Top Tools for Business Contract Automation in 2021

As businesses continue to navigate the current economic landscape, increasing demands for efficiency and cost savings have made it imperative to streamline operations. One area that has seen a significant shift towards automation is contract management. Contract automation tools not only help businesses save valuable time and resources but also minimize the risk of human error and provide greater visibility and control over the contracting process.

In this article, we will be taking a closer look at the top tools for business contract automation in 2021 that can help organizations optimize their contracting process and maximize their bottom line.

Benefits of Contract Automation for Business

Contract automation offers numerous benefits to businesses of all sizes. Here are some of the major advantages:

1. Streamlines Contract Creation and Management
• Automating contract creation and management helps companies save a significant amount of time and effort by reducing manual tasks, such as drafting documents and sending them for signature.
• It also helps ensure consistency and accuracy in language and formatting of contracts across the company.
2. Improves Collaboration and Visibility
• Contract automation software provides a centralized location for all parties involved in the contract process to collaborate and communicate in real-time.
• This enhances visibility and transparency into the contract pipeline and minimizes the risk of errors or disputes.
3. Increases Efficiency and Productivity
• Automated contracts can be created, negotiated and signed much faster than traditional methods.
• Employees can focus on higher-value activities, such as improving sales and customer relationships, instead of administrative tasks.
4. Minimizes Risk and Improves Compliance
• Contract automation tools allow for the creation of templates that include legal and regulatory requirements, minimizing the risk of omissions or errors.
• Automatic reminders can also be set up to notify stakeholders of important deadlines, reducing the risk of missed deadlines.
5. Enhances Security and Scalability
• A contract automation software can offer advanced security features, including encryption, access controls, and authentication protocols, ensuring the confidentiality and integrity of data.
• The scalable nature of contract automation software makes it an efficient solution for companies that are growing rapidly.

In summary, contract automation has emerged as a vital tool for businesses seeking to optimize their operations, improve productivity, minimize risk and ensure compliance.

Factors to Consider When Choosing Contract Automation Tools

When looking for a contract automation tool, there are several factors to keep in mind to ensure that you choose the best one for your needs.

First, consider the complexity of the contracts that you need to automate. If your contracts are simple, you may only need a basic tool, but if your contracts are complex, you'll need a more robust tool that can handle custom workflows, conditional logic, and other advanced features.

Second, think about how easy it is to use the tool. You'll want to choose a tool that is easy for your team to learn and use, so they can start automating contracts as quickly as possible.

Third, consider the integration capabilities of the tool. You'll want to choose a tool that can integrate with other tools you use, such as your CRM or document management system, to streamline your workflow.

Fourth, look at the security features of the tool. You'll want to choose a tool that has strong security measures in place to protect sensitive contract data.

Finally, consider the cost of the tool. You'll want to choose a tool that fits within your budget, but also offers the features and functionality you need to automate your contracts effectively.

Top Contract Automation Tools for Small Business

PandaDoc

PandaDoc is a contract management and document automation tool designed to simplify the document creation process for businesses. Using PandaDoc, businesses can create, send, track, and eSign professional-looking documents, including contracts, proposals, quotes, and more, all within a single platform.

With PandaDoc's drag-and-drop document editor, users can easily customize document templates to fit their requirements. The tool's centralized document repository enables users to access their files from anywhere, collaborate with team members, and share documents securely with clients and partners. Users can also set up custom workflows to streamline their document approval processes and ensure compliance with their company's standards.

One of PandaDoc's standout features is its built-in eSignature functionality, which allows users to collect legally binding signatures electronically. The platform also integrates with leading CRM and payment processing systems, making it easy to close deals faster and streamline the sales process.

PandaDoc offers various pricing plans that cater to businesses of all sizes, from startups to enterprises. The platform's user-friendly interface, powerful features, and affordable pricing make it a top choice for businesses looking to automate their document workflows and accelerate the sales process.

DocuSign

DocuSign is an electronic signature software that streamlines document signing for individuals and businesses. It allows users to sign and manage documents digitally, ensuring all parties involved have a secure and legally binding agreement. Documents can easily be sent for signature and tracked through the entire signature process.

One of DocuSign's key features is its ability to integrate with popular platforms like Salesforce, Microsoft Office, Google Drive, Dropbox, and more. This integration streamlines the signing process as documents can easily be accessed and sent for signature directly from these platforms.

DocuSign also offers a range of features that enhance document management. Users can add fields for signatures, initials, text, and more, as well as input conditional logic, ensuring fields are only completed by the necessary parties when specific conditions are met.

Further, DocuSign provides advanced security features to ensure document privacy and regulatory compliance. The platform uses advanced encryption technology to protect documents and information during transit and at rest.

In summary, DocuSign offers a comprehensive electronic signature and document management solution that enhances contract management. With its integrations, customizable fields, and security features, DocuSign is a valuable tool for businesses of all sizes.

