Handling contracts is crucial for businesses, but it can be complicated & time-consuming, leading to errors and missed opportunities. That’s where Contract Lifecycle Management (CLM) software comes in, simplifying the entire process. Contract management software is essential for modern businesses, making tasks like creating, storing, editing, and tracking contracts a breeze. These tools eliminate the hassle of manual paperwork and data entry.
However, selecting the right software for your organization can be challenging. Despite most tools being user-friendly, some may require additional setup to seamlessly integrate into existing workflows.
This article will help you find the right CLM tool. We have evaluated 10 contract management software options available in 2024 with detailed insights into the tool.
- Volody
- Ironclad
- PandaDoc
- DocuSign CLM
- Juro
- Icertis
- Agiloft
- Conga
- Evisort
- Sirion Labs
What is a Contract Management Software?
A contract management software makes the whole contract process better and easier for businesses. This smart tool does important tasks like creating, talking about, signing, renewing, and keeping track of contracts automatically. It helps legal and business teams by reducing the manual work that can slow things down.
This centralized process eliminates issues, making a smooth and efficient contracting process. This helps teams work well together and makes all contract-related activities work better overall.
Top 10 CLM Software for 2024!
Volody
Since 2016, Volody has been a leading name in contract management software, known for being innovative and dependable. Volody’s platform, powered by AI, makes contract management easier for businesses around the world.
With advanced features like risk analysis, clause suggestions, and summarization tools, Volody ensures comprehensive risk management, informed decision-making, and streamlined processes.
Volody offers 150+ integrations with CRM, E-sign and other platforms. Plus, it keeps your data safe and sound with it being SOC-2 and ISCO 27001 certified. And the best part? Volody fits right into your existing processes, making everything run even better.
Designed for various legal teams, Volody’s CLM software provides a detailed view of contract language. Volody’s commitment is to improve efficiency and transform how businesses manage their contracts. It caters to a wide range of companies, from small enterprises to Fortune 500 businesses.
Pros:
- Easy-to-Use Interface: This aspect is especially helpful for people using contract management tools for the first time. The simple design makes it easy to access and navigate through the main features of the system.
- AI Clause Summary: A big plus of Volody’s AI-powered clause summary is its standout feature. It makes complex contract language simple. Users can easily create short and complete summaries, making the review process smoother and improving strategic work.
- AI Review: Volody’s AI for reviewing clauses makes it stand out as one of the top choices for contract management software. The AI in Volody suggests important clauses by looking at past agreements, which really helps with negotiating contracts.
- Risk Analysis: Volody’s AI looks at the contract and points out potential problems using a customizable risk system. This helps organizations follow the rules and saves time on legal checks.
Cons:
- Conditional Workflow Setup: Although Volody has many strengths, setting up complex conditional workflows can be a bit challenging. However, the platform’s user-friendly interface makes the learning curve more manageable.
- Litigation Management: Currently, Volody doesn’t have any features for managing legal disputes in the tool. They plan to add this in the future as part of their roadmap.
Top Customers
- Vodafone Idea
- JCB
- L’Oréal
- Saint Gobain
- Linde Group
- Honda Cars
IronClad
Ironclad, founded in 2014 and based in San Francisco, is a SaaS company specializing in contract management software. It’s software designed to streamline legal processes by automating workflows, generating reports, and efficiently handling contracts.
Its user-friendly drag-and-drop interface makes it accessible to all stakeholders, regardless of technical expertise. Ironclad stands out by paying special attention to details of collaborating on clauses and negotiating them. This unique focus helps reduce risks and speed up approvals. It achieves this by using a public API and seamlessly connecting with other tools and systems.
Pros:
- Contract Workflows: Ironclad makes it simple for businesses to establish smooth contract workflows. This makes it easy for them to manage contracts from beginning to end without any problems.
- Contract Repository: Users can easily make new records, add files, and use AI to bring in contract data. This makes sure that contracts are easy to find and makes them more visible.
- Systems Integration: Ironclad allows seamless integration with different systems. You can connect it with Microsoft Dynamics, ServiceNow, HubSpot, NetSuite, and Jira Software Cloud using Zapier. This ensures that everything works together smoothly.
Cons:
- Workflow Titles: The tool gives titles to workflows by itself. Some users might like to have more control over naming them for better understanding and personal touch.
- User Interface Clarity: The way the user interface shows the workflows used inside and outside can be confusing. Making this better could make the experience smoother and easier for users.
- No Free Version: Currently, there’s no free or trial version of the software available. This might make it a bit challenging for some users to see if it fits their needs before deciding to pay for it.
Top Customers
- Dropbox
- Glassdoor
- DoorDash
- Quora
- Uplight
PandaDoc
PandaDoc, founded in 2011, offers an affordable, all-in-one solution for robust contract and document management. Its intuitive software supports the entire contract lifecycle, making it suitable for any-sized company. Standout features include custom templates, a user-friendly editor, and seamless integration with popular CRMs like HubSpot and Pipedrive.
Pros:
- Smooth Teamwork: The CLM software simplifies collaboration among teams, clients, or partners, enabling quick and effective connections.
- Making Contracts is Easy: PandaDoc allows you to easily personalize various business documents. With Smart Content, you can make sure all the details are right, cutting down on mistakes in each document.
- Detailed Reporting and Tracking: PandaDoc has a great document storage repository and detailed reporting features. This helps you keep track of any changes made to documents and see who worked on them.
Cons:
- Content Library: Available with Business or Enterprise plans, the content library is only for users with these premium subscriptions. This may pose an inconvenience for users on lower-tier plans who don’t have access to this feature.
- Feature-based costing: The bulk send option has an extra cost, and it’s not part of the regular package. This pricing model may inconvenience budget-conscious businesses, requiring additional funds for essential features like bulk send.
- Limited integrations: The free plan imposes restrictions on integrations for users. This restriction can be inconvenient for businesses seeking a broader range of integrations to enhance their overall workflow efficiency.
Top Customers
- Autodesk
- The Mayo Clinic
- Bridgestone Corporation
- Just Eat
- HubSpot
DocuSign CLM
DocuSign is a tool that helps organizations use electronic signatures. With its versatile API and connections to over 350 apps, DocuSign works well with popular business tools, automating tasks. Used by over 500,000 customers in 180+ countries, it’s a widely-used platform that makes agreement management easy.
DocuSign also offers a CLM tool to complement their eSign platform. DocuSign CLM focuses on making the entire CLM system standardized and accessible for non-technical stakeholders. This allows anyone to use it for managing any type of contract.
Pros:
- User-Friendly Interface: DocuSign has an easy for everyone UI, whether you’re new to it or have used it before. The interface is user-friendly and makes tasks simple to do.
- Multi-Recipient Signatures: Sending documents to many people becomes easy with efficient multi-recipient signatures. It simplifies the process, saving time and effort.
- Prompt Notifications: Real-time updates ensure swift document processing. This contributes to an efficient workflow by quick decision making.
Cons:
- Layout and Formatting Issues: Using forms on DocuSign CLM can be tough due to complex layout and formatting issues. These challenges make it difficult to smoothly manage contracts.
- Signature Email Delivery: People say that signature requests sometimes go to spam folders, delaying the process. There can be improvements in this functionality.
- Contract editing: Many users mention that you can’t make big changes or edits to your documents using this tool. You have to do all of that offline, which can be a bit of a headache when it comes to keeping track of different versions.
Top customers
- Infosys
- Fujitsu Ltd
- Panasonic Corp
- HTS Inc. Consultants
- Acrelec
Juro
Juro is a platform that makes dealing with contracts easier. It simplifies the whole process by turning contracts into usable data using a simple editor that doesn’t require any coding. This gives you control and lets you see what’s happening with your contracts.
