Crowning the Kings: The 12 Best CLM Software for 2023
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12 Best CLM Software Shortlist
After rigorous analysis, I've curated the 12 best CLM software to address your contract management woes. Dive in; relief awaits!
- OnitX CLM - Best for legal teams seeking robust analytics
- Venntive - Best for businesses that require a comprehensive CRM/CLM integration
- LinkSquare - Best for AI-driven contract analytics and insights
- Razor365 - Best for enterprises requiring seamless Microsoft 365 integration
- Legisway - Best for legal departments needing advanced compliance tracking
- Concord - Best for small to medium-sized businesses looking for ease of use
- Agiloft - Best for organizations wanting a highly customizable CLM solution
- Zycus Contract Management - Best for procurement teams needing streamlined supplier contracts
- DocuSign CLM - Best for businesses requiring digital signature integration
- Bigle Legal - Best for law firms seeking automated legal document creation
- ASC Contracts - Best for businesses wanting scalable contract lifecycle management
- Webdox - Best for startups requiring affordable yet comprehensive CLM solutions
Navigating the realm of contract lifecycle management can be complex, but as someone who's been there, I understand the challenges you face. Choosing the best contract management software is key to streamlining the process from authoring to redlining, making your contracts fully searchable, and enhancing your negotiation capabilities. In my experience, a robust SaaS-based contract lifecycle management tool could be your game-changer. It helps you maintain a clear, organized contract process that can adapt to the needs of your growing business.
This kind of software not only simplifies the contract negotiation process but also makes your contracts easily accessible and manageable. One of the biggest pain points it addresses is the time-consuming and error-prone manual handling of contracts. Automating this process reduces human error, speeds up contract cycles, and gives you more control over your agreements.
I have explored a variety of options and have compiled a list of the top picks that I believe could be the perfect fit for your contract management needs. I invite you to check out these options and find the one that best suits your business requirements.
What Is CLM Software?
Contract Lifecycle Management (CLM) software streamlines and simplifies the journey that every business contract undergoes - from initiation to renewal or termination. This vital tool serves a variety of users, from legal and procurement teams to sales and finance departments, essentially anyone who handles contracts within an organization.
By providing a centralized repository, it enables consistent contract creation, enforceable obligations, efficient approval workflows, and effective oversight. It not only mitigates risk and improves compliance but also gives valuable insights through contract data analysis. Its users leverage it to improve contractual outcomes, enhance productivity, and, ultimately, drive organizational growth.
Overviews of the 12 Best CLM Software
1. OnitX CLM - Best for legal teams seeking robust analytics
OnitX CLM simplifies and optimizes the process of contract management through its all-encompassing platform. Specializing in facilitating advanced analytical capabilities, it proves a valuable asset for legal teams that require an in-depth understanding of their contractual obligations and performance.
Why I Picked OnitX CLM:
In my quest to select the most effective tools, OnitX CLM stood out with its comprehensive analytical capabilities and intuitive design. When considering the needs of a modern legal team, I firmly believe a robust analytics suite is pivotal for making informed decisions and strategizing. This makes OnitX CLM the best choice for legal teams seeking an elevated understanding of their contract environment.
Standout features & integrations:
OnitX CLM offers impressive features such as contract creation, collaboration, obligation and compliance management, and most notably, potent analytics. It can integrate seamlessly with enterprise systems, CRM, ERP, and financial applications, fostering streamlined operations and cohesive workflows.
Pricing:
OnitX CLM operates on a pricing-upon-request basis.
Pros:
- Advanced analytics suite aids in strategic decision-making
- Comprehensive feature set covers the entire contract lifecycle
- Smooth integration with existing enterprise systems
Cons:
- Pricing not transparently available, which can delay decision-making
- Might be overwhelming for small businesses due to its extensive feature set
- The initial learning curve might be steep for users unfamiliar with robust CLM systems
2. Venntive - Best for businesses that require a comprehensive CRM/CLM integration
Venntive stands out as a holistic platform integrating CRM and CLM, easing the journey of managing customer relationships and contracts simultaneously. Given its dual functionality, it's an excellent choice for businesses seeking a consolidated approach to contract and customer relationship management.
