Top 10 Contract Management Software: Best CLM Tools in 2024

Handling contracts is crucial for businesses, but it can be complicated & time-consuming, leading to errors and missed opportunities. That’s where Contract Lifecycle Management (CLM) software comes in, simplifying the entire process. Contract management software is essential for modern businesses, making tasks like creating, storing, editing, and tracking contracts a breeze. These tools eliminate the hassle of manual paperwork and data entry.

However, selecting the right software for your organization can be challenging. Despite most tools being user-friendly, some may require additional setup to integrate into existing workflows seamlessly.

This article will help you find the right CLM tool. We have evaluated 10 contract management software options available in 2024 with detailed insights into the tool.

1. Volody
2. Ironclad
3. PandaDoc
4. DocuSign CLM
5. Juro
6. Icertis
7. Agiloft
8. Conga
9. Evisort
10. Sirion Labs

What is a Contract Management Software?

Contract management software makes the whole contract process better and easier for businesses. This smart tool does important tasks like creating, talking about, signing, renewing, and keeping track of contracts automatically. It helps legal and business teams by reducing the manual work that can slow things down.

This centralized process eliminates issues, making a smooth and efficient contracting process. This helps teams work well together and makes all contract-related activities work better overall.

You might want to sign up for a Free contract management software

Who should use a CLM platform?

Companies that want to handle more contracts without hiring more people really like using contract management software. This is especially useful for fast-growing businesses dealing with a lot of contracts.

This handy tool isn’t just for one department — it helps different teams in a company. It makes handling contracts easier and helps the company grow better. Here is how a CLM can help each department:

1. Legal Team

The legal teams play a crucial role in dealing with contracts and overseeing the contracting process. With the help of contract management software, these in-house legal departments find it easier to handle contract templates.

Research from Forrester and Aberdeen indicates that it typically takes about 3.4 weeks to get contracts approved. However, studies suggest that using a CLM tool can cut down the overall time spent on contracting by a whopping 82%. This software isn’t just helpful in making contracts; it also gives a central place to keep track of all documents. The tool makes the business rely less on legal teams, so they can spend more time on important strategic decisions.

2. Sales Team

Sales teams really like it when deals close smoothly and don’t like anything that slows things down. A contract management software when implemented, so they can handle business contracts themselves instead of waiting on legal teams.

Many CLM Software works seamlessly with popular customer relationship management (CRM) systems like Salesforce, HubSpot, and others. This makes contract management easier for sales teams because they can use the tools they already know and like.

3. Finance Team

Finance teams like things to be straightforward when dealing with contracts. Finance teams ensure contracts align with billing, gaining clarity on expected revenue. Contract management software assists these teams in asking questions, generating reports, and analyzing contracts throughout the entire process.

A helpful CLM tool identifies any breaches, provides insights into finances, and highlights any risks associated with the agreement. It reduces risks and allows the finance department to stay proactive, ensuring ongoing compliance with the agreement.

4. Procurement Team

Procurement teams play a crucial role in managing a company’s spending. Making this important function work better doesn’t just save money but also makes the overall buying plans better. But, lots of purchasing teams still use manual processes, spreadsheets, and different systems, which causes problems and delays.

Using contract management software is a big help for purchasing teams. It makes it easy to track spending, makes approving contracts smoother, and helps teams work better with suppliers. This new way of doing things makes purchasing operations work better and get things done more efficiently.

Key Features in Contract Lifecycle Management Software

1. Contract Drafting

Making legal processes simpler, especially when creating contracts, has usually taken much time. Using old ways, like dealing with templates by hand, can cause delays and mistakes. However modern contract management software solves these problems by making the process more efficient and organized.

Thanks to technologies like Artificial Intelligence (AI) and Machine Learning (ML), this software does repetitive drafting tasks automatically. Saving time on drafting is just one advantage. Teams can focus on important decisions by getting rid of the manual creation process.

