Companies in all sectors enjoy benefits from using contract management software. This trusted tool is a must-have for any business organization today. After all, making, managing, and negotiating business contracts are significant parts of every enterprise, regardless of their size.

Contract management solutions help businesses in each step involved in contract administration, a process that is prone to common data entry mistakes.

Contract administration is also prone to being time-consuming. With the help of software for contract management, matters are resolved more efficiently and effectively in the business contract lifecycle. Companies may need help to discover a suitable software for their unique needs. Plus, many contract management tools can be cumbersome and would require extra setup to integrate with a company's workflows, so choosing the right solution is key.

In this article, readers will discover more about the concept of software for contract management. They will also learn about the five best providers of this software.

What Are the Advantages of Using Contract Management Software?

Businesses that opt to use tools for contract management benefit considerably. After all, the software offers a solution to manual document preparation and other traditional, outdated modes of managing written business agreements. Manual document preparation has proven inefficient in today's highly digitalized business landscape. Among the advantages that the contract lifecycle management application provides are:

1. Automation

Contract management tools eliminate the need for firms to engage in manual data entry and paperwork. CLM software lets companies easily create, edit, store, and track their online contracts.

2. Proper Systemitization

Software for contract management aids firms in staying organized while they manage business contracts efficiently and fast. This tool lets all signatories view modifications and track the contract's timelines from the inception stage to the signing phase.

Furthermore, a contract management application unites all contracts, parties, and editions that are parts of contract creation and negotiation. It also enables firms to collaborate better with their employees from various locations.

3. Time efficiency

Software for contract management makes processes faster, all while decreasing audit and financial risks for business organizations.

Contract management software choices vary in complexity. They depend on the needs of businesses. Some platforms may have broader applicability and are completely customizable. Meanwhile, others bank on being simple. These contract management tools serve a small number of chosen business verticals and contract management use cases.

Best Contract Management Software

The top contract lifecycle management systems offer many features to businesses. Some of them have intelligent notifications. They can also have an ongoing workflow automation and management benefits. The best contract lifecycle management tools provide clients with detailed analytics and reporting.

The following service providers have these beneficial features, which resulted in satisfied users giving them positive feedback:

1. CobbleStone Software

CobbleStone is a contract management software company based in Princeton, New Jersey. It is a provider of contract, e-procurement, and vendor management solutions. It began its operations in 1995 and has become a leading service provider of enterprise contract management and e-procurement solutions for thousands of clients.

Dunn and Bradstreet, Gartner, IDC, Forrester, and G2 have reviewed CobbleStone. Additionally, this company is SOC 2-reviewed and is a Federal General Services Administration (GSA) vendor.

CobbleStone has offered contract lifecycle management software as a SaaS or software as a service longer than any other platform in the business. Its partners include industry-leading brands such as Salesforce, Microsoft, Adobe, DocuSign, Oracle, etc.

As a contract management software provider, CobbleStone offers the following benefits to its customers:

a. Industry-leading tools and features

CobbleStone's objective is to consistently offer its clients the best software solutions. This provider wants its product to be useful for its customers in contract management. One example of CobbleStone's solutions is the recently launched CobbleStone Auto-Redline. This feature is powered by the company's proprietary VISDOM artificial intelligence, which also comes with machine learning.

With CobbleStone Auto-Redline, clients can automate clauses' inclusion from their approved clause library. They can also streamline business contract processes.

CobbleStone Auto-Redline is an important differentiator because it can automate redlining processes.

Meanwhile, ConfigAI℠ is another novel feature CobbleStone introduced alongside VISDOM AI. This solution offers customers proactive contract lifecycle management or CLM field recommendations for metadata fields intended for contract clauses. ConfigAI aids in streamlining the implementations of contract management software.

b. Highly configurable and user-friendly contract management solutions

CobbleStone Contract Insight is a flagship product of CobbleStone Software. This contract management system and procurement software is easy to use.