Why I Picked Venntive:
When comparing various software, Venntive's unique ability to provide a CRM and CLM platform in one package caught my attention. Many businesses juggle separate platforms for CRM and CLM, leading to unnecessary complexity. Venntive bridges this gap with its integrated system, making it the best pick for businesses looking for a single solution to manage both customers and contracts.
Standout features & integrations:
Venntive offers features such as contract drafting, negotiation, approval, and execution, alongside its CRM capabilities. It provides vital integrations with a wide range of business applications such as sales tools, marketing automation, and financial software, enabling a connected business ecosystem.
Pricing:
Venntive's pricing starts from $20/user/month (billed annually).
Pros:
- Comprehensive integration of CRM and CLM in one platform
- Extensive suite of features covering both contract and customer management
- Broad range of integrations with various business tools
Cons:
- Pricing structure may be high for small businesses
- The dual functionality might be excessive for businesses seeking a standalone CLM solution
- Some users may find the interface less intuitive due to the comprehensive range of features
3. LinkSquares - Best for AI-driven contract analytics and insights
LinkSquares offers a powerful AI-powered contract lifecycle management platform. This makes it an excellent choice for organizations that want to leverage machine learning for efficient contract analysis and valuable insights.
Why I Picked LinkSquares:
As I evaluated different options, the AI capabilities of LinkSquares impressed me, making it a clear choice for this list. The way it uses artificial intelligence to analyze contracts and generate insights is unique, setting it apart from others. This makes LinkSquares the best option for organizations that want to harness the power of AI for advanced contract analytics and insights.
Standout features & integrations:
LinkSquares offers features like AI-driven contract analytics, a centralized clause library, automated contract creation, and streamlined approval workflows. It also offers integrations with key business tools such as Salesforce, NetSuite, and Google Drive, fostering effective cross-platform collaboration.
Pricing:
LinkSquares offers pricing upon request.
Pros:
- AI capabilities offer advanced contract analysis
- Seamless integration with major business tools
- Automated contract creation saves time
Cons:
- Lack of transparent pricing may hinder decision-making
- May be too complex for small businesses with simpler contract management needs
- Users may need time to familiarize themselves with the AI functionalities
4. Razor365 - Best for enterprises requiring seamless Microsoft 365 integration
Razor365 brings contract lifecycle management into the heart of your Microsoft 365 ecosystem, making it ideal for enterprises deeply invested in the Microsoft suite. This CLM software will surely enhance your sales team's productivity by fitting seamlessly into your existing workflows.
Why I Picked Razor365:
In choosing tools for this list, I was particularly struck by Razor365's seamless integration with Microsoft 365. This focus makes it a unique proposition for businesses heavily reliant on Microsoft's suite of applications. As such, I'm confident in labeling Razor365 as the best option for enterprises that require a CLM tool integrating flawlessly with Microsoft 365.
Standout features & integrations:
Key features of Razor365 include contract creation, negotiation and managing contracts, signature, storage, and analysis, all within the Microsoft 365 environment. Notable integrations include deep connections with the Microsoft ecosystem - Outlook, Word, SharePoint, and Teams, ensuring that users stay in their familiar workspace while handling contracts.
Pricing:
The pricing for Razor365 starts from $25/user/month (billed annually).
Pros:
- Seamless integration with Microsoft 365
- Comprehensive contract management features
- Excellent for businesses already using Microsoft products
Cons:
- Starting price may be higher compared to other solutions
- May not be suitable for businesses not using Microsoft 365
- Annual billing may not offer enough flexibility for some businesses
5. Legisway - Best for legal departments needing advanced compliance tracking
Legisway offers a contract management system that extends beyond the typical, making it a boon for legal departments with a particular focus on compliance. Its proficiency in tracking, managing, and reporting on compliance makes it a leading tool for organizations where regulatory adherence is critical.
