MENU
GET LISTED
GET LISTED
SHOW ALLPOPULAR CATEGORIES
  • Home
  • Contract Lifecycle Management (CLM) Software

What is Contract Lifecycle Management (CLM) Software?

Contract lifecyle management (CLM) software helps to organize the meticulous and complex contractual negotiation process between buyers and suppliers. These apps typically manage the entire contract lifecycle, from initial request for proposal (RFP) to later re-negotiations. Users can get full control of the contractual procedure which minimizes supplier risk, and also helps them obtain deep insight into contracts, which creates more negotiation opportunities and boosts cash flow. Show moreCLM software systems range from applications that exclusively manage vendor contracts to robust suites that include bidding, sourcing, and procurement features. These solutions can seamlessly integrate with enterprise resourcing planning (ERP), supply chain, and accounting systems. Start by checking our leader Gatekeeper, and other recommended solutions in this category.Show less

How was this ranking made?

To come up with this ranking of best Contract Lifecycle Management (CLM) Software we have researched 98 various systems currently present on the market, studying their features, how easy are they are to learn, client service, offered integrations with other systems and mobile device support with our patented SmartScoreTM rating system. This ranking has been developed by Nestor Gilbert, our SaaS expert dedicated to the Contract Lifecycle Management (CLM) Software category.

List of Top 12 Contract Lifecycle Management (CLM) Software

Why FO is free Order by:
Sponsored
  • Sponsored
  • Score
Select more products to compare
Compare selected products

1. Gatekeeper

Our score: 8.8 User satisfaction: 94%

Manage and process contracts in one place. Reduce manual steps in contracting processes using its unique AI-powered features, smart workflow engines, powerful portals, fully-featured modules, and extensive integrations with other business applications.

Select more products to compare
Compare selected products

2. Freshservice

Our score: 9.4 User satisfaction: 97%

Freshservice allows IT admins to effectively track and manage the assets owned by their organizations. The platform offers a powerful ticketing system and knowledge base, as well as features for vendor management and incident management. A built-in self-service portal also lets end users submit tickets and browse knowledge base articles.

Select more products to compare
Compare selected products

3. PandaDoc

Our score: 9.2 User satisfaction: 95%

This cloud-based document management application fully supports paperless operations. It offers standard and advanced features such as document building, file-sharing, multiple document format support (PDF, Word Documents, etc.), and more. It is also equipped with electronic signature technology.

Select more products to compare
Compare selected products

4. ManageEngine ServiceDesk Plus

Our score: 8.7 User satisfaction: 100%

ManageEngine ServiceDesk Plus is an integrated help desk solution offering asset and project management built on the ITIL framework. It is packed with robust tools and features to help users achieve total visibility of the entire IT infrastructure, enabling better management and quicker response to address identified issues.

Select more products to compare
Compare selected products

5. Oneflow

Our score: 8.6 User satisfaction: 98%

Through Oneflow, sales teams can create responsive, interactive sales proposals and contracts that clients can sign digitally. Live editing ensures that all parties are on the same page during negotiations. Plus, contract analytics help managers keep close track of individual and team performance.

Select more products to compare
Compare selected products

6. ContractWorks

Our score: 9.0 User satisfaction: 96%

ContractWorks is the easiest, most secure contract management software, complete with unlimited users, unlimited contracts, and low flat-fee pricing. It leverages artificial intelligence to help companies use less time, smaller budgets, and fewer people when processing contracts. It includes a secure contract repository, document tagging, e-signature, and much more.

Select more products to compare
Compare selected products

7. Fill

Our score: 8.8 User satisfaction: 97%

An all-in-one contract management software that helps individuals and businesses create, send, and track documents online. Fill lets you import documents or use built-in templates, customize fields, assign signers, and set up automation to streamline workflows.

Select more products to compare
Compare selected products

8. ContractZen

Our score: 8.5 User satisfaction: 97%

A popular governance solution developed to help companies in their contract management and document management processes. Organizations use ContractZen for secure contract management, entity management, e-signature, virtual data rooms with a powerful search engine, and board meeting management.

