With a phenomenal upward trend over the last decade, the contract management industry has evolved into a critical business-shaping legal function.
Global enterprises needed to craft new contract structures to match the rapid and dynamic nature of the businesses. The plethora of new business models and a range of products, services, markets, consumers, regions, jurisdictions, and rules require more pertinent contractual architecture. As a result, several innovative value additions have emerged in this space, transforming contract management into a technology-centric legal arm of businesses.
And, regardless of size or business agility, the Covid19 epidemic has had a significant influence on various firms’ contracts and trading ties. As a result, Contract Lifecycle Management (CLM) technology has been elevated to a higher priority level.
It’s also worth noting that the CLM field has grown into a successful branch of the legal tech business, attracting significant funding. By 2025, the contract management market is estimated to grow at a 12.3% CAGR, reaching USD 6.5 billion.
In light of this, it’s critical for businesses to streamline and prioritize their contract management solutions.
Here is a list of best-in-class CLM vendors who can help organizations shorten contract cycles, close loopholes in contracting processes, limit risk, save operational costs, and boost productivity. CLM continues to be one of the most topmost technology solutions for which legal departments may be willing to invest.
While it may appear to be a simple solution to load the new CLM system with only incoming contracts, this is not the best approach. Simply put, you are leaving enormous amounts of valuable data behind. Legacy contract migration can be a laborious task, but if handled systematically it can afford businesses significant contractual transparency and competitive advantage.
At Cenza, we offer services directly to corporate clients as well as CLM providers. We have partnerships with leading digital contract management platforms, including ContractWorks and Ironclad. Cenza’s team comprises skilled lawyers who ensure highly accurate contract migration and extraction results to our clients.
There are several key factors to consider while implementing the right CLM solution and partnering with the perfect provider. For instance, deploying a CLM system requires the extraction of contract metadata (read this blog to know the significance of contract metadata). Therefore, you will have to study the provider’s culture, philosophy, and of course, their domain depth. Also, as an organization, you must have clarity on your business’s current needs and its long-term vision. Take these as cornerstones while selecting the CLM solution and provider.
CLM providers play a pivotal role in automating the key stages that include: initiation, authoring, process and workflow, negotiation and approval, execution, ongoing management and compliance, and contract renewal. A unified language, standardized templates, common terminologies, repeatable conditions help to reduce time and effort for all legal function stakeholders. It paves a path between contract phases from initiation to renewal and assures speed and accuracy. Contracts are living documents that underpin the trust between parties and drive the business relationship forward. It reduces the risks involved across the board, enhances customer relationships, and assures improved efficiencies.
If you are keen to partner with a provider who can deliver the above the following list aids you in choosing your potential CLM provider. This list is regularly being updated, should you find your organization missed out do not hesitate to contact us at: marketing@cenza.co.
 Aerofiller Aerofiller partners with organizations to manage their legal information better. It helps global organizations close deals faster, unlock hidden insights from contracts, mitigate risks, and brings up the renewal date promptly. |
Agiloft is a global leader in contract and commerce lifecycle management (CCLM) software and helps organizations become more agile with applications that work the way they do. It provides flexible business solutions that help clients scale and adapts quickly. |
Bounsel helps to transform organizations from outdated methods of contract management to a modern way of functioning. Through technology, purpose, and design it offers an all-in-one contract collaboration platform that eases work. |
Conga is a global leader in commercial operations transformation. It helps businesses simplify and automate their approach to the essential quotes, contracts, and documents that drive commerce. |
CLM Matrix partners with organizations to provide end-to-end contract processes efficiently and securely to drive better business outcomes. Its 100% configurable platform, a modern user interface to support high user adoption with minimal training. |
CobbleStone was among the first and most experienced companies to offer a contract management software product. It provides advanced, cost-effective, and user-friendly contract and procurement management software applications. |
Concord provides solutions that are holistic and enables a complete view of all the contracts. It affords autonomy and awareness around contracts and ensures an increase in compliance and regulation. Built with intuitive features—like online negotiation and editing, deadline alerts, and approval workflows, Concord powers every step of the contract lifecycle, making growth and compliance synonymous. |
Contract Logix is a leading provider of data-driven contract lifecycle management (CLM) software. It helps clients streamline and automate their contracting processes, minimizing risk, increasing compliance, and driving profitability.. |
