Most businesses require contracts to determine the terms under which they do business. Contract management software enables companies to track contract compliance, extract data from existing contracts, and manage the entire life cycle of contracts. Software that is driven by artificial intelligence is fast changing the way contracts are managed in all businesses.
The top-players in AI contract software for 2020 include:
- Concord is a popular contract management software known for its simplicity and ease of use.
- Initially designed for use in the legal field, but it easily adapts to contract management in other areas.
- Tracks the complete audit history of a document, making it easy to see when and who made changes to the contract.
- Concord tracks the entire life cycle of a contract within one system and automates contract management.
- Concord includes an e-signature feature, which speeds up the contract process.
- Migration to Concord from other systems can be time-consuming.
- Concord cannot track third party contracts, lessening the ability to provide complete management of all contracts.
- Reporting lacks the breadth and scope available in some other contract management software.
- Agiloft is an extremely customizable option for contract management.
- The software design works best for mid-sized to large companies.
- Agiloft brings integrated workflow management together with customizable alerts.
- The software features one-click contract creation.
- Easy integration with multiple systems.
- In-person training, 24/7 live customer support
- The extensive customization offered is a double-edged sword. The array of features are great for customers who have time to take advantage of the provided training to learn how to use every feature. Customers who need faster set-up and less training may find themselves paying for features they do not use.
- Evisort uses pre-trained artificial intelligence to make installation and use simple right out of the box.
- Evisort provides automatic tracking of expiring contracts and allows for customizable alerts.
- Artificial intelligence, combined with machine learning, helps Evisort learn to understand the content of contracts. The software can then review, store, and cross-reference the contract with just a few keystrokes.
- The software can automatically generate metadata from all documents across multiple platforms.
- A vast array of contract templates to make contract creation simple.
- Evisort can track third-party contracts with ease, leading to more comprehensive contract management.
- The software’s unique design works well for companies of all sizes.
- Evisort does not have e-signature capabilities or pre-built templates for government contracts.
- Icertis offers contract management software that is also capable of ensuring regulatory compliance across a broad array of global industries.
- Lifecycle management, compliance tracking, and pre-built templates coupled with 24/7 customer service are standard features for Icertis.
- Icertis has an intuitive interface and step-by-step wizard for most applications, helping user’s to become proficient in its use quickly.
- Icertis provides reporting based on pre-set parameters. Creating customized reports to fit individual business models is possible, but not easy to do.
- For customers who do business on the go, Icertis does not provide the capability to create and execute contracts from mobile devices.
5. Conga Contracts
- Conga Contracts’ design works well for small to mid-sized businesses.
- The software provides an economical solution that offers straightforward contract creation and streamlines the process of managing contracts from inception to expiration.
- A simplified analysis feature compares contract language to a pre-existing library of legal language and offers suggestions to improve contract compliance.
- Conga Contracts generates automated contract workflow, speeding up the contract process.
- Conga Contracts may have tried to cram too much into their workflow tools. Few companies have the time or resources to do extensive training on the use of the software, so many features are left unused.
- The software cannot download bulk documents.
Each contract management software comes with pros and cons, and discovering the right one for your company can seem daunting. Remember that you want a contract solution that will grow with your company. Price plays a role in choosing the right solution, and prices vary dramatically. However, you may find that the increase in efficiency combined with a better compliance rate, offsets the costs of the software, and provide a healthier bottom line.