What is Contract Management Software?
Contract management software is used to automate the processes behind contracts including their creation, tracking and tracing. Contracts are often used across sectors and involve a large degree of negotiation and defining terms, negotiating agreements and executing contracts. This could be for sales, account representatives and the legal departments of all parties involved, to name just a few. It is the job of the legal departments to ensure compliance with both internal company rules as well as external laws and regulations.
Contract management software aims to simplify the processes involved in contract generation and execution allowing users to create, manage, store and share complex business contracts. Importantly, it allows companies to streamline operations and collaborate in one place. Typically integrated with other software such as CRM and e-signature, contract management software can help vendors manage their documentation.
To be categorized as contract management software, there are several prerequisites that must be met:
- Offers customizable templates that users can use to create business contracts
- Provide the ability to create, edit, collaborate and share contracts both internally and externally
- Enable users to send key notifications such as contract renewals
- Allows storage of documents along the category for different types of contracts
Best Contract Management Software
TechRound reviewed the best contract management software to make your companies more efficient and streamline the processes behind contracts:
PandaDoc aims to help sales teams to improve their work efficiency and provide an unparalleled buying experience. PandaDoc users (now more than 18,000 customers) can use the software to automate the contract management process from document creation, to approval, signing, quotes and contracts. Subsequently, it increases efficiency throughout the overall organization. Sales teams reported a 65% decrease in document creation time, a 28% increase in close rate and an 18% increase in average sales price after using PandaDoc.
Proposify is a contract management software that provides full control and visibility when it’s comet closing a sale. The software allows its users to create sales documents that are consistent, professional and error-free so that your sales force is able to master the closures, from design to final sign-off. Proposify provides key insights to measure your processes and make accurate forecasts. With a user-friendly design editor, Proposify seamlessly integrates with other software to produce a flexible and seamless sign-off experience for both prospective and existing customers.
Accelo is designed for Service Businesses, offering an all-in-one professional service business system. Through this, companies can manage all client processes from initial prospect to final payment. Running full cloud, Accelo relies on an automated, easy to use and smart platform, allowing you to connect all aspects of your business into a single cloud-based platform. Aiming to make businesses more efficient, Accelo is able to automate all processes including automatic alerts, email retrieval, time sheets and reports, as well as allowing you to assess and manage revenue growth goals.
Price: Free Trial + $ 39 per user, per month
GetAccept is an all-in-one platform that integrates contract management with other key tools such as video messaging, proposal making, document tracking and analytics and e-signature. It can be applied to sectors and industries and is already favored by HR, customer success, sales and development teams in more than 9,500 companies worldwide. GetAccept’s high tech features such as the ability to create video prospecting messages, live chat, and trackable sales decks all help to capture the client and close contracts.
Price: $ 25 per month
The award-winning platform, DealHub, is known for offering a comprehensive and connected workflow for the organization. Known for user friendliness, the platform is zero-coded which means it is accessible to even the smallest tech-savvy users. The platform assists the sales team at all stages of the sales funnel, allowing them to close new business from anywhere in the world. Highly digital tools, such as real-time consumer interaction analytics and e-sign, offer companies the most flexible solutions.
Price on request
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