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One of the most wonderful aspects of nimble startups is their ability to move quickly and develop faster than larger corporations. For faster growth, they use a plethora of SaaS tools to run their business operations effectively. However, this speed and innovation pave the way to poor contract management.
Often, fast-growing businesses lose track of their SaaS applications–their contracts and invoices. Most businesses still use spreadsheets for bookkeeping purposes, which is highly likely to get lost in the shuffle.
Luckily, contract management software can make it easier to have control over these contracts and respective SaaS costs. According to World Commerce and Contracting data, effective contract processes can help organizations achieve cost and revenue benefits of up to 7% of the contract value.
SaaS contract management softwares has revolutionized and modernized the management and storage process, resulting in today's contract management market. Let us determine the best solutions for you as well as other factors to consider when selecting contract management systems.
What is SaaS contract management?
Contract management software is a technology meant to improve the efficiency of a company's contract management process. It helps participating teams in creating, negotiating, signing, renewing, and reporting on business contracts by automating the laborious work often associated with contract administration.
Why do you need to manage SaaS contracts?
Many people keep on using word processing software to manage their contracts. On the other hand, there are numerous advantages to using SaaS contract management.
1. Increased company performance
It is critical to have access to standard templates written in proper and professional language when managing SaaS contracts. It saves your team's time and effort to write contracts from scratch or rewrite previous ones.
2. A single repository
This centralization aids in the seamless and transparent operation of your management procedures. It also eliminates the need for your team to search for documents because there is a single source of SaaS contracts throughout your enterprise.
3. Simplified workflows
An efficient workflow management system with automated reminders is a critical component that aids in the creation of seamless team cooperation. It removes complexity from the contract review process and optimizes tedious operations such as renewal by simply specifying unique triggers while keeping your information in sync with other SaaS contract management solutions.
Best SaaS contract management softwares
1. CloudEagle
CloudEagle is contract management software that allows businesses to handle contracts, invoices, and related workflows in a single location. No longer managing vendor renewals and invoices in spreadsheets. This tool will provide a comprehensive view of all your data on a single dashboard.
The software does an excellent job of understanding your situation. It can start contract renewal workflows automatically 90 days in advance and allocate them to the appropriate stakeholder.
While other platforms send renewal reminders, only CloudEagle provides renewal guidance. A dedicated manager will be assigned to you, and they will ensure that you renew on time, and the workflow stops only after you’ve renewed your plan.
Here's Pratibha Mehta, recalling her experience working with CloudEagle and they automated their renewals
CloudEagle also makes it simple to locate critical data. If you are forgetting critical contract information such as contract renewal dates and invoicing frequencies, the system can extract all contract metadata, so you can determine which vendors you should investigate further.
Overall, CloudEagle is among the best contract management products on the market. Anyone can use this solution thanks to its user-friendly interface and comprehensive feature set, including contractors, law firms, and automobile dealerships.
SaaS lifecycle management solution
CloudEagle, in contrast to the other contract management tools on this list, has a comprehensive list of features that can manage your entire SaaS lifecycle, not just your contracts.
From application discovery to contract management, vendor management, and procurement automation, CloudEagle is one of the most sophisticated tools on the market.
Why use multiple tools for various tasks when one tool can do it all? To know more about it,
Pricing
Pricing plans start at $500 per month.
2. Pandadoc
PandaDoc provides an all-in-one document software system that helps you create, approve, and sign contracts digitally.
It has a distinctive drag-and-drop editor that makes it simple to write proposals and contracts. It also includes approval procedures, redlining, version history, comments, and general chat ability for internal and external reviewers.
Its centralized, cloud-based contracts have intelligent search functionality. Contract templates, coupled with a collection of pre-approved conditions, make it an excellent alternative for users.
It has been noted; however, that writing documents from scratch can be time-consuming. Furthermore, several users have expressed concerns regarding the template formats' limitations.
Pricing
Free version is available. Pricing plans start at $19 per month.
3. ContractWorks
ContractWorks makes contract management software approachable to enterprises and teams of all sizes thanks to its quick deployment and simple interface.
Its AI-powered OCR and powerful search capabilities allow you to locate specific words and sentences swiftly. Furthermore, the integrated cloud-based repository with comprehensive security features assists in keeping your data safe, controlled, and accessible.
The user-friendly interface makes it simple to onboard new employees and get them up and running quickly. Ultimately, personalized reporting provides important insight into your agreements by creating tag-based reports that you can keep and share with your stakeholders.
Unfortunately, it lacks built-in collaborative features, making real-time contract negotiation challenging. Users have also discovered that the AI functionality does not always function, requiring manual data entry.
Pricing
Plans start at $700 per month.
4. Gatekeeper
This system offers a centralized information center where users can properly keep and manage SaaS contracts and vendor details.
