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Contract Management Platforms

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Introduction

According to a Gartner study, 60% to 80% of B2B transactions are managed through contracts. Companies need the ability to quickly and efficiently create, sign, and manage those contracts through their life-cycle. Inefficient contract management processes have been proven to result in huge revenue losses due to lower productivity and increased risk of breach of contract and missed deadlines.

As the complexity and volume of contracts have increased, businesses have begun to move away from traditional paper contracts and are exploring and implementing digital solutions. Those solutions need to not only store completed contracts in a repository but provide better collaboration between the company’s procurement staff, legal department, suppliers, and customers. Businesses want a solution that fits their company needs as closely as possible.

Contract Management software increases efficiency and reduces errors in contract creation, storage, and management. After implementing one of these solutions, businesses gain better tracking and monitoring capabilities along with an increased ability to store and retrieve contract documents quickly.

Who should read this guide

This buyer’s guide was created for Procurement Officers, Buyers, Legal teams, Finance teams, and other professionals involved in the creation and management of contracts. It will provide guidance on the contract management landscape and buying considerations.

Key learning outcomes

Procurement professionals will be able to use this analysis to understand the competitive environment, along with key trends and players.

After reading this document, you will understand how to approach the purchase of contract management software, the buying criteria you should use to evaluate the various solutions, and the considerations to use when determining which contract management solution is the best match for your company.

This guide will compare essential product and service level indicators for the most popular contract management software solutions on the market, including Concord, Conga Contracts, Contract Safe, Contract Works, Ironclad, Agiloft, Symfact, RevvSales, ConvergePoint, and ContraxAware.

What is contract management software?

Contract Management Software applications offer a cloud-based capability to create, manage, audit, and collaborate on contracts. They provide a way to manage signatures, track critical dates, and monitor essential information about a contract throughout its lifecycle.Contract management software simplifies the contract process, helps businesses comply with internal and external regulations, and maximizes a contract’s ability to realize revenue for the company.

Key features and benefits of contract management software

  • Improved Productivity

Effective and efficient contract creation and management is a crucial ingredient in establishing successful relationships with a company’s suppliers, partners, and customers. In the past, the process was completely manual. This manual process was inefficient and vulnerable to human error. Contract language wasn’t standardized, which meant that important or mandatory legal language could be left out of the document. Approvals were secured using email and document attachments, increasing not only the time it took to obtain required signatures but introducing the risk of approving a version that wasn’t current.

Contract management software provides the ability to create contract templates and approval workflows, minimizing the risk of human error. They provide electronic signature capabilities and secure access for those with the correct permissions resulting in improved monitoring and tracking capability and faster reaction times.

  • How does Contract Management Improve a Business?

When contracts are created and managed efficiently, they can simplify business decisions. When analysis and insights are readily available to management through contract management software, areas for cost savings and revenue optimization are easier to identify. The software solution significantly reduces manual efforts, improving accuracy. This frees up the purchasing professionals who can then spend more time evaluating the performance of contracts and uncovering areas for improvement. 

Contract management software provides higher visibility to organizational spending and helps businesses identify unnecessary expenditures as well as cost-saving opportunities. It becomes easier to track supplier performance based on the criteria documented in the contract and facilitates collaboration with suppliers as well as internal company stakeholders.

As contract negotiations proceed, contract management software makes it easy to amend contract language and make it visible to all stakeholders involved in the process. When the contract is sent for approvals, a workflow can be created to ensure all appropriate signatures are received in a timely fashion. After approval, the contract can be easily monitored for performance.

When a contract nears its closing date, a business needs to be aware of that status and whether the contract will be renewed or terminated. If a contract is renewed on time, the company could suffer significant losses in revenue as well as doing damage to a customer or supplier relationship. Contract management software can produce regular and ad hoc reports to ensure a company stays abreast of key dates relating to its contracts.

  • Reduced Risk and Improved Contract Compliance

Contracts must contain language created by the company’s legal department and must comply with any applicable federal, state, and local regulations. These requirements are sometimes at odds with the language the sales team or customer wants to include. Successful negotiations and multiple iterations may be required before all stakeholders get what they expect from the contract with no confusion. The regulatory landscape and the company’s requirements can change. If the contract language isn’t current, the company runs the risk of monetary penalties which will affect their profit. 

Using the capabilities of contract management software, a company can identify mandatory contract clauses and easily update contract boilerplate as regulations and company requirements change. 

  • Why is Contract Compliance Important?

