Effective contract management is essential for ensuring smooth operations and minimizing risks. As organizations continue to digitize their processes, Contract Lifecycle Management (CLM) software has become a vital tool for streamlining contract creation, negotiation, execution, and analysis. With so many options available on the market, it can be overwhelming to choose the right CLM software for your business needs.
To help you make an informed decision, we have rounded up the 3 best Contract Lifecycle Management (CLM) Software in 2024.
DocuSign CLM
DocuSign CLM (Contract Lifecycle Management) is an amazing software solution that can automate the end-to-end contract management process. Any user can create, negotiate, and manage contracts efficiently in the digital space. DocuSign CLM features comprise centralized document storage, workflow automation, e-signatures, and advanced analytics.
Once a team can collaborate, this software will ensure that there is compliance with contractual obligations and provide insights into contract performance. Last but not least, DocuSign CLM improves productivity and reduces the time and risks associated with manual contract management.
Pros
- DocuSign CLM makes it easy for any user to work efficiently with managing contracts.
- The software helps to reduce manual tasks so as to save time and increase productivity.
- DocuSign CLM allows real-time document editing, comments, and feedback
- This software makes sure that security, encryption, and authentication comply with industry standards
- DocuSign CLM integrates seamlessly with various third-party applications and services
Cons
- DocuSign CLM is expensive
- It will be hard for those who are unfamiliar with contract lifecycle management software.
- There are some limitations in terms of customization options
- DocuSign CLM relies on internet connectivity
- To fully utilize advanced features, users may need additional training, and organizations should allocate time for employees to adapt to the more complex functionalities.
Get started here: DocuSign CLM
SAP Ariba
SAP Ariba provides tools that will assist users in creating, negotiating, storing, and tracking contracts to foster efficient collaboration among stakeholders. This software can smoothly integrate with procurement processes so that contract creation and management can be properly enhanced within the broader procurement workflow. Their visibility, compliance, and risk mitigation help contribute to more efficient and effective contract management within organizations.
Pros
- This software can cover all various aspects of Contract Lifecycle Management (CLM) from creation to renewal or termination.
- There is a smooth connection between SAP Ariba modules and ERP systems
- The software generally has an intuitive interface
- SAP Ariba helps businesses to comply with global regulations
- It enables collaboration among stakeholders
- It offers transparency throughout the contract lifecycle.
Cons
- Implementation and licensing costs for SAP Ariba are high
- Some users will find some limitations in terms of customization options that need to align with their specific needs.
- Due to its high feature set, beginners will require training to fully utilize SAP Ariba effectively
- As a cloud-based solution, SAP Ariba relies heavily on internet connectivity.
- Large enterprises might find the need for additional customization or scalability challenges as their contract management requirements grow.
Get started here: SAP Ariba
CobbleStone Contract Insight
CobbleStone Contract Insight is a comprehensive Contract Lifecycle Management (CLM) that offers features for contract creation, negotiation, execution, and ongoing management. With CobbleStone Contract Insight, every business can centralize contract repositories, ensure version control, automate approval workflows, and monitor compliance.
Once you have logged in, you will have access to their configurable dashboards and reporting tools so as to enhance visibility into contract data. CobbleStone Contract Insight supports scalability so that it can meet the unique needs of different industries and businesses.
Pros
- CobbleStone Contract Insight is able to cover the entire lifecycle, starting from the creation to renewal or termination.
- The software provides an intuitive and user-friendly interface, making it easier for users to navigate and utilize its features effectively.
- Their customization can adapt to any business-specific needs
- You can monitor and ensure that there is compliance with contractual terms
- It reduces risks that are associated with non-compliance.
- The platform facilitates secure document storage and version control
Cons
- Training will be required for optimal utilization.
- The cost of CobbleStone Contract Insight is expensive for smaller businesses
- Integration with other existing systems may pose challenges, and some users may find the integration process complex.
- Some users may find limitations in customizing reports according to specific
- Mobile accessibility features might be limited, which could be a drawback for users who need on-the-go access to contract information.