2. Approval workflow

For businesses, it’s crucial to get approvals for contracts quickly, and approval workflows play a big role in that. A strong approval workflow makes sure that everyone involved in the process gets to have their say. However, without the right tools, getting these approvals can be a significant challenge for companies.

A CLM tool gives many benefits. Users can easily adjust approvals by drag-and-drop features. Good contract management software sends automatic reminders, keeps an audit trail, and enables transparency. Smooth teamwork inside and outside the company, makes reviewing and approving contracts faster, giving a competitive edge.

3. User-Friendly Dashboard & Reporting

Good contract management software needs to have analytics features. These features help keep an eye on how contracts are doing and analyze data from contracts. The software should have customized reports to get detailed information from contracts and easy-to-use dashboards.

The system should also support analytics for keeping track of contracts, monitoring important milestones, and vendor management. This helps make things clear and encourages collaboration. The tool must include features like contract tracking, MIS reporting, version history, and managing obligations.

4. E-Signature

Selecting contract management software with integrated eSignature functionality offers notable advantages. This feature allows teams to easily add e-signatures to contracts. It works seamlessly, no matter where they are or what device they’re using. Choosing software with built-in eSignature capabilities eliminates the inconvenience of using separate tools for these tasks.

Moreover, this streamlined approach enhances efficiency in the contract management process. Teams benefit from a simplified and cohesive solution for handling contracts and obtaining necessary signatures. The integrated eSignature functionality contributes to a more seamless and productive workflow overall.

You might want to read: Electronic signature Software | Top 7 eSign tools in 2024

Top 10 Contract Management Software in 2024!

 

Volody

 

Since 2016, Volody has been a leading name in contract management software, known for being innovative and dependable. Volody’s platform, powered by AI, makes contract management easier for businesses around the world.

With advanced features like risk analysis, clause suggestions, and summarization tools, Volody ensures comprehensive risk management, informed decision-making, and streamlined processes.

Volody offers 150+ integrations with CRM, E-sign, and other platforms. Plus, it keeps your data safe and sound with it being SOC II and ISO 27001 certified. And the best part? Volody fits right into your existing processes, making everything run even better.

Designed for various legal teams, Volody’s CLM software provides a detailed view of contract language. Volody’s commitment is to improve efficiency and transform how businesses manage their contracts. It caters to a wide range of companies, from small enterprises to Fortune 500 businesses.

Pros:

• Easy-to-Use Interface: This aspect is especially helpful for people using contract management tools for the first time. The simple design makes it easy to access and navigate through the main features of the system.
• AI Clause Summary: A big plus of Volody’s AI-powered clause summary is its standout feature. It makes complex contract language simple. Users can easily create short and complete summaries, making the review process smoother and improving strategic work.
• AI Review: Volody’s AI for reviewing clauses makes it stand out as one of the top choices for contract management software. The AI in Volody suggests important clauses by looking at past agreements, which helps with negotiating contracts.
• Risk Analysis: Volody’s AI looks at the contract and points out potential problems using a customizable risk system. This helps organizations follow the rules and saves time on legal checks.

Cons:

• Conditional Workflow Setup: Although Volody has many strengths, setting up complex multi-conditional workflows can be a bit challenging for a completely new user. However, the platform’s user-friendly interface makes the learning curve more manageable.
• IP Management: Currently, Volody doesn’t have any features for managing legal IPs in the tool. They plan to add this in the future as part of their roadmap.

Top Customers

• Vodafone Idea
• JCB
• J&T Express
• Saint Gobain
• Linde Group
• Honda Cars

You might read: What to expect in a Free Contract Management Software Trial

IronClad

 

Ironclad, founded in 2014 and based in San Francisco, is a SaaS company specializing in contract management software. It’s software designed to streamline legal processes by automating workflows, generating reports, and efficiently handling contracts.

Its user-friendly drag-and-drop interface makes it accessible to all stakeholders, regardless of technical expertise. Ironclad stands out by paying special attention to details of collaborating on clauses and negotiating them. This unique focus helps reduce risks and speed up approvals. It achieves this by using a public API and seamlessly connecting with other tools and systems.

