Contract management software is ubiquitous nowadays. You would struggle to find a successful company that doesn’t leverage it in some way.
If you’re thinking about purchasing a contract lifetime management (CLM) app for your business, you’re in the right place. And you’re set to experience a number of improvements in regards to your document workflow.
In this article, we’ll explain how CLM software works and why it’s beneficial from a business perspective. We’ll also review three of the top solutions currently on the market.
What Role Does CLM Software Play in an Organization’s Tech Stack?
“Contract management software” or “contract lifecycle management software” is used by businesses to manage and streamline their document workflow. Despite referring specifically to “contracts,” these apps are used to manage a whole array of different document types, including invoices, purchase orders, contracts, business agreements, proposals, waivers, and more.
Because nearly all businesses deal with virtual paperwork to some extent, contract management software is usually treated as indispensable. It allows organizations to streamline practically all aspects of a typical document workflow while significantly improving the client experience. In-depth tracking tools also make it possible to track recipient behavior and send follow-up correspondence accordingly.
Should You Use CLM Software in Your Business?
Here are three reasons to consider purchasing a contract management app for use in your business:
- Quickly create, send, and track documents – Automation features and workflow templates help streamline various parts of your document management system. Pre-written templates, for example, can be used to draft new documents, while notification settings will alert team members, managers, and legal experts if they need to approve a document prior to sending.
- Integrate with your existing apps – Manual data entry can take up hours of employee time. Because most CLM apps come with extensive integration libraries, they sync seamlessly with existing accounting, customer relationship management, and project management apps (among others).
- Make it easy for clients to approve documents – Electronic signatures are now commonplace in the business space. They have a number of benefits over traditional pen-and-ink methods of signing. CLM apps streamline the process of requesting and storing e-signatures. Often, clients can approve documents in seconds, without having to leave their browsers.
Top CLM Software Providers
Here are our reviews of three of the top contract lifecycle management platforms currently on the market:
- PandaDoc – PandaDoc is one of the market leaders when it comes to electronic signature and contract management technology. The platform, which is available at a number of price levels that cater to businesses of different sizes, includes features for drafting documents, adding signature fields and payment buttons, automating notifications and workflows, tracking recipient behavior, and safely storing approved documents. Users can also take advantage of its free package, which doesn’t expire and allows for unlimited signatures, either as a comprehensive demo or as a long-term plan if other more advanced features are not required.
- Conga – Conga Contracts is a well-known brand in the CLM app space. While subscription levels aren’t published online, plans are available for businesses of different sizes and Conga Contracts has all the features you would expect from a platform of its type. Features encompass document editing, electronic signatures, automation settings, integrations, and analytics. Conga Contracts is part of a broader software suite offered by Conga, which includes ecommerce and revenue management tools, that may appeal to organizations in the commercial space. Unfortunately, Conga doesn’t offer a free version but prospective users can sign up for a demo.
- ContractWorks – ContractWorks subscriptions are priced on an annual basis – the lowest-tier plan costs $600/month and has a cap of 2500 documents per month and five electronic signature licenses. One of the big selling points is that ContractWorks doesn’t impose any caps on the number of users that can access the software, in stark contrast to other providers in the space. The document limits, however, may prove problematic. If you’re thinking about ContractWorks, you should first determine whether it will be more cost-effective to sign up for a subscription that is priced on a per-user basis but that allows your organization to send unlimited documents every month.