Why I Picked Legisway:
Legisway captured my attention due to its advanced compliance tracking capabilities. Compared to other tools on this list, it differentiates itself with a comprehensive compliance module that many legal departments will find indispensable. Consequently, I consider Legisway the superior choice for legal departments that need to monitor and manage compliance stringently.
Standout features & integrations:
Legisway's features extend beyond typical contract management to include sophisticated compliance tracking, risk management, and extensive reporting tools. It also integrates well with standard office applications and software, enabling smoother workflows and greater productivity.
Pricing:
Legisway's pricing begins at $35/user/month.
Pros:
- Advanced compliance tracking
- Comprehensive reporting tools
- Integrates well with standard office applications
Cons:
- Slightly higher starting price than some competitors
- May be overly sophisticated for smaller organizations
- Requires a certain level of expertise to fully utilize features
6. Concord - Best for small to medium-sized businesses looking for ease of use
Concord is a contract lifecycle management tool that stands out due to its ease of use and intuitive interface. Designed for small to medium-sized businesses, it offers robust contract management functionality without overwhelming users with complicated processes or features.
Why I Picked Concord:
I selected Concord for this list because of its user-friendly design and comprehensive feature set. In comparison to other tools I evaluated, Concord stood out due to its balance of simplicity and power. It's the tool I believe to be the most fitting for small to medium-sized businesses that desire straightforwardness without sacrificing comprehensive contract management capabilities.
Standout features & integrations:
Concord offers several valuable features, including automated approval workflows, audit trails, deadline alerts, and electronic signature capabilities. It also has useful integrations with tools like Salesforce and Google Drive, enhancing its overall usability and effectiveness for businesses.
Pricing:
Pricing for Concord starts from $17/user/month.
Pros:
- User-friendly and intuitive design
- Comprehensive feature set
- Valuable integrations with tools like Salesforce and Google Drive
Cons:
- Advanced features may require additional costs
- Limited customization options
- Support response times can be improved
7. Agiloft - Best for organizations wanting a highly customizable CLM solution
Agiloft is a Contract Lifecycle Management (CLM) tool designed to provide an exceptional level of customizability for organizations. It offers advanced options to tailor workflows, data fields, and reporting to match the unique needs of different businesses, especially those with complex contract processes.
Why I Picked Agiloft:
In my process of comparing different tools, Agiloft stood out for its incredible level of customizability. This characteristic distinguishes it from other CLM solutions, making it a great choice for organizations that need a tool capable of adapting to their specific workflows and requirements. This adaptability makes it the best tool for businesses seeking a highly customizable CLM solution.
Standout features & integrations:
Agiloft offers an array of robust features, including AI capabilities for contract metadata extraction, advanced automated workflow, customizable dashboards, and flexible reporting tools. The tool also integrates well with a variety of business software, including Salesforce, MS Office, and SharePoint to ensure a more connected and efficient workflow.
Pricing:
Agiloft pricing starts from $65/user/month.
Pros:
- Highly customizable to fit unique business needs
- Advanced AI capabilities for contract metadata extraction
- Offers integrations with popular business tools
Cons:
- Pricing may be high for smaller organizations
- Interface may appear complex due to extensive customizability
- Setup and implementation can take time due to the customization process
8. Zycus Contract Management - Best for procurement teams needing streamlined supplier contracts
Zycus Contract Management is a comprehensive contract lifecycle management tool designed to simplify and streamline supplier contract management. The software is particularly useful for procurement teams, offering features specifically targeted to handle supplier contracts effectively and efficiently.
