As a contract manager, losing contract information is your worst nightmare. Integration, security, compliance, and collaboration are the keys to secure contracts. These features help you secure contracts by restricting unauthorized access. A contract is a high-value deal between a business and its customers. You wouldn’t want this information to leak to your competitors.
Before I list the alternative software, let’s get a download of what contract management actually means. The aim of any contract management software is to manage the contract lifecycle or contract lifecycle management (CLM). According to Gartner, “CLM is a solution and process for managing the lifecycle of contracts created and/or administered by or impacting the company. These include third-party contracts, such as outsourcing, procurement, sales, non-disclosure, intellectual property, leasing, facilities management and other licensing, and agreements containing contractual obligations now and in the future.”
Concord is just one popular contract management software in the market. Despite its awesomeness, there are alternatives to Concord. I’ve listed some of them below. Choose a software that best fits your business requirements.
ContractWorks has a simple and user-friendly interface. The software lets you spend more time in contract management and less time worrying about expired contracts. ContractWorks helps you manage contracts, store documents on a server, and customize your contract management according to your business.
- Customize contract alerts
The software lets you set contract management milestones. This helps in preventing costly errors or missing key contract deadlines. You can also set alerts for any milestone date. An email is received once the milestone is set. The email also notifies recipients with contract links about the milestones achieved.
You can store your contracts in a secure server with restricted user access controls. ContractWorks lets you store an unlimited number of contracts on the server. This allows you to share contract details with your employees. The software also integrates with your business compliance environment.
Not every employee in your business requires access to contract details. Through ContractWorks’ user control options, you can restrict access to files and folders. That means you can set the level of access for every user from view-only, to edit, to download, to full access.
Annual plan is available for $400. The three-month plan is available for $500, billed quarterly. For information on product features available under each plan, click here.
“That Works” – SLG reviewers like the reports generated by the software, as they are easy to view. The reports provide detailed lists of contracts/docs that are about to expire. ContractWorks also lets “That Works” – SLG reviewers pre-set email reminders before a contract expires.
Most “That Works” – SLG reviewers find it hard to locate recently viewed contract files on the software’s contract library.
This is a contract management suite created by Agiloft. The software helps to automate contract lifecycle, improve approval process, and integrate contract information. Agiloft removes approval bottlenecks by using automated notifications and email approvals.
Creating contacts is easy. The software automatically inserts dates, fields, and formulas into MS Word or PDF templates. This means that you don’t have to create new contract details as you can use customized templates.
You can automate complex approval processes, while assigning contracts. Once a contract is complete, it is automatically sent to the approver for clearance. There is no need to send emails back and forth among your employees.
With this feature, you can reduce confidentiality risks as the software is Sarbanes-Oxley compliant. All your contract documents include a digitally signed signature. You don’t have to manually store documents in one place as the software automatically creates an audit trail for every contract.
The Agiloft Contract Management Suite is available for $45 for a single user/month. To request a quote click here.
Agiloft Contract Management Suite is one of the easiest software to use in the market. You can easily set up new fields, tasks, records, workflow, tasks, and rules. “That Works” – SLG reviewers also love the web interface as it is easy to customize and setup as per your business needs.
Most “That Works” – SLG reviewers complain that the software does not have accounting and billing features as compared to others in the market.
Conga Novatus is a cloud hosted software that lets you manage a variety of contract management documents. The software provides a secure environment where your contract documents are safe. Read the features below to find out how this software can be a best fit for your business.
- Automation of contract life cycle
The software provides enterprise grade contract life cycle management solution for your business. This feature reduces any risks of information breach. The software automates workflow, renewal management, reporting, drafting, and negotiations.
The software’s report wizard guides users step-by-step to save and run reports. Reports are also generated automatically once the negotiations of a contract are complete. Once you have uploaded the reports they are immediately available in the online repository. This feature provides access to reports among employees.
- Integration with SalesForce and Salesconnect
This is a niche feature of the software as sales representatives generally handle contract management. By integrating Salesforce and Salesconnect you can get a better idea of contract negotiations and approvals in your sales campaign. You don’t have to maintain a separate dashboard to monitor contracts. You can view them with your sales dashboard and approve the contracts as per your convenience.
Information on price is available on contacting the vendor. The software is also available free for trial.
According to “That Works” – SLG reviewers, contract details in a dashboard are simpler to view as compared to other software. The dashboard of the contract lifecycle comprises of contracts that are pending, approved, and currently under negotiation.
“That Works” – SLG reviewers find it difficult to transfer initial contract information into the software due to technical glitches.
This software provides end-to-end contract management from pre-contract stage to post contract. During these stages, you can collaborate with multiple parties, manage workflow, and maintain contract compliance.
- Configuration of documents
Upload documents and change them into digital collaboration frameworks. Once a document uploads, you can configure data fields such as pricing, negotiations, client names, and more. You can reuse these fields in other contract management templates.
You can work online with your employees and clients to finalize negotiations of contracts. The software lets you capture transaction data, not only from contract results but also from the entire contract management life cycle. You can view the current state of your contract negotiation using the tool.
Once your contracts complete they become agreements between parties. That means that the contract document meets all compliance standards with digitally signed signatures. Managing the completed agreements can be difficult. That is where the archive feature of this software lets you store completed contracts.
The software pricing starts at $9 per user. For more information on pricing click here.
“That Works” – SLG reviewers like the intuitive interface of the software, as it is easy to generate data fields such as pricing, client names, and more.
“That Works” – SLG reviewers don’t have any complaints with the software.
This software lets you streamline and control the contract process with reporting tools, mobile device integration, workflow, and milestone alerts. You can also use MS-Word, MS-Excel, and PDF documents for contract generation within the software as it is a web-based platform.
- Integration and collaboration
The software lets you manage and automate your contract lifecycle. You can integrate your sales department, legal counsel, and employees to collaborate on finalizing contracts.
You can add reports, business rules, and data fields to manage contracts by dragging and dropping the fields specific to a contract. For example, drag and drop the pricing data field from the customized data set in a new contract document. This helps you save time in creating fields for every contract.
The last stage of any contract is approving it. Asentex lets you improve your contract negotiation workflow. You can monitor the terms, contracts to expire, and status of contracts in workflow.
Pricing information is available on contacting the vendor.
The software has a responsive customer care that resolves technical issues.
“That Works” – SLG reviewers don’t have any specific complaints with the software.
Do you think integration, security, compliance, and collaboration are the only features to look out for in a contract management software? Let me know in the comment section below.
Before you leave, don’t forget to view “That Works” – SLG’s contract management directory for more information on other contract management software in the market.
Also check out “That Works” – SLG’s Top 20 popular list for contract management software.
Looking for software? Check out “That Works” – SLG’s list of the best software solutions.