Industry

Enterprise Contract Management Software - A Detailed Guide

84% of legal professionals feel the pressure to simplify contracts, according to a recent WorldCC study. Why? Because contracts are all over the place—a confusing mix of emails, online portals, file-sharing services, and old-fashioned paper.

This constant state of disruption is a reality for many businesses. A recent study by EY revealed that a staggering 90% of contract professionals face the same struggle.

For enterprise businesses, the problem multiplies. Managing thousands of contracts is an everyday reality, making it even harder to find the specific agreement you need in a critical moment.

But what if you could find any agreement in minutes, not hours?

Enterprise Contract Management Software helps you find the contract you need in minutes.

The guide below provides a walkthrough of enterprise contract management software features and advantages. We’ll explain its key features and popular options and equip you with the knowledge to select the right software for your needs.

Let’s start with the definition first.

What is enterprise contract management?

Enterprise contract management is a centralized platform for managing contracts throughout their entire lifecycle from creation and negotiation to execution, compliance, and renewal or termination.

Unlike traditional methods, enterprise contract management offers a holistic approach bringing all aspects of the contract lifecycle under one roof. As a company grows, the number of contracts management increases. These contracts are often intricate, involving substantial financial commitments and requiring adherence to stringent regulations.

Therefore, enterprises need contract management software to streamline and automate the contract lifecycle.

Review Contracts 75% Faster

Generate a first redlined draft in a fraction of a second. Only with HyperStart AI Review.

Book a Demo

Now that the basics are clear, let’s examine the five best enterprise contract lifecycle management software.

Top 5 enterprise contract lifecycle management software

Here’s a curated list of the best CLMs for enterprise businesses chosen for their ability to handle high contract volumes, positive reviews on platforms like G2 and Capterra, and suitability for large-scale contract management.

Let’s start with the list of top contenders in the enterprise contract management space.

1. HyperStart CLM

HyperStart CLM is an AI-powered contract management software that helps enterprises automate manual processes like contract retrieval, redlining, and metadata extraction with 99% accuracy. With this CLM, you can implement the repository in 2–7 days and create custom automated workflows in 2–3 weeks.

As an end-to-end CMS, HyperStart CLM enables enterprises to create, find, and agree on contracts up to 80% faster. It complies with GDPR and AICPA SOC 2 regulations and is certified with ISO27001:2013 and ISO 27018, ensuring enterprise-level security for contracts. Additionally, the platform provides a centralized repository for all contracts, offering real-time visibility and control over your entire contract portfolio. With this level of security, HyperStart CLM mitigates significant risks by operating a secure server network with clearly defined roles and permissions, which is crucial for protecting against both external hacking and internal threats.

HyperStart CLM has been developed with input from over 150 legal counsels, ensuring an intuitive experience for legal professionals and business teams.

80%

faster closures

 

5X

speedier reviews

 

1 Billion+

million docs processed

2. Ironclad

Ironclad streamlines the contract lifecycle for enterprises, eliminating inefficiencies and bringing order to the process. From drafting contracts to getting them signed, sealed, and delivered, Ironclad ensures a smooth journey. Ironclad is one of the best platforms built from the ground up to handle all contract types—legal, sales, finance, HR, marketing, procurement, and more.

Ironclad AI automatically analyzes contracts, flags areas that require a thorough review, and provides suggestions on negotiating based on legal-approved guidelines. Ironclad is the go-to choice for leading enterprise companies like Asana and Dropbox.

3. DocuSign CLM

DocuSign CLM empowers enterprises to streamline complex contract management, saving time, reducing risk, and simplifying the entire lifecycle. Built for enterprise-grade performance, DocuSign CLM scales to handle high contract volume.

DocuSign CLM is recognized for its continuous innovation in contract lifecycle management, receiving accolades from Gartner and Forrester. The platform integrates effortlessly with existing business tools like Salesforce, SAP Ariba, and NetSuite. Additionally, DocuSign provides end-to-end client support for smooth implementation and ongoing success.

4. LinkSquares

LinkSquares offers a centralized platform for contract lifecycle management and legal project management solutions. This platform empowers legal teams to streamline workflows, automate tasks, and gain valuable insights from their contracts. With a proven track record of success for over 1000 customers, LinkSquares offers a solution that can improve legal operations and contribute to overall business success.

5. Icertis

Icertis is a go-to solution for enterprise contract management that utilizes technology like generative AI Copilots built on secure Microsoft Azure cloud infrastructure. Industry experts recognize Icertis’ leadership in the CLM space.

Investing in these software solutions is a wise choice for enterprise businesses. Beyond this initial investment, enterprise contract management software unlocks a wealth of benefits. We’ll explore them in the below section.

6 Benefits of using enterprise contract management software

6 Benefits of using enterprise contract management software

Large businesses often deal with many contracts, complex workflows, and teams from multiple countries. The contract management solution optimizes these processes. Here’s a look at some key benefits:

1. Draft contracts faster & easier

Lawyers spend significant time drafting contracts from scratch, which can lead to delays, inconsistencies, and potential legal risks due to errors in language and content. With pre-approved templates and clause libraries, you can skip the hassle of starting from scratch every time. Need an NDA, MSA, or offer letter? Grab a template from the library and you’re ready.

Clause libraries are like a toolkit for common legal terms—payment terms, termination clauses, confidential information—all ready to be included in your contract.

Automated fill-in features handle repeated tasks like plugging in company names, dates, and contract values so you don’t have to. And if you need to tweak a standard template for something specific, merge tools let you mix and match to get what you need.