Why I Picked Zycus Contract Management:
After comparing various tools, I selected Zycus for its focus on procurement team needs, including its strong features for managing supplier contracts. It provides a streamlined approach, which can help teams save time and maintain better control over their supplier agreements. Therefore, I judged it to be the best choice for procurement teams seeking to optimize their supplier contract management process.
Standout features & integrations:
Zycus Contract Management offers robust features such as a centralized contract repository, automated alerts for key dates, and easy tracking of contract compliance. Importantly, it integrates well with Zycus' own suite of procurement solutions and other ERP systems like SAP and Oracle, ensuring smooth data flow between systems.
Pricing:
Pricing for Zycus Contract Management starts at $30/user/month.
Pros:
- Streamlines supplier contract management
- Centralized contract repository for easy access
- Integrates well with Zycus' own suite and other ERP systems
Cons:
- Not as configurable as some other options
- Interface can be complex for beginners
- May be overkill for smaller procurement teams or simple supplier contracts
9. DocuSign CLM - Best for businesses requiring digital signature integration
DocuSign CLM is a cloud-based contract lifecycle management software that is known for its capabilities in digitally managing end-to-end contract processes. It particularly excels at incorporating digital signatures into contract workflows, making it ideal for businesses that frequently require signatures on their contracts.
Why I Picked DocuSign CLM:
I chose DocuSign CLM for its reputable digital signature capabilities, a unique characteristic that sets it apart from other contract management solutions. This feature is particularly beneficial for businesses that need to secure digital signatures regularly. As a result, I determined that DocuSign CLM is the best option for businesses requiring extensive digital signature integration.
Standout features & integrations:
DocuSign CLM not only streamlines contract creation, negotiation, and storage, but it also seamlessly integrates e-signatures and drag-and-drop editor into the contract process. Additionally, it integrates with a wide range of business systems, including Icertis Contract Intelligence (ICI), Conga Contracts, SAP Ariba, Coupa, Salesforce, Microsoft Dynamics, and SAP, which helps keep all contract-related processes in sync.
Pricing:
Pricing for DocuSign CLM starts from $40/user/month.
Pros:
- Excellent digital signature integration
- Comprehensive contract lifecycle management
- Wide range of system integrations
Cons:
- Might be too complex for smaller businesses
- Limited customization options
- User interface may not be as intuitive as some competitors'
10. Bigle Legal - Best for law firms seeking automated legal document creation
Bigle Legal is a contract management platform specifically designed to simplify and automate the creation of legal documents. The software is especially useful for law firms that generate a high volume of legal documents and seek to streamline this process.
Why I Picked Bigle Legal:
In the realm of contract management software, Bigle Legal caught my attention due to its focus on automating legal document creation. The tool is designed to cater specifically to the requirements of law firms, which often need to generate large quantities of legal documents. Therefore, I selected Bigle Legal as the optimal solution for law firms seeking automated legal document creation.
Standout features & integrations:
Bigle Legal offers extensive features including customizable templates, an automated document generator, and OCR capabilities for scanning and digitizing physical documents. It also provides integrations with commonly used platforms in legal practice such as Microsoft Office 365, enhancing the document creation and editing process.
Pricing:
Pricing for Bigle Legal starts at $30/user/month (billed annually).
Pros:
- Focus on automating legal document creation
- Customizable templates for various legal documents
- Integrations with platforms like Microsoft Office 365
Cons:
- Might be less suitable for businesses outside the legal industry
- User interface could be more intuitive
- Limited feature set compared to some broader contract management platforms
11. ASC Contracts - Best for businesses wanting scalable contract lifecycle management
ASC Contracts provides a full spectrum of contract lifecycle management solutions. It accommodates businesses of all sizes and supports the scalability businesses require as they grow and their contract management needs to evolve.
Why I Picked ASC Contracts:
I chose ASC Contracts because of its impressive scalability, which allows businesses to tailor the software to their specific needs and adjust as those needs grow. What makes ASC Contracts stand out is its comprehensive contract management capabilities that can support businesses from their infancy to significant growth stages. This makes it a top choice for businesses wanting scalable contract lifecycle management.
