What is Enterprise Contract Management Software?
Enterprise contract management software is a platform where managers can draft, review, revise, sign, and store contracts. These platforms eliminate the need for manual storage and printing of various copies. They bring the contract management process into the digital world with checklists for reviewing contracts, templates for drafting contracts, and even electronic signature capabilities. These software options are a major help when simplifying the contract management process and boosting overall efficiency, which is why more and more businesses are adopting these tools.
Importance
Enterprise contract management software is crucial for streamlining and centralizing the entire contract lifecycle, from creation to execution and renewal. This technology enhances efficiency by automating repetitive tasks, reducing errors, and ensuring compliance with regulatory requirements. It provides a centralized repository for all contracts, facilitating easy access and searchability, thereby minimizing the risk of contractual oversights. These platforms also enable better collaboration among team members, enhance negotiation processes, and provide valuable insights through analytics. With the help of this solution, large organizations can improve overall contract management, mitigate potential legal risks, and maximize the value derived from business agreements.
Key Features
It’s best to choose contract management software based on the features your company needs to effectively review and manage contracts. However, there are certain key features that the software must have to be able to do its job properly. These features include:
Checklists and templates for reviewing and drafting contracts
Electronic signatures
Safe and secure data sharing and storage
Reporting and analytics
Automated workflows for repetitive tasks
Choosing the Right Software
Here’s a breakdown of the software featured above to make it easier for you to choose the best fit.
App Name | Free Version | Paid Plan | Mobile App |
SafetyCulture | Yes | $24/user/month* | Yes |
Agiloft | Yes | Contact vendor for pricing | No |
ContractWorks | No | $700/month* | No |
Contract Logix | No | $59/month | No |
Coupa | No | Contact vendor for pricing | No |
Cobblestone Contract Insight | No | Contact vendor for pricing | Yes |
Contractbook | No | Contact vendor for pricing | No |
Contract Hound | No | $95/month | Yes |
DocuSign | No | $10/month | Yes |
* billed annually