Select more products to compare
Compare selected products

9. Juro Contract Management

Our score: 8.8 User satisfaction: 95%

A full-featured contract automation solution that enables legal and business teams to streamline routine contract workflows and collaborate in one unified workspace. Juro includes modern features like self-serve contracts, eSignature, data-rich repository, and more to help you close contracts faster. It also integrates with popular business systems.

Select more products to compare
Compare selected products

10. Contractbook

Our score: 8.5 User satisfaction: 97%

A modern contract management platform designed to generate, track, sign, and organize documents in a single, automated workflow. It comes with add-ons for sales, operations, HR, and compliance teams.

Select more products to compare
Compare selected products

11. Agiloft

Our score: 8.0 User satisfaction: 100%

Agiloft is the leading provider of adaptive web-based business process management solutions for organizations of all sizes.

Select more products to compare
Compare selected products

12. Onware

Our score: 6.5 User satisfaction: 100%

An easy-to-use contract management software that gives project owners and consultants, contract administrators, and contractors.

Why FO is free Order by:
Sponsored
  • Sponsored
  • Score
  • User Score

Similar Categories:

In the event you didn't find just the solution you were looking for here's a list of various categories similar to Contract Lifecycle Management (CLM) Software that you might want to browse through:

Contract Lifecycle Management (CLM) Software Guide

Table of contents

Contract lifecycle management tools (CLM) help you to manage the entire contract lifecycle from the initial proposal stage to later re-negotiations. However, how do you select the best contract lifecycle management tools for your needs from the scores of good quality platforms out there? This buyer’s guide helps you by detailing the list of features to look for and the factors to consider while doing informed comparisons to select a high-quality CLM software solution.

Get to Know Each Product with Free Trial

The best way to start your search is by registering for the free trials or demo offered by leading contract lifecycle management software providers. This will enable you to test drive each app’s features free of cost, do a comparison, and understand whether it is the best contract lifecycle management software solution for small business. You can begin by finding out whether the following popular CLM platforms offer a free trial: SpringCMOctivAgiloftAccelo, and Concord. These tools have received high rankings in our contract lifecycle management software reviews.

Targeted Businesses

CLM software is typically used by the following professionals:

  • Attorneys
  • Paralegals
  • Procurement professionals
  • Sales operations professionals

What are Examples of Contract Lifecycle Management Software?

  • SpringCM: SpringCM’s contract management software transforms the contract review process. It automates the contract process to reduce the sales cycle, enhance productivity, and boost revenue.
  • Octiv: Octiv’s logic-based workflows help streamline the creation and distribution of contracts, quotes, proposals, and presentations. Teams spend less time creating proposals, contracts, and presentations, and more time selling.
  • Agiloft: Streamline your approval process, enhance revenue, and reduce risk with Agiloft. You can use the app to negotiate, generate, and manage contracts with ease.
  • Accelo: Better billing and contract management. Get paid faster for your professional service and support. Accelo streamlines your support with automation and time-saving tools.
  • Concord: It is used by more than 30,000 small, medium, and Fortune 500 companies. Features include compliance, contract management, online negotiation, centralized database, and unlimited e-signatures.

Types of Contract Lifecycle Management Software

Contract lifecycle management tools  typically support a range of contract types including:

  • Vendor contracts
  • Employment agreements
  • Non-Disclosure Agreements (NDAs)
  • Enterprise contracts
  • Procurement contracts
  • Sales contracts

Key Features of Contract Lifecycle Management Software

  • Compliance assurance – CLM software offers process automation for ensuring the compliance of contractual negotiations comply with existing laws. You can add additional industry-specific and company compliance protocols as needed.
  • Contract generation & process automation – Users can readily use custom templates to create new contracts, which can be easily exported to MS Word and other document apps. Plus, new contracts can be automatically created using the user’s pre-defined process.
  • Approval administration – The entire contract approval process involves numerous individuals. This software notifies the next person who must provide approval of the contract. This greatly hastens the whole approval workflow.
  • Alerts and notifications – You can create notification criteria to automate alerts for contract expiration and renewal dates, and for other opportunities for renegotiations. You can get alerts within the solution or have them sent to your email account.
  • Creating ad-hoc reports – You can use reporting features to find more opportunities to enhance contractual terms. Plus, you can generate reports based on specific contracts or general search queries.
  • Integration with ERP and accounting systems – Good quality CLM apps integrate smoothly with ERP and accounting platforms to help ensure cash flow data accuracy and financial forecasting efficiency.
  • e-signature – Working remotely is now becoming common. As such, e-signatures are necessary when clients and professionals are not able to meet in person due to geographic and other restrictions. These tools come with their own security layers to ensure authenticity.

