The best cloud-based contract management software is ManageEngine ServiceDesk because of its end-to-end solutions not only for contract management but also help desk management. This platform allows you to organize all of your pending, active, and finished contracts as well as helps you ensure on-time renewals. It even gives you complete visibility over the entire approval process with its intuitive dashboard.
It takes 3.4 weeks to finalize a contract—this only means that as you’re drafting an agreement between you and your client, they will have had enough time to change their minds about closing the deal.
As an entrepreneur, you know better than to let these opportunities slide simply because of operational efficiencies. Luckily, there are plenty of cloud-hosted contract lifecycle management software available to help you cut down the duration of this process without compromising quality.
If you are looking to invest in this software or simply wish to replace the one you have, this guide to the top 12 cloud-based contract management software might come in handy. We have carefully selected these products based on their functionalities, particularly their contract generation, workflow automation, and integration capabilities. Our guide also comes with a breakdown of their pricing plans to help you get an idea of which ones will suit your budget.
Contract lifecycle management (CLM) systems have proven themselves as powerful assets when it comes to expediting transactions and boosting productivity. After all, being equipped with everything, from contract generation to enforcement, can surely accelerate the contract management process.
However, it is best to note that simply owning a CLM software is not enough for you to reap its full benefits.
According to a recent Forrester Wave™ study, most companies utilize CLM software for its authoring functions (60%) and contract repository features (96%). Meanwhile, only a handful of users make use of other common CLM capabilities like compliance management.
In a different study by the same research company, results showed that the storage functionality only makes up 10% of the contract lifecycle management investment. This means 90% of what they’re spending is practically going down the drain. Furthermore, by refraining from using other features that these platforms have to offer, companies are bound to come up with ineffective contract management processes.
As you can see in the table provided, inefficient approval processes are considered a problem in terms of productivity by 66% of businesses as it can cause deals to stall. Meanwhile, 21% see it as a major issue in their workflow.
If you truly want to yield a higher CLM ROI, you need to focus on using it correctly. This means leveraging its automation features, integrating it with your other business systems, and making the most out of its collaboration options. You should also use these platforms’ compliance management tools and risk assessment functionalities.
With all of these statistics taken into consideration, you should closely read our list of top 12 cloud-based contract management tools below to find the right business solution that perfectly fits your requirements. That way, you can avoid common pitfalls that might inevitably turn your CLM into a simple data repository.
In turn, you can maximize your investment, take advantage of its entire feature-set, and achieve your main intention for procuring a CLM: improve your contract management processes. However, in case you do plan on using this platform as a data repository, we recommend that you opt for a document management system instead. You can check out our list of 15 best document management systems of 2019.
ManageEngine ServiceDesk snagged the top spot on our list because of its comprehensive contract management system. Other than providing you with text editors to create custom contracts as well as expiry notifications to ensure on-time contract renewals, it also gives you complete visibility over the entire contract management process through intuitive dashboards.
Another thing about ManageEngine ServiceDesk is that it has an intelligent archiving system. It lets you group contracts and subcontracts together for easier data retrieval. You also have the option to associate particular contracts with vendors so that you know which agreements belong to who.
Let’s also not forget that ManageEngine ServiceDesk is a full-fledged IT help desk software. Other than providing you with contract management solutions, it comes equipped with a wide variety of functionalities that cover ticket management and data archiving. It also comes with multi-channel communication and knowledge bases. This makes it a good option for IT teams looking for contract management and help desk functionalities
If you would like to learn more about what this platform has to offer, you can easily sign up for ManageEngine ServiceDesk free trial here.
Price Range: ManageEngine ServiceDesk offers a wide variety of plans depending on your deployment preference and required feature set. These can cost anywhere between $12/month to $598/tech/month.
SAP Ariba is a cloud-based procurement platform but it has a great contract lifecycle management system. Created for both buyers and suppliers, this tool will help users eliminate paper and ink use from their creation and management of contractual agreements. With this, you will be able to manage procurement and sales contracts, IP licenses, and internal agreements digitally. You can even automate the contract lifecycle and standardize processes by using this application.
Touted as one of the leading business commerce networks where businesses can connect with stakeholders, SAP Ariba also allows you to reduce costs, mitigate risks, and get your products to the market with its contract compliance enhancement feature. Moreover, as it is first and foremost a procurement platform, it also comes with analytics tools that will help you reveal spending habits as well as understand your supply chain management efficiency.
Price Range: SAP Ariba is only available by quote. Be sure to contact the vendor to get a subscription plan tailored to your requirements.
