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.

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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73.1341587533694
95.0982375465615
36.56565631395456
100
0.04226190476190476
51.1700799601773
top5 , top10
4star
PandaDoc
4.40
100%
100%
100%
= 2 reviews
= 4 employees
= 20,000 visitors

71.3627039618292
92.8809571407801
3.838384160987823
98.68683094908612
0.006150793650793652
49.84445078287831
top10
5star
Qwilr
4.50
100%
100%
100%
= 2 reviews
= 4 employees
= 20,000 visitors

69.84918007685343
88.39616247081385
3.2323223956799327
93.93486822582638
0.013888888888888888
51.302197682893
5star
GetAccept
4.50
100%
100%
100%
= 2 reviews
= 4 employees
= 20,000 visitors

69.78557580268061
88.49162939157385
0.6154553374863229
94.12038907600986
0
51.07952221378737
4star
Contract Insight
4.26
100%
0%
100%
= 2 reviews
= 4 employees
= 20,000 visitors

66.67041029168051
84.3659719385947
0.025643241218650772
89.74995595078627
0.008134920634920636
48.974848644766325
5star
DealHub.io
4.70
100%
100%
22%
= 2 reviews
= 4 employees
= 20,000 visitors

65.84657978226079
85.86802736801764
0.18181905603952817
91.34313722001345
0.0007936507936507937
45.82513219650396
4star
PaperTracer
4.20
100%
17%
100%
= 2 reviews
= 4 employees
= 20,000 visitors

60.646255927900086
77.74641078269372
7.272727145103719
82.47619343136537
0.02023809523809524
43.54610107310645
top5 , top10
4star
Accelo
4.40
100%
100%
100%
= 2 reviews
= 4 employees
= 20,000 visitors

60.55991942616223
78.70689078288257
1.1919184885716043
83.69269492364407
0
42.412948069441896
5star
ContractWorks
4.85
100%
0%
100%
= 2 reviews
= 4 employees
= 20,000 visitors

60.38877459572316
75.939525532963
0.5000563649427183
80.7704914226094
0.00873015873015873
44.83802365848331
4star
Oneflow
4.40
100%
100%
100%
= 2 reviews
= 4 employees
= 20,000 visitors

59.42792999439317
77.33728160386046
1.1919184885716043
82.23563855285053
0.0007936507936507937
41.51857838492587
5star
ContractSafe
4.68
100%
17%
100%
= 2 reviews
= 4 employees
= 20,000 visitors

Market Presence Metrics

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 62%, 9% less than the 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 63% (10% less than average solution category) of the online visitors on contract management software company websites.

Satisfaction

Contract Management Software is less concentrated than the average in terms of user reviews. Top 3 companies receive 39% (this is 20% for the average solution category) of the reviews in the market. 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.

Maturity

IBM
Oracle
SAP
OpenText
AVEVA

Number of Employees

26 employees work for a typical company in this category which is 26 less than the number of employees for a typical company in 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 (59 more than average solution category) with >10 employees are offering contract management software. Top 3 products are developed by companies with a total of 101-500 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.

Insights

Top Words Describing Contract Management Software

This data is collected from customer reviews for all contract management software companies. The most positive word describing contract management software is "ease of use" that is used in 14% of the reviews. The most negative one is difficult with being used in 6% of all contract management software the reviews.

ease of use
14%
customer support
13%
easy to use
11%
user friendly
8%
difficult
6%
clunky
1%
Positive
Negative

Customer Evaluation

These scores are the average scores collected from customer reviews for all Contract Management Software companies. Compared to median scores of all solution categories, Contract Management Software comes forward with Ease of Use but falls behind in Value for Money.

Customers by

Industry

According to customer reviews, top 3 industries using Contract Management Software solutions are Marketing and Advertising, Information Technology and Services and Computer Software. Top 3 industries consitute 30% of all customers. Top 3 industries that use any solution categories are Computer Software, Information Technology and Services and Marketing and Advertising.

Company Size

According to customer reviews, most common company size is employees with a share of 26%. The median share this company size is 23%. The most common company size that uses any solution category is employees.

Vendors by

HQ

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.