As an entrepreneur, you know better than to let deals slide simply because of operational efficiencies. Luckily, there are plenty of cloud-hosted contract lifecycle management software that can help you cut down the duration of this process without compromising quality.
If you are looking to invest in this software or simply wish to replace the one you have, this guide to the top 12 cloud-based contract management software will come in handy. Our guide also comes with a breakdown of their pricing plans to help you get an idea of which ones will suit your budget.
On average, it takes 3.4 weeks to finalize a contract. This means that as you’re drafting an agreement between you and your client, they have had enough time to change their minds about closing the deal. As you can see in the table provided, inefficient approval processes are considered a problem in terms of productivity by 66% of businesses as it can cause deals to stall. Meanwhile, 21% see it as a major issue in their workflow.
Source: SpringCM 2018 State of Contract Management Report
This is why contract lifecycle management (CLM) systems are powerful assets when it comes to expediting transactions and boosting productivity. After all, being equipped with everything from contract generation to enforcement can surely accelerate the contract management process. However, simply owning a CLM software is not enough to reap its full benefits.
To yield higher ROI from a CLM, you need to focus on using it correctly. This means leveraging its automation features, integrating it with your other business systems, and making the most out of its collaboration options. You should also use these platforms’ compliance management tools and risk assessment functionalities. Leveraging new technologies like cloud-based communication and collaboration is also a great idea, as cloud technologies have surpassed legacy applications at a ratio of two to one.
With all of these statistics taken into consideration, let’s proceed to our list of top 12 cloud-based contract management tools below to find the right business solution that fits your requirements. With it, let us see how we can avoid common pitfalls that may turn your CLM into a simple data repository.
Juro covers the entire gamut of contract processing from creation to approving and to signing and record-keeping. Ideal use cases include internal and external agreements entered by legal, HR and sales.
The platform places all contract files and data in a single workspace for safekeeping and easy retrieval. It aims to resolve the common pain point of moving contracts forward. What normally takes several tools to move contracts from admin to legal and to business and other company units is reduced to all key players using Juro workplace to manage contracts.
With a streamlined process, companies can initiate service delivery faster and realize revenues earlier.
Authorized users within or outside of the company can collaborate in Juro, drafting, editing or sharing inputs or files to finalize a contract. Key players can also sign or negotiate or renew contracts on the platform, even remotely, helping you formalize agreements fast.
Key features include template editor, approval workflows, native e-signature and smart storage.
Juro integrates with Zapier apps and key business software such as Salesforce, Slack, Google Apps and Workday. It also features an open API for custom integration.
Price Range: Juro pricing includes a free plan for one user. The plans are designed around the feature set and number of users. Paid plans are: Lite at $49 per user/month, Team at $90 per user/month and custom quote should you want to scale the features.
Detailed Juro Contract Automation Review
Freshservice is a customer support platform well-recognized for its powerful features such as a robust ticketing system, accessible knowledge base, asset discovery, and CMDB. It provides a plug-and-play ITIL and has capabilities for vendor management, problem management, incident management, and change management, and release management. With Freshservice, companies can automate routine or repetitive tasks so agents can free up their time and focus on matters that require more personalized attention.
What many businesses might not know is that Freshservice comes with a built-in contract management module that allows users to keep track of contracts together with the assets covered for each one. The feature sends out auto alerts that will remind you when a contract is about to end or up for renewal. You can track a variety of contracts such as maintenance contracts, lease contracts, and software licenses. You can also add other specific contracts based on what your business needs to manage.
It’s also easy to keep track of contracts in Freshservice as you can monitor each stage of its approval. For example, there can be 7 stages of a contract at any given point. These include draft, pending, approved, rejected, active, terminated, and expired. If you want to get an overview of the lifecycle of a contract and recent changes or activities, you can do so via its Contract History and Activities functions.
Price Range: Freshservice has four types of plans namely Starter, Growth, Pro, and Enterprise. Pricing starts at $29 per agent, per month and can be offered at a discounted rate of $19 per agent when you opt for annual billing. You can test all the powerful features of Freshservice by taking advantage of its 21-day free trial offer.
Detailed Freshservice Review
PandaDoc is primarily a cloud-based document management system but it snagged a spot on our list because it comes with an end-to-end contract lifecycle management module. This comes with flexible features that let users streamline contract creation, forwarding, and e-signing. It also allows users to create and store pre-approved templates to fast-track the preparation of contracts while ensuring they’re always compliant. What’s more, with its secure interface, content locking options, and access permissions, you can make sure all contracts are viewed by authorized people only.
In addition, PandaDoc goes beyond CLM. It provides a slew of other document management functionalities such as its document builder, custom approval options, CPQ module, and cost and margin calculation system. With these, users can easily prepare the necessary files for day-to-day operations without the need for multiple platforms. Moreover, it can store brand assets and other company-issued document templates in the system’s contact library so users no longer need to request for the files and wait for them in their inboxes.
