Contract Lifecycle Management Software – 7 Great Options

No matter what industry you’re in, it’s likely that your business has had to draft, circulate, and sign contracts. Whether it’s a client contract or a contract to partner with another business, creating and managing a contract correctly is vital. Manually managing contracts introduces risk to your business. Fortunately, contract lifecycle management software makes the process more efficient while reducing risk.

Here’s what you need to know about contract lifecycle management software and how to choose the right platform for you and your business.

What is Contract Lifecycle Management (CLM)? 

Contract lifecycle management is the process of creating and executing a contract. Often involving many steps and multiple parties, managing a contract can be complex. Even with set processes in place, manually managing contracts can introduce risk to your business. Having set processes and systems in place can help with managing contracts from start to finish. Whether you’re handling one contract or thousands, having effective contract lifecycle management practices is essential.

Key phases of contract lifecycle management include pre-contract planning, handover, execution, and post-contract renewal.

What is Contract Lifecycle Management Software?

Contract lifecycle management software helps automate and streamline the steps in drafting, executing, and delivering contracts. It can help with some parts of the process or all of them.

As we’ve mentioned, CLM software significantly reduces risk, reduces operating costs, and speeds up the overall contract lifecycle time.

Benefits of CLM Software

When choosing any software for your business, it’s a no-brainer that it should be beneficial for your business. From cost reduction to scalability and more, here are some of the top benefits of CLM software:

• Reduce risk – investing in a contract management lifecycle platform reduces risk for your business by automating much of the process. Fewer manually processes mean lower risk for you and your business.
• Lower operating costs – automation also means fewer operating costs. Instead of paying for labor to manually create and manage contracts, you can pay for labor that provides more value-added work.
• Improve contract turnaround time – CLM software makes sending, tracking, and executing contracts much faster. With automated emails and reminders to parties involved, you won’t have to chase for signatures and can improve your contract close time.
• Increase profits – overall, CLM software is designed to increase profits. From reduced operating costs to providing more time in your day to close more contracts, CLM software has proven to not only boost efficiencies, but also boost profits.
• Standardization – if you’re struggling with one consistent way to approach contract management, CLM software is the right answer. Implementing CLM software into your contract management processes create one consistent, standard approach that you can follow every time.

Who Uses Contract Lifecycle Management Software?

Now that you’ve got the foundations of contract lifecycle management software, it’s important to understand how they’re used day to day. CLM platforms are used by a wide range of businesses, from sales teams to service providers and everyone in between.

Contracts aren’t just limited to sales and purchase agreements. Contracts are used for B2B service agreements, job offers, in healthcare, and so much more. Essentially any time you need a legal document signed and executed, a CLM platform is likely to be involved.

Not only is a CLM solution beneficial for virtually every business, but anyone can leverage it. A sales team member may leverage a full-cycle contract management platform for all of their deals, while a customer may only leverage the digital signature portion to sign the contract when it’s sent to them. CLMs make it easy to manage contracts whether you’re drafting the agreement, signing, or managing post-contract follow ups.

7 Top Options for Contract Lifecycle Management Software in 2024

1. Signaturely

Signaturely is a leading digital signature platform designed for ease of use and affordability. Simply upload your contract, drag and drop signature lines, and send. The workflow automatically sends an email to the next signer, meaning your document is sent automatically and securely.

With affordable pricing options (and a free plan that allows you to upload and send one document per month), Signaturely is a fantastic alternative to other major digital signature platforms. The platform also provides automated tracking, automated follow-ups, and a detailed legal audit log.

Best For: Simple, affordable digital signature options

Key Features: 

• Simple to use interface
• Automated track and follow up
• Legal audit log
• Free plan available

Pros & Cons: 

Pros

• Free plan available
• Affordable options for all business sizes
• Detailed legal audit log
• Automated signature tracking
• Automated follow-up reminders

Cons

• Not a full contract lifecycle management platform, but is an industry leader in digital signatures

2. Icertis

Icertis is a full-service contract lifecycle management platform designed for large enterprises with high volumes of contracts. With internal governance capabilities and robust dashboards and reporting functionality, Icertis makes high-volume contract management simple.

The platform doesn’t publish pricing, but with the features and capabilities that Icertis offers, pricing likely isn’t tailored to small and medium businesses.

Best For: Large international businesses with high volumes of contracts

Key Features: Contract initiation, approval workflows, analytics dashboards, and internal governance features

Pros & Cons:

Pros

• Designed for high-volume contract work
• Advanced features tailored to insights for senior leaders
• Full-service contract lifecycle management capabilities

Cons

• Likely expensive for small and medium businesses
• Not a good option for occasional contract delivery

3. SAP Ariba Contracts

SAP Ariba Contracts is a well-known name in the contract management world. Leveraged by businesses worldwide, SAP Ariba is a sophisticated platform designed to simplify the contract management process. This platform was also designed for large enterprise customers, and if you’re only looking for templates, secure digital signatures, and automated approval flows, this may not be the platform for you. 

Best For: Large international businesses with high volumes of contracts

Key Features: Centralized contract repository, pre-approved templates, clause library, real-time monitoring

Pros & Cons:

Pros

• A well-known name in the industry
• Simplified and automated contract management
• Real-time monitoring, and data insights

Cons

• Expensive when compared to competitors
• Not a good option for small to medium businesses looking for simple
• Streamlined options

4. DocuSign CLM

Likely the most well-known name in the contract software space, DocuSign CLM is another platform used by businesses worldwide. Offering secure digital signatures, smart workflows, and AI integration, DocuSign is a great option for businesses looking to automate the full contract lifecycle management process. However, like most of the others on our list, DocuSign may not be right for a small to medium business.