ContractWorks

ContractWorks is a contract management software that streamlines the contract process for businesses, providing a secure, centralized platform for contract storage and sharing. The software automates task reminders, email alerts, and reporting functions to ensure that all contracts are accurately tracked and managed.

As a cloud-based solution, ContractWorks offers a cost-effective way for businesses to digitize and streamline their contract processes, providing a secure online environment for contract collaboration and review. With ContractWorks, businesses can manage both sales and supplier contracts, ensuring all parties are on the same page and up-to-date with any contract changes.

With intuitive search features and custom filters, ContractWorks makes it easy for users to quickly find the exact contract they need, without wasting time sifting through folders or files. Additionally, the software offers unlimited user access, making it easy for businesses to collaborate and share contracts with relevant parties.

ContractWorks integrates with other business software, such as Salesforce and Microsoft Dynamics, to provide a cohesive solution for businesses that rely on multiple software tools. Finally, ContractWorks offers advanced security features, such as two-factor authentication and encrypted data storage, ensuring that contracts remain confidential and secure at all times.

In conclusion, ContractWorks is an essential tool for businesses of all sizes, simplifying the contract process with its cloud-based contract management software, intuitive search functionality, unlimited user access, and advanced security features.

Formstack

Formstack is an online form builder that can also help with business contract automation. It allows users to create custom forms and automate workflows that can streamline business processes.

With Formstack, users can create forms for a variety of purposes such as lead generation, event registration, and job applications. It also provides users with a drag-and-drop interface that makes it easy to customize forms according to their needs.

In terms of business contract automation, Formstack's workflows feature can help automate the creation and approval of contracts. Users can create workflows that route contracts to the right people for review, signature, and submission.

Formstack also provides users with electronic signature functionality that can simplify the contract signing process. With this feature, users can create legally binding electronic signature fields that signees can use to sign contracts electronically from anywhere.

Lastly, Formstack provides analytics and reporting features that can help users track form submissions and contract approvals. These features can provide valuable insights into the efficiency of business processes, which can help identify areas for improvement.

Concord

Concord is a cloud-based contract management software that simplifies the entire contract lifecycle for businesses. It offers features like customizable templates, e-signatures, version tracking, and automated reminders.

One of the standout features of Concord is its intuitive interface that makes it easy for users to quickly create and manage contracts. The software streamlines the process by allowing users to import existing contracts, review and edit them, and then send them out for e-signatures.

Concord also offers integration with other business tools like Salesforce, Dropbox, and Google Drive, which makes it a great choice for businesses that use multiple tools for different tasks.

Overall, Concord is a top choice for businesses looking for an affordable and easy-to-use contract management software with all the essential features.

Top Contract Automation Tools for Business Enterprises

Onit

Onit is a cloud-based workflow and business process automation platform that enables businesses to automate, simplify, and improve their legal, compliance, and operational workflows. The platform allows businesses to streamline their processes, reduce project turnaround time, and increase productivity by providing a flexible and scalable solution.

Onit provides a range of tools to manage different types of workflows, including contract management, legal operations management, sales and revenue operations management, and compliance management. The platform's functionality can be tailored to meet the specific needs of each business, and it integrates seamlessly with other applications such as Salesforce, NetSuite, and Box.

One of Onit's key features is its ability to provide real-time visibility into the status of business processes. This enables businesses to identify bottlenecks, inefficiencies, and areas of improvement, making it possible to optimize processes over time. Onit's analytics and reporting tools provide detailed insights into the performance of different workflows, allowing businesses to make data-driven decisions.

Onit's user-friendly interface and intuitive workflow design tools make it easy for businesses to create custom workflows without requiring extensive programming knowledge. The platform is also highly flexible, allowing businesses to adapt their workflows as their needs change over time.

Overall, Onit is a powerful and versatile platform that can help businesses of all sizes automate their workflows and reduce operational costs. With its customizable workflows, real-time visibility, and user-friendly interface, Onit is a great choice for businesses looking to streamline their legal, compliance, and operational processes.

Agiloft

Agiloft is a contract management software that helps businesses simplify contract lifecycle processes. With this software, businesses can manage the lifecycle of contracts from creation to renewal, and everything in between.

Agiloft has a flexible and customizable interface that can adapt to different workflows and business needs. It can automate contract creation, approvals, and even complex negotiations. It stores every contract in a central location, enabling easy searching and retrieval of documents, and is designed to improve compliance and reduce risk.

One of the standout features of Agiloft is its powerful artificial intelligence capabilities. It uses AI to analyze contracts and extract essential data automatically, such as contract renewal dates, payment terms and obligations. Users can also customize the software to analyze specific clauses and terms, flagging any potential risks such as compliance issues, warranty breaches, and vendor performance obligations.