ContractPodAi believes that legal readiness is business readiness. It offers complete visibility, command, and control over the legal lifecycle of your business. And prepares legal to face challenges by pushing the boundaries of what is possible in legal tech. |
Contract Room is a developer of leading contract lifecycle management (CLM) solutions. Offers the world’s smartest Contract Lifecycle Management software, ensures contract compliance with an end-to-end digitized process. |
ContractSafe provides contract management software that streamlines contracts, minimizes risk, and reduces costs through a simple, secure platform. It helps clients overcome challenges with its secure and easy-to-use products. |
ContractWise helps organizations to improve their management of contracts and reduce the risks of being impacted by poor-performing contracts. |
ContractWorks, by SecureDocs, provides contract management software that focuses on usability and a simple user interface. It offers a comprehensive feature set for companies keen to move away from managing contracts manually, tracking details on Excel, or struggling with an existing contract management process that is too complicated or expensive. ContractWorks has a strategic partnership with Cenza to support their clients with the migration of legacy contract data to the ContractWorks platform.. |
ContractZen is a Finnish cloud technology company founded in 2014. The all-in-one SaaS solution includes metadata-driven contract management, all-digital meeting management, virtual data rooms (VDR), secure e-signatures, and more. |
ContraxAware has over 30 years of contract and data management experience. It offers thoughtfully built contract management software that delivers an outstanding return on investment. |
Corridor Company is a leading provider of contract lifecycle management solutions on Microsoft 365. Corridor Contract Management solutions are trusted by Urban Outfitters, AARP, the LPGA, YMCA, and other world-class organizations. |
Coupa works to empower global companies with the visibility and control they need to spend smarter and safer. It transforms the way businesses manage their spend. |
DocuSign helps organizations connect and automate how they prepare, sign, act on, and manage agreements. Today, over 980,000 customers and users in over 180 countries use DocuSign for their business operations. |
Evisort founded in 2016 by Harvard Law and MIT researchers, is an AI-powered contract management company. It helps companies organize, understand, and extract data from their contracts. With Evisort, information locked away in documents becomes searchable, and key terms can be surfaced to the right people at the right time. |
Filevine, the top legal software company on the Inc. 5000 list is the leading cloud-based collaborative work solution for law firms. Over 20,000 legal professionals use Filevine and it serves as a key function in firms across North America. It recently acquired Outlaw, a Leader in contract management. |
Gatekeeper works to make its customers’ working lives easier, more productive, and more valuable. It brings clarity to their contract and supplier data; making it controlled, dynamic, automated, and collaborative. |
Icertis contract management software leader has been validated by leading business analyst firms, industry associations, media outlets, partners and customers, for its usability, flexibility, and organization-wide capability. |
Ironclad is the #1 contract lifecycle management platform for innovative companies. L’Oréal, Staples, Mastercard, and other leading innovators use Ironclad to collaborate and negotiate on contracts, accelerate contracting while maintaining compliance, and turn contracts into critical carriers of operational business intelligence. Cenza is a partner with Ironclad in supporting their clients in implementing their CLM faster with legacy/ongoing contract extraction and migration services. |
LinkSquares offers the fastest AI-powered Contract Lifecycle Management (CLM) solution built for in-house legal teams. It saves fast-growing organizations money by eliminating manual contract review and the need for external counsel. Read more about a new LinkSquares product announcement, the company, and its place in the legal market. |
Malbek offers a modern, cloud-based contract management solution that delights users and enables them to do more with less. Every department within the organization can achieve contracting efficiencies with its cutting-edge solution. |
Onit CLM empowers legal and business teams to streamline the entire contract process, drastically reduce processing time, thereby achieving higher contract compliance rates, and compressed revenue cycles. Onit recently acquired McCarthyFinch and its artificial intelligence platform that accelerates contract reviews and approvals by up to 70% and increases user productivity by more than 50%. |
Parleypro is a secure cloud-based platform for modern contract negotiation and management. It improves visibility and control over the entire contract process with best-in-class contract automation, workflow, and collaboration tools. |
SirionLabs offers AI-powered contract lifecycle management technology. It digitizes the entire contracting process from drafting and performance, tracking to risk management and analytics. |
Trackado offers its customers efficiencies by helping them stay hyper-organized with contracts allowing instant and electronic access to it. Also, it ushers financial transparency and timely reminders. |
Ultria is a leading provider of CLM for large enterprises. It develops and licenses Artificial Intelligence-powered applications, including its flagship CLM solution for enterprises. |
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