The contract management process includes drafting the original contract language, negotiating terms, adhering to appropriate regulations, and sticking to approved schedule dates and times. There are usually multiple departments involved in the process, such as the sales team, procurement team, and the legal department. While the ultimate goal of all of these groups is to get a contract signed and delivered, they can have competing requirements. Contract management software will help a company ensure compliance by providing:

  • Enhanced security based on roles defined by the company
  • Electronic signature capability
  • Workflow definitions for each step in the contract process

After a contract has been executed, it’s crucial to audit the contract for performance, timeliness of payments, and regulatory compliance. Contract management software can integrate with other CRM and financial systems, making monitoring and risk identification much easier and more timely. With up to date information readily available, a company can quickly take steps to mitigate risks. 

  • Important features to look for when evaluating contract management software

When searching for the contract management software solution that is the best fit for your company, consider the following features:

  • Creation and management of contract documents in a well organized and easily searchable online repository
  • The ability to create workflows so that contract documents can be easily managed through all of the steps the contracting process
  • Tracking capability for all contract signatures and performance milestones for the complete lifecycle of the contract
  • Search capability for dates and text to facilitate contract auditing

Important features to look for when evaluating contract management software

When searching for the contract management software solution that is the best fit for your company, consider the following features:

Creation and management of contract documents in a well organized and easily searchable online repository

The ability to create workflows so that contract documents can be easily managed through all of the steps the contracting process

Tracking capability for all contract signatures and performance milestones for the complete lifecycle of the contract

Search capability for dates and text to facilitate contract auditing


Comparing the ten most popular contract management software solutions

To help you evaluate which contract management software is the best solution for your business needs, here’s a comprehensive comparison of the ten most popular solutions currently on the market.

Concord is a cloud-based contract automation system with over 300K users in over 140 countries. It provides a centralized location for contract creation, collaboration, and management. The Sales, Legal, and Procurement functions can all benefit from the features provided by Concord. The company was founded in 2014 and maintains a headquarters in San Francisco, Ca. The software offers out of the box integrations with Dropbox, Google Drive, Box, Okta, and Salesforce. Other systems can be connected through Concord’s API.

Company headquartersSan Francisco, California, US
PricingN/A
FinancialPrivate
Top customersSIEMENS
GLOSSIER
HOME CHEF
REDFIN
DR.SEUSS

Visit Concord


Conga Contracts specializes in end-to-end Digital Document Transformation. Their goal is to help businesses automate and optimize contracts and other documents. The Conga product suite includes Conga Composer, Conga Collaborate, Conga Contracts, Conga Grid, Conga Sign, Conga Orchestrate and Conga AI. Founded in 2006 and located in Broomfield, Co., they have nearly 800K users in 85 countries. Product highlights include interfaces built specifically for the legal and sales teams, advanced capabilities for Salesforce users, and full flexibility to store and locate contracts in Salesforce, Conga Novatus, Box, Dropbox, or other systems. 

Company headquartersBroomfield, Colorado, US
PricingN/A
FinancialPrivate
Top customersT MOBILE
BCD Travel
Sony
allianz care
Autism CRC

Visit Conga Contracts


Contract Safe aims to make contract management easier by making everything available in one safe place. They provide contract search capabilities, reminder functions, and flexible roles and permissions. Their turnkey services need minimal training so that users get up and running quickly. The solution integrates with DocuSign, Salesforce, Okta, and other business solutions. The primary reasons for choosing Contract Safe are ease of use, ease of getting started, and automatic OCR for all contracts.  Founded in 2015, they are headquartered in Malibu, Ca.

Company headquartersN/A
Pricingstarts at $99.00/month
FinancialPrivate
Top customersTED
JOURNEYAPPS
J2 GLOBAL
PAYSCALE
LIVING SPACES

Visit Contract Safe


Contract Works focuses on the phases of the contract lifecycle that happen after the signatures are secured. They offer features that are essential for data security such as two-factor authentication, compliance tracking, unlimited storage, and encrypted data. They aim to make it easier to track corporate agreements. Users are able to generate reports indicating which contracts are due to expire. Founded in 2012, their headquarters is located in Goleta, Ca.

Company headquartersGoleta, California ، US
Pricingstarts at $600.00/month
FinancialPrivate
Top customersEaston
Easton General insurance
Susan g. komen
Fremantle media

Visit Contract Works


IronClad software automates the administrative tasks associated with contracts to free up the legal team to make business decisions. Their goal is to bring Silicon Valley technology to legal teams.

