Top 3 Best Contract Management Software for Small Business

What is the best contract management software?
The “best” contract management software is the one that offers just the right balance of functionality and usability for your business. Therefore, large businesses with complex contracting workflows – and contract-centric businesses such as real estate – will benefit most from an all-in-one tool such as Gatekeeper or Agiloft. Smaller businesses who are simply looking for contract storage and reminders should consider software such as Contract Hound.
How much does contract management software cost?
We’ve tried to include software pricing in our reviews above. However, we’ve seen costs that range from: $50,000+ annually for enterprise contract management solutions rolled out to the entire workforce, $10,000 – $20,000 annually for advanced software suitable for small and medium sized-businesses, $5,000 and below annually for more simple contract management software targeted at smaller businesses.
How do you build a contract management system?
It’s possible to ‘roll your own’ contract management workflow – generally we see customers trying to do this using Excel workflows and cloud software such as DropBox, Google Drive or Microsoft Office. You’ll need someone to be on point to develop and manage the solution, as well strict processes to ensure you’re covered if they’re ever unavailable.
What is CLM software?
“CLM” stands for “contract lifecycle management” – so essentially, software to manage a contract through its entire lifespan. The terms “CLM software” and “contract management software” are often used interchangeably.
What can contract management software ensure?
Contract management software is typically used to ensure organizations are in compliance with their legal responsibilities. It is also used to save money (through expiring contract notifications) and to streamline business processes (such as the issuance of sales agreements or vendor contracts).
What does contract management software do?
In typical organizations, contract management software will securely store contracts, limit access to them, manage the review and approval process for new contracts, and send reminders ahead of contract expiration.
Why should I choose easy-to-use contact management software?
Simple contract management software helps to ensure full adoption in your organization. If your team doesn’t find your solution easy to use, they won’t use it – and you’ll have invested your time and money for nothing.
What industries are most in need of contract management software?
Although law, construction and real estate tend to be the most heavy users of contract management software, all businesses can benefit from it.
How can AI help in managing your contracts?
Artificial intelligence creates benefits for both the customer and the vendor. The customer is able to use AI to review contracts and to manage contracts in a much more efficient way. The vendor is able to use AI to generate contracts and to manage their contracts with less manual work required.
How can blockchain help in managing your contracts?
Blockchains are able to offer a secure and transparent way of managing contracts. All entries are publicly logged. However, blockchain is not yet in widespread use for contract management.
Why is contract management software better than an Excel spreadsheet?
Contract management software is much better than using an Excel spreadsheet because it is easier to use, easy to customize, and much more robust and secure. You are also able to control who has access to the software, which is not possible with an Excel spreadsheet.
What myths about contract management software exist?
The myth that contract management software is only for large businesses is untrue. Contract management software can be used by any business, no matter the size. It’s also untrue to think that contract management software must be complicated or expensive. Simple contract management solutions do exist!
What are the stages of contract management?
The contract management process has five main stages. These stages are: 1. Contract identification, 2. Contract preparation, 3. Contract management and review, 4. Contract execution and management, 5. Contract closure.
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