What Are the Top Contract Management Software to Use in 2021?

If contract management is done manually, there is a huge margin of errors, and this can hinder the workflow. Creating them manually takes up a lot of time too. If you utilize contract management software, you let the process happen in less time and also don’t face an audit and financial risks.

Also, a contract management software is not restricted to a single sector but all industries can use it to boost their contract management processes. Looking for the right contract management software might sound like a long search but we have made the process easier for you. Here is a list of the top contract management software to use in 2021.

1. PandaDoc

PandaDoc aims to streamline the entire contract management process right from sales to when you have to execute the contract and renew it. You can check out the document history, get built-in collaboration and version control. It also has the added feature of an electronic signature that infuses a sense of security and safety.

PandaDoc works the best for SMB businesses and enterprises as well. It does not matter whether you require software for a pet-grooming company or a large electronic firm.

Pricing

The basic plan of PandaDoc costs you 19 USD per month. You can also use the free version first to get an idea.

Some essential features of PandaDoc include –

• You get access permissions or controls.
• The workflow is based on approval.
• There is a robust audit trail.
• Automated quoting is available.
• There are several collaboration tools.
• Regular delivery of content.
• Extensive content library.
• Management of content.
• Automation of all business processes.

2. DocuSign

DocuSign provides the facility of e-signatures and a complete CLM system. Their contract management software is not heavy on the pocket and can be afforded by companies of any size.

We have discussed some of the advantages of using DocuSign below –

• You get to use DocuSign for free for 30 days.
• You get constant support throughout the day with the help of a chatbox.
• The workflow configurations are adaptable and can be modified as per your need.

A coin has two sides. Similarly, using DocuSign has its set of drawbacks as well. These include –

• If you want a complete CLM solution, you need to provide a custom quote.
• Starting the workflow might be a bit complicated.
• You might face some issues with the syncing of documents at times.

DocuSign was first introduced in 2003 in the form of an e-signature company but became a proper contract management company when they acquired SpringCM in 2018. This acquisition let them get business CLM functionalities.

Many businesses opt for DocuSign due to its easy-to-use interface and simplicity. All the stakeholders do not have to go through an extensive learning curve to get the hang of it. DocuSign has some e-signature plans that work well for small companies. If your contract management requirements are more, you can even opt for their end-to-end solutions.

DocuSign works on a browser and can also be installed on your mobile device from the Play Store or App Store. Having a mobile app ensures that you can take your contracts wherever you want.

We have listed down some of the key features of DocuSign below –

• You get reusable templates.
• You receive recipient reminders.
• Seamless payment collection.
• If there are any comments, you receive real-time notifications.
• There is also a separate content repository.

You also have the option to customize your contract emails with the help of personalized color themes and logos. You can use smart forms that have custom formulas. DocuSign also provides some quality integrations with software such as Google, Salesforce, and Microsoft. These factors enabled DocuSign to become one of the best contract management software.

3. Symfact

Symfact is one of the most popular providers of contract management solutions. It allows companies worldwide to reduce their costs, increase their revenues to a huge extent, and constantly review contractual terms and risks. All these tasks can be done on an individual platform.

Symfact allows their customers to manage their documentation more efficiently, constantly review deadlines, maintain their workflow, and gain secure access. The tools also include analysis functionalities associated with contract compliance and management.

Symfact is suitable for all kinds of users irrespective of the kind of company they are working in or the size of their respective companies. If the users’ daily tasks include managing risk and compliance, they should choose Symfact without thinking too much. Symfact also improves entity controls and governance in the enterprise.

We have compiled some of the most useful features of Symfact –

• Access permissions or controls
• Fool proof attestation
• Management of all audits
• Audit trail
• Tracking of completion
• Tracking of compliance
• Ability to view the complete contract lifecycle management
• License and contract management
• Easy document generation
• Due date tracking
• Electronic and paperless filing

4. Concord

Concord provides companies with a complete onboarding experience with a robust support system. They have business-grade tools that ensure a rich experience for all parties. With this software, your business can send any number of documents, and there is no limit whatsoever.

Let us go through some of the advantages of using Concord –

• You get to create unlimited contracts, and similarly, an unlimited number of people can view them.
• There is no limit to the number of e-signatures, and the storage is also limitless.
• You also receive a free trial of two weeks so that you can use it for free first and buy the entire package if you are satisfied. Also, there is no need to entire the credit card information while availing of this free trial.

Now, we will check out some of the drawbacks of using Concord –

• You cannot avail of a refund if you are not satisfied with the services.
• If you have any versioning requirements, it will lead to the creation of extensive data logs.
• You won’t find it easy to integrate the contacts that have been signed externally and not on Concord.

Concord is a legal contract management software that was introduced to the world in 2014. Concord has an easy-to-use design that allows companies to always comply with the rules and regulations.

Concord offers you limitless key and volume integrations that make it the best option for big companies. When you first open the platform, you will find a lot of similarities with Gmail. Setting it up won’t take up much of your time, and you will be able to enjoy the complete onboarding support irrespective of the plan you go for.

Some of the best features of Concord are –

• Live and interactive editing.
• You can comment, redline, and chat.
• Ability to store templates.
• Smart fields that are auto-fillable.
• Get constant reminders for deadlines.
• You also get a built-in signature functionality.

5. Updraft

Updraft is a super-handy software that is unique in its approach. Its processes are tailored and based on a questionnaire that is filled out by the users. You can create and edit contracts in a customizable manner.

The software has tried to imitate the process that lawyers perform when they have a conversation with their clients when they are creating contracts.

We would now be looking at some of the benefits of using Updraft and why is it one of the best contract management software for small business –

• They have a tailored approach that centers around a questionnaire which is a very unique process.
• They provide an electronic and native signature.
• Updraft offers you robust analytics and reporting.
• Proper task management.
• Email alerts.
• Provide the users with an online contract creation tool that is free for external users.

Let us now take a look at a few of the disadvantages of using Updraft –

• You need to spend more time and resources in the setup in the beginning compared to other software.
• The user interface is not that great apart from the interview process.

Conclusion

All of these contract management software are capable of providing you with feature-laded and customizable systems. Based on the functionalities and drawbacks we mentioned above, you can pick the solution that works the best for you.

In case you need a better way to create and manage documents, you can start using document management software. You can check out this list of the best document management software to view other options.

Also read:

• How to Create a Social Media Influencer Contract: 5 Essential Components

• 5 Best Document Management Software for Mac in 2021