Last but not least, PandaDoc provides users with audit trails so you can easily review contracts and compare documents. It also allows you to see the revision history of each document so monitoring changes is quicker than ever. The software also provides a document analytics tool to help you apply a data-driven approach to contract management.
Price Range: PandaDoc offers three different pricing plans based on the unique requirements of each company size. They have an Individual plan for freelancers and solopreneurs that cost $9/month/user as well as a Business plan for small teams that’s priced at $49/month/user. For larger teams, there’s an Enterprise plan available by quote.
Detailed PandaDoc Review
Oneflow is a modern sales automation platform specially built to automate the contract process. For this, it provides contract creation and secure e-signature, along with useful functions like collaboration and analytics. The e-signatures are legally binding and fully compliant with GDPR requirements. The application further secures contracts by protecting them with an electronic seal, preventing any attempt to tamper with them.
Contract creation is easily executed with the templates provided by Oneflow. The users can simply pick one and customize sections to fit a particular contract need. They can save the contract for succeeding use, especially for a particular client.
Modern work means collaboration. With Oneflow, several people from different teams can work together to generate a contract in real time. Collaborators can view changes immediately, along with the user comments. Oneflow always produces that latest version, so confusion is eliminated.
Price Range: Aside from a free version, Oneflow offers free trial for its Essentials ($34/month/user, billed annually) and Business ($46/month/user, billed annually) plans. An enterprise plan is available by quote only.
Detailed Oneflow Review
ContractWorks is a full-fledged contract lifecycle management tool known for its intuitive and user-friendly UI. This platform leverages its AI-powered smart document tagging feature, which is a big help in organizing contracts and other documents according to different tags and filters. Security is also optimized by its permission-based user roles feature, which allows account admins to limit the access to documents.
With its custom tagging and OCR text search functions, its users can create a system that meets the requirements and needs of their business. Reporting can also be customized and the system also makes it easier for you to gain insights into the kinds of contracts you are making. To add to that, this platform also has a sophisticated notifications system that will let you know whenever new contracts are created, or any existing agreements are modified. ContractWorks also provide training and 24/7 customer for every account.
Price Range: ContractWorks offers straightforward pricing plans that accommodate an unlimited number of users. All plans are billed annually and pricing starts at $600/month.
Detailed ContractWorks Review
Gatekeeper is a smart contract lifecycle management software that allows organizations to process a large number of contracts and related documents. It is perfect for growing businesses or large enterprises. Its comprehensive platform combines functionalities such as a workflow engine, contract repository, and more features that make processing and managing contracts much more manageable.
While the core platform is already powerful itself, it can be extended and scaled as the business needs to grow. Portals, modules, and integrations can be added as required. For example, the Employee Portal makes it easy to create records. It allows businesses to standardize all incoming data to ensure consistency and accuracy. Another example is the Vendor Portal. It will enable companies to take in more clients without needing extra manpower for manual processes. The portal includes automated onboarding, self-registration, and other features
Under its hood is a unique and powerful artificial intelligence (AI) engine that automates many parts of the contract lifecycle. For example, it allows organizations to process legacy contracts and digitize them efficiently. Just upload a PDF document or a scanned copy of the contract, and the AI engine will extract key metadata and clause language. Its advanced algorithms allow the detection of duplicate data for better consistency. These are just some of the processes that AI automates, therefore reducing a large amount of manual work.
Price Range: Gatekeeper provides flexible plans that come with unlimited eSign and unlimited users. Pricing starts at $775 per month for basic features and 150 suppliers and contacts. Large corporations can take advantage of the Enterprise Custom plan for their specific needs.
Detailed Gatekeeper Review
ContractZen is a governance software suite for advanced contract management, among others. It also suits enterprises looking to streamline the management of board meetings, entity management and those in need of virtual data rooms.
It stores sensitive documents securely in one place, which you can access from a desktop or mobile device. The platform uses RSA 256 encryption for file security and your connection to its system uses Symantec SHA 256 RSA SSL.
Managing contracts is also made easier by meta-tagging contracts and files for easier sorting and retrieval. You simply type the keywords and ContractZen finds the file for you.
You can also import documents easily. For instance, you simply forward the email to ContractZen and it saves the file in PDF.
Meanwhile, its full-text search with OCR is powered by Microsoft AI Platform. There is also a board portal for paperless contract management.
Other key features include integrated e-signature services help you to seal contracts faster, audit trail, auto-backups, extensive file type support and auto-email alerts.
Price Range: A standard plan is available for $9.50 per user/month. You can add more features, which can be arranged with a custom price quote.
Detailed ContractZen Review
ManageEngine ServiceDesk is a comprehensive contract management system. Other than providing you with text editors to create custom contracts as well as expiry notifications to ensure on-time contract renewals, it also gives you complete visibility over the entire contract management process through intuitive dashboards.
Another thing about ManageEngine ServiceDesk is that it has an intelligent archiving system. It lets you group contracts and subcontracts together for easier data retrieval. You also have the option to associate particular contracts with vendors so that you know which agreements belong to who.