IBM Emptoris is a contract lifecycle management system specifically designed for large enterprises and medium-sized businesses. Equipped with a plethora of functionalities, this solution will allow you to handle every stage of the contract lifecycle from creation to enforcement. That said, it can help you to foster better business relationships by ensuring the smooth flow of contract negotiations as well as expediting the closure of deals.
IBM Emptoris can generate all types of contracts and automates the workflows for better optimization. It is even built to adhere to industry standards and legal requirements so that you don’t have to worry about compliance issues. Another nifty feature of this tool is that it centralizes the storage of all your contracts and supporting documents making organization easy. You can even lock contracts and create specific user permissions to make sure that no unauthorized employees can make modifications to official documents.
Price Range: IBM Emptoris only offers quote-based SMB and enterprise pricing plans. If you’d like to learn more about their rates, get in touch with the vendor’s representatives.
ContractWorks is a full-fledged contract lifecycle management tool known for its intuitive UI and rapid setup process. While it has a pretty standard contract creation tool with complete revision and document linking options, what really sets this apart is its unique archiving system. This platform organizes contracts and other documents according to different filters and leverages OCR text search to help you access the files you need instantaneously. What’s more, it has document migration solutions so that you can easily sync files from different systems.
Another great thing about ContractWorks is that they support customizable dashboards and audit log reporting. This way, it is easier for you to gain insights into the kinds of contracts you are making, how efficient your contract creation process is, or whether your contract renewals are always prompt. To add to that, this platform also has a sophisticated notifications system that will let you know whenever new contracts are created or any existing agreements are modified.
Price Range: ContractWorks offers straightforward pricing plans that accommodate unlimited users and storage: the annual plan at $600/month and the quarterly plan at $750/month.
Accelo is a professional services automation software designed to help users keep projects going as well as ensure the smooth flow of deals. Initially created as an internal system for managing sales, this cloud-based tool offers simple yet powerful functionalities ranging from task management and process automation to team scheduling and collaboration. It has expanded to include systems for CRM, client services, and contract management, making it one of the most multifaceted platforms available out there.
With it, you can easily make, revise, distribute, enforce, and track contracts in one convenient interface. It can even pool together all the tasks, notes, and attachments related to a particular contract to make it easy for future reference. Furthermore, the platform comes with a built-in client portal so that you can provide your customers with the transparency they need when it comes to their written agreements with your company.
Price Range: Accelo offers different pricing plans depending on the kinds of productivity modules you require. However, if you are looking to make use of their entire suite, they have ServOps packages that cost from $39/user/month to $79/user/month. Discounts apply if you opt to have these billed annually.
Concord may be an online document editing tool but it can certainly serve as an asset for those who need to perform contract management processes. Offering robust yet easy-to-use tools like WYSIWYG editors and versioning options, this software solution makes it simple to draft, revise, and distribute contracts. It even comes with built-in approval workflows and discussion tools to improve collaboration within your team. To top it all off, Concord also comes with a great analytics dashboard to help you understand your workflow and see how to improve it.
In case the previously mentioned features aren’t enough, Concord is also equipped with a Lightweight Directory Access Protocol (LDAP) which will allow you to reinforce your user authentication and authorization systems. It even provides users with the option to place their company branding on the system’s interface to make it look even more professional.
Price Range: For teams with less than 3 members and require only basic contract management functionalities, Concord is completely free to use. However, in case you have a larger group, they have affordable pricing plans that range from $24.99/user/month to $49.99/user/month. There is also an enterprise plan available by quote.
SAP Sourcing CLM is a popular contract lifecycle management system that aims to standardize your process from sourcing to contract enforcement. With this platform, you can simplify your procurement contract workflow and even automate its distribution and enforcement according to the parameters you set. To further speed up your process, you can even peruse their extensive library of contract templates or create your own for future use.
As a product of SAP, this platform also has the capability to integrate with any of your backend systems. This way, it is easier for you to consolidate your transactions to guarantee compliance and ensure consistency throughout the organization. Lastly, as this software also focuses on building business relationships, SAP Sourcing CLM also gives you the option to host auctions in order to build competitive scenarios for prospective partners and increase the chances of yielding better bids.
Price Range: SAP Sourcing CLM is only available on a by-quote basis. Feel free to contact the vendor for more information.
Primarily a sales productivity tool, Octiv landed a spot on our list because of its powerful contract management module. It is equipped with a WYSIWYG text editor with a point-and-click dynamic so that creating documents is a breeze. It even comes with role-based permissions to help you control who can view and edit your documents. The platform also supports the localization of language and currency, making it great for businesses dealing with international transactions. Moreover, with its Google Drive and Dropbox integration, you no longer have to worry about running out of disk space on your computers.
