Establishing, reconciling and managing agreements is part of every firm. But each step takes some time and is proven to be standard data entry errors. Contract management software which is also known as contract lifecycle management, makes the procedure easier and reduces financial and audit threats. Organizations in numerous industries see the advantages. For example, an organization like Fine Bank spent four to five hours preparing each manuscript manually. When they switched to DocuSign, the organization reduced the hours to 30 minutes. With this, you can see that having the proper contract management system saves you time, and you are able to document multiple agreements in such a short time.
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Some of the best contract management software to employ in your firm include;
- PandaDoc
PandaDoc is an inexpensive, all-in-one solution with a vital contract and manuscript management platform. This particular software was started in 2011 and made it easy for you to oversee the whole lifecycle of your contacts using its intuitive software. This affordable and feature-rich software stands out from the competition, making it the best choice for your organization. It can also be used in any particular firm, big or small. You could download the app on your android or iOS phone, and you will get tools such as ;
- Content and content library.
- E-signature.
- Real-time signature.
- Fee processing.
PandaDoc also has customized templates which are simple to use, and you can also set up custom workflows, processes and rules. This solution gives organizations an audit trail for manuscripts while safeguarding data in its secure cloud storage facility. Moreover, it has month-to-month or annual plans, and you can save up to 34% with yearly payments.
- Docusign
DocuSign is great for small businesses as It allows them to access inexpensive contract management solutions. DocuSign was invented in 2003, and it started as an e-signature organization, but in 2018 they purchased SpringCM, and the organization could gain CLM capabilities. Most organizations love using Focusing because it is easy to use. Research showed that Docusign works better for small firms compared to large ones.
You can decide to use the web software online, or you can put it on your mobile phone. The e-signature and CLM program has several features available such as ;
- Reusable templates.
- Payment collection.
- Content repository.
You could customize your contact emails using personalized logo and colour themes as you take advantage of intelligent forms with custom formulas. DocuSign connects with up to 350 pre-built integrations such as Salesforce, Microsoft and Google. Most small forms work well with Docusign, and you can pay for the subscriptions annually or monthly. The organization offers unique plans for government agencies, realtors and healthcare to assist your regulatory needs.
- Concord
Concord allows organisations to send complete manuscripts. The software was founded in 2014, and with its simple layout, it allows firms to stay on top of compliance and changes throughout the lifecycle. The first time you start using concord, you might think you are using Gmail because the features are pretty simple. It’s easy to set up, and you can take advantage of full onboarding support with all plans.
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Concord delivers considerable flexibility with custom approval procedures, reports, insights and user groups. It also comments with Dropbox, Docusign and Salesforce. The organisation uses industry-standard encryption and secure data centres. The CLM packages deliver clear and transparent pricing based on the number of users you get annually.
- Juro
Juro offers its subscribers a free plan with unique functionalities. The software was founded in 2016 and offered users a visually appealing dashboard with robust search capabilities and Al-enabled analytics. Even though the paid subscription is costly, the free program provides you with the right mix of basic features making it the best choice when looking for free software.
Juro also offers templates and a built-in template editor to come up with agreements and send them out of approval fast. Its intuitive dashboard features a best-in-class user interface with a free plan. You also get;
- One template.
- Template editor.
- Native e-signature.
When you decide to go with the paid plan, you will enjoy high-level functionalities such as Al-powered analytics, redlining and the ability to mass update your arrangements. Other paid packages are Google Drive and Salesforce. Like other CLM solutions, juro complies with regulations for e-signatures and stores data on Amazon web services. Also only offers annual contracts on paid plans, so you don’t have the monthly payment option. But nonprofits receive a 15% discount.
Conclusion
Having the right contract management software is very important because it helps you out with your contracts and makes filling them more accessible. You can look into the examples above and choose the best option for your firm. If these particular options don’t suit you, you could research further on the best software to use.