Benefits of Contract Lifecycle Management Software

Boosts efficiency

With CLM software, you don’t have to click through multiple screens to search for a vendor contract. Plus, you will not end up misplacing a contract saved on your computer. The CLM software stores all your contracts conveniently in one place, which makes it simple to locate and manage them. You can use easy search features and simple keywords to find contracts which can help you save time and use it for productive work.

Reduces risk

CLM software can help to minimize risk as they enable proactive compliance management and easy auditing. You can use reporting and automation features to evaluate the performance of contracts and to ensure nothing slips through the cracks. Cloud software vendors offer dedicated encryption, access, and permissions features you can use to ensure only authorized persons get to view your contracts.

Saves money and time

Time is money in any industry. CLM software helps you save time as you can find and manage contracts easily. Plus, you can also monitor milestone dates effectively. All this can boost your efficiency and productivity. Thus, the money you invest in the software is repaid many times over by the various benefits it offers.

Automate the contract lifecycle

The entire contract lifecycle involves a lot of repetitive processes. Automating many parts of the workflow opens up your schedule to accept more clients and accomplish important work. It also reduces the risks of human error and improves compliance.

Enhanced efficiency

Emerging technologies in CLM software are helping to create synergy between the different business units of a company as they can learn the contractual obligations of the firm. The new systems provide info that can be customized for specific companies and industries. They can offer even advanced fields of info such as the contracting parties, limited liability, indemnification, expenses, obligations, venue or jurisdiction and more. This information is useful particularly in the post-execution phase of contracts and these new technologies are helping to boost an organization’s efficiency.

Intuitive and user-friendly method

The new technologies are simplifying the contracting process by using an intuitive and user-friendly method to filter strategic info. These technologies are helping business analysts to better understand the relationship models and terms of the contracting process. This helps analysts to offer more simplified and accessible contracts. The new technologies also help to make contract drafting more efficient.  

Potential Issues

Excluding stakeholders from the selection process

You should ensure to include all important stakeholders in your company in the software selection and usage process. Ask them all to attend a product demo and inform them about the benefits of the CLM system. Bring all the important parties on board to ensure there are no problems later on in the implementation and usage of the software.

Rushed implementation

Do not attempt a big bang implementation which may backfire. Rather, implement the CLM software in stages. Use a phased and gradual approach, and segment the process. Take feedback from users after a stage and use it to improve the implementation in the next stage.

Do not leave it to the vendor

Do not leave the entire implementation process to the vendor. You need to customize the CLM system for your company’s unique needs. While smaller businesses can do with a basic CLM solution, larger enterprises typically use different way to administer and monitor their contracts. So they need more customization to ensure the software fits their greater needs.

How to Manage a Contract Lifecycle Using Business Tools

Modern contract lifecycle management platforms include various business tools to provide a centralized solution to your daily operation.

Creating contracts and related documents can be done right on the platform. Most solutions now include rich-text editing, formatting, and document management. Some apps may even include drag-and-drop interfaces, which make it easy to create branded content.

Processing such contracts is now much easier as contract lifecycle management applications allow collaboration. You can invite stakeholders to access a contract with varying permissions based on their roles. Some even allow you and your team to chat, comment, and annotate various parts of a contract.

At the end of a successful contract development process is the signing. Luckily, there is no need to mail hard copies in order for your clients to sign the contract. Esignature tools are integrated into the solution itself. Some even automatically email clients where they are notified when the contract is ready for signing.

Smart Contracts Using Blockchain

While modern contract lifecycle management software includes security layers, they still need third-party services to protect sensitive information. Fortunately, smart contracts are now being developed to create a robust and secure system.