Standout features & integrations:
ASC Contracts offers a comprehensive set of features including automated notifications, advanced reporting, and a centralized contract repository. Its ability to integrate with major business systems like ERP, CRM, and document management systems makes it a versatile tool in a diverse business ecosystem.
Pricing:
ASC Contracts' pricing starts from $25/user/month, but more detailed pricing is upon request.
Pros:
- Offers scalability to accommodate growth
- Comprehensive feature set
- Integrates well with major business systems
Cons:
- Might have a steep learning curve for beginners
- Advanced features may be overwhelming for small businesses
- Pricing information is not fully transparent
12. Webdox - Best for startups requiring affordable yet comprehensive CLM solutions
Webdox is a Contract Lifecycle Management (CLM) platform offering a range of contract management functionalities. Designed with affordability in mind, it caters particularly to startups seeking comprehensive contract solutions without breaking the bank.
Why I Picked Webdox:
In my analysis, Webdox emerged as an excellent option for startups due to its comprehensive features and affordable pricing. Startups often operate on limited budgets, and Webdox's pricing model respects that reality, offering robust contract management tools without the hefty price tag. Its ability to deliver both affordability and comprehensive features is what makes it stand out, making it the best choice for startups requiring affordable yet comprehensive CLM solutions.
Standout features & integrations:
Webdox provides a myriad of features, such as contract creation, negotiation, and tracking, which are invaluable to startups. The tool offers integration with popular platforms like Google Drive and Dropbox, facilitating seamless storage and retrieval of contract documents.
Pricing:
Webdox offers a very startup-friendly price, starting from $9/user/month (billed annually).
Pros:
- Affordable pricing suitable for startups
- Comprehensive contract management features
- Integrates with Google Drive and Dropbox
Cons:
- As a startup-focused tool, it might lack some advanced features
- Interface could be more intuitive
- Annual billing might not be ideal for some businesses
Other CLM Software
Below is a list of additional CLM software I shortlisted but did not make it to the top 12. Definitely worth checking them out.
- SpotDraft - Good for automating contract drafting with AI
- Evisort - Good for leveraging artificial intelligence for contract analytics
- CobbleStone Contract Insight - Good for large organizations needing comprehensive contract management
- Contract Logix - Good for managing the full contract lifecycle with data-driven insights
- Ultria CLM - Good for integrating with enterprise systems for contract automation
- PandaDoc - Good for small businesses seeking contract creation and e-signing in one place
- Gatekeeper - Good for maintaining compliance with in-built risk management features
- Trackado - Good for cost-effective contract management with a clean interface
Selection Criteria for CLM Software
In my thorough journey of identifying and examining the best contract lifecycle management (CLM) tools, I have assessed and personally tried numerous platforms. Having tested each of these tools, I can confidently discuss the criteria that matter most when choosing this type of software. In this case, I focused primarily on core functionality, key features, and usability aspects.
Core Functionality:
- Contract Creation: The tool should enable users to create new contracts with ease using customizable or pre-existing templates.
- Contract Review & Approval: It should facilitate the process of reviewing, editing, and approving contracts within the platform.
- Contract Execution: The software should allow for secure and legally compliant digital signing of the documents.
- Contract Management: Post-execution, the tool should offer features for contract renewal, performance tracking, and overall management.
- Reporting & Analytics: It should provide insights into contract performance, compliance, and other key metrics.
Key Features:
- Integration Capabilities: The tool should easily integrate with other business systems like CRM, ERP, or other necessary software.
- AI Assistance: The tool should leverage AI to extract key contract data and provide automated suggestions.
- Compliance Management: The software should assist in maintaining compliance with features such as automatic alerts for regulatory amendments.
- Risk Management: It should provide risk assessment tools to identify potential contract risks.