CobbleStone's clients neither have to possess esoteric, specialized information technology or technical expertise, nor do they need to hire a technically adept administrator. They can configure and manage the system by themselves, unlike other brands. Moreover, CobbleStone Software is a SaaS, on-premise, or deployed solution. Many leading firms, local and state governments, and other regulated associations globally use it.

c. Modern and flexible software application

CobbleStone Contract Insight is downloadable as a mobile application for Android and iOS digital devices. Its maker offers it as an immersive online software management system. Additionally, CobbleStone Contract Insight is an application that is contemporary and flexible. Its users enjoy this software's maximum availability on the go or at the workplace.

d. Flexible training choices

CobbleStone Software provides educational opportunities to interested parties. This ensures that CobbleStone users possess a profound knowledge of the contract management system based on their designated positions.

Furthermore, CobbleStone aims to allow its users to configure its software to meet their clients' specific organizational contract requirements. This provider of contract management products even offers different self-serve resources to aid users. These helpful materials include tutorial videos, a User Manual/Wiki, and FAQs. Users also benefit from dedicated support staff members and group training.

e. Award-winning and globally recognized solutions

Hundreds of businesses worldwide use the CobbleStone Software suite. CobbleStone Contract Insight is trusted and used by thousands of contract management, procurement and legal professionals for their ranging contract and procurement requirements.

The in-demand features of the company's software are constantly developing with different industry needs. With this advantage, CobbleStone has kept a robust record of recognition and awards from many industry-leading analyst companies and review platforms.

They comprise GetApp, Capterra, SaaSworthy, and G2. Furthermore, the company has continuously achieved many awards, including the 10 Best Contract Negotiation Solution Providers to Watch for 2023 and the Theorem Legal Marketplace's Contract Management Innovator of the Year, among many others.

As of June 2023, CobbleStone is in the middle of its thrilling effort to enhance and nourish VISDOM AI. More than 700,000 real-life clauses have been integrated into the proprietary artificial intelligence solution.

CobbleStone Software's historic 1 million contract clause initiative is one of the proofs that the contract creation specialist is continuously innovating.

2. DocuSign

DocuSign, Incorporated is a contract management system provider based in San Francisco, California. It opened for business in 2003 as an e-signature firm.

In 2018, DocuSign acquired SpringCM, providing the business CLM or contract lifecycle management capabilities. This company aids small and medium-sized businesses in signing with the use of different digital devices, collecting data, and automating data workflows.

DocuSign's affordable contract management solution has the following advantageous features:

a. Customizable, multi-feature system

DocuSign's CLM offering is straightforward and can be customized. Users can personalize their business contract emails with their preferred color themes and logos. Plus, they can benefit from smart forms that include custom formulas. DocuSign's solution has many features, such as a content repository, reusable templates, and real-time comment notifications.

Users also benefit from other usable features like payment collection and recipient reminders.

b. Seamless software available on the web and mobile

The DocuSign contract management solution is a browser-based software, making it accessible online. They can also take their business contracts along with them. After all, DocuSign has a mobile application for iOS and Android gadgets. Furthermore, DocuSign links with over 350 pre-built integrations. They include Google, Salesforce, and Microsoft.

This contract management tool maker offers unique subscription plans for healthcare, real estate, and government bureaus to help meet clients' regulatory requirements. DocuSign is also compliant with the General Data Protection Regulation.

3. PandaDoc

PandaDoc is a contract management software provider based in San Francisco, California. Since 2011, this firm has enabled business organizations to make, deliver, and manage their staff members' sales collateral, contracts, quotes, and proposals. PandaDoc's contract lifecycle management software is an all-in-one solution that is budget-friendly for businesses. It has remarkable features for business contracts and document management.

Clients find PandaDoc a standout from its competitors and the best overall option for firms of any size because of the following benefits:

a. Feature-rich, intuitive software

PandaDoc offers a contract management tool with many strong features. Among them are payment processing, contract and content library, and e-signature. Additionally, the PandaDoc program comes with real-time notifications and business contract duplication.