If you are looking to consolidate all of your operational data, Octiv also has the capacity to integrate with CRM, CPQ, ERP, and other business systems. This allows you to streamline your processes even more and make sure that you are referring to a single source of truth throughout the organization. Lastly, Octiv is a completely mobile-responsive application, so you can easily manage your contracts on the fly.
Price Range: Octiv does not provide their pricing information publicly. If you’d like more information,
SpringCM is a contract management platform that doubles as a robust document management system. It provides users with a searchable central repository of files where you can organize your contracts, leases, and supporting documents in intuitive folder structures. In addition, it can automate the processes involved in contract management, making it a good pick for those looking for an all-in-one tool.
First off, SpringCM allows you to generate documents while collaborating with stakeholders. It has great version management tools and file review options that will help you keep tabs on all the modifications made to your documents. After which, you may create automated workflows for your distribution, revision, and approval process to speed up your workload. Another great thing about this platform is that it comes with redlining and negotiation tools so that you can easily gain visibility in the review process.
Price Range: SpringCM has pricing plans for different business sizes. Rates may range from $29/user/month to $79/user/month depending on what kinds of features you need and the amount of data storage you require.
Icertis is an intuitive cloud-based contract management platform that aims to help users manage buy-side, sell-side, and corporate enterprise contracts in one convenient interface. Purpose-built for mid-sized companies and large businesses, this is equipped with tools ranging from authoring and execution to administration and compliance management. It also has a versatile workflow automation tool that can be configured according to your unique business processes.
Another great thing about Icertis is that it is configured for easy adoption and implementation. This makes it great for novice users who have yet to use a contract management platform. Built on Microsoft Azure, Icertis also works seamlessly with other Microsoft applications that you are probably already using for your operations. What’s more is that it also supports integrations with some of the most popular ERP and CRM systems on the market, allowing you to further streamline all of your processes.
Price Range: Icertis is only available by quote. Be sure to contact the vendor for more information on their subscription rates.
CMx Contract Experience is a comprehensive contract automation and lifecycle management solution that aims to consolidate your workflows and streamline approval processes. It comes with advanced yet user-friendly contract generation tools that let you create templates, monitor draft versions, as well as fine-tune your agreements according to industry standards. In addition, the platform has great redlining tools to simplify negotiations and contract reviews.
Aside from the abovementioned features, CMx Contract Experience also has built-in CRM functionalities so it is easier to manage all parties involved in each contract. It even has a full audit trail that will make it easy for you to pinpoint any changes, extensions, or renewals made to the contracts in your database. Lastly, the platform is equipped with robust security features such as encrypted data storage and multi-factor/two-step authentication, so you can be sure that your files are safe from threats at all times.
Price Range: CMx Contract Experience offers different packages that are priced depending on your preferred features and deployment method. These plans range from $99/month to $999/month. The vendor also offers customized subscriptions that are available by quote.
Last but not least on our compilation of top 12 cloud-based contract management software is intelligentcontract. Like other tools on the market, intelligentcontract serves as a centralized hub where you can secure all of your contracts as well as consolidate the processes involved in contract management. It also comes with workflow automation features, renewal management tools, and custom user permissions so that you can manage the entire contract lifecycle from creation to enforcement.
What makes this smart and intuitive platform different from its competitors is that it comes with its own risk management system that can assist you in reviewing your contracts. What’s more, it leverages Optical Character Recognition (OCR) technology that can convert all content into searchable text. This way, you can extract the information you need as quickly as possible. It also comes with custom dashboards where you can get an at-a-glance view of all your KPIs, to-do list functions to improve task management, and e-signature support to simplify digital contract management.
Price Range: intelligentcontract offers a free plan and three paid plans priced according to the number of contracts and included features. A free plan is available for startups and small teams that only need 25 contracts. Meanwhile, the other plans are priced at $59/user/month ($49/user/month when billed annually) and $109/user/month (99/user/month when billed annually). The Enterprise plan for unlimited contracts is only available for annual subscription at $99/user/month.
Hopefully, with our in-depth guide to the top 12 cloud-based contract management software, you were able to zero in on the most suitable solution for your company. If you still need more information check out our what is contract management software guide. With that being said, why not take your review a notch higher by trying the solution yourself for a firsthand experience?
We highly recommend giving ManageEngine ServiceDesk a try as it is one of the most robust platforms on the market. It not only gives you the contract management tools you require but also provides you with a complete IT help desk solution that can be tailored to fit your needs.
You can sign up for ManageEngine ServiceDesk free trial here if you want to test out its features for yourself. Of course, if you find that this platform isn’t for you, you can always check out the other products we’ve mentioned.
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