Best contract lifecycle management software in 2024

Discover contract lifecycle management software use cases, benefits and recommendations for 2024 in this deep-dive.

Contract Lifecycle Management (CLM) software is an effective solution for businesses that want to gain control of their contracts and to speed up the contracting process. It enables legal and business teams to manage contracts efficiently at every stage and reduce the manual work involved in doing so.

This buyer's guide covers everything you need to know about contract lifecycle management software, from what it is to how it works and what you should consider as a first-time CLM software buyer. 

What is contract lifecycle management software?

Contract lifecycle management software describes technology that enables organizations to streamline and automate the entire contract workflow, from contract creation through to tracking and reporting. 

CLM software offers features that are useful during every stage of the contract lifecycle. This distinguishes it from point solutions like contract negotiation software or contract reminder software that focus on one particular phase of the contract lifecycle. 

Instead, CLM platforms enable teams to manage contracts from start to finish, all in one unified workspace.

What is a contract lifecycle?

A contract lifecycle is a process through which a contract is created and managed. It describes the various stages a contract must go through, from drafting all the way through to contract tracking. 

Although certain agreements will spend longer in certain stages of the contract lifecycle than others, most contracts follow the same vague process. They will be created, collaborated on, approved, negotiated, signed, stored, tracked, and renewed.

However, since contracts are complex legal documents, it's common for them to move back and forth across the contract lifecycle. Without the right tech and systems in place, this can result in painful and time-consuming contract workflows.

What problem does CLM software solve? 

For many businesses, the contract lifecycle is a fragmented, slow, and inefficient process.

Contracts are drafted in Microsoft Word, shared via email, signed in eSignature tools, stored in shared drives, and tracked in Excel spreadsheets. This means that companies rely on up to five different tools to manage their contracts, and moving back and forth between these different platforms results in friction and data loss.

Contract lifecycle management (CLM) software enables teams to reduce this friction and protect their contract data by bringing all of these steps into one unified workspace. 

By offering all of the functionality teams need to manage contracts in one platform, CLM software removes the need to jump between tools and eliminates routine contract admin tasks as a result.

If this sounds like something that would benefit your business, hit the button below to find out more. To compare contract lifecycle management software vendors and use cases, read on.

Who uses CLM software?

CLM software is typically used by legal and commercial teams in businesses that process a high volume of routine contracts and can benefit from legal automation.

In particular, legal teams use CLM software to streamline day-to-day contracting and enable other business teams to automate routine contracts in a safe and controlled way. This, in turn, frees up legal's time, enabling them to work on higher-value projects and upskill in new areas.

{{time-saved-andrew}}

But it isn't just legal teams that can benefit from CLM tools like Juro. A solution like Juro can also be used to enable and improve processes for other teams in the business. Here's how.

1. Sales teams

Sales teams can use CLM software to get sales agreements created and agreed faster, without having to leave their CRM.

{{callum-paddle-faster}}

Sales teams benefit from CLM software in a number of ways:

• Sales cycles require fewer tools and steps, resulting in speed and ease for sales reps
• CLM solutions like Juro provide a seamless experience for counterparties, reducing time to sign as a result
• Sales reps no longer need to enter information manually as contract data is captured automatically and fed directly to the CRM for reporting purposes

Find out more: CLM for sales teams

2. HR teams

HR teams can use CLM software to automate routine contract workflows, from updating employee contracts at scale to ensuring compliance with laws and pre-approved terms.

{{karolina-curve-negotiation}}

HR teams benefit from CLM software in a number of ways:

• A frictionless contract negotiation and signing experience can improve the overall candidate experience
• People and talent teams can automate routine contract admin and update contracts at scale with minimal manual work required
• HR teams can quickly access contract data and use it to make strategic decisions without having to search high and low to find it

Find out more: CLM for HR teams

3. Procurement teams

Procurement teams can leverage contract lifecycle management software to negotiate more favourable terms with their suppliers and making monitoring vendor relationships simple.

{{oke-moniepoint-visibility}}

Procurement teams can benefit from CLM software in a number of ways:

• CLM software provides procurement teams with instant visibility into contracts and their data, allowing them to access key terms like delivery timelines, vendor information, payment due dates and more in seconds
• Procurement teams can quickly identify potential cost-savings and negotiate more favourable terms ahead of upcoming renewals
• CLM systems can be used to streamline the process of onboarding vendors by automating vendor agreements and removing friction from the contracting process

Find out more: CLM for procurement teams

4. Finance and ops teams

Finance and ops teams use contract lifecycle management tools to maintain visibility into contracts and minimize contract value leakage.