Pros:

• Contract Workflows: Ironclad makes it simple for businesses to establish smooth contract workflows. This makes it easy for them to manage contracts from beginning to end without any problems.
• Contract Repository: Users can easily make new records, add files, and use AI to bring in contract data. This makes sure that contracts are easy to find and makes them more visible.
• Systems Integration: Ironclad allows seamless integration with different systems. You can connect it with Microsoft Dynamics, ServiceNow, HubSpot, NetSuite, and Jira Software Cloud using Zapier. This ensures that everything works together smoothly.

Cons:

• Workflow Titles: The tool gives titles to workflows by itself. Some users might like to have more control over naming them for better understanding and personal touch.
• User Interface Clarity: The way the user interface shows the workflows used inside and outside can be confusing. Making this better could make the experience smoother and easier for users.
• No Free Version: Currently, there’s no free or trial version of the software available. This might make it a bit challenging for some users to see if it fits their needs before deciding to pay for it.

Top Customers

• Dropbox
• Glassdoor
• DoorDash
• Quora
• Uplight

PandaDoc

PandaDoc, founded in 2011, offers an affordable, all-in-one solution for robust contract and document management. Its intuitive software supports the entire contract lifecycle, making it suitable for any company. Standout features include custom templates, a user-friendly editor, and seamless integration with popular CRMs like HubSpot and Pipedrive.

Pros:

• Smooth Teamwork: The CLM software simplifies collaboration among teams, clients, or partners, enabling quick and effective connections.
• Making Contracts is Easy: PandaDoc allows you to easily personalize various business documents. With Smart Content, you can make sure all the details are right, cutting down on mistakes in each document.
• Detailed Reporting and Tracking: PandaDoc has a great document storage repository and detailed reporting features. This helps you keep track of any changes made to documents and see who worked on them.

Cons:

• Content Library: Available with Business or Enterprise plans, the content library is only for users with these premium subscriptions. This may pose an inconvenience for users on lower-tier plans who don’t have access to this feature.
• Feature-based costing: The bulk send option has an extra cost, and it’s not part of the regular package. This pricing model may inconvenience budget-conscious businesses, requiring additional funds for essential features like bulk send.
• Limited integrations: The free plan imposes restrictions on integrations for users. This restriction can be inconvenient for businesses seeking a broader range of integrations to enhance their overall workflow efficiency.

Top Customers

• Autodesk
• The Mayo Clinic
• Bridgestone Corporation
• Just Eat
• HubSpot

DocuSign CLM

 

DocuSign is a tool that helps organizations use electronic signatures. With its versatile API and connections to over 350 apps, DocuSign works well with popular business tools, automating tasks. Used by over 500,000 customers in 180+ countries, it’s a widely-used platform that makes agreement management easy.

DocuSign also offers a CLM tool to complement its eSign platform. DocuSign CLM focuses on making the entire CLM system standardized and accessible for non-technical stakeholders. This allows anyone to use it for managing any type of contract.

Pros:

• User-Friendly Interface: DocuSign has an easy-for-everyone UI, whether you’re new to it or have used it before. The interface is user-friendly and makes tasks simple to do.
• Multi-Recipient Signatures: Sending documents to many people becomes easy with efficient multi-recipient signatures. It simplifies the process, saving time and effort.
• Prompt Notifications: Real-time updates ensure swift document processing. This contributes to an efficient workflow through quick decision-making.

Cons:

• Layout and Formatting Issues: Using forms on DocuSign CLM can be tough due to complex layout and formatting issues. These challenges make it difficult to smoothly manage contracts.
• Signature Email Delivery: People say that signature requests sometimes go to spam folders, delaying the process. There can be improvements in this functionality.
• Contract editing: Many users mention that you can’t make big changes or edits to your documents using this tool. You have to do all of that offline, which can be a bit of a headache when it comes to keeping track of different versions.