Let’s also not forget that ManageEngine ServiceDesk is a full-fledged IT help desk software. Other than providing you with contract management solutions, it comes equipped with a wide variety of functionalities that cover ticket management and data archiving. It also comes with multi-channel communication and knowledge bases. This makes it a good option for IT teams looking for contract management and help desk functionalities
If you would like to learn more about what this platform has to offer, you can easily sign up for ManageEngine ServiceDesk free trial.
Price Range: ManageEngine ServiceDesk offers a wide variety of plans depending on your deployment preference and required feature set. These can cost anywhere between $12/month to $598/tech/month.
Detailed ManageEngine ServiceDesk Review
Coupa is a spend management solution powered by cloud technology. It also includes a powerful Contract Lifecycle Management module. The software provides full visibility and control of all your business expenditures. You can easily boost your revenue by making sure that you are maximizing the value of your budget. It is also easy to bring your expenses down by tracking every penny using the platform. With its features, you can implement company-wide processes in procurement, payments, invoicing, and more.
The built-in Contract Lifecycle Management module includes all features to improve contract efficiency, enhance bottom-line impact, and minimize contract risks. You can easily create pre-approved templates, so generating buy-side contracts takes no time at all. It also reduces errors while ensuring compliance. Additionally, you can set-up clause libraries and customizable smart templates, so all of your contracts are consistent and always compliant.
Coupa also allows real-time tracking of your existing contracts. You can review history, audit trail, and redline all in one place. It is also easy to compare documents side-by-side. The application also aims to help you make data-driven decisions using a built-in risk scoring system, data normalization, and editable reports. It also promotes transparency as all contracts are stored in an intelligent repository that integrated well with the spend management platform.
Price Range: Coupa offers various business service management solutions with quote-based pricing. You will need to register for a live demonstration so you can see each product in action.
Detailed Coupa Review
Detailed Coupa Review
SAP Ariba is a cloud-based procurement platform, but it has a great contract lifecycle management system. Created for both buyers and suppliers, this tool will help users eliminate paper and ink use from their creation and management of contractual agreements. With this, you will be able to manage procurement and sales contracts, IP licenses, and internal agreements digitally. You can even automate the contract lifecycle and standardize processes by using this application.
Touted as one of the leading business commerce networks where businesses can connect with stakeholders, SAP Ariba also allows you to reduce costs, mitigate risks, and get your products to the market with its contract compliance enhancement feature. Moreover, as it is first and foremost a procurement platform, it also comes with analytics tools that will help you reveal spending habits as well as understand your supply chain management efficiency.
Price Range: SAP Ariba is only available by quote. Be sure to contact the vendor to get a subscription plan tailored to your requirements.
Detailed SAP Ariba Review
IBM Emptoris is a contract lifecycle management system specifically designed for large enterprises and medium-sized businesses. Equipped with a plethora of functionalities, this solution will allow you to handle every stage of the contract lifecycle from creation to enforcement. That said, it can help you to foster better business relationships by ensuring the smooth flow of contract negotiations as well as expediting the closure of deals.
IBM Emptoris can generate all types of contracts and automate workflows for better optimization. It is even built to adhere to industry standards and legal requirements so that you don’t have to worry about compliance issues. Another nifty feature of this tool is that it centralizes the storage of all your contracts and supporting documents making organization easy. You can even lock contracts and create specific user permissions to make sure that no unauthorized employees can make modifications to official documents.
Price Range: IBM Emptoris only offers quote-based SMB and enterprise pricing plans. If you’d like to learn more about their rates, get in touch with the vendor’s representatives.
Detailed IBM Emptoris Review
Accelo is a professional services automation software designed to help users keep projects going as well as ensure the smooth flow of deals. Initially created as an internal system for managing sales, this cloud-based tool offers simple yet powerful functionalities, ranging from task management and process automation to team scheduling and collaboration. It has expanded to include systems for CRM, client services, and contract management, making it one of the most multifaceted platforms available out there.
With it, you can easily make, revise, distribute, enforce, and track contracts in one convenient interface. It can even pool together all the tasks, notes, and attachments related to a particular contract to make it easy for future reference. Furthermore, the platform comes with a built-in client portal so that you can provide your customers with the transparency they need when it comes to their written agreements with your company.
Price Range: Accelo offers different pricing plans depending on the kinds of productivity modules you require. However, if you are looking to make use of their entire suite, they have ServOps packages that cost from $39/user/month to $79/user/month. Discounts apply if you opt to have these billed annually.
Detailed Accelo Review
Hopefully, with our in-depth guide to the top 12 cloud-based contract management software, you were able to zero in on the most suitable solution for your company. If you still need more information, check out our what is contract management software guide. With that in mind, why not take your review a notch higher by trying the solution yourself for a first-hand experience?
We highly recommend giving Freshservice a try as it is one of the most flexible platforms available. You can sign up for a Freshservice free trial if you want to test out its features for yourself.
However, in case you plan on using this platform as a data repository, we recommend using a document management system with or in lieu of a CLM. You can check out our list of 15 best document management systems here.
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