It leverages blockchain technology. Blockchain is a distributed system that provides an immutable foundation to create a more secure and stable system. Every action in the blockchain becomes a digital transaction that is stored across a worldwide network along with a unique cryptographic signature. These transactions cannot be deleted or modified, which effectively secures the entire system.

Smart contracts can be built on top of the blockchain, where protocols can be created, verified, and enforced without the need for a third-party. Contract clauses can be agreed upon and entered into the system. These can be self-executing and self-enforcing. Since the underlying system is secure, many parts of smart contracts can be automated with minimal security risks.

List of Contract Lifecycle Management (CLM) Software Companies

Order by:

Newest
  • Newest
  • Score
  • User Score
Product name:
Category:
Smart Score:
Price:
User Satisf.
User reviews:
RazorSign reviews

RazorSign

Contract Lifecycle Management (CLM) Software
8.5
By quote
85%
ConvergePoint Contract Management reviews

ConvergePoint Contract Management

Contract Lifecycle Management (CLM) Software
8.6
By quote
96%
ContractHero reviews

ContractHero

Contract Lifecycle Management (CLM) Software
8.0
By quote
94%
Fill reviews

Fill

Contract Lifecycle Management (CLM) Software
8.8
$8.33/month
97%
Zoho Contracts reviews

Zoho Contracts

Contract Lifecycle Management (CLM) Software
8.6
$25
94%
Contractbook reviews

Contractbook

Contract Lifecycle Management (CLM) Software
8.5
$999
97%
Parley Pro reviews

Parley Pro

Contract Lifecycle Management (CLM) Software
8.0
By quote
100%
Loio reviews

Loio

Contract Lifecycle Management (CLM) Software
8.0
$29.95
100%
INHUBBER reviews

INHUBBER

Contract Lifecycle Management (CLM) Software
8.0
By quote
99%
Summize reviews

Summize

Contract Lifecycle Management (CLM) Software
8.0
By quote
93%
Revnue reviews

Revnue

Contract Lifecycle Management (CLM) Software
8.0
By quote
93%
Aavenir Contractflow reviews

Aavenir Contractflow

Contract Lifecycle Management (CLM) Software
8.0
By quote
98%
Zeal reviews

Zeal

Contract Lifecycle Management (CLM) Software
8.0
By quote
98%
Zegal reviews

Zegal

Contract Lifecycle Management (CLM) Software
8.5
$50
100%
Juro Contract Management reviews

Juro Contract Management

Contract Lifecycle Management (CLM) Software
8.8
by quote
95%

Things to consider when you invest in a SaaS

Pricing details are a key consideration when you analyze SaaS vendors. Ask the provider if they offer price safeguards and contractual flexibility. “Shelfware” has become a major concern in SaaS licensing as customers end up paying for more than they need. Plus, to get pricing predictability, buyers are forced to subscribe to long-term agreements. Make sure you don’t get saddled with perpetual licensing and get locked in for a long time with a single provider. Ask about easy exit policies that enable you to migrate to another provider if you are not happy with the services offered by the current one. Select a provider that offers a convenient standard annual termination facility as well as long-term cost protection.

Another key factor to consider is whether the cloud vendor meets compliance and security requirements. Your company is accountable to employees, customers, business partners, and regulators. Therefore, you should select a vendor that has implemented a technically sound and comprehensive security program. Map your security control requirements such as availability, integrity, confidentiality, privacy, and accountability to the vendor’s capabilities. Ask the potential vendor about the procedures and systems they use to protect your private data. Do they meet general as well as industry-specific compliance and security standards? Do they offer special measures to meet the unique security needs of your specific industry? Get satisfactory answers to these queries before you make the investment.

Frequently asked questions about Contract Lifecycle Management (CLM) Software

What is the best contract lifecycle management software?

The best contract lifecycle management software is ManageEngine ServiceDesk. It combines powerful features to create an enterprise-level solution for many business processes. It was designed around best practices in ITSM, smart automation, integration, and customization.

One of its features is contract management, where you can centralize your entire contract lifecycle. It streamlines all processes while improving visibility and control. You can create primary contracts and establish a parent-child relationship with related sub-contracts. This functionality makes it easy to manage complicated agreements.