2. Create code-free automated workflows

You’ve finished a critical report, but it gets stuck in email purgatory waiting for approvals. Revisions fly back and forth and who needs to sign off next is unclear. Weeks can tick by, frustrating you and your client. HyperStart CLM can slash your contract approval TAT time by 5x and free up 70% of your contract admin time. Automated workflows are easy to set up, even for non-technical users, no coding is required. Build custom workflows in minutes to fit your specific approval process.

Everything is tracked in one central location so you can monitor pending approvals and see who’s responsible for each step. Plus, there’s a secure record of everything for future reference.

3. Sign from anywhere

A global company must finalize a contract with a key supplier in another country. Traditionally, this involves printing, couriering the document back and forth for signatures, and waiting weeks for the final document—a slow, costly, and delay-prone process.

HyperStart CLM offers an innovative contract management solution with built-in e-signatures. You can request signatures worldwide with a few clicks, speeding up contract approvals. It supports diverse signing preferences, including hand-drawn signatures, one-time password (OTP) verification, or integration with DocuSign or Adobe Sign.

Your company will benefit from faster approval— no more courier fees or paper costs—and ramp up security with tamper-proof audit trails. And the best part? It opens up seamless collaboration globally so you can close deals faster than ever.

4. Never lose track of a contract again

Managing expiration dates for numerous contracts can be challenging. While spreadsheets offer some assistance, they lack extractive capabilities or automatic reminders. Never miss a renewal again with metadata auto-extraction.

Contract management software serves as a dedicated assistant for handling contracts. It automatically sends renewal reminders well in advance. These reminders can be sent whether it’s 30, 60, or even 90 days before expiration, providing ample time to initiate the renewal process smoothly. It helps prevent any disruptions that could occur due to expired contracts.

Beyond reminders, this software leverages advanced technology to extract crucial information from contracts, ensuring that all essential dates and tasks are remembered. This eliminates the need for manual data entry and reduces the risk of missing deadlines.

5. Free yourself from grunt work

Manual data entry and renewal tracking can be a major time drain. HyperStart CLM extracts key information from your contracts, creating a centralized repository with up-to-date information for easy access.

Automated renewal alerts keep you on top of upcoming deadlines preventing disruptions and ensuring business continuity by reminding you to initiate contract renewals well in advance.

6. Make informed decisions with powerful analytics

You can’t improve what you can’t measure. That’s where contract management reporting and analytics come in. For example, a contract has to be signed, sealed, and delivered. You can see which department is lagging. And that’s it. The bottleneck is identified.

With this kind of data, you can make informed decisions across the entire contract lifecycle. You can optimize your negotiation strategies, identify areas for cost savings, and proactively manage risks. It’s like having a crystal ball for your contracts, helping you predict and avoid potential problems.

So when looking for contract management software, ensure the reporting and analytics are top-tier. It’s not just about identifying bottlenecks; it’s about gaining insights to transform your entire contract management process.

Get started in days, not weeks

Implement HyperStart CLM in 2–7 days with bulk imports, custom workflows with granular controls, and a single source of truth for all your contracts.

Book a Demo

With a clear understanding of the benefits, let’s equip ourselves to make informed choices. We’ll now explain the key features to prioritize when selecting effective contract management software for your enterprise.

9 Key features to look for while choosing enterprise contract management software

9 Key features to look for while choosing enterprise contract management software

Here are the following features to consider when choosing enterprise contract management software:

Advanced AI: Seek software that harnesses AI to automate tasks such as contract analysis, data extraction, and risk identification, boosting efficiency and accuracy in contract management.

Integration options: Opt for solutions that seamlessly integrate with your existing CRM, ERP, and document management systems.

Scalability: Ensure your software can scale alongside your business growth. Choose a solution capable of handling increasing contract volumes and accommodating future needs without compromising performance, providing flexibility and scalability for your enterprise.

Security: Prioritize software with enterprise-grade security measures, including data encryption, access controls, and regular security audits.

Customization and flexibility: Select software that allows customization to match your specific workflows and business requirements. Look for solutions offering customizable dashboards, reports, and approval processes.

Reporting and analytics: Opt for software with reporting and analytics capabilities to gain insights into contract performance, identify risks, and ensure compliance.

User support and training: Choose software providers that offer customer support and training resources to ensure successful implementation and user adoption.

Audit trails and version control: Prioritize software with detailed audit trails to track contract changes, ensure accountability, and facilitate compliance audits.

Mobile accessibility: Look for software with a mobile-friendly interface that enables contract management on the go.

By now, you should have understood all the nitty-gritty of contract management software. Let’s identify what matters most to enterprise businesses.

How to choose the right enterprise contract management software

Selecting the ideal contract management software for your enterprise requires careful evaluation. Here are some crucial factors to consider:

1. Gather input from stakeholders

Engage representatives from various departments such as legal, sales, procurement, and finance to participate in the evaluation process. Schedule brainstorming sessions to identify the biggest challenges with the existing system.

Is it the slow approval process that is not moving the deal forward? Maybe it’s the struggle to find specific business contracts. Identify their pain points and determine functionalities that make sense for the organization.

Not all needs will have equal weight. Analyze the feedback and prioritize functionalities based on their impact across departments.

2. Identify volume, complexity, and industry

Efficient contract management is crucial for organizations dealing with large contracts, such as those in telecom or manufacturing, to avoid bottlenecks. HyperStart CLM excels in handling bulk uploads, automated workflows, and search functionalities, ensuring streamlined processes to create contracts, approve them, and store them, reducing turnaround times.

In industries like healthcare, M&A, or construction where contracts are complex, HyperStart CLM offers advanced redlining and AI-powered contract analysis. Its metadata extraction identifies key clauses essential for negotiