Looking for a dynamic solution that supports your entire contract lifecycle? Contract management lifecycle (CLM) solutions are designed to better manage and organize the complex contractual negotiation process throughout the lifecycle of contracts, right from request for proposal (RFP) to completion and re-negotiations for a renewed contract.
An organized contractual process helps users gain better insight into contracts, and minimize supplier risk, resulting in significant improvements in efficiency and cost savings with improved cash flow. The best CLM systems include solutions that exclusively manage vendor contracts. There are robust suites that are integrated with supply chain, enterprise resource planning, and accounting solutions, and perform other functionalities as well.
1. DocMinder Contract Management
The hosted or on-premise DocMinder Contract Management tool is designed to manage critical tasks and dates throughout the lifecycle of a contract, from request to approval, which otherwise can be a laborious process. The easy-to-use software allows real-time oversight from any digital device connected to the Internet.
Not only this, its seamless integration with other document management systems makes it a valuable solution for businesses that find it challenging to manage contracts. The solution automates the contract’s critical tasks and deadlines, ensuring the right person executes the right action at the right time.
Cons: The product should have been a little more intuitive. It needs some training to get used to it. With practice and training, the system is easy to use.
2. Novatus Contract Lifecycle Management Software
A robust CLM system with a powerful set of features, Novatus Contract Lifecycle Management Software is a highly scalable and flexible solution to manage your contracts. The comprehensive solution helps businesses track, maintain, manage, and report on all business contracts. With an intuitive interface, the tool provides a secure and easy way to manage contracts through their lifecycle.
Designed to automate the CLM process, Novatus contains features that help improve control over contracts, including past, present, and future, and helps reduce risk while ensuring compliance. Designed with configurable templates, automated alert reminders, a customizable dashboard, and an intuitive interface, the system improves efficiency, security, reliability, and flexibility of processes.
The sophisticated enterprise contract lifecycle management solution streamlines and simplifies the way users create, execute, negotiate, store, manage, report, and retrieve every contract across the enterprise, saving you penalties and fines for late renewals.
Cons: Since Novatus is a full suite of features, the initial transfer of information may take some time.
3. Contract Logix Contract Lifecycle Management
The modular contract management solution is a comprehensive suite of features that support each stage of the contractual process. Featuring contract creation templates, advanced search options, a secure electronic document repository, integration, and workflow automation tools, and language standardization templates, Contract Logix is an easy-to-use and powerful contract lifecycle management solution for companies of all sizes looking to automate and manage contracts across the enterprise, helping you simplify and improve the way contracts are managed.
Cons: Some of the features are available for a price. The system is available in three editions, with varying price points. You may have to pay more if you need additional features.
4. Icertis
With a suite of features, Icertis is designed to revitalize contracting operations and enhance the visibility of your enterprise contract process. The industry-leading tool delivers operational reports on contracts and streamlines and simplifies the contract management process.
Designed to transform the way you manage contracts, Icertis readily integrates with leading enterprise resource planning and customer relationship management solutions. The intuitive contract management solution comes with robust analytics and reporting features that help you quantify contractual performance, receive advanced contractual insight, mitigate risk, increase negotiation intelligence, improve compliance, and enhance productivity. It allows users to choose between manual and electronic signatures.
Cons: The software can be made a little more user-friendly, with the addition of customization features to improve functionality.
5. Asentex
Streamline and take control of the entire contractual process and manage contracts as you want with this highly sophisticated contract lifecycle management solution designed for businesses of all sizes. The web-based and hosted solution facilitates tracking and optimization of the complete lifecycle of a contract.
With an array of useful features and powerful reporting tools, Asentex simplifies the task of managing contracts and related processes, helping eliminate the need for manually organizing contracts, improving the negotiation process and time, and reducing paperwork and delays with digital signatures.
Cons: The interface may require training for users to understand the system and its functionalities. But with use, it becomes a simple tool to streamline your contractual process.
At ITQlick, we have extensive knowledge of different contract lifecycle management solutions available in the market and can suggest systems that best fit your unique business needs.