Juro helps in-house legal teams do things themselves, like negotiating and signing contracts without a hassle. The editor is designed specifically for contracts, making the whole process smooth and productive for everyone involved.
Pros:
- Renewal Reminders: Juro automatically sends reminders for contract renewals. This ensures that crucial renewals receive timely attention and lowers the chances of missing deadlines.
- AI Review: Juro uses AI to review contracts, making the review process more accurate and precise. It automates the task, cutting down on mistakes and making the whole process smoother.
- Native Integrations: Juro easily connects with Salesforce, HubSpot, Zapier, Workday, and Greenhouse. This makes the tool work smoothly with other tools and making things simpler for users. This helps streamline tasks and makes it more convenient for everyone.
Cons:
- Complex Interface and Navigation: The interface is might be confusing, making it hard for people to use easily. Users might find it a bit tricky to navigate. To make things smoother, users might need clear instructions or some training.
- Occasional Sluggish Performance: Sometimes, the software might be a bit slow, making it not as quick and smooth as users would like. Making the software work faster would make it better for users.
- Limitation in Email Distribution: You can’t send a contract to many email addresses at the same time. This makes it harder to quickly share contracts with multiple people who need to see them all at once.
Top Customers
- Trustpilot
- SoundCloud
- Deliveroo
- QuantumScape
- Shieldpay
Icertis
Icertis Contract Intelligence (ICI) transforms contracts into a strategic asset by structuring critical information. Founded in 2009 by Samir Bodas and Monish Darda, Icertis offers a cloud-based Contract Lifecycle Management platform. ICI, their flagship product, uses AI to identify issues and streamline compliance by digitizing and storing contracts. Its machine-learning capabilities provide valuable insights, enhancing contract management efficiency.
Pros:
- Clause Organization: Icertis stands out in organizing and overseeing specific contractual clauses. It ensures clarity, consistency, and compliance throughout the contract lifecycle.
- Contract Workflows: Icertis makes sure that creating and executing contracts goes smoothly, so there are no delays. It helps move things along efficiently from creating the contract to signing it, reducing any obstacles in the process.
- Contract Setup and Management: Icertis offers an intuitive interface for contract creation. The platform also provides robust tools for effective tracking, monitoring, and management throughout their lifecycle.
Cons:
- Implementation Costs: Using Icertis might require higher upfront expenses. Potential users should budget carefully to manage these costs effectively.
- Customer Service Issues: Some users had trouble with customer service. They think customer service should get better at answering questions quickly.
- Support Ticket Timeliness: There have been cases where Icertis support tickets didn’t always get responses as quickly as expected. Delay in response can lead to less to customer unhappy, as users may feel ignored or undervalued.
Top Customers
- Infosys Ltd
- Cornell University
- Blue Cross
- Wipro Ltd
Agiloft
Agiloft’s contract lifecycle management software simplifies the entire process of creating and managing contracts, integrating it seamlessly into business operations. Established in 1990 under the name Integral Solutions Corporation, Agiloft serves mid to large companies, providing strong automation capabilities with extensive customization options.
Pros:
- Efficient Time Management: Agiloft optimizes time throughout the contract lifecycle, ensuring effective handling from creation to execution. It streamlines processes for timely contract management.
- Quick Review and Editing: Agiloft enables a swift and thorough review process, allowing for efficient editing of contracts. This ensures accuracy and compliance, contributing to streamlined contract management.
- Swift Contract Creations: Agiloft’s user-friendly interface and efficient workflows allow for the rapid creation of contracts. This supports agility in responding to dynamic business needs, promoting quick and effective contract development.
Cons:
- Outdated User Interface: The user interface may not look as modern and attractive, especially for non-tech users. It could be more user-friendly and visually appealing for a better experience.
- Excessive Integrations: The platform boasts numerous integrations, some potentially deemed unnecessary (e.g., Alexa). This abundance of integrations may overwhelm users, impacting the platform’s overall efficiency.
