Using software to manage the tedious, arduous process of creating, managing, and executing contracts can save a considerable amount of time and stress.
Is your company looking for new strategies and tools to streamline your business management workflows? On the hunt for a new contract management software? Are you just looking for ways to increase efficiency in general?
Contract management software is becoming a popular and persuasive tool in every company’s kit. Using software to manage the tedious, arduous process of creating, managing, and executing contracts can save a considerable amount of time and stress. While contracts used to be stored in file cabinets that workers would have to sift through physically, contract management software now allows you to store everything in one database. This makes it significantly easier to find the contracts you need and edit them.
However, finding the right contract management software to suit your company’s needs can be a tricky task and one that requires thorough research.
Things to consider when searching for contract management software for your company include:
Pricing: Does it fit within your budget? If not, will it compensate by saving your company time and money?
User-friendliness: Will your employees be able to learn and use the software with minimal intervention? Will using the software become an issue in the future? Are features like sharing, collaboration, and live-editing important to have?
Security: What kind of security features does the software include to keep confidential or sensitive information private?
Customer support: With any type of software as a service (SaaS), it’s important to have a reliable and helpful customer support system. What kind of hours does the support center have?
Customizability: Is customizing templates and workflows important for your company? How easy is it to do?
We’ve rounded up our top picks for contract management software below:
- Evisort
Evisort utilizes artificial intelligence (AI) technology to help businesses categorize, search, and edit their documents. The integration of AI technology allows the software to understand and interpret legal language. They also have specifically-designed platforms for different industries and contract types, including legal, procurement, and enterprise.
Evisort’s interface is optimized for the application the user is using it for. The legal platform can search and identify contracts by clauses, while the procurement platform can keep track of contract renewals or expiries.
Evisort integrates easily with a multitude of other key business software, including Google Drive, Dropbox, Slack, OneDrive, Salesforce, Asana, and many more. This allows for seamless integration to whatever CRM or internal workflows your business already uses.
In terms of security, Evisort spares no effort. They are a SOC 2 certified software, which means they are a service provider that stores customer data in the cloud safely and securely, certified by the American Institute of Certified Public Accountants. Their data is encrypted at rest and in transit. They even host a“bounty” program where they offer payment to white-hat hackers to find vulnerabilities and weaknesses in Evisort’s system.
Evisort is an all-in-one software that leverages the ability of AI technology to create an easy-to-use and powerful tool to manage your contracts.
- Updraft
Updraft is a renowned, award-winning software used by Deloitte’s and 59,000 other companies around the world. A unique feature of Updraft is its usage of an interview questionnaire in the contract creation stage, providing a more natural and tailored process.
Another strong feature is its MatterMap workflow solution. MatterMap uses tech data analytics to manage various areas of the contract management cycle, from legal compliance to risk management to audit trails. It consolidates multiple workflows into one, analytics-driven one.
- ContractSafe
ContractSafe is a strong option for smaller companies or companies looking for a simple, no-frills software to implement. Although it doesn’t include contract authoring or editing capabilities, it does have user-friendly features like intuitive search and reporting, custom filters, and tags and intelligent alerts. Their user interface is straightforward and easy-to-navigate, but compromises customizability compared to other contract management software.
- Agiloft
Agiloft’s contract management software helps companies manage their entire contract life cycle, from creation to post-contract follow-ups. They are frequently regarded as one of the most customizable contract management software on the market. However, as companies become inundated with software and products used for almost every business process, it is important to think about the balance between customization and standardization. But, if you’re a company with specific needs and wants in regards to how you manage contracts, Agiloft is a strong choice.
Agiloft also uses AI technology to search and extract contracts and identify risks. You can also implement your own AI tools into the software.
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