When you’re running a business, it’s vital that you create contracts carefully, so so issues crop up in the future. While once entrepreneurs had to spend huge amounts of time preparing and issuing contracts, today, due to technology, there are all sorts of excellent tools available that make the process quicker and easier.
Read on for some top contract management tools you can use plus some tips for selecting which is right for you.
When you’re after an easy-to-use contract lifecycle management tool, one for the top of the list is Exari Contracts. Its dashboard is user-friendly and makes it simpler for people to generate and manage self-service contracting. Built by lawyers and a well-versed engineering team, the software helps companies say goodbye to legal bottlenecks.
Utilize Exari to generate various types of reports, including standard, customized and ad-hoc analyses, so you can gain insights into your contracts and their progress. The tech is designed to store and manage entire contract portfolios, too, within a secure global system.
Exari boasts AI-driven data capture, which helps with importing third-party and legacy agreements correctly, and it features digital signatures, auto extraction, milestone and completion tracking, full text search capabilities, templates for contract creation and more. A demonstration is available, and custom pricing is provided by the company for each interested party.
Agiloft Agile Contract Management Suite
Another good tool worth investigating is the Agile Contract Management Suite from business software company Agiloft. The product makes it easier to automate contract lifecycle tasks and to streamline the approval process. Agiloft provides one-click email approvals plus automatic notifications. Like Exari, it offers full text search capabilities (this covers both contracts and attached files, which is handy) and a centralized and secure contract repository.
Agiloft is popular with customers because of additional features. For example, it automatically creates a detailed audit trail for all contracts, sends out automatic renewal alerts when end dates come around and integrates data from contracts into other related business processes. The software also boasts an automatic redlining function that means additional contract edits don’t slip in without being noticed; plus it provides configurable forecast and budget reports. These cover information about costs, revenues, renewal dates and more.
The Agile Contract Management Suit is free for up to five power and five end users. For larger teams, professional packages are available. Featuring additional functionality, these are priced from $65 per month.
If your business manages a high volume of contracts, consider the ContractSafe software. Also known for its top-notch security (the system is encrypted and cloud-based), ContractSafe includes many handy features, like the ability to set different permissions on each document, so only certain workers will be able to access it, as well as alerts for important contractual deadlines.
Utilize this tool and you will also be able to speed search contracts to find documents in a hurry. Each user can customize the dashboard to suit their preferences. The system also enables users to print custom reports, assign document tags and folders and export, filter and sort data.
Prices for ContractSafe start from $99. This charge enables unlimited users access to the program as well as 100 contracts to be managed and unlimited date reminders. A free trial of the software is available, and there are numerous plans to choose from above the base one.
Tips to Help You Choose the Right Tool for Your Needs
When evaluating options, look for a tried-and-tested product that looks most likely to be around for many years to come. Select a firm that has received a wide variety of excellent reviews and that has a focus on security as well as that regularly updates its product with new features.
It’s also important to compare the functionality of each software program. Think about what you require and choose a product that will best match your needs now and over the coming months and years. Scalability is helpful because you don’t want to spend time learning how to use one tool and be forced to switch to something else due to growth.
In addition, select a software provider that gets positive feedback for its customer support. While hopefully things will always run smoothly, tech issues can sometimes arise. As such, you don’t want to be left in the lurch, waiting days to hear back from an unresponsive company, if you do get stuck in some way.