The Top 7 Contract Management Softwares
We show you which tools you can use to digitize your contract management.
Who doesn't know it – you wanted to cancel the mobile phone contract after the cheap initial term, but you missed the cancellation deadline. Now the contract has automatically extended and you have to pay a higher price for it. What is already annoying in the private sector can become really expensive for your company. Because here it is particularly important to keep track of deadlines and agreements. All involved departments must carry out the corresponding tasks for the creation, adjustment, implementation or administration of contracts in a timely manner and get access to all necessary information.
In addition, contractual agreements can offer financial and societal risks or opportunities for your company, which you should examine at regular intervals. Contract management software can support you in this, as it organizes all important contracts in one central location. In this article we will introduce you to what a contract management tool is and what advantages it offers you. Finally, you will get an overview of the 7 best contract management software, their contents and costs.
What is contract management software?
Contract management software, also called contract management software, refers to the digital management and optimization of your contractual relationships with other companies and service providers. By optimizing processes and structures within contract management, you can minimize risks for your company and realize economic opportunities. Often, various departments of your company are involved in a contract process. Each participant needs different information at different times in order to be able to fulfill their respective tasks. If your colleagues had to use the physical contracts and transcripts each time, the process could quickly become confusing and in the worst case information or documents could be lost. You avoid this risk with digital contract management.
A contract management tool therefore has the tasks of storing documents in digital form in such a way that they can be easily found and edited. This is followed by the analysis and evaluation of the stored documents as well as the control of additional tasks related to the various contracts. This way all participants always have the current versions available for their work, without it leading to delays in the process. Contract administration is very extensive and includes many different steps – from checking the contract data, evaluating the figures, monitoring the contract deadlines, and archiving previous documents. In this context, the use of contract management software offers many advantages.
A contract management system supports you in all steps in the contract life cycle
This is the advantages offered by contract management software
Digital contract management allows you geographic and temporal independent access to your contracts. The fact that several colleagues can work simultaneously on contractual components or tasks of yours, streamlines processes that previously consumed more time. The unified structure in your contract management tool also increases transparency about the nature and scope of the contracts you have signed. As a result, you can better assess and use economic risks and potentials.
If your company works with international partners, different legal systems and political changes can influence your contracts. Often, additional documents or special license agreements are also required. In changing general conditions, you often have to react quickly. In your contract management tool, you have all the necessary information and documents digitized, so that you can make swift decisions. This may also be necessary if the demand for your products should change, which is why you have to adjust the contracts with your suppliers accordingly. Thanks to the increased response speed, you can better serve the demand of your customers and inform all parties involved about automated workflows. Decisions and work on the contracts are made transparent and significantly more efficient through a contract management tool.
Another advantage of contract management software is that it facilitates the creation of financial reports, which your controlling needs, for example. Many key figures needed for evaluations can be generated by the tools in an automated way. Because many applications can be coupled with existing systems (like SAP), you minimize the potential for errors through manual data transfer by using a contract management system. In addition, you can more easily analyze content risks from previous contracts and take these points into account when negotiating new contracts.
Last but not least, you have the great advantage of cost control. Do you remember the mobile phone contract you forgot to cancel? With a contract management tool, this will not happen to you anymore. It helps you to keep track of the important deadlines in your contracts and to meet your obligations. So there are no nasty surprises in the form of automatically extended contracts with worse conditions, as many tools remind you directly of upcoming deadlines.
These are the 7 best contract management software for your company
Given these extensive advantages, you are probably eager to get to know the various Tools for contract management. So here you get an overview of the different contract management software and their alternatives.
1. ContractHero Contract Management
Let's start with ContractHero Vertragsmanagement. With this contract management software you can automatically digitize your contracts and manage them from anywhere. The tool also shows you the most important information about the contracts on a separate dashboard. ContractHero sends you automated reminders of the various cancellation and renewal deadlines. The software also offers a search function, export to Excel, and the ability to assign different permissions.
ContractHero Contract Management Costs
- Demo available
- Pricing on request
- Three tariffs to choose from: Essential, Professional, Enterprise
More information about theContractHero prices and user reviews with price reference can be found on OMR Reviews.
If ContractHero doesn't offer you what you're looking for yet, you can find suitableContractHero Contract Management Alternatives on OMR Reviews.
