Best contract lifecycle management software

Much like contract management software, contract lifecycle management software helps you manage contracts. The big difference between the two is that contract lifecycle management software covers every stage of the contract, from pre-award to post-award — although many people use the terms interchangeably since a lot of contract management software programs now also handle the contract lifecycle.

During the award and post-award phases, there are plenty of opportunities for a contract to fall by the wayside. Tracking the contract’s lifecycle helps prevent this from happening.

Contract lifecycle management software gathers all the contracts you have in one place, extracts data (like who the parties are and what the terms of the contract are) from the contracts, and makes note of contract deadlines.

It also helps with the approvals process, which can be a big source of bottlenecks. Instead of having to manually remind the legal department or managers that the contract needs to be signed, the software can do it automatically by setting up workflows.

There are a lot of options available if you’re looking for contract lifecycle management software. Some programs may already have a lifecycle management module. Others are part of supply chain or enterprise resource planning (ERP) software.

Here are a few of the best contract lifecycle management software programs currently available.

These are just a few of the contract lifecycle management software options available. As with any software program, it’s important to consider the needs of your organization before you start using it. Remember to think about the programs you’ll need to integrate the software with as well.

For example, if you’re looking for a full-featured software package that extends to supply chain or ERP functions, look at Oracle NetSuite, Oodo, or something similar. If you’re looking to manage only the contract lifecycle, a standalone product may be enough for you. Check to see what kind of integration support the software includes, as well as APIs offered to help you connect the software to your existing systems.

This article is originally published on Jan 10, 2020, and updated on Oct 05, 2021.

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