The platform also ensures that you will not miss anything important. You can set-up a trigger when a contract expires so you can renew them on time. The notifications can be customized, so only relevant stakeholders receive them. Additionally, you can view a history of past contracts, organized contracts, standardize your entire workflow, and more.

What are the benefits of contract lifecycle management software?

Businesses often have to juggle contracts that need monitoring. As such, it is important to use platforms such as contract lifecycle applications to make things significantly easier. Here are some of its benefits:

  • Standardized workflow. Having a dedicated platform for your contracts ensures that you have a consistent workflow. Each step can be managed using the same tools. Additionally, transitions from one phase to another are streamlined.
  • Minimizing manual tasks. Aside from automating repetitive tasks, platforms are using advanced technology to aid the development and processing of contracts. Some can auto-generate contracts based on the agreements. Notifications and approvals are also done quickly in most systems.
  • Increased collaboration. Working together with clients and stakeholders is easier with a contract lifecycle management system. You can assign roles to users along with respective permissions. As such, you can control their access to the contract.
What are the features of contract lifecycle management software?

Contract lifecycle management applications often include features that allow you to manage various parts of your business. However, they should include the following primary functionalities:

  • Contract and document repository. Documents and related content are produced on the fly during the entire lifecycle of the contract. As such, there should be a system in place, which makes it easy to create, edit, update, and organize files and other data.
  • Workflow management. The increased collaborative capabilities of most platforms mean you have full control of the entire process, including the roles of stakeholders. The software should allow you to define a workflow for each contract for easy monitoring of the entire lifecycle.
  • Reporting and analysis. You should be able to generate reports easily based on the collected data about the contracts. Having a big-picture view should provide valuable insights into the status of your contracts. It should also show you opportunities and issues so you can make data-driven decisions.
What is the easiest contract lifecycle management software to use?

A contract’s lifecycle is complicated in itself. That is why the platform used to handle such business operations should be intuitive and user-friendly. Here are some of them:

  • ManageEngine ServiceDesk. The IT help desk software is one of the most fully-featured options in the market with its numerous modules and functionalities. However, by following the existing best practices and ITSM, smart automation, and codeless customizations, it is one of the most usable platforms out there.
  • SAP Ariba. The software consolidates all contracts and spending processes from its early phases to the last stages. As such, all functionalities flow from one feature to another. Its solid core features are flexible and configurable to fit your existing workflow.
  • ContractWorks. The application provides a simple and customizable contract management solution that you can implement in minutes. It is easy to understand its functionalities, such as document tagging, OCR, reporting, notifications, and more.
What is a good free contract lifecycle management software?

A full-suite contract lifecycle management software is often too expensive for solopreneurs or startup. Fortunately, free options are available in the market, such as:

  • Agiloft. The service provider offers a free trial plan that is limited to five users. It includes contract authoring, contract comparison, templates, and more. You can also use integrations such as DocuSign or Adobe Sign.
  • Tradogram. The procurement software includes a powerful contract management module, among others. It is also a part of the free features that are limited to one user. You have access to additional functionalities such as project management, inventory management, expense management, and more.
Nestor Gilbert

By Nestor Gilbert

Nestor Gilbert is a senior B2B and SaaS analyst and a core contributor at FinancesOnline for over 5 years. With his experience in software development and extensive knowledge of SaaS management, he writes mostly about emerging B2B technologies and their impact on the current business landscape. However, he also provides in-depth reviews on a wide range of software solutions to help businesses find suitable options for them. Through his work, he aims to help companies develop a more tech-forward approach to their operations and overcome their SaaS-related challenges.

Updated

Why is FinancesOnline free? Why is FinancesOnline free?

FinancesOnline is available for free for all business professionals interested in an efficient way to find top-notch SaaS solutions. We are able to keep our service free of charge thanks to cooperation with some of the vendors, who are willing to pay us for traffic and sales opportunities provided by our website. Please note, that FinancesOnline lists all vendors, we’re not limited only to the ones that pay us, and all software providers have an equal opportunity to get featured in our rankings and comparisons, win awards, gather user reviews, all in our effort to give you reliable advice that will enable you to make well-informed purchase decisions.

TOP
Share
Tweet
Share