Contract Management Software
Streamline how you create, deliver, track and eSign your contracts with a better contract management workflow.
Best proposal software ever!
Smart, reliable, and constantly improving.
Contract management software empowers business growth with collaboration, control, and accountability throughout the lifecycle of contracts. It’s often the missing piece your business needs to see the next jump in sales efficiency.
Contracts are fundamentally important to business. Even so, many businesses manage their contracts by a cumbersome combination of printed forms, emails, and notes from telephone conversations. Different forms of documentation go into different files in different locations. Contract management becomes employee-independent. Individual employees become responsible for results and the whole process becomes impossible to audit. Negotiation, agreement, and implementation of the contract become a fuzzy process.
Contract management software makes business relationships transparent for both parties because it provides a trusted platform on which all parties can view the progress of creating a contract from initial pitch to signing. The most cost-effective contract management software also provides detailed metrics, intelligent analytics, timely notifications, and features for workflow automation and continuing management. A contract management system (CMS), can also provide flexibility. Users can focus on just a few verticals, or they can use a variety of features to customize features to meet complex needs. With this flexibility, contract management software gives your company the power to transform the way it handles contracts.
Contract Lifecycle Management
Contract lifecycle management, sometimes abbreviated CLM, is the efficient and cost-effective administration of a contract from initial contacts through renewal. CLM streamlines the management of dozens to thousands of contracts to increase revenue, improve efficiency, and reduce risk.
Informal contract management may be adequate for a single contract or a few contracts managed through a single employee, but as a portfolio of contracts grows, the ability to manage and audit every stage of the business relationship requires a contract lifecycle management system.
Contract lifecycle management enhances revenues and reduces expenses by:
- Eliminating repetitive tasks.
- Reducing errors and improving accuracy by automatically generating contracts.
- Eliminating loss of contract documents because of physical damage to filing systems, computers, or hard drives.
- Centralizing administration for easier contract administration.
- Getting approvals from the right people more quickly.
- Eliminating complicated and potentially costly email chains.
- Improving visibility and predictability of the contracting process.
- Ensuring timely and proactive renewals.
Contract lifecycle management makes it possible to come to an agreement on a deal in minutes, not days. Systematizing the contract management with software saves time and hassle by increasing accuracy and responsiveness to customers. And the right contract software makes this possible from any location, not just the home office, even on a phone.
Contract Management Software Open Source
Small businesses operating on tight budgets are understandably reluctant to buy software. Many small businesses (and some large businesses) turn to free contract software. What could possibly go wrong?
The big issue with open source contract management software is security. Security updates range from slow to non-existent for most open source bid management software. Another issue with open source contract management software is accessibility. If you need to access contract information on your phone, you may be out of luck. Or you may be able to access your data but it’s not sized so you can read it on your phone.
The bottom line is that if you try to use open source contract management software, it may NOT end up saving you the time that licensed software can, which is basically the point of the open source software, and it may open you up to greater risk.
Contract Management By Industry
There can be significant differences in the requirements of contract management by industry. Healthcare contract management software, for instance, has to comply with the stringent privacy requirements of HIPAA (the Health Insurance Portability and Accountability Act). Federal contract management software and government contract management software must have the ability to respond to the specifications of an RFP (a request for proposals). Contract management software for legal departments requires a robust time tracking function.
Every business is unique and every industry has different federal, state, county, and local regulations. It costs money to comply with regulations and it costs even more money not to comply. Failure to comply with regulations regarding the privacy of data can cost a company millions of dollars, not just in fines, but including lost productivity, lost revenue, and lost opportunities. The best choice in contract lifecycle management software takes the special needs of your industry into consideration.
Contract Management Requirements
When you are going through your company’s contract management system requirements checklist, it’s important to keep in mind that the best contract management software serves as your company’s mission control. One of the most profitable contract management software features is the ability to monitor customer interest before they initiate an inquiry.
Your sales staff needs to be able to drag and drop proposal elements to create a response to inquiries in minutes. A great way to kickstart new contracts is with a solid contract template for your industry. When your customer accepts your proposal, you need the ability to get them to sign on the digital bottom line. Profitable contract management requires seamless communications for your entire team throughout the entire lifecycle of every proposal and you need to integrate inputs from several editors to the proposal. You need complete integration of orders with your sales catalog, and you need instant department and individual reporting.
What specific features should you be looking for?
- Different swim lanes for different contract sizes. Your contract management software should help you manage risk.
- Integration with other “source of truth” systems as you quote a price.
- A single signature process form for your final contract.
- Reporting on the process and progress of each contract.
As a side note, in order to make sure your team is aligned on the different requirements each stakeholder will require, we recommend creating a contract management software requirements document to share internally. Other stakeholders can use this as an opportunity to review and document the things that they need, rather than waiting until you’re months into the purchase process only to hear something new that changes which software providers are eligible.
Contract Management Software Market
In 2009, the global research and advisory firm Gartner referred to Enterprise Contract Management as the Trough of Disillusionment, because software developers had not yet come up with tools that could manage different versions or give multiple parties access to contracts without a great deal of custom software work.
In 2020, Gartner refers to Contract Lifecycle Management as a must-have, “essential to the commercial success of any business.” And what’s the most robust software for your contract lifecycle software needs? We think it’s Proposable.
What do our customers tell us that they like about Proposable?
- Trackability of proposal viewing (no more “I never saw it!”).
- Makes my pipeline understandable.
- Easy to report end of quarter and end of year results.
- Integrates well with Hubspot.
- Pays for itself with every proposal. ROI is high.
- Proposable allows our company to send beautiful, professional proposals to our clients and prospects as well as better understand what happens after we hit “send.”