- Customization Challenges: Customizing contract details logging in Agiloft may be less straightforward, presenting challenges for users aiming to capture tailored information. This aspect may require additional effort and expertise from users..
Top Customers
- Sun Pharmaceutical Industries Ltd.
- Honeywell International, Inc
- Accenture
- National University Of Singapore
- Fraser Health Authority
Conga
Conga Contracts simplifies and automates the entire contract lifecycle. From creating contracts to approvals, changes, and reporting, it streamlines the process. Manage user profiles, assign permissions, and enhance document security.
Configure templates, workflows, and integrate with eSignature solutions. Track data through scorecards, tasks, and analytics, making contract management efficient and secure.
Pros:
- Agreement Lifecycle Management: Conga excels in managing agreements from creation to execution and ongoing management, ensuring a comprehensive approach throughout the entire lifecycle.
- Seamless DocuSign Integration: Conga seamlessly integrates with DocuSign, enhancing the platform’s capabilities by providing a smooth and secure electronic signing process for agreements.
- Efficient Document Generation and Management: Conga offers powerful tools for creating various documents and efficient features for organizing, accessing, and tracking essential business contracts.
Cons:
- Functional Challenges: Conga may face functional problems, with features meant to work occasionally running into issues. This can affect the smooth operation of the software, potentially causing disruptions in critical business processes.
- Implementation Complexity: The implementation process of Conga is complex, and ongoing maintenance can be similarly intricate. Users may find navigating these processes challenging, leading to potential delays in system deployment and updates.
- Limited Support Effectiveness: Users may face challenges with Conga’s support, finding it less helpful for addressing concerns. This impacts the overall user experience, causing frustration and delays in issue resolution.
Top Customers
- Cardinal Health
- SODEXO
- Quest Diagnostics
- Oracle Corporation
- Autodesk, Inc.
Evisort
Evisort is an AI-powered contract management tool for legal, procurement, and sales teams. It centralizes contract tasks like creation, approval, storage, extraction, organization, and tracking.
Streamlining workflows, it offers visibility into approval processes, collaboration tools for document review, and the ability to set alerts for expirations. Evisort enables legal teams to create templates and extract data. It also monitors agreements through reports, streamlining document management efficiently.
Pros:
- Key-Term Summary and Contract Alerts: Evisort saves a lot of time and money with its key-term summaries and contract alerts. These features highlight important information quickly, cutting down on the time spent reviewing contracts manually.
- Defined Key Dates: Evisort defines key dates within contracts, helping make timely decisions and resulting in significant cost savings. Users benefit from a proactive approach to managing critical milestones, enhancing overall efficiency and effectiveness.
- Centralized Contract Management: Evisort excels in centralizing contract management, providing a unified repository for housing contracts. This streamlined approach ensures easy accessibility, organization, and management of contracts, contributing to enhanced efficiency.
Cons:
- Restricted Bulk Upload: Evisort faces constraints in handling group document uploads and lacks a swift Excel-like input method. Users might perceive these limitations as reducing flexibility in their operations.
- Pre-Signature Tool Evaluation: Evisort’s “pre-signature” tool holds promise but exhibits relative shortcomings compared to alternative solutions. Users may find it less comprehensive for their needs.
- Lack of Automatic Reminders: Evisort lacks a feature for automatic reminders in workflows. This absence could impact the proactive management of tasks within the system, requiring users to monitor tasks more closely.
Top Customers
- Workday, Inc
- HCL Technologies Ltd
- PowerSchool
- Okta
Sirion Labs
SirionLabs, headquartered in Noida, India, is a global enterprise contract lifecycle management software provider since 2012. With offices worldwide, it caters to diverse industries, offering cloud-based and on-premise solutions. SirionLabs excels in contract authoring, obligation tracking, risk analysis, and advanced analytics.
Noteworthy features include automated extraction, NLP, and machine learning for enhanced risk insights. When selecting a contract management system, prioritize robust templating, risk analysis, integration, and analytics—areas where Sirion stands out.