Top customers

• Infosys
• Fujitsu Ltd
• Panasonic Corp
• HTS Inc. Consultants
• Acrelec

Juro

 

Juro is a platform that makes dealing with contracts easier. It simplifies the whole process by turning contracts into usable data using a simple editor that doesn’t require any coding. This gives you control and lets you see what’s happening with your contracts.

Juro helps in-house legal teams do things themselves, like negotiating and signing contracts without a hassle. The editor is designed specifically for contracts, making the whole process smooth and productive for everyone involved.

Pros:

• Renewal Reminders: Juro automatically sends reminders for contract renewals. This ensures that crucial renewals receive timely attention and lowers the chances of missing deadlines.
• AI Review: Juro uses AI to review contracts, making the review process more accurate and precise. It automates the task, cutting down on mistakes and making the whole process smoother.
• Native Integrations: Juro easily connects with Salesforce, HubSpot, Zapier, Workday, and Greenhouse. This makes the tool work smoothly with other tools and makes things simpler for users. This helps streamline tasks and makes it more convenient for everyone.

Cons:

• Complex Interface and Navigation: The interface might be confusing, making it hard for people to use it easily. Users might find it a bit tricky to navigate. To make things smoother, users might need clear instructions or some training.
• Occasional Sluggish Performance: Sometimes, the software might be a bit slow, making it not as quick and smooth as users would like. Making the software work faster would make it better for users.
• Limitation in Email Distribution: You can’t send a contract to many email addresses at the same time. This makes it harder to quickly share contracts with multiple people who need to see them all at once.

Top Customers

• Trustpilot
• SoundCloud
• Deliveroo
• QuantumScape
• Shieldpay

Icertis

 

Icertis Contract Intelligence (ICI) transforms contracts into a strategic asset by structuring critical information. Founded in 2009 by Samir Bodas and Monish Darda, Icertis offers a cloud-based Contract Lifecycle Management platform. ICI, their flagship product, uses AI to identify issues and streamline compliance by digitizing and storing contracts. Its machine-learning capabilities provide valuable insights, enhancing contract management efficiency.

Pros:

• Clause Organization: Icertis stands out in organizing and overseeing specific contractual clauses. It ensures clarity, consistency, and compliance throughout the contract lifecycle.
• Contract Workflows: Icertis makes sure that creating and executing contracts goes smoothly, so there are no delays. It helps move things along efficiently from creating the contract to signing it, reducing any obstacles in the process.
• Contract Setup and Management: Icertis offers an intuitive interface for contract creation. The platform also provides robust tools for effective tracking, monitoring, and management throughout their lifecycle.

Cons:

• Implementation Costs: Using Icertis might require higher upfront expenses. Potential users should budget carefully to manage these costs effectively.
• Customer Service Issues: Some users had trouble with customer service. They think customer service should get better at answering questions quickly.
• Support Ticket Timeliness: There have been cases where Icertis support tickets didn’t always get responses as quickly as expected. Delay in response can lead to less customer unhappiness, as users may feel ignored or undervalued.

Top Customers

• Infosys Ltd
• Cornell University
• Blue Cross
• Wipro Ltd

Agiloft

 

Agiloft’s contract lifecycle management software simplifies the entire process of creating and managing contracts, integrating it seamlessly into business operations. Established in 1990 under the name Integral Solutions Corporation, Agiloft serves mid to large companies, providing strong automation capabilities with extensive customization options.

Pros:

• Efficient Time Management: Agiloft optimizes time throughout the contract lifecycle, ensuring effective handling from creation to execution. It streamlines processes for timely contract management.
• Quick Review and Editing: Agiloft enables a swift and thorough review process, allowing for efficient editing of contracts. This ensures accuracy and compliance, contributing to streamlined contract management.
• Swift Contract Creations: Agiloft’s user-friendly interface and efficient workflows allow for the rapid creation of contracts. This supports agility in responding to dynamic business needs, promoting quick and effective contract development.