Get started here: CobbleStone Contract Insight
Icertis Contract Intelligence
Icertis Contract Intelligence (ICI) is a leading Contract Lifecycle Management (CLM) software that leverages artificial intelligence and machine learning to optimize the entire contract management process. ICI features include contract creation, negotiation, and execution to ensure that there is compliance with legal and regulatory requirements.
They can provide a centralized repository for contract storage, and advanced analytics for insights into contract performance. Icertis Contract Intelligence ensures that there is collaboration, reduction of risk, and improvement in the overall efficiency in managing and maximizing the value of contractual relationships for organizations.
Pros
- This software offers end-to-end contract lifecycle management.
- Every user can gain insights into contract performance, compliance, and other key metrics
- ICI allows organizations to adapt the software to their specific needs.
- This flexibility in the software supports diverse contract types and industries.
- Icertis Contract Intelligence leveraging artificial intelligence
Cons
- The initial implementation of Icertis Contract Intelligence can be complex and time-consuming
- Due to its extensive feature set, users might face a learning curve when getting acquainted with the software.
- Icertis Contract Intelligence is an enterprise-level solution that will cost a lot.
- Users will encounter challenges when integrating the software into their existing technology stack
Get started here: Icertis Contract Intelligence
ContractWorks
ContractWorks is a user-friendly CLM software designed to simplify contract management for businesses of all sizes. This cloud-based platform offers features such as document storage, contract templates, electronic signatures, deadline reminders, and customizable reports.
With ContractWorks, you can easily track contract status, monitor key dates, and collaborate with stakeholders in real-time. The intuitive interface and affordable pricing make ContractWorks an excellent choice for organizations looking to improve their contract processes.
Pros
- ContractWorks offers a comprehensive solution covering the entire contract lifecycle
- It provides robust automation features and workflow capabilities
- ContractWorks provides a centralized repository for contracts, making it easier to organize, search, and access important documents.
- The software often integrates well with other business systems
- ContractWorks allows customization to align with specific business needs and industry requirements
Cons
- Implementing ContractWork can be complex and time-consuming
- The software can be relatively expensive
- Users may face a steep learning curve due to the system’s extensive features
- Some users have reported issues with customer support
- Keeping the software up to date will require additional effort and resources
Get started here: ContractWork
ContractPodAi
ContractPodAi is a Contract Lifecycle Management (CLM) software that uses and leverages artificial intelligence to optimize and automate various aspects of the contract management process. With the utilization of AI to extract valuable insights and enhance efficiency. With a focus on improving collaboration and reducing risks, ContractPodAi provides a user-friendly platform with document storage and workflow automation.
Pros
- ContractPodAi uses artificial intelligence for advanced contract analytics
- The software offers an intuitive and user-friendly interface
- It provides robust automation tools and effective workflow management
- It helps to streamline the contract lifecycle and reduce manual efforts.
- ContractPodAi provides insights into contract performance, compliance, and other crucial metrics.
- The software is designed to scale with the growing needs of an organization
Cons
- The ContractPodAi may come with a higher cost
- It is challenging to integrate ContractPodAi with existing systems or other third-party applications
- There might be a learning curve for users unfamiliar with advanced contract management tools
- There are limitations in terms of customization
- As a cloud-based solution, ContractPodAi’s performance can be impacted in terms of poor internet connectivity
Get started here: ContractPodAi
Evisort
Evisort is a Contract Lifecycle Management (CLM) software that uses artificial intelligence to automate and optimize contract-related processes. It focuses on extracting and organizing key data from contracts, offering advanced contract analytics, and facilitating seamless collaboration.
Evisort streamlines contract creation improves compliance tracking, and provides insights through its AI-driven capabilities, enhancing efficiency and reducing manual work in managing contracts. The platform aims to enhance visibility, mitigate risks, and improve decision-making throughout the entire contract lifecycle.
Pros
- Evisort utilizes artificial intelligence to analyze and extract key information from contracts
- It improves accuracy and saves time during the review process.