The application streamlines workflows throughout the contract lifecycle.

Company headquartersSan Francisco, California, US
PricingN/A
FinancialPrivate
Top customersBranch
Convoy
Strava
Namely
APPDYNAMICS

Visit Ironclad


The Agiloft technology offers a complete suite of contract management software designed to help companies administer and negotiate contracts. It features flexible approval workflows and Drag and Drop customizations. With Agiloft, a company can automate the entire contract lifecycle.

Agiloft is HIPAA, SOX, and SSAE16 compliant, providing a complete contract audit trail and precise permission settings. The company has over 3 million users and was founded in 1991. They are headquartered in Redwood City, Ca

Company headquartersRedwood City, CA , US
Pricing
starts at $65.00/month/user
FinancialPrivate
Top customersHonda
Tranzact
Battelle Energy Alliance, LLC
USAF
Skyscanner Limited

Visit Agiloft


Symfact is a contract and compliance software platform designed to help organizations manage risk and compliance. The application manages workflows, deadlines, and budgets. It provides tools for analysis, management, and compliance.

The software platform can be hosted as SaaS/Private Cloud or on-premise based on the customer’s preference. Founded in 2001, the company has headquarters in Chicago and Switzerland. 

Company headquartersChicago, IL 60603, US
PricingN/A
FinancialPrivate
Top customersIBM
lexisnexis
OCEG
W3C
DOW JONES

Visit Symfact


RevvSales was designed for B2B sales teams looking to get rid of shared files and physical filing cabinets. The solution helps customers quickly produce quotes and order forms that are free from errors.

Functions such as pre-built templates, approval workflows, multi-tiered pricing capability, and collaboration make it perfect for services or subscription businesses. Founded in 2018, the company headquarters is located in Walnut, Ca.  

Visit Revvsales


ConvergePoint provides solutions on the Microsoft Sharepoint platform. Originally, the company provided custom consulting services for businesses using Sharepoint and later developed automated compliance solutions.

The software can manage the entire contract lifecycle and incorporates best practices for contract drafting and review, vendor negotiations, and contract reporting. The company was founded in 2012. 

Visit ConvergePoint


ContraxAware is a software solution designed for companies that want to centralize contract access, automate workflows, and manage contract tasks. Its features include easy contract creation, centralized contract repository, eSignature capability, and technical support.

The software aims to provide a secure, scalable contract management platform to help their customers reduce costs and increase profits. Founded in 2018, the company is headquartered in Chelmsford, Ma.

Visit ContraxAware

Contract management software comparisons

CompanyConcordConga ContractsContract SafeContract WorksIronCladAgiloftSymfactRevvSalesConvergePointContraxAware
Analyst Reports - GartnerYesYesN/AN/AN/AYesN/AN/AN/AN/A
Analyst Reports - ForresterN/AYesN/AN/AN/AN/AN/AN/AYesN/A
Company HeadquartersSan Francisco, California, USBroomfield, Colorado, USN/AGoleta، California ، USSan Francisco, California, US Redwood City, CA , USChicago, IL 60603, USWalnut, CA , USAHouston, Texas, USAChelmsford، Massachusetts, US
Ideal ForSMB & EntrepriseSMB & EntrepriseSMB & EntrepriseSMB & EntrepriseSMB & EntrepriseSMB & EntrepriseSMB & EntrepriseSMB & EntrepriseSMB & EntrepriseSMB & Entreprise
PricingN/AN/Astarts at $99.00/monthstarts at $600.00/monthN/Astarts at $65.00/month/userN/AN/AN/AN/A
BBB RatingN/AN/AN/AN/AN/AN/AN/AN/AN/AA-
Glassdoor Employee Rating6682N/AN/A92542.776N/A
Glassdoor CEO Approval Rating5581N/AN/A9599N/AN/A50N/A
Glassdoor Recommend to Friend5678N/AN/A90991003370N/A
Number of Employees955864N/A162962239264
Incident History 2019N/A98%N/AN/A3N/AN/AN/AN/AN/A
FinancialPrivatePrivatePrivatePrivatePrivatePrivatePrivatePrivatePrivatePrivate
Overall878795978395889510095
Ease of Use88819898859183939097
Quality of Support908898999094901009796
Features & Functionality83789392818782909791
ConcordCongaContractsContractSafeContractWorksIroncladAgiloftSymfactRevvSalesConvergePointContraxAware

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