How you manage contracts affects business relationships. The right contract management system (CMS) speeds delivery, ensures consistency and reduces risk.
This can help your business avoid bottlenecks and missed deadlines. Renewals are crucial to reducing customer churn, and using a CMS ensures customers receive timely reminders.
To understand what makes a system effective, start with the core features every business should expect from a CMS platform.
What are the key features of a good contract management system?
Contracts form the basis for company sales. Many companies neglect the question of which department is responsible for tracking milestones. Without accountability, you could miss out on contract renewals and delay lucrative deals.
Experts expect the global contract management software market to grow from $1.62 billion in 2024 to $3.24 billion in 2030. As more developers get into the CMS game, more features are available. Advances in artificial intelligence (AI) are making platforms more intuitive.
Although many providers offer similar products, the interface and support vary greatly. The following characteristics characterize a good contract management system:
- The centralized repository and search uses metadata tagging to find an agreement by party, date or clause.
- Automated workflows route contracts for review, trigger automatic approvals, and use conditional logic to send the right document to specific people.
- Clause libraries and templates saved time when drafting contracts and made the system easier for non-legal actors.
- By integrating digital signatures, contract approvals are streamlined and all documentation is stored in the same database.
Depending on your industry, other elements may come into play. Take the time to think about the entire lifecycle of a contract and the different touchpoints. Note which ones could be automated to better serve the company and customers.
Methodology for ranking CMS providers
Although which platform is best for your business depends on industry and management priorities, ranking each provider based on a few basic criteria narrows the list down to the top contenders in these areas. Each provider was ranked based on the elements in the table below.
| Workflow automation | Clause libraries |
| reporting | Commitment tracking |
| Integrations with common customer management tools | Digital signature option |
| Ease of use | Total cost of ownership |
Final results come from case studies, documentation, customer feedback and demos. Each provider received a score based on its performance in each category, with features like engagement tracking receiving double points.
Best contract management systems
The CMS you choose can increase productivity, ensure compliance, and leave a good impression on users. Five platforms lead the market in terms of ease of configuration and comprehensive automation.
1. Agiloft
Founded in 1991 as a business process automation company called Integral Solutions Corporation, Agiloft was originally a workflow automation provider. Over the years, the company has become a leading provider of no-code contract lifecycle management (CLM) software and has one of the most versatile contract management product suites on the market.
The Agiloft platform allows users to customize workflows, approvals, commitments, and create reports without developers having to write code. The software extracts metadata using AI tools for advanced search and analysis capabilities and integrates seamlessly with Salesforce and SAP.
Agiloft’s flexibility and history make it a good fit for mid-sized and large companies that require enterprise-grade control, customization, and security for compliance.
2. Uncertain
Icertis was founded in 2009 and is based in Bellevue, Washington. The company develops cloud-based enterprise CLM software based on the Microsoft Azure platform for global enterprise compliance, scalability and analytics.
Icertis’ artificial intelligence platform provides a single source of contracts across regions, departments and business units, monitoring performance, risks and commitments. It is widely used by multinational companies and others in highly regulated sectors that require governance and analytics.
3. Tank armored
Founded in 2014 by Jason Boehmig and Cai GoGwilt, Ironclad has grown into one of the largest and fastest-growing legal tech companies. Ironclad’s founders wanted to rethink how companies can easily create contracts. They have developed a single interface for workflows and legal collaboration.
In addition to its no-code, drag-and-drop contract workflow designer and clickwrap tracking feature for online transactions, Ironclad has enhanced its capabilities with AI-powered redlining and policy management capabilities. Ironclad is an excellent solution for growth-stage companies looking for efficient, easy-to-use CLM software.
4. LinkSquares
LinkSquares was founded in Boston in 2015 by Vishal Sunak and Chris Combs, who built the platform after difficulties acquiring their company. The platform is a low-maintenance repository with AI-powered visibility and analytics.
LinkSquares enables its users to extract key terms from contracts using post-signature intelligence. It analyzes risks and allows executives to track upcoming commitments and renewals. The simple interface and quick onboarding have made it popular among companies that want advanced analytics without the hassle of configuration.
5. ContractWorks
Founded in 2012 and now part of Onit, Inc., ContractWorks simplifies contract management and makes it affordable. The provider offers companies basic contract management capabilities through a central repository, role-based access permissions and alerts integrated into a user-friendly interface.
Compared to more complex implementations, the system particularly impresses small and medium-sized companies with its stability and easy installation. Parent company ContractWorks continues to support it as an entry-level product with enhanced security.
How to choose the right platform
Finding a CMS platform that meets all your needs will give you greater control. You’ll master compliance requirements and gain confidence in the contract lifecycle, helping you negotiate better.
Start by mapping your existing processes and identifying bottlenecks. Note who initiates the contract, where approvals stall, and which clauses cause tension. Use demos and trial periods to test each platform with a handful of real contracts. Test the search functions, routing and reporting. The right choice should integrate with existing systems and scale as your business grows.
Reap the rewards
Understanding and implementing the key features of a good contract management system will put you one step ahead of your competitors. Your team can invest in technology that shortens turnaround times, reduces errors, and strengthens cross-departmental relationships. With optimized contracts, you can spend more time acquiring customers. Updated and automatically maintained information prevents costly errors.
The right CMS platform optimizes your contracts in an ever-changing global business environment and allows you to focus on the elements that create growth.