{{nicolas-koombea-risk}}

Finance teams can benefit from CLM software in a number of ways:

• They can access contract data in seconds using a CLM tool, allowing them to accurately forecast revenue and spend
• Finance and ops teams can respond to upcoming auto-renewals ahead of time, with automated contract reminders to keep them in the loop
• Finance departments can control the payment terms in a contract with conditional approval workflows, ensuring high-value contracts receive the right level of oversight at the right time

Find out more: CLM for finance and ops teams 

Contract lifecycle management features to look out for

The contract lifecycle management features you need typically depend on the work you're doing, and where you can optimize your current process to increase efficiency. However, most businesses will benefit from the following CLM features:

• Rich-text contract editor
• Automated contract templates
• Approval workflows
• Split internal and external versions
• Browser-based redlining
• Advanced eSignature functionality
• Secure contract repository
• Automated contract reminders
• Customizable contract dashboard
• Contract intelligence and reporting
• Integrations with other business platforms
• Detailed contract audit trails

As we mentioned, every business will have different CLM requirements, so you should scope out exactly what you need from a platform and evaluate them accordingly.

What is the best contract lifecycle management software for 2024?

There are plenty of contract lifecycle management solutions on the market, each with a different set of features, benefits and limitations. To make your vendor research that bit easier, we've compiled a list of the best contract lifecycle management software in 2024.

1. SAP Ariba Contracts

SAP Ariba Contracts is a CLM solution that enables procurement and sales teams to create and agree contracts in a more consistent way. This contract lifecycle management software specializes in post-signature contract workflows, with powerful reporting functionality and the ability to monitor spend history and compliance in real time. 

Since SAP Ariba also offers sourcing, invoicing, and payment processing functionality, this contract lifecycle management software is a good fit for enterprise businesses that have complex procurement requirements. 

Features

• Centralized contract repository
• Clause library
• Advance reminders for key contract dates
• Detailed audit trails for contracts
• Pre-approved contract templates
• Native eSignature

Limitations

Given the complexity of the tool, it can take a long time to learn how to use and configure it. This can create a barrier to adoption for teams without the resources to invest in the CLM platform’s implementation. This something mentioned in several G2 reviews.

It may require careful planning, data mapping, and technical expertise to ensure smooth integration and data synchronization - Verified SAP Ariba user, G2 review

This complexity can even result in counterparties refusing to use the CLM solution, leaving businesses to fall back on their traditional tools and processes. 

The supplier experience is often confusing and difficult, to the extent that some suppliers refused to use the platform - Verified SAP Ariba user, G2 review

Who is this CLM best for?

SAP Ariba’s contract lifecycle management solution is best suited to large businesses that are willing to compromise ease for functionality. It works for procurement teams in large corporate environments as it can support other tasks, like sourcing and invoicing. However, it is less suitable for legal and commercial teams in scaling businesses that want a tool that's flexible and easy to use.

2. Icertis 

Icertis is another CLM platform that focuses on post-signature contract management and integrates seamlessly with ERP and spend management systems.

Icertis’ strongest functionality is its contract repository and reporting capabilities, with many users recognizing the CLM tool as a contract intelligence platform. This is what makes it a popular choice for businesses that need a firm grasp on governance and compliance. 

Features 

• Reporting and dashboards
• Contract approval workflows
• Notifications and reminders 
• Contract analytics
• Integrations with Salesforce and Workday

Limitations

Despite being one of the most recognized CLM tools, Icertis is also known as one of the most dated solutions on the market, with numerous independent reviews on G2 sharing this view:

The UI can seem a little dated at times. It could use an upgrade to the latest WCAG standards - Verified Icertis user, G2 review

The user interface of the application itself leaves something to be desired. It's possibly one of the worst modern SaaS applications I've seen in this regard - Verified Icertis user, G2 review

Independent reviews on G2 also express frustrations about the implementation of Icertis, with several users saying that making small tweaks and customizations can be ‘complex, tedious and costly’. This is also clear from Icertis’ score of 7.6 out of 10 for ease of setup on G2, which is way below the industry average. 

While Icertis presents all the functionalities and features of a contract lifecycle management tool, the implementation and training are items that were quite tough to get used to - Verified Icertis user, G2 review

Who is this CLM best for?

Given the CLM platform’s emphasis on governance and compliance, Icertis is most suitable for enterprise companies with strict regulatory requirements. It’s also a good option for businesses with more complex contract processes and requirements because it is highly customizable. However, due to its complexity, this CLM software is less suitable for businesses that want to automate routine contracts and want to get to value quickly.

3. Juro 

Also known as intelligent contract automation, Juro is an evolution of contract lifecycle management software. It empowers scaling businesses to create, agree, execute and manage contracts up to 10x faster than traditional tools.

Juro is the only platform specifically designed to work for both legal and commercial teams, resulting in faster contracting cycles, lower costs and reduced risk across the business. Juro is also highly flexible, meaning it is fast to implement and easy to maintain. 

