When you own a business, you will ultimately have to create, negotiate, and manage contracts. But contract management is not only time-consuming, it is prone to human error.
Human error can then be associated with financial and audit risks. For this reason, every company should invest in Contract Management Software. This software can not only decrease your risks, but it will also save you money.
Still, it can also make the process of contract management easier and quicker, saving you more time to deal with other business-related priorities.
What is Contract Management Software?
Contract management software is designed to provide you with management solutions for all of your contracting needs. Regardless of what type of contract you need to be signed, management software can help you complete the task with ease and visibility every step of the way.
Not only can contract management software help you prepare your documents, but it can also help you send your agreements, redline changes, and assist with yearly amendments and renewals. Contract management software can also help with approval processes, negotiations, and audits.
Contract Management Softwares in Canada
Here are our top 7 Contract Management Softwares in Canada:
PanDoc is currently used by over 27, 000 companies worldwide and for a good reason. They are an all-in-one, affordable solution that allows you to build and customize your own contracts and have them sent out within minutes. The software also comes with templates, as well as a “library of pre-approved choices”.
Why do people love it? Firstly, PanDoc offers excellent customer service. Their service agents are available 24/7 to provide all paid users with customer support around the clock.
The software also comes with various tools, including contract duplication options, e-signature options, real-time notifications, and payment processing. It’s easy to use and secure. Plus, it offers a free 14-day trial, so there’s no commitment if you don’t like it.
Evisort brands itself as the first-ever AI-based contract management software. The use of Artificial Intelligence helps them to reduce risk and increase the accuracy of contract reviews.
The software offers seamless integrations with repositories and offers faster and easier contracting. Evisort is designed for any business and can be customized to meet your needs.
Why do people love it? Evisort offers good support to their clients and offers in-person, live, and video training. It comes with various helpful features and tools, including completion and compliance tracking, contract drafting, contract lifecycle management, and customizable templates (to name just a few). If you do not want to purchase Evisort outright, you can request a demo on their website.
DocuSign comes with a 30-day free trial and 24-hour support. The business began in 2003 purely as an e-signature company, but by 2018 grew into a company with complete CLM capabilities. It’s best designed for the needs of small businesses.
Why do people love it? DocuSign comes along with a variety of features, including templates, recipient reminders, and real-time notifications. You can customize your contracts and emails with your own themes and logos and use customized or pre-existing templates to fast-track the process.
When you’re looking to keep all of your contracts in one place, ContractSafe could be the solution you are looking for. The program is designed to “eliminate all of your contract headaches” and provide a single solution for all of your contracting hassles.
Why do people love it? ContractSafe is an easy and affordable way to organize all of your contracts and offers bank-level encryption and security. The software is highly user-friendly and allows you to search and filter documents so that you can find them in an instant. The company offers free demos on its website.
Juro is a newer contract management company that was developed in 2016. But despite being new, their management capabilities are superb. Juro offers not only high-end search capabilities but also enables AI-based analytics.
Why do people love it? Paid contracts with Juro include access to template editors, internal commenting, and e-signatures. Users will also receive access to AI-based analytics, redlining, and mass-contract updates.
But what’s really attractive about Juro is that they also offer a completely free plan that allows you to edit up to 50 free contracts per year – for small business owners that don’t require a lot of contract work, this platform is ideal.
Conga Contracts offers contract management for every business type. Whether you’re new to contract management solutions or need in-depth management software, Conga Contracts has something for everyone.
Why do people love it? With the help of Conga Contracts, you can streamline your contract processes from end-to-end and increase the transparency and efficiency of your contacts.
The service also allows you to automate some of your most time-consuming tasks, including authoring, negotiation, approvals, and reporting. Conga software is used by over 11 000 customers worldwide and offers a free demo on their website.
Like Juro, Outlaw is a newer company in the business of contract management. Though it was only first founded in 2017, it doesn’t lack any key features of older management software. With AI-based analytics and unlimited cloud storage, Outlaw has everything you need for your contract solutions.
Why do people love it? Not only does Outlaw offer unlimited storage, but it also offers unlimited contracts and e-signatures. The setup of the software is quick and easy, and the security level is some of the highest we’ve seen.
Outlaw is also connected with HubSpot, Slack, and Quickbooks. Pricing with Outlaw is fair, and as with most contract management software, demos are available on their website.
What Qualities should you look for in Contract Management Software?
A Centralized Database
When it comes to your contracts, you want to have them intelligently organized and stored all in one place. For this, you need to find software that has a centralized database that offers quick and easy access to all of your contracts and data.
Reports and Dashboards
Having a centralized system is great, but accessing your information isn’t all you want to do with it. To profit the most from your software, you want to find a solution that offers data and insights into your contract processes.
When you’re working with contracts, you want to make sure that they are well organized and that they are easily accessible. Look for a software solution that has powerful searching capabilities such as indexing or quick search features.
Custom Security Rules and Customizable Permissions
You want to keep all of your contracts in one place, but that doesn’t mean that you want everyone to have equal access to all of them. To ensure proper security, you want to find a software solution that has custom security rules and permissions so that you can define who can access what, and what permissions they have upon access.
Templates can drastically improve the speed and process of which you can generate contracts, so having a library full of customizable templates is a must.
Of course, these are just some of the important features you should look for in good Contract Management Software. Automated approval processes, automated alerts, redlining, OCR capabilities, and audit trails are also critical features that you might want to consider. The final list of features will depend very much on your needs.
How much does Contract Management Software Cost?
The cost of Contract Management Software can vary greatly depending on which company you choose. If you are a small business, you should be able to get a low-cost plan and may even be able to obtain free contract management software.
You can get basic management software paid plans for as little as $25 per month. You’ll probably have to invest in advanced monthly options with AI technologies, complete customization, and automation for larger businesses. For this, you should expect to pay around $125 per month.
Is there training for Contract Management Software?
Yes. The majority of Contract Management Software companies will offer free training to anyone who purchases their software. Most companies offer 24/7, round-the-clock support, as well as in-system user manuals and online learning videos and tutorials.
Some companies also offer remote training sessions, group training sessions, and conferences. In some cases, onsite training may also be an option.
Who needs Contract Management Tools?
Almost any type of business can benefit from the help of contract management software and tools. You will commonly see this type of software used among Contract Managers (no surprise there), but you may also see it used among legal professionals, procurement professionals, sales professionals, and compliance professionals.
As a general rule of thumb, if your company uses contracts, you can benefit from some level of contract management software.
In conclusion, there are lots of different contract management tools and software out there. Take your time to shop around and look for one that best suits your needs. Contract management tools come with various features and in a variety of different price ranges, so there will always be a software out there to meet your needs, whatever they may be.