- Evisort offers automation features that streamline contract creation, approval workflows, and other repetitive tasks
- The platform is designed to scale with the growing needs of an organization
- It accommodates a larger volume of contracts and users.
- Evisort often receives praise for its intuitive and user-friendly interface
Cons
- Evisort’s pricing may be relatively high
- It isn’t easy to integrate Evisort with other existing software or systems within their organization
- There might be limitations in terms of customization
Get started here: Evisort
Concord
Concord is a cloud-based contract management solution that streamlines the entire contract lifecycle. It offers features such as contract creation, negotiation, approval, and storage. With Concord, users can collaborate in real-time, track changes, and automate contract workflows. The platform also provides analytics to help businesses make data-driven decisions.
Pros
- User-friendly interface
- Real-time collaboration
- Automation of contract workflows
- Advanced analytics
Cons
- Limited customization options
Get started here: Concord
Agiloft
Agiloft is a highly customizable CLM software that caters to businesses of all sizes. It offers features such as contract automation, workflow management, vendor management, and reporting. Agiloft’s drag-and-drop interface allows users to create custom workflows without any coding knowledge. The platform also provides a centralized repository for all contracts, making it easy to search and retrieve information.
Pros
- High level of customization
- User-friendly interface
- Centralized contract repository
- Integration with other business systems
Cons
- Limited out-of-the-box templates
Get started here: Agiloft
SpringCM
SpringCM is a cloud-based CLM software that simplifies contract management for organizations of all sizes. It offers features such as document collaboration, contract templates, and e-signatures. SpringCM is designed to streamline the contract lifecycle, improve collaboration among teams, and enhance productivity.
Pros
- User-friendly interface
- Document collaboration tools
- Integration with other business software applications
Cons
- Limited customization options compared to other CLM software
- May require additional training for full utilization of features
Get started here: SpringCM
FAQs
CLM stands for Contract Lifecycle Management and it can be defined as the systematic and organized management of contracts from initiation through execution to renewal or termination. It has various stages like contract creation, negotiation, approval, compliance monitoring, and analysis.
Contract Lifecycle Management (CLM) holds significant importance for organizations due to several key reasons:
1. It can minimize legal and financial risks that are associated with contracts by providing visibility into contract details and deadlines.
2. It reduces manual errors and accelerates contract cycles so as to allow every organization to focus on strategic initiatives rather than administrative tasks.
3. CLM helps in identifying opportunities for cost optimization and better negotiation outcomes.
4. It is able to provide a centralized platform for stakeholders so that they can communicate, review, and approve contracts.
5. It helps all businesses to stay compliant with legal standards and industry regulations
6. The software provides real-time visibility into the status of contracts and key performance indicators.
7. It helps in negotiating favorable terms, reducing contract cycle times, and enhancing overall contract value.
8. CLM software provides a reliable audit trail and it will document all changes and activities related to contracts.
When choosing a CLM software, look for features like contract authoring, template management, workflow automation, e-signature integration, compliance tracking, and reporting capabilities. Consider your organization’s specific needs and goals to select the right software
The best way to determine which CLM software is right for your organization is to evaluate your specific contract management needs and goals. Consider factors such as the size of your organization, the complexity of your contracts, and your budget constraints.
Many CLM software providers offer integrations with popular business systems such as CRM, ERP, and HR software. Be sure to inquire about integration capabilities when evaluating CLM software options.
Most CLM software providers offer training and onboarding support to help users get up to speed with the platform. Some providers also offer ongoing customer support to address any issues or questions that may arise.
Conclusion
Selecting the best Contract Lifecycle Management (CLM) software for your business is crucial for maximizing efficiency, reducing risk, and improving contractual relationships. These 10 software options mentioned above stand out in the market for their user-friendly interfaces, advanced features, and industry-specific solutions. By choosing the right CLM software that aligns with your organization’s needs and goals, you can enhance your contract management processes and drive business success in 2024 and beyond.
Let us know in the comment section if you have used any of the above software, We would love to hear your experience.