Features

• Browser-native rich text editor
• Legal AI Assistant
• Contract approval workflows 
• Conditional logic 
• Internal and external commenting
• Legally binding eSignature
• Secure contract repository
• Renewal reminders 
• Analytics 
• Integrations with core business systems

Limitations

Unlike SAP Ariba, Juro doesn’t offer end-to-end functionality for procurement teams. Instead, Juro focuses on contract management and delivers the functionality teams need at every stage of the contract lifecycle. 

Juro also prioritizes ease of use and setup over high levels of customization. This is something to consider for businesses that want to manage particularly complex contracts and workflows that require a lot of custom development. 

Who is this CLM best for?

Juro is the best contract lifecycle management software for legal and commercial teams in scaling businesses with large contract volumes. Unlike most contract lifecycle management solutions, Juro was designed for both legal and business teams, enabling them to: 

• Self-serve on contracts from the tools they already use daily 
• Agree and manage contracts end-to-end in one collaborative workspace
• Accelerate contract drafting and collaboration with AI to shorten contract lifecycles

Juro powers 1 million+ contracts for the world's fastest growing businesses, including companies like Remote, Deliveroo, Trustpilot, The RealReal, AngelList and QuantumScape. To find out more about how Juro could work for your business, book a demo today. 

4. Agiloft

Agiloft is one of the oldest contract lifecycle management tools on the market, renowned for its enterprise-grade features and security. Like most legacy CLM systems, Agiloft is highly customizable, with plenty of features for users to take advantage of. Agiloft’s customers include Moderna, Chevron and Taylormade to name a few. 

Features

• Contract approval workflows
• Conditional logic
• Custom branding 
• Renewal reminders 
• Contract analytics 
• Integration with Salesforce 

Limitations

One of the biggest limitations of Agiloft is its UI, which users have described as bulky and unintuitive in G2 reviews. This a significant drawback because software that’s difficult to use and implement risks not being adopted.

Some custom configurations are a bit tricky to learn, and require manual, repetitive tasks to properly implement - Verified Agiloft user, G2 review

It also means that the implementation period tends to be longer for a tool like Agiloft, with numerous independent reviews citing the need for a dedicated Agiloft expert post-implementation too. 

 I would recommend allocating a significant budget for a good Agiloft project manager and implementation team to support you through the process - Verified Agiloft user, G2 review

This is a common complaint about legacy CLM software, suggesting thatAgiloft users face a steep learning curve. This means that, unlike Juro which is top-rated for ease of use, Agiloft can make it difficult for commercial teams to self-serve on contracts. 

Who is this CLM best for?

Agiloft is most suitable for businesses that require a high level of configurability, with the platform offering an extensive set of features. However, independent reviews suggest that this level of configuration requires a lot of technical expertise and time to use and implement. This makes it a weaker solution for businesses without these resources in place. 

What to consider when choosing CLM software

When it comes to choosing the right CLM software for your business, there are a few things you need to consider: 

• Workflow coverage. Which stages of the contract lifecycle are most painful for you currently? How does each CLM platform deliver value at this particular stage? Are any core features missing?

• How complex your contracts are. Are you tackling standard agreements that require consistency, or do you manage contracts that are heavily negotiated? How well does each contract lifecycle management system accommodate these types of contracts? 

• Budget. What budget have you been allocated for a CLM tool? Will there be any additional fees for onboarding? Does user-based pricing work out too expensive for your team? Will you require any additional, separate tools still?

• Required integrations. Which other business platforms would you like to integrate with your CLM software? Are these integrations available in all other tools? If they are, are they effective and affordable?

• Implementation periods. How quickly do you need to receive value from this tool? Do you have the time and resources required to invest in a heavy CLM implementation? Are you looking for a lighter, out-of-the-box solution? 

Need a CLM system that’s easy to use and implement?

Businesses run on contracts. But with multiple tools, teams and rounds of negotiation, contracts can create overwhelming admin and block business growth. Traditional CLM systems might help legal, but most are never fully adopted by business teams.

Juro is different. It’s the only AI-enabled contract automation solution built for legal and business teams. Our flexible platform lets you agree, execute and manage contracts up to 10x faster than traditional tools and integrates with systems you already use.

Juro is also rated above the industry average for ease of use and setup, making it a great contract lifecycle management software for businesses that want to receive value from the tool quickly. 

Juro is very easy to use amongst lawyers and non-lawyers! Many different teams within our business benefit from Juro - Verified Juro user, G2 review

Juro is the first CLM I've encountered that has truly been adopted (and enjoyed) by various company departments/stakeholders - Verified Juro user, G2 review

Juro is trusted by 6000+ of the world's leading companies and is one of the top-rated contract lifecycle management platforms according to G2. To find out more about Juro and how it can enable your business to agree contracts faster, fill in the form below for a personalized demo.