Best For: Large businesses or rapidly-growing businesses looking for a simple full-service contract lifecycle management platform

Key Features: Integration with other major platforms, automated contract routing, AI integration, and robust reporting capabilities

Pros & Cons:

Pros

• Another well-known brand
• Simple drag and drop functionality
• Automated workflows
• AI insights into opportunities, risks, and trends

Cons

• Designed with larger businesses in mind, but pricing is better than some of the other larger platforms on the list

5. Ironclad

Ironclad is a platform that’s leaning into AI, putting it at the forefront of its features and capabilities. Featuring a streamlined contract creator and editor, simple collaboration and negotiation flows, enhanced repository features, and more, Ironclad may be a good option for a wide range of businesses looking to enhance their contract management lifecycle processes. If your business manages a higher-volume of contract, Ironclad’s AI capabilities can help significantly reduce manual efforts. 

Best For: Businesses with medium to high volumes of contracts looking to implement AI solutions

Key Features: AI integration that flags areas to review, provides suggestions, and analyzes every contract

Pros & Cons:

Pros

• Ironclad’s AI focus really makes it stand out from the crowd, providing advanced analysis and AI-supported reporting

Cons

• Unsure of pricing as Ironclad does not publish pricing on its site
• Requires multi-day implementation

6. Salesforce CLM

If your business is already using Salesforce (likely as a CRM), Salesforce CLM may be a good option to streamline your contract management processes. Another full-service option, Salesforce CLM allows you to automate and streamline virtually every step of the contract process. From contract drafts and approval flows and negotiations, Salesforce is a powerful platform designed with high-volume contract management in mind. 

Best For: Large enterprises already using another Salesforce product to allow for simpler integration

Key Features: Seamless integration with Salesforce CRM and other products, automated approval flows, simplified contract negotiation

Pros & Cons:

Pros

• Reasonable pricing even for small businesses
• Simple integration with other Salesforce platforms
• End-to-end contract management

Cons

• User experience may not be as simple as other contract management platforms
• Longer implementation period
• May not be worthwhile if your team does not already use another Salesforce product

7. PandaDoc

Last on our list is PandaDoc, a simple digital signature platform designed to be simple and straightforward. If you’re looking for a tool that’s focused on digital signatures and document delivery, PandaDoc may be what you’re looking for. 

The platform does allow for some document creation, but if you’re looking for a dedicated tool to create contracts and manage the full lifecycle, you may want to look elsewhere.

Best For: Simple digital signature flows and approvals

Key Features: Document generation, price quotes, workspaces by projects, and solid analytics

Pros & Cons:

Pros

• Affordable prices for businesses of all sizes
• Easy to use platform
• Good analytics options, integrations

Cons

• Not a full-service contract lifecycle management platform

Features to Look for in CLM Software

Now that we’ve taken a look at some of the top CLMs on the market, here’s what you should look for when choosing your CLM software.

• Functionality – first and foremost, you should asses what you’re looking to solve for with your CLM. Are you simply looking for a platform with automated workflows and digital signatures? Or are you looking for a tool that allows you to create and store templates, run reporting, and manage high-volumes of contracts? Every CLM is unique, with different features and different price points, so it’s important to truly understand what’s on the market to make an informed decision for your business.
• AI Capabilities – while still new, AI functionality can help with scaling your CLM processes. Whether it’s automatically assessing contracts and suggesting improvements or automating part of the approval workflow, AI can be a powerful tool that not all CLMs have explored yet.
• Electronic Signature – a CLM without a digital signature capability just doesn’t work as a CLM. While it may seem obvious, always check to ensure that the platform you’re considering has the ability to not only allow for digital signatures, but allow for secured, verified digital signatures. 
• Templates – templates are a great way to standardize your processes and improve efficiencies within your team. Most CLMs will allow you to easily store, access, and customize templates so you spend less time drafting contracts and more time closing deals.
• Workflow Management – smart workflow management is another great feature for improved productivity. Simply identify who the contract should go to and in what order and the software will take care of the rest. No more sending manual emails, no more chasing for signatures. 
• Data Compliance and Security – data security is crucial, especially when it comes to managing potentially sensitive contracts on a third-party platform. Look for platforms that comply with global data regulations to ensure data safety for you and your customers.

How to Choose the Best Contract Lifecycle Management Software

With so many features and capabilities out there (and with no two CLMs the exact same), it’s also important to understand how even to choose the best contract lifecycle management platform. Here are our suggestions on what you should focus on when choosing your next CLM.

• Price – as you can see from our list above, the price of a CLM software can vary wildly. However, a CLM doesn’t have to be expensive for it to be effective. In fact, a CLM may be the least expensive software you purchase and also be one of the most important and powerful. Unless you’re managing high volumes of contracts on a daily basis, you don’t need to pay thousands for a CLM. A simple, effective digital signature and automated workflow tool is an inexpensive, impactful way to improve your CLM process.
• Ease of Use – a software is only as good as its user experience. There are plenty of tools on our list that can quickly become overwhelming if you’re not familiar with complex contract management. Look for easy to use, easy to implement solutions that allow you to get up and running in minutes, not days.
• Integrations – Finally, focus on tools that allow you to integrate with your existing software suite. Maybe you primarily focus on Google Suite, or maybe you’re already leveraging multiple Salesforce platforms. Whatever the case may be, we highly recommend going with a tool that will seamlessly integrate into your existing tools and resources.

What You Need to Remember About CLM Software

At the end of the day, a CLM is designed to make your contract management process quicker, less risky, and less costly. Choose a tool that’s simple for you to use and covers all of your needs. If you don’t need the feature, don’t pay for it. In the world of CLM, less is often more.

FAQs About Contract Lifecycle Management Software

Here are some top FAQs about contract lifecycle management software.