Cons:

• Outdated User Interface: The user interface may not look as modern and attractive, especially for non-tech users. It could be more user-friendly and visually appealing for a better experience.
• Excessive Integrations: The platform boasts numerous integrations, some potentially deemed unnecessary (e.g., Alexa). This abundance of integrations may overwhelm users, impacting the platform’s overall efficiency.
• Customization Challenges: Customizing contract details logging in to Agiloft may be less straightforward, presenting challenges for users aiming to capture tailored information. This aspect may require additional effort and expertise from users.

Top Customers

• Sun Pharmaceutical Industries Ltd.
• Honeywell International, Inc
• Accenture
• National University Of Singapore
• Fraser Health Authority

Conga

 

Conga Contracts simplifies and automates the entire contract lifecycle. From creating contracts to approvals, changes, and reporting, it streamlines the process. Manage user profiles, assign permissions, and enhance document security.

Configure templates, and workflows, and integrate with eSignature solutions. Track data through scorecards, tasks, and analytics, making contract management efficient and secure.

Pros:

• Agreement Lifecycle Management: Conga excels in managing agreements from creation to execution and ongoing management, ensuring a comprehensive approach throughout the entire lifecycle.
• Seamless DocuSign Integration: Conga seamlessly integrates with DocuSign, enhancing the platform’s capabilities by providing a smooth and secure electronic signing process for agreements.
• Efficient Document Generation and Management: Conga offers powerful tools for creating various documents and efficient features for organizing, accessing, and tracking essential business contracts.

Cons:

• Functional Challenges: Conga may face functional problems, with features meant to work occasionally running into issues. This can affect the smooth operation of the software, potentially causing disruptions in critical business processes.
• Implementation Complexity: The implementation process of Conga is complex, and ongoing maintenance can be similarly intricate. Users may find navigating these processes challenging, leading to potential delays in system deployment and updates.
• Limited Support Effectiveness: Users may face challenges with Conga’s support, finding it less helpful for addressing concerns. This impacts the overall user experience, causing frustration and delays in issue resolution.

Top Customers

• Cardinal Health
• SODEXO
• Quest Diagnostics
• Oracle Corporation
• Autodesk, Inc.

Evisort

 

Evisort is an AI-powered contract management tool for legal, procurement, and sales teams. It centralizes contract tasks like creation, approval, storage, extraction, organization, and tracking.

Streamlining workflows, offers visibility into approval processes, collaboration tools for document review, and the ability to set alerts for expirations. Evisort enables legal teams to create templates and extract data. It also monitors agreements through reports, streamlining document management efficiently.

Pros:

• Key-Term Summary and Contract Alerts: Evisort saves a lot of time and money with its key-term summaries and contract alerts. These features highlight important information quickly, cutting down on the time spent reviewing contracts manually.
• Defined Key Dates: Evisort defines key dates within contracts, helping make timely decisions and resulting in significant cost savings. Users benefit from a proactive approach to managing critical milestones, enhancing overall efficiency and effectiveness.
• Centralized Contract Management: Evisort excels in centralizing contract management, providing a unified repository for housing contracts. This streamlined approach ensures easy accessibility, organization, and management of contracts, contributing to enhanced efficiency.

Cons:

• Restricted Bulk Upload: Evisort faces constraints in handling group document uploads and lacks a swift Excel-like input method. Users might perceive these limitations as reducing flexibility in their operations.
• Pre-Signature Tool Evaluation: Evisort’s “pre-signature” tool holds promise but exhibits relative shortcomings compared to alternative solutions. Users may find it less comprehensive for their needs.
• Lack of Automatic Reminders: Evisort lacks a feature for automatic reminders in workflows. This absence could impact the proactive management of tasks within the system, requiring users to monitor tasks more closely.

Top Customers

• Workday, Inc
• HCL Technologies Ltd
• PowerSchool
• Okta

Sirion Labs

 

SirionLabs, headquartered in Noida, India, is a global enterprise contract lifecycle management software provider since 2012. With offices worldwide, it caters to diverse industries, offering cloud-based and on-premise solutions. SirionLabs excels in contract authoring, obligation tracking, risk analysis, and advanced analytics.

