What Does a Contract Management Tool Do?

Thinking about purchasing a contract management tool for the first time? Or are you transitioning from an existing app to a new one?

If the answer to either of these questions is yes, then you’re likely feeling a little uncertain. There are dozens of solutions to pick from. And while most apps share similarities, there are also important differences in regard to feature sets, pricing, and customer support.

Contract management software can transform your business, leading to greater efficiency, conversions, and long-term sales. But it’s crucial to pick the right provider. Opting for the wrong app can cause a myriad of problems and cost significant amounts of money over the long term.

In this post, we’ll tell you everything you need to know about picking a contract lifecycle management (CLM) app. We’ll also include some of the web’s top brands for you to consider.

What Is a Contract Management Platform (or Contract Lifecycle Management Software)?

A contract management platform, also known as a contract lifecycle management (CLM) app, is a software application used by individuals and companies to manage all aspects of their document workflows. CLMs typically include features for creating, sending, and tracking documents like proposals, contracts, invoices, and so on.

CLMs are particularly powerful pieces of software because they allow for the automation of an array of time and resource-intensive tasks. Functionality encompasses the streamlining of document creation, integrations with other apps for the automated transfer of data, advanced analytics, collaboration tools, electronic signatures, and pre-set notifications.

What’s more, CLM apps aren’t just for large enterprises. Many software companies cater to small and medium businesses (SMBs) and individuals like freelancers.

What Features Should You Look for in Contract Management Software?

Picking contract management software is time-consuming – there are lots of options to pick from. It’s a good idea to think about the features your particular document workflow requires prior to starting your search. This approach will enable you to filter different solutions quickly.

There are, however, some universal features you should ensure are included in your chosen app. Here’s a quick overview:

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