Agiloft's unique no-code platform enables businesses to automate their processes without needing to rely on IT expertise. Users can create custom workflows, rules, and templates using drag-and-drop tools to streamline the contract management process.

Finally, Agiloft's customer support is exceptional, offering customers a dedicated service team that can be reached by email, phone, or chat. Plus, the software comes with a 24/7 self-service support center.

Overall, Agiloft's powerful features, flexible and customizable interface, and dedicated customer support, make it a top choice for businesses of all sizes that need to automate their contract management processes.

Ultria

Ultria is a contract management software designed to streamline the entire contract lifecycle for businesses. The software offers various features that help users with contract creation, negotiation, and management. It uses AI-based automation to help reduce the time and effort required to manage contracts.

Ultria's unique feature is its ability to identify and manage contract risk, which can help businesses avoid costly disputes and non-compliance penalties. It also provides automated renewal alerts, which ensures that contracts are never left unmonitored or renewed without approval.

Ultria's user-friendly interface and customizable dashboards make it easy for businesses to track contract performance and monitor key metrics. The software is typically used by legal departments, procurement teams, and contract administrators to manage corporate contracts and accelerate their contract lifecycle processes.

Icertis

Icertis is a contract management software designed for large businesses and enterprises. It is a cloud-based tool that automates the entire contract lifecycle, including contract authoring, negotiation, execution, and management.

Some of the key features of Icertis include its powerful analytics capabilities that help businesses gain insights into contract performance and identify opportunities for optimization. It also offers AI-powered contract creation and analysis, allowing for faster and more accurate contract creation and review.

Additionally, Icertis is highly customizable, which means it can be tailored to meet the specific needs of various industries and business types. The software also offers integrations with other business tools and platforms, such as Salesforce and Microsoft Dynamics 365.

One of the standout features of Icertis is its ability to handle complex contracts with multiple stakeholders and advanced clauses. It also has built-in compliance tools that ensure contracts adhere to legal and regulatory requirements.

In conclusion, Icertis is a powerful and highly customizable contract management software that is particularly well-suited for large businesses and enterprises. With its AI-powered analytics and contract creation tools, it can help businesses streamline their contract management processes and optimize their contracts for better performance.

RFP360

RFP360 is a cloud-based software that streamlines and automates the process of creating, managing, and analyzing requests for proposals (RFPs) and vendor responses. It simplifies the creation of RFP templates, tracks responses and the evaluation process, and provides analytics to help businesses make informed decisions.

One of the key features of RFP360 is its ability to enable collaboration between different departments within an organization, as well as with external vendors. It allows for multiple stakeholders to access and provide input on RFPs and vendor responses, enabling more efficient and effective decision-making.

RFP360 also provides customizable workflows, which allows businesses to create a tailored RFP process that aligns with their unique requirements. It offers a drag-and-drop interface for creating and modifying RFPs, making it easy for users to get started quickly and work efficiently.

Moreover, RFP360 has a robust analytics engine that helps businesses evaluate vendor responses and provide insights on comparison data. This allows them to make informed decisions about which vendors to select and negotiate with.

In summary, RFP360 is a comprehensive tool that streamlines the RFP process, providing a centralized platform for collaboration, customized workflows for efficiency and insights on comparison data to make informed decisions.

Comparison of Top Contract Automation Tools

When it comes to selecting the right contract automation tool for your business, it's important to compare and evaluate the available options. Here are some factors to consider for the comparison of top contract automation tools:

1. Features: Look at the features offered by each tool, such as integration with other business software, automatic document generation, electronic signature functionality, and more.
2. Usability: Evaluate the ease of use and user experience of the tool, including factors such as user interface, navigation, and overall design.
3. Pricing: Consider the various pricing plans or models offered by each tool, including any additional costs for features or add-ons.
4. Customer Support: Look at the level of customer support offered by each tool, including resources like help documentation and training, as well as the availability of support channels such as phone, email, or chat.
5. Security: Evaluate the security features and protocols offered by each tool, including data encryption, access controls, and compliance with industry standards like GDPR, CCPA, and HIPAA.
6. Reviews and Ratings: Read reviews and ratings from other users of each tool, and consider factors such as overall satisfaction, support quality, and ease of implementation.

By comparing and evaluating these factors, you can choose the right contract automation tool for your business and ensure a smooth, efficient, and secure contract management process.

Summary

In 2021, businesses can use a range of tools to automate their contract management processes. Contract automation software can streamline the contract drafting and negotiation processes, while e-signature tools can simplify the signature collection process. Other tools such as contract analytics software, contract management platforms, and contract lifecycle management software can also help businesses monitor and assess contracts throughout their lifecycle.

Additionally, artificial intelligence and machine learning can facilitate faster, more accurate contract review and analysis. With the right contract automation tools, businesses can save time, reduce errors, and improve efficiency in their contract management processes.