Published 2 May 2023

Best 7 Contract Management Software of 2023

business managers signing contracts

What is a Contract Management Software?

Contract management software is a digital tool vital to all companies across industries. This allows organizations to draw up, store, and carry out contracts throughout their lifecycle. The importance of contracts in any business cannot be overstated. While many would not disagree with that statement, ensuring adherence to written agreements is a different matter. This IT solution ensures a good working relationship among stakeholders and improves productivity for all.

Importance

Astute entrepreneurs understand that ineffective contracts can cost businesses valuable time, resources, and money. Although you already have a team tasked to create and handle these documents, using contract management software is not gratuitous at all.

  • Speed up review and execution – Poring over reams of papers to ensure that you and your associates adhere to agreements is a thing of the past. Document digitization allows managers to create, organize, retrieve, and review contracts on any platform, anywhere in the world.
  • Expand contract visibility – Businesses can give access to all relevant stakeholders, ensuring everyone is on the same page and fully committed to their responsibilities.
  • Improve compliance – Numerous risks are involved when running a business: Digitized contracts and automated solutions minimize these because of constant monitoring and proper recording of issues and consequent actions.
  • Provide better renewals – Contract lifecycle management software keeps track of the dates and content of the agreement, allowing managers to do an early review and decide on renewal or plan for the next step in case of termination.
  • Give added protection – Privacy is vital in any business. Storing files in a drive or cloud with stringent access control is a more efficient document management system than keeping papers locked up in a cabinet.

Key Features

As your business grows more complex, leaders should figure out how to streamline the processes for more productivity. Finding an all-in-one solution is imperative, but make sure that it has the following:

  • Customizable templates for contract creation and editing
  • Document management
  • Contract repository with strict access controls
  • Content tracking for quick searches
  • Analytics
  • Real-time collaboration
  • Task management
  • Alerts and notifications
  • Added security features like electronic signatures

Selecting the Right Contract Management Software

Contracts are indispensable, which is why it pays to have the best contract management software in place. Here’s another look at the highest-rated ones of 2023:

Contract Management Software Free Version Paid Plan Mobile App
SafetyCulture Yes $24/user/month* Yes
ContractWorks No $700/month* No
Agiloft No Quote-based Yes
DocuSign Yes $10/month* Yes
DocuCollab No Available upon request No
Contract Hound No $95/month* No
Contractbook No Available upon request No

* billed annually

Eunice

SafetyCulture staff writer

Eunice Arcilla Caburao

Eunice is a content contributor for SafetyCulture. A registered nurse, theater stage manager, Ultimate Frisbee athlete, and mother, Eunice has written a multitude of topics for over a decade now.

Eunice is a content contributor for SafetyCulture. A registered nurse, theater stage manager, Ultimate Frisbee athlete, and mother, Eunice has written a multitude of topics for over a decade now.