risks. Here’s what you need to know about its advantages and some of the best tools available:
Benefits of Contract Management Software
1. Streamlined Processes
These tools automate repetitive tasks, like tracking deadlines and sending reminders. This allows teams to focus on more important work.
2. Risk Reduction
Automated features like alerts and secure storage help prevent errors and reduce the chance of missing important deadlines or terms.
3. Centralized Data
All your contracts are stored in a single location, making it easier to stay organized and ensuring compliance with internal policies and external regulations.
4. Faster Actions
Features like electronic signatures and pre-made templates speed up the negotiation and signing processes, getting deals finalized faster.
5. Enhanced Collaboration
Tools for commenting and sharing in real-time allow team members to work together seamlessly, even if they are in different locations.
6. Useful Insights
Analytics and dashboards provide easy-to-read data that can guide decision-making and highlight areas for improvement.
Top Contract Management Software to Consider
1. Oneflow
Oneflow stands out with its real-time collaboration features. It also offers customizable templates and AI tools that make drafting and managing contracts straightforward and efficient.
2. DocuSign
A trusted name in e-signatures, DocuSign emphasizes security and integrates well with other tools like Salesforce and Microsoft Office, making it perfect for businesses needing reliable and versatile solutions.
3. PandaDoc
PandaDoc provides a user-friendly drag-and-drop editor, automated document creation, and features to track performance. It’s an excellent option for simplifying the document workflow.
4. GetAccept
GetAccept is excellent for sales teams with its sales-focused approach. It includes AI-powered tracking to monitor contract engagement and has tools to assist in closing deals faster.
5. Dropbox Sign
Known for its simplicity, Dropbox Sign (formerly HelloSign) is great for small to midsized teams. It offers intuitive features, reusable templates, and smooth integration with tools like Dropbox and Google Drive.
The Impact of Choosing the Right Contract Management Software
Finding the right contract management software can make a big difference in how your business operates. It simplifies the way you handle agreements, saves time, enhances teamwork, and minimizes the stress of managing multiple contracts. In addition to simplifying procedures, choosing a solution that meets your particular requirements frees up more time to concentrate on expanding your company and forging closer bonds with others.