If a company feels overwhelmed with the number of contracts that need to be managed or are missing renewal dates because they are unorganized, it might be the right time to invest in contract management software. While the upfront cost cannot be overlooked, such an investment can save a company time and money in the long run.
Before you land on a specific contract management platform, read this article to learn about the most popular ones as well ascompare prices to determine which one best fits your company’s needs and budget.
Updraft’s claim to fame is that they cut contract drafting time by 90%. The contract management platform is used by over 59,000 companies worldwide and was designed by lawyers who believe in affordable legal access for all. The software consists of two layers, Updraft, which is the contract drafting and management portion of their services, and MatterMap, which is their integrated workflow solution. Updraft aims to give companies freedom from the tedious administrative tasks that come with drafting contracts and instead free up time to negotiate and bring in new business! Updraft’s package is only $42 per user per month, and they provide custom quotes to give companies an estimate on their total costs by helping determine the number of team members that will need access to the platform.
ContractSafe prides itself on being user friendly and reducing the overall headache that comes with managing contracts. Contract Safe allows businesses to search and find contracts six times faster with their Google-like keyword search function. Contractsafe gives companies peace of mind by allowing safe and confidential sharing of important legal documents within an organization. ContractSafe integrates with other common platforms used within a business such as DocuSign and SalesForce so companies can continue using their preferred business platforms.
The software also offers a free trial so companies can test out the service and determine if it fits their needs and budget. Their pricing consists of six levels starting at the Entrepreneur level at $99 per month up to the Enterprise + level at $1,299 per month. Unlike Updraft, ContractSafe does not price based on the number of users who need access, and each plan can accommodate unlimited users. Some features in the more expensive packages include amendment tracking, single sign-on integration, custom fields and templates, and bulk edits. With the different packages available, companies can pick the price level that best matches their needs and their budget.
Contract Hound is one of the most simplistic contract management platforms currently on the market as is evident by their easy to navigate website. Drag and drop options make uploading contracts to the platform straightforward, and automatic renewal reminders ensure your company never lets a contract expire again. The drag and drop feature extends to team members so team leaders can organize their team in the order in which they should approve specific contracts.
Team leaders can also manage who has access to which documents, as well as who can edit these documents. Pricing is by contract instead of by user and starts at $95 per month for 50 contracts. Pricing goes up to $950 per month at 500 contracts, and companies that have higher volumes than this can request a custom quote.
Evisort offers contract lifecycle management enhanced with sophisticated artificial intelligence. The AI used by Evisort is pre-trained, so it comes to you ready for use. Other AI-based platforms can require extensive, and sometimes costly, training.
Evisort works for both small businesses and firms, as well as large corporations. Your business will never outgrow Evisort, meaning it is a one-time investment that will handle your contract management needs for years to come, regardless of the growth of your company.
With so many contract management platforms currently on the market, it can be hard to know where to start looking. A good platform will manage the lifespan of your company’s contracts from initiation through execution and on to renewal. These platforms vary in the services they offer as well as their prices, so it’s essential to schedule a demo from each platform you are considering to find the one that best meets your company’s needs and budget. Whichever platform you decide to use, the upfront cost will hardly compare to the savings your company will get from freeing up time from tedious administrative work and never missing a renewal deadline again.