Contract Management Software

Contract management software (CMS) or contract lifecycle management software helps managing contract-related tasks such as

  • creation including managing contract templates
  • negotiation including version control
  • signing including digital signature management
  • tracking
  • storage and archiving
  • renewal

These tasks enable organizing, monitoring, and automating the whole process of managing contracts within an enterprise.

Innovators Specialists Leaders Challengers Market Presence Momentum
Popularity
Satisfaction
Maturity
Pricing
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Compare Contract Management Software
Results: 228

AIMultiple is data driven. Evaluate 228 products based on comprehensive, transparent and objective AIMultiple scores. For any of our scores, click the icon to learn how it is calculated based on objective data.

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86.7037800883998
23.88275380837947
0
25.40387309908657
0.10376984126984126
59.51478923841847
4star
Conga Contract Management
3.80
100%
100%
0%
= 2 reviews
= 4 employees
= 20,000 visitors

85.8919031119811
84.3659719385947
0.025643241218650772
89.74995595078627
0.008134920634920636
72.04792370517589
5star
DealHub.io
4.70
100%
100%
18%
= 2 reviews
= 4 employees
= 20,000 visitors

75.7802747605989
77.7464107826937
7.272727145103719
82.47619343136537
0.02023809523809524
63.692459627789226
top5 , top10
4star
Accelo
4.40
100%
100%
100%
= 2 reviews
= 4 employees
= 20,000 visitors

73.216473581162
64.58884355454802
8.888888342943686
68.42784777048905
0
58.45230849003847
top5 , top10
4star
SpringCM
4.00
100%
0%
100%
= 2 reviews
= 4 employees
= 20,000 visitors

70.48124812988894
75.02374432386881
0
79.81249396156257
0
59.16702910533248
true
5star
GoCanvas - Mobile Forms Free trial available
4.50
100%
0%
0%
= 2 reviews
= 4 employees
= 20,000 visitors

Popularity

Searches with brand name

These are the number of queries on search engines which include the brand name of the product. Compared to other product based solutions, Contract Management Software is less concentrated in terms of top 3 companies' share of search queries. Top 3 companies receive 61% (17% less than average) of search queries in this area.

Web Traffic

Contract Management Software is a less concentrated than average solution category in terms of web traffic. Top 3 companies receive 65% (12% less than average solution category) of the online visitors on Contract Management Software company websites.

Satisfaction

Contract Management Software is less concentrated than average in terms of user reviews. Top 3 companies receive 39% (18% less than average solution category) of the reviews on Contract Management Software company websites. Product satisfaction tends to be the same for more popular Contract Management Software products. Average rating for top 3 products is 4.4 vs 4.4 for average Contract Management Software product review.

Leaders Average Review Score Number of Reviews

Maturity

Number of Employees

Median number of employees that provide Contract Management Software is 26 which is 38 less than the median number of employees for the average solution category.

In most cases, companies need at least 10 employees to serve other businesses with a proven tech product or service. 106 companies (58 more than average solution category) with >10 employees are offering Contract Management Software. Top 3 products are developed by companies with a total of 501-1,000 employees. However, all of these top 3 companies have multiple products so only a portion of this workforce is actually working on these top 3 products.

IBM
Oracle
SAP
OpenText

Learn More About Contract Management Software

How does contract management software work?

  • Creating standardized drafts of contracts: It helps to prepare standardized contracts to eliminate situations that cause time loss during the preparation stages of similar contracts. In most cases, the input of contract scope, milestones and goals give an output of a contract draft.
  • Monitoring contract commitments: These features enable users to notify deviations in the workflow and track commitments made. It also allows users to compare contracts with existing regulatory frameworks.
  • Analytics and reporting: Software analyzes and reports the evaluation of contract performance according to contract type and status. AI-powered CMS tools can make suggestions for future contracts by extracting insights from large volumes of data.
  • Document management: Complex documentation makes it difficult to follow the essentials of contracts. An important feature of CMS tools is document management. It is a challenge to search and find an essential information within a large volume of data. CMS tools make it easy and fast.

Why does contract management software important now?

SpringCM surveyed and concluded that 66 % of the companies have problems with the contract approval process leading deals to stall. 52% of respondents in the same survey claimed that tracking obligations, deliverables and key events are the biggest contract management challenges. According to Harvard business review, suboptimal contracting can cause businesses to lose 5% and 40% of contract value. Such losses can be minimized thanks to AI-based tools that reduce manual errors and help employees focus on more important aspects of contracting.

Furthermore, “smart contracts” (self-verifying, self-executing agreements that can function autonomously) represents the automated contract process to manage increased contract traffic in blockchain technology. Smart contracts in contract management software increase the level of automation in contract processes and lifecycles.  For more information about smart contracts, feel free to read our article.

How to choose the right solution for your business?

The main factor for choosing the right CMS software is related to the size of the business. Small and medium businesses that focus on specific operational areas can choose software that focuses on features such as automatic contract creation and storage. For example, a reliable electronic storage medium resolves the problems related to contract renewal rather than conventional physical paper storage methods.

Maintaining coordination can be a key point for large businesses. Tools with different modules, especially AI-based software, give an opportunity to solve operational problems of contract management. For example, in a contract involving more than one party, it is important to automate the approval process, to follow the critical points in the contractual obligations and warnings. Platforms with CRM integrations can lead to time savings by facilitating the involvement of sales, customer and legal in contracting. Numerous companies provide such integrations. For example, Icertis CMS can be integrated to Microsoft Dynamics CRM and Ultria CLM can be integrated to Salesforce.