Pros:
- Risk Mitigation: Utilizing AI, the risk analysis engine instantly identifies high-risk terms, providing real-time alerts. This enables proactive measures to prevent potential issues before they escalate.
- Increased Visibility: A centralized repository with robust search and reporting enhances visibility into performance and compliance. This provides clear insights for effective contract management.
- Revenue Protection: Advanced analytics locate unpaid invoices and renewal opportunities. Simultaneously, obligation tracking acts as a safeguard against revenue leaks, ensuring comprehensive protection for your revenue streams.
Cons:
- Implementation Time: Customizing, migrating data, and integrating can be complex, potentially extending project timelines significantly. This complexity often arises due to unique business requirements that demand careful consideration during the implementation process.
- Issues with SLA Management: Deciding on service levels and adding data manually makes getting the final results more challenging. During this step, users often find that they prefer using Excel sheets, and we need to implement automation.
- Ongoing Support Costs: Being a customizable enterprise platform, training, maintenance, and upgrades require a budget.
Top Customers
- MediaKind
- University College London Hospitals
- Chain IQ
- GTAA
How to choose the right CLM software?
Choosing the right contract management software is important for your business. Here are some things to think about when you’re looking for the best contract management software:
1. Integration Capabilities:
- Find software that works well with your current systems, like CRM or ERP.
- Make sure it can connect with document editing tools like Microsoft Word or Google Docs.
- Look for integration with popular e-sign providers like Adobe Sign.
- Connecting with systems like HubSpot or Salesforce can make contract management more efficient.
2. Advanced Contract Tracking & Reporting:
- Choose software with strong analytics for tracking and reporting on contracts.
- It should give you insights into contract status, performance, and upcoming deadlines.
- Good data analysis helps you make informed decisions.
3. Ease of Use and Support:
- Check if the platform is easy to use.
- Make sure there’s good customer support.
- A simple interface and strong security features, like backups and protection against unauthorized access, make for a secure contract storage.
4. AI-powered Contract Analysis:
- Think about the benefits of AI-powered features.
- Look for tools that can automatically review contracts, assess risks, and check for compliance.
- This can save time and improve accuracy.
5. Review Pricing Models and ROI:
- Compare the costs of different solutions.
- Think about how much time and money the software can save.
- Look for cost-effective automation.
Make sure the contract management software you choose has core functionalities like cloud storage, contract storage, version control, audit trails and supply chain integration. Many solutions offer free trials, so you can try them out before making a decision. Ensure that the clm can automate contract management and help in contract negotiation & contract review process.
In the end, there’s no one-size-fits-all best contract management software. Consider your needs, goals, and team requirements. Smart tech like AI and ML can make contract drafting faster. Quick approval processes help avoid delays and financial issues.
A user-friendly dashboard and clear reports help with decision-making. E-signature features make signing contracts easy. Before choosing a tool, look at what your team needs and try out a few options to see what works best. It’s about setting up for success in the long run.
Remember, contract management is not just about today but preparing for the future.
Final Verdict
To sum up, there isn’t a one-size-fits-all best CLM software. However, by carefully looking at your needs and aligning them with what your goals, you can pick a CLM solution that fits you. The use of smart tech like AI & ML makes drafting contracts faster, giving more time for important thinking. Quick and smooth approval processes help avoid delays and money troubles.
Having a user-friendly dashboard and clear reports helps in making good decisions and keeping things running well. Also, having eSignature features makes signing contracts easy and puts everything in one place. So, before saying yes to a contract tool, make sure to look at what your team needs and try out a few options to see which one fits best. It’s not just about today but setting up for success in the long run.
About Volody Products Inc
Volody is a leading AI CLM Software company helping businesses to digitize and automate their legal contract management processes. Volody’s CLM uses AI & ML features to create smart and agile solutions. These solutions meet the needs of an ever-evolving business world. Trained with extensive data points, our smart CLM tool provides you with many insights. We help protect your company from any possible risks, be it financial, regulatory, or reputational.