- Collaboration Tools: The software should facilitate real-time collaboration between stakeholders.
Usability:
- Intuitive Interface: For CLM software, having a clean, easily navigable interface is essential, as it houses complex legal documents. The less cluttered and more straightforward it is, the better.
- Easy Onboarding: The platform should provide adequate support and resources (guides, tutorials, or dedicated support) to get teams up and running swiftly.
- Scalability: The software should be able to grow with your business needs. It should easily accommodate an increasing number of contracts and users.
- Reliable Customer Support: Good customer service is paramount. The company should provide swift and effective support when users face difficulties.
- Role-Based Access: A good CLM solution should enable configuring role-based access to ensure the right individuals can view or edit the right contracts.
Most Common Questions Regarding CLM Software
What are the benefits of using CLM software?
Utilizing a CLM software solution provides numerous benefits. These include streamlined contract creation through customizable contract templates, enhanced review and approval processes with collaboration features, reduced legal risk via compliance management, improved efficiency through automation and AI assistance, and detailed insights on contract performance with analytics and reporting tools.
How much do these CLM tools cost?
The pricing for CLM tools can vary significantly based on the tool's capabilities, the scale of operations, and the number of users. A simple, small-scale CLM tool could start as low as $10/user/month, while comprehensive enterprise-level solutions could go up to $100/user/month or more.
What are the pricing models for these tools?
The most common pricing model for CLM software is a subscription-based model, often charged on a per-user basis. This could be billed monthly or annually, with annual plans often offering a discount. Some providers also offer tiered plans, where the features you get access to depend on the plan you choose.
What is the typical range of pricing for these tools?
A typical range for mid-level CLM software would be around $25 to $75/user/month. However, this can fluctuate depending on the specific needs of the business and the feature set offered by the tool.
Which is the cheapest and most expensive CLM software?
As of my latest research, Webdox is one of the most affordable options, starting from around $10/user/month, making it a good choice for startups and small businesses. On the other hand, solutions like CobbleStone Contract Insight are at the higher end of the spectrum, with prices starting at around $100/user/month, offering a wide array of sophisticated features.
Are there any free CLM tool options?
While fully free CLM tools are rare due to the complexity and sophistication of the services they provide, some do offer free trials such as Ironclad and Contractworks, or free limited versions. This allows potential users to try out the tool before making a commitment. It's always a good idea to check the specific vendor's website for the most accurate and up-to-date information.
More CLM Software Reviews
Summary
As we wrap up this guide, it's evident that choosing the right contract lifecycle management (CLM) software can significantly impact your organization's efficiency, risk management, and bottom line. The diversity of the tools on the market means there's a solution to fit nearly every need, from startups seeking affordable options to large enterprises needing comprehensive features and integrations.
Here are three key takeaways to assist you in choosing the best CLM software:
- Identify Your Needs: Understand your specific contract management needs before diving into the market. Are you seeking a tool to streamline contract creation, enhance collaboration, or provide granular analytics? Different tools have different strengths, so align your choice with your primary needs.
- Consider Pricing and Scale: Consider not only your current requirements but also future growth. CLM tools offer a variety of pricing models and scalability options. It's crucial to choose a tool that fits your budget now and can grow with your business in the future.
- Evaluate Usability and Support: Lastly, consider the tool's usability and the level of customer support provided by the vendor. A tool with a user-friendly interface and responsive support team can save a lot of time and frustration, contributing to a smooth contract management process.
By keeping these points in mind, you'll be well on your way to selecting a CLM tool that can transform your contract management processes and drive your business forward.
What do you think?
As this space continues to evolve, new tools and software are continually emerging. Therefore, your feedback and suggestions are invaluable. If you've had a positive experience with a contract lifecycle management tool that wasn't covered in this guide, please feel free to share it.
I'm always open to discovering and exploring new solutions that could benefit the broader community. Together, we can keep this resource as comprehensive and up-to-date as possible.