There’s a lot of hype around contract management apps, and many businesses rely on them as an essential part of their software suits.
But does this hype live up to the reality?
Suppose you’re responsible for managing your organization’s document workflow or an independent contractor who regularly deals with proposals, invoices, contracts, etc. In that case, a well-chosen contract lifecycle management app can transform your business.
CLM platforms are proven to positively impact everything from employee efficiency to client satisfaction, conversions, and sales.
In this article, we will answer the question, “Why is contract management software important?” We’ll also review some of the top providers on the market.
What Is Contract Lifetime Management (CLM) Software?
Contract lifetime management (CLM) applications enable businesses to streamline their document workflows by providing time-saving automation and management tools.
Employees typically use CLM apps to undertake and systematize tasks related to the creation, sending, and tracking of essential business documents like proposal , invoices, purchase orders, forms, contracts, and so on.
Standard features of CLM software include e-signature tools, automation templates, in-depth analytics, team collaboration spaces, and integrations with third-party tools for the speedy transfer of data.
Contract lifetime management software is distinguished from electronic signature software because it provides additional functionality in addition to e-sign tools.
Why is contract management software important to businesses?
Many managers and business owners view contract management software is indispensable. Here are three of the main reasons why:
- Provides electronic signature tools – The process of hand-signing business documents is time-consuming. As a result, electronic signatures have increasingly become the norm. A CLM app offers a suite of tools that enables employees to add signature fields to documents, provide clients with an easy-to-use signing portal, and store approved documents securely.
- Used to create automated workflows – Workflow automation typically leads to significant savings in employee time and financial resources. Manual data entry that might take hours can be achieved in seconds. Furthermore, notifications to managers, legal experts, and event clients can be set to trigger automatically based on variables like recipient behavior and a document’s status.
- Allows businesses to track recipient activities – CLM apps often have a notable impact on sales and conversions. Organizations can track recipient behavior and, as a result, send follow-up correspondence and reminders, prompting prospective clients to approve a proposal or contract. Adding payment buttons to documents also removes friction when purchasing a service, settling an account, or placing a deposit.
Top 3 CLM apps: reviews and ratings
Here’s a quick rundown of three of the top platforms on the market:
- PandaDoc – PandaDoc is unique in that it caters equally well to both Small and Medium Businesses (SMBs) and large enterprises. Users can also take advantage of its “forever free” plan, probably the best free plan currently available on the web. Features include an easy-to-use document editor with accompanying content and templates libraries, a substantial integrations package, automatable workflows, electronic signatures, and 24/7 support.
- Juro – CLM apps are usually priced on a per-user basis, which means that costs can quickly add up for larger teams. Juro operates a slightly different pricing model. Subscriptions can be purchased for a set price and allow for a certain number of users and a “capped” allotment of contracts every month. This arrangement may prove more cost-effective than alternatives for some businesses. All the features you would expect from a contract lifecycle management app are included.
- Agiloft – If you run an enterprise organization, Agiloft is well worth considering. The software has advanced features, including employee and vendor portals, multi-language support, various APIs, custom scripting capabilities, and 24/7 emergency outage support. You’ll need to get in touch with the sales team to learn about pricing.
Now if you run a business, then you must choose to use the contract management software for several benefits.
