Most business relationships begin with a contract that spells out how business will be done. It could be a formal contract, like the one drafted by a team of lawyers, or an informal one, such as the agreement between a customer and an e-commerce retailer. Contracts spell out how revenue will be generated, and what each party’s recourse will be if expected outcomes don’t happen. Yet, even though contracts are so important, it is still surprising how many companies manage their contractual processes by using a clumsy combination of emails and printed documents. The files could all have different document formats or even be stored in multiple locations, many of which are only known to those directly involved in the business relationship.
Software-as-a-Service (SaaS) platforms have revolutionized this process, having created today’s contract management industry. Contract management software unifies all of the parties, contracts, and versions involved in contract negotiations in a trusted medium in which all parties see changes and can track the timeline of a contract from inception to signing. The best platforms, like many of those included in this review roundup, also provide detailed reporting and analytics, intelligent notifications, and a wealth of ongoing management and workflow automation features to boot.
These digital services also range in complexity. Some platforms have broader applicability and can be completely customized depending on an organization’s needs. Others hone in on simplicity, servicing a few select contract management use cases and business verticals. In this review roundup, we’ve included products on both ends of the spectrum. Depending on your organizational requirements and contract management needs, any one of these platforms has the potential to transform the way your business handles contracts.