2. Inhubber Contract Management Software
Another software you can use to manage your contracts is Inhubber. The content management tool convinces with a secure e-signature function as well as date monitoring and automatically running document analyses. In addition, artificial intelligence is used in various places. In addition to creating workflows, you can also work collaboratively on contracts. The contract management software also features ISO-27001 certified two-factor authentication and end-to-end encryption.
Inhubber Costs
- Demo – Free
- Further prices on request
You can find more information about the Inhubber prices as well as user reviews with price reference on OMR Reviews.
Inhubber is not yet THE contract management software for you? No problem, on OMR Reviews you can find several Inhubber Alternatives.
3. Contractbook for contract management
You can also use the software Contractbook for your contract management. This platform is used to organize the entire contract cycle and also offers standard features such as creation, editing and storage of contracts, as well as task management, version histories, reminders and collaboration functions. In addition, Contractbook allows data-driven document automation, through which specific recurring tasks can be automated and therefore also contracts can be created. It also offers interfaces to over 3,000 other tools.
The Prices for Contractbook are available upon request from the software provider.
4. PACTA. as a solution for contract management
Another option for your contract management is PACTA.. This intuitive contract management tool, operated by BlockAxs GmbH, offers companies, law firms and financial institutions the ability to collaboratively edit, negotiate, digitally sign, analyze and provide documents. In addition, PACTA allows the automation of legal processes, offers data-based monitoring functions and promotes intelligent legal communication.
5. Icertis for your contract management
The next contract management tool we want to introduce to you is Icertis. It makes high use of the advantages of artificial intelligence, allowing you to use many different tools within the software over the entire life cycle of your contracts. The developers particularly highlight the processing of tasks after the conclusion of a contract as a major advantage of the contract management software. This way you can ensure that you really fulfill the promises you made to your contract partners.
Icertis Costs
Are only communicated upon request via the company's website. You can find more information on the Icertis Prices as well as user reviews with price reference on OMR Reviews.
Looking for Icertis Alternatives? Then check out OMR Reviews and find alternative contract management software that better suits your needs.
6. ContractSafe as a Contract Management Tool
Moving on with ContractSafe. As the name suggests, you can safely and effortlessly organize your contractual documents in the associated cloud with this contract management software. This is also confirmed by the SOC2 certification. Other advantages of the contract management tool are: the ability to assign different roles, an electronic signing function, and email reminders when the status of your contracts changes.
ContractSafe Costs
- Demo – Free
- Basic – $299 per month
- Standard – $499 per month
- Professional – $699 per month
- Enterprise – $899 per month
You can find more information on the ContractSafe prices as well as user reviews with price reference on OMR Reviews.
If you would prefer to use another software for your contract management, you can find several Alternatives to ContractSafe on OMR Reviews.
7. moreflow for your contract management
Finally we would like to present moreflowto you. This software automates the entire process from contract signing to payment to activation of online courses for coaches and service providers. Moreflow optimizes the speed of conversion with digital contracts, automated invoices, and direct payment links. With functions for recurring bills and embedded product links for purchases around the clock, there are no base fees, just 1% transaction fees, in addition to the fees of supported payment service providers.
If you would rather choose a different software for contract management, check out the Alternatives to moreflow on OMR Reviews.
Let's get digital – get yourself a digital contract management software
Are you fed up with contractual paper chaos? Then it's really time for a digital contract management tool. It increases transparency about the upcoming tasks and existing contracts. It also offers you a variety of automated workflows, through which you can not only save time, but also money. Your colleagues can access the digital documents at the same time and independently of location and complete the upcoming tasks. This allows you to react quickly to changing market conditions and minimize emerging risks for your company.
First get an overview of the number and scope of your contracts and the colleagues who need to be integrated into various contractual processes. Then you can do an inventory of the existing needs that your new contract management system must meet. You will see – with it you gain an additional colleague who will not only save you money, but also nerves.
Carolin ist freie Redakteurin bei OMR und mit ganzem Herzen Autorin. Als Brand Managerin war sie bereits bei verschiedenen Unternehmen aus der FMCG-Branche für das Marketing zuständig. Währenddessen hat Carolin berufsbegleitend Ihr Studium zur Marketing-Betriebswirtin abgeschlossen.