This contract database tool is easy to use and has a drag-and-drop editor for the custom templates provided. PandaDoc aids users in overseeing the whole contract lifecycle. Clients can also set up custom rules, workflows, and processes. This solution is also downloadable as a mobile application for iOS and Android digital devices.

b. Secure and cost-effective solution

The PandaDoc contract database tool offers firms an audit trail for files. It also keeps data protected in its safe cloud storage facilities.

Moreover, PandaDoc's offer is affordable. The contract lifecycle management software has yearly or monthly plans and lets clients save up to 34% with an annual subscription. PandaDoc has integrations with 15 customer relationship management (CRM) programs. They include Pipedrive, Microsoft Dynamics, and HubSpot.

4. ContractWorks

ContractWorks is a company that offers contract lifecycle management software with artificial intelligence features. Since 2012, this Goleta, California-based firm has offered automated services that are time-efficient and affordable for clients.

ContractWorks's CLM offering provides a simple method for users to get their business agreements under control. It removes the risk tied to poorly managed files. Clients who gave positive feedback on ContractWorks' contract management system cited the following as the advantages they enjoyed:

a. Intuitive, AI-enabled tool with many features

Setting up the ContractWorks tool only takes minutes. It has an automatic smart document tagging feature that uses artificial intelligence technology. This makes ContractWorks the best choice for a company's automation requirements. Furthermore, the tool is easy to use.

It has drag-and-drop downloads and an optical character recognition (OCR) text-based search system resembling the Google browser. Users can also schedule, save, export, and share their reports easily.

Besides the advanced search and OCR capabilities, ContractWorks software has many other popular features like the built-in e-signature, contract repository, and automated reminders. Users will also benefit from automatic recordkeeping, smart contract outlines, annotations for easy and fast document review, and milestone alerts.

b. Secure software

The ContractWorks contract management product provides secure storage centers. Users can secure their data with features like 256-bit data encryption and audit log reporting. ContractWorks also has a 24/7 customer support team.

5. Concord

Concord Worldwide, Incorporated is a San Francisco, California-headquartered contract lifecycle management solutions provider. Since 2014, it has helped companies create, cooperate on, sign, and manage all business agreements in a single platform.

Concord's clients can avail of the firm's 14-day free trial, without the need for a credit card. Users benefit from unlimited business agreements, e-signatures, viewers, and storage. Besides sending unlimited files, firms also enjoy enterprise-grade features and full onboarding support with Concord.

Using this option offers clients other advantages, such as:

a. Flexibility and multiple features

The Concord contract management tool provides users flexibility. It comes with a custom approval process, user groups, insights, and reports. The Concord software's top CLM advantages include autofill smart fields, live editing, built-in e-signature function, and template storage.

Businesses benefit from deadline reminders, chat, comment, redline, and full-text optical character recognition or OCR search.

b. Secure and easy to use

The Concord contract administration solution is safe. It uses bank industry-standard encryption. Business organizations also benefit from Concord's secure data centers. The software features stringent versioning requirements that generate a new record each time a field gets edited or entered. Users also get a constant audit trail.

The Concord tool's straightforward design aids businesses in staying atop of compliance and changes throughout the whole business contract lifecycle. This solution features important integrations and unlimited volume, which make it the optimal option for huge enterprises. It connects with Salesforce, Dropbox, and  DocuSign.

Furthermore, the Concord software resembles Gmail and can be set up in minutes. Users can take advantage of the complete onboarding support with all the subscription plans. They can also select to work from the software they find convenient, whether they opt for Google Drive or the Concord dashboard.

CobbleStone Software, DocuSign, PandaDoc, ContractWorks, and Concord are today's five best contract management software providers. They make the processes of managing businesses faster and more efficient while eliminating the financial and time-wasting hassles for businesses.

These top-rated providers of contract management solutions are worth a company's budget with the many useful features their software solutions include.