Gone are the days of manually managing contracts. Global businesses are digitizing and it’s time for your contract management system to revolutionize too.
The practice of storing documents in shared folders, employee inboxes, and email threads is traditional and seemingly backdated. Manual contract management is not only tedious but also prone to a series of errors and delays. What’s worse— important documents like these may get lost among the piled-up files. Such chaos is a shout-out for change.
With the world soaking in emerging technologies, it’s time to resort to software solutions. SaaS contract management software not only safeguards essential materials, but also prevents an important file from getting lost in the clutter. The software is designed to enhance the efficacy of your brand’s contract management system. With this technology in place, managing business contracts is far simplified. From negotiating contracts to signing and renewal, all phases are systemized and available in a single centralized location
Why integrate B2B SaaS software
There are several pros of leaving behind the traditional practices of manual contract management and choosing a SaaS tool instead. Let’s walk through the list.
Cost-efficient
Besides convenience, SaaS software solutions offer a comprehensive overview of pricing, terms, and usage data. Analyze usage patterns to identify underutilized features or redundant licenses and use this data to renegotiate contract terms with vendors and optimize costs.
Centralized management
As and when business expands, so does the list of contracts. And if you don’t organize them, retrieving the data during audits or renewals would get chaotic. Utilizing SaaS contract management allows you to keep all data in one location and categorize them, promoting seamless data access. Moreover, they also have built-in automated reminders that do not let you miss any renewal or assigned tasks.
Contract review
Irrespective of a growing contract databank, reviewing every document is crucial for adhering to quality standards. It becomes easier to mitigate risks associated with manual processes, keep errors to a bare minimum, and comply with legal requirements while monitoring access controls.
Prevent auto-renewals
Some auto-renewals are unnecessary and could be quite frustrating. SaaS software promotes renewal tracking and alerts you well before the renewal date. This gives you enough time to decide whether you continue the contract or stop the renewal.
How it operates
B2B SaaS contract management system plays the role of your behind-the-scenes assistant. You can let it handle the series of complex components involved in managing these files. They get automated and hardly consume your time. Here’s what’s behind the seamless functioning of the software:
Contract creation: Choose from various templates to swiftly create your unique contract. The contract creation stage is fun and ensures consistency throughout. You don’t have to go through any manual hassle in the initial drafting stage.
Negotiation: Exchange contracts for a smooth collaboration with vendors and stakeholders. Track changes and ensure all parties are updated, saving you from back-and-forth follow-ups.
Approval: Automate the entire approval cycle by adding contracts to hand-picked workflows. The stakeholders receive prompt notifications, and approvals are tracked within the system.
Execution: Receive electronic signatures from all parties and store them securely in the cloud. The contracts are organized by categories or tags, allowing quick retrieval. There is no need to print, scan, or mail contracts. All data is available in the software.
Monitoring and compliance: Receive automated reminders for tracking deadlines or expirations. It eliminates the trouble of manual record-keeping to track when the next renewal is due.
Audit and reporting: View the audit trail of every action associated with a contract. From the edits to the approvals phase, utilize advanced analytics to evaluate contract performance, cycle times, and bottlenecks, and stay tuned to all essential data.
Top Contract Automation Software: 2024
Now that we have covered how a SaaS tool will benefit you, let’s dive into the best software solutions to choose from.
Pandodac
(Source: Pandodac)
This solution provides all data in a single document, helping you digitally create, approve, and sign contracts.
Key features
- Drag and drop editor, simplifying proposal and contract writing.
- Centralized, cloud-based contracts
- Series of contract templates and pre-approved conditions
ContractWorks
(Source: ContractWorks)
The highlight of this software is its AI-powered OCR and search capabilities allowing you to locate particular words. Its cloud-backed security features safeguard your data and make it accessible.
Key features
- User-friendly interface simplifying onboarding of new employees
- Personalized reporting provides important insight
- Creates tag-based reports to share with your stakeholders
Gatekeeper
(Source: Gatekeeper)
Besides offering a centralized information center, the AI-powered software provides an auditable record of operations.
Key features
- One of the most reliable, quick, and efficient systems in the market
- Optimizes contracts
- Integrated electronic signature compliant with regulatory standards
Trackado
(Source: Trackado)
Trackado is another cloud-based SaaS to assist you with streamlining the entire contract lifecycle. It simplifies finding and collecting contracts based on category, sector, or business partner. The best part is— it doesn’t require any extensive training.
Key features
- Organizes contacts, stores emails in one location
- Tracks all activities
- Sends real-time notifications
Concord
(Source: Concord)
You can access various tools for automating and integrating the contract lifecycle with this software. Its pre-approved templates offer smooth contract drafting.
Key features
- Custom approval workflows for contract distribution
- Version control to allow users access to the recent versions
- Overview of the status of all contracts
Contractbook
(Source: Contractbook)
If you want to write a contract directly, then this is the perfect software. It is integrated with a machine-friendly format and allows you to work with multiple teams to get a glimpse of your legal standing.
Key features
- Invite outside guests
- Build contracts from scratch, record, store, and send
- Smart task management for staying on top of all contact updates
Signeasy
(Source: Signeasy)
Its eSignature API makes it super easy to sign contracts and manage documentation. If any signatures are pending, you immediately receive an auto-reminder.
Key features
- Integration with multiple business tools like Google Drive and Microsoft SharePoint
- Reusable templates
- Contract categorization and secure storage
CloudEagle
(Source: CloudEagle)
This comprehensive SaaS contract management tool offers a user-friendly interface and robust features.
Key features
- Customizable templates, automated reminders, and advanced data analytics
- Tracking of contract negotiation and approvals
- AI-driven contract insights, vendor management, and spend optimization
Selecting the ideal cloud-based contract management software: Best practices
There are so many options available for a SaaS platform, that choosing the right one could seem overwhelming. Here are some key factors to consider while picking the software for your brand:
Alignment with your needs: List out the features you are looking for in your brand. Is it a robust e-signature a customizable template or something else? Identify your key requirements and filter out those that fit the criteria.
Scalability: Determine the software that grows with your expanding business and the evolving contract requirements. Verify whether the solution can handle a high volume of contracts, users, and workflows without facing performance hiccups.
User-friendly: Complex functionality can reduce the pace of the integration process and hinder overall productivity. The software you select must have an interface that is easy to navigate.
Integration with other tools: Check if it is compatible with existing tools like CRM systems and financial platforms. Smooth integration will prevent data silos and save you time.
Security and compliance: Contractual agreements contain sensitive and confidential data, which makes security a top priority. While narrowing down on SaaS software, find features like encryption and regulatory compliance to ensure top-notch data security.
Automation and AI features: Repetitive tasks like reminders, approvals, and contract renewals can seem mundane and if not automated, they can go amiss. AI-powered features are embedded with insights that carve out the route for the best decision-making.
Customer support and reviews: Reliable customer support is a surefire way to improve customer satisfaction. Figure out software offering a robust framework for customer support by checking user reviews and getting an idea of the responsiveness in real-time.
Summing up
A consolidated platform is a must-have tool for tracking the approved workflows, keeping up with renewal dates, and streamlining contract negotiations. Don’t think twice before integrating an effective B2B SaaS contact management software. It offers insights into all this essential data in a single tab. While there is an array of software services in the market, our comprehensive list will guide you to incorporate the best platform.