The AI-powered cloud-based contract management software automates workflows in order to manage and optimize contract procedures while also providing an auditable record of operations. It also includes a redlining solution that is compatible with MS Word for quick and effective contract talks.
Perhaps the most significant benefit of this application is that it has an integrated electronic signature solution that is compliant with international standards such as ESIGN, UETA, and European eIDAS.
Overall, Gatekeeper's AI is the most reliable, quick, and well-trained AI system on the market today. Unfortunately, because of the immense price, it is out of reach for smaller firms with limited resources.
Pricing
Plans start at $995 per month.
5. Trackado
Trackado is yet another cloud-based tool aimed to assist enterprises in streamlining the entire contract lifecycle. It allows users to search, find, and collect contracts by category, sector, or business partner.
The business partner section organizes all your strategic contacts, sends emails to one location, and tracks any contract activities. Users will also be immediately notified of essential dates and gain insights into the financial health of their contracts.
The platform's simplicity allows teams to utilize it immediately without extensive training. Furthermore, installing any other complex apps is unnecessary because cloud-based technology is used.
What this program needs is the ability to create e-signature documents. And it lacks a template library, which would make it a complete end-to-end contract management software.
Pricing
A free version is available. The starter plan is priced at $39 per month.
6. Concord
Concord provides a number of tools to help automate and integrate the complete contract administration process.
It includes pre-approved templates for easier contract writing and the ability to keep pre-approved terms for certain circumstances. Custom approval workflows allow you to distribute contracts to the appropriate individuals in the correct order for quick approval and signing.
The version-control feature ensures that all users have access to the most recent versions of the document. Furthermore, consumers can view the status of all contracts to shorten the purchasing cycle.
Users may invite as many coworkers or guests as they need to sign a document. The only issue with this software is that users have experienced trouble with document formatting after uploading documents.
Pricing
The plans start at $17 per month
7. Contractbook
This solution allows you to write contracts directly in their machine-friendly format in order to benefit from the stored data and plan for future circumstances.
The collaborative tool allows you to work with multiple teams to better understand your legal position. You can also invite outside guests and conduct seamless negotiations with third parties.
Users can choose to build contracts from scratch, get them recorded and stored, and send them to recipients with a few mouse clicks. Smart task management is reported on the Activity Dashboard to help you stay on top of contract updates.
Pricing
It is priced at $999 per month.
What are the benefits of SaaS contract management?
Ineffective contract administration might result in a slew of problems. And, as more companies recognize the value of cloud-based contract management tools, you simply can't afford to fall behind.
So, do you need any more reasons to adopt SaaS contract management softwares? Managing lengthy, complex contracts can be time-consuming. If you'd rather spend your time doing something productive, such software is a terrific option.
Contract management software is also economical. Even if you decide to use a premium software solution to organize your contracts, your company can still save money. Contract management software, for example, can help avoid costly human errors by eliminating the need for manual intervention.
Aside from cost savings and time efficiency, SaaS contract management softwares is also advantageous in terms of security. Contract data can be everywhere and nowhere simultaneously if different offline storage techniques are used. By handling your contracts through a cloud-based SaaS solution, you can always have a comprehensive insight into your assets, regardless of how extensive they become.
Conclusion
It's a good thing to have contract management software to give your teams substantial advantages over more traditional methods. This is especially true for start-ups and fast-growing businesses with understaffed legal and financial departments.
Saving on SaaS spend has become a priority for businesses in the upcoming year. To achieve that, businesses must start with effective contract management. Have complete control over your existing contracts, and then it’ll be easier to venture into new ideas.
Whatever platform or tool you use to handle your contracts, start with a deep assessment of your team's needs. It will therefore be much easier to find the best SaaS contract management softwares because you will be able to objectively evaluate each one.
The list of the best softwares for contract management discussed here has been used by businesses around the world to automate their renewals and manage SaaS contracts effectively.
So, what’s it going to be for you?
Frequently Asked Questions
1. What Does Contract Management Software Cost?
The cost varies from software to software. Most softwares will have both monthly and annual subscriptions, so you can choose the one that fits your business. A recommended practice is to use the Free trial option before you purchase a plan.
Also, contract management platforms nowadays have started to offer usage-based pricing, so understand your requirement and pay only for what you use. The pricings vary from $25 per month to $500 per month.
2. Why Use Contract Management Software?
Managing SaaS contract manually is a tedious job. Finance teams used to do it using spreadsheets and documents which wasn't scalable on the long run. Manual contract management made data retreival and auditing harder. That is why it is essential to use a Contract management software as it simplifies the process.
3. What is a good contract management system?
With plenty of options in the market, you've to choose the right one based on your requirement. If you want one-solution-that-fits-all kind of software, then look no further than CloudEagle. However, here are some good contract management systems,
- CloudEagle
- PandaDoc
- ContractWorks
- GateKeeper
- Trackado
- Concord
- Contractbook
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