Noteworthy features include automated extraction, NLP, and machine learning for enhanced risk insights. When selecting a contract management system, prioritize robust templating, risk analysis, integration, and analytics—areas where Sirion stands out.

Pros:

• Risk Mitigation: Utilizing AI, the risk analysis engine instantly identifies high-risk terms, providing real-time alerts. This enables proactive measures to prevent potential issues before they escalate.
• Increased Visibility: A centralized repository with robust search and reporting enhances visibility into performance and compliance. This provides clear insights for effective contract management.
• Revenue Protection: Advanced analytics locate unpaid invoices and renewal opportunities. Simultaneously, obligation tracking acts as a safeguard against revenue leaks, ensuring comprehensive protection for your revenue streams.

Cons:

• Implementation Time: Customizing, migrating data, and integrating can be complex, potentially extending project timelines significantly. This complexity often arises due to unique business requirements that demand careful consideration during the implementation process.
• Issues with SLA Management: Deciding on service levels and adding data manually makes getting the final results more challenging. During this step, users often find that they prefer using Excel sheets, and we need to implement automation.
• Ongoing Support Costs: Being a customizable enterprise platform, training, maintenance, and upgrades require a budget.

Top Customers

• MediaKind
• University College London Hospitals
• Chain IQ
• GTAA

How to choose the right CLM software?

Choosing the right contract management software is important for your business. Here are some things to think about when you’re looking for the best contract management software:

1. Integration Capabilities:

• Find software that works well with your current systems, like CRM or ERP.
• Make sure it can connect with document editing tools like Microsoft Word or Google Docs.
• Look for integration with popular e-sign providers like Adobe Sign, DocuSign, Hello Sign (Dropbox Sign), etc.
• Connecting with systems like HubSpot or Salesforce can make contract management more efficient.

2. Advanced Contract Tracking & Reporting:

• Choose software with strong analytics for tracking and reporting on contracts.
• It should give you insights into contract status, performance, and upcoming deadlines.
• Good data analysis helps you make informed decisions.

3. Ease of Use and Support:

• Check if the platform is easy to use.
• Make sure there’s good customer support.
• A simple interface and strong security features, like backups and protection against unauthorized access, make for a secure contract storage.

4. AI-powered Contract Analysis:

• Think about the benefits of AI-powered features.
• Look for tools that can automatically review contracts, assess risks, and check for compliance.
• This can save time and improve accuracy.

5. Review Pricing Models and ROI of the contract lifecycle management software:

• Compare the costs of different solutions.
• Think about how much time and money the software can save.
• Look for cost-effective automation.

Make sure the contract management software you choose has core functionalities like cloud storage, contract storage, version control, audit trails, and supply chain integration. Many solutions offer free trials, so you can try them out before making a decision. Ensure that the clm can automate contract management and help in contract negotiation & contract review process.

In the end, there’s no one-size-fits-all best contract management software. Consider your needs, goals, and team requirements. Smart techs like AI and ML can make contract drafting faster. Quick approval processes help avoid delays and financial issues.

A user-friendly dashboard and clear reports help with decision-making. E-signature features make signing contracts easy. Before choosing a tool, look at what your team needs and try out a few options to see what works best. It’s about setting up for success in the long run.

Remember, contract management is not just about today but preparing for the future.

Final Verdict

To sum up, there isn’t a one-size-fits-all best CLM tool. However, by carefully looking at your needs and aligning them with your goals, you can pick a CLM solution like Volody that fits you. The use of smart tech like AI & ML makes drafting contracts faster, giving more time for important thinking. Quick and smooth approval processes help avoid delays and money troubles.

Having a user-friendly dashboard and clear reports helps in making good decisions and keeping things running well. Also, having eSignature features makes signing contracts easy and puts everything in one place. So, before saying yes to a contract tool, make sure to look at what your team needs and try out a few options to see which one fits best. It’s not just about today but setting up for success in the long run. Volody CLM has been the top choice for 150+ global enterprises since it has better AI features than the rest of the competition.