Contract Management Tools and Tips to Help You Save Time
Updated: Apr 19, 2019
When you’re running a business, it’s necessary at some point to cover your venture and yourself with comprehensive, well-thought-out contracts, which minimize the potential for legal and relationship issues down the line.
Years ago, managing these contracts meant inputting significant time, energy and even money, but thankfully, due to advances in technology, there are now all sorts of helpful apps and other software programs on the market you can use to make handling your contracts easier and less time-consuming. Read on for some top tools you can consider using today, plus some tips for working out which one(s) will be right for your business.
If you’re looking for an easy-to-use contract lifecycle management tool, one to put on your shortlist should be Exari Contracts. This software is popular because it has a user-friendly dashboard that enables people to generate and manage self-service contracting without hassles. The product was built by a group of lawyers paired with experienced engineers, so you can be sure it’s focused on making legal bottlenecks a thing of the past.
Exari can be used to generate multiple reports (standard, customized and ad-hoc ones as needed), which means you can get insights as required into the progress of your contracts. Plus, the software stores and manages entire contract portfolios, all within a single global system that’s designed to be secure.
Exari also has AI-driven data capture, to make it easy to import legacy and third-party agreements perfectly. It has other helpful features too, such as auto extraction, digital signatures, contract templates to work from, full text search capabilities and milestone and completion tracking. Contact Exari for custom pricing based on your needs.
A product that’s particularly suited to managing a high volume of contracts, ContractSafe software may be the right choice for you if your business handles lots of contracts each year. Prices start from $99 for the base plan, which includes features such as unlimited users, up to 100 contracts managed and unlimited data reminders.
ContractSafe is chosen by many workers because it’s focused on security. The company’s system is both cloud-based and encrypted. The platform boasts many other features, too. For instance, you can create alerts for important deadlines, set different permissions for each document, speed search contracts using keywords, print custom reports, assign document tags and folders and filter, sort and export data. ContractSafe also enables users to customize dashboards to suit their own individual preferences.
Agiloft Agile Contract Management Suite
Business software firm Agiloft also offers an excellent contract management tool. Its Agile Contract Management suite is free for up to five power-users and five end-users, but professional packages starting from $65 per month are also available for larger teams who need additional functionality.
Agiloft’s product makes it a cinch to streamline contract approvals and automate lifecycle tasks. It has automatic notifications and one-click email approvals as a standard, delivers full text-search capabilities for contracts and any files attached and provides a detailed audit trail for contracts. The software has a secure, centralized contract repository, sends automatic renewal alerts, has an automatic redlining function to help avoid unexpected edits slipping in without approval offers and configurable budget and forecast reports. Tips for Choosing a Product
There are a few different steps you can follow to find the perfect tool for your needs. For example, stick with a tried-and-true product that has been around for a while and that is likely to stay on the market for many years to come. Check out the reviews to ensure most users are happy with the software, and find out if the options you’re considering have enough of a focus on security for your needs.
You’ll also want to choose a contract management tool that gets updated frequently with new features, as this is very handy, and you need to consider not just which features you need now but what could be required in the future. Scalability is always vital with tech products, after all.
Lastly, try to pick a software program that’s made by a company that provides 24/7 customer support. Tech issues arise from time to time with even the most highly-rated products, so you need to be sure you’ll be able to get in touch with customer service staff if any problems arise and can’t be worked out by yourself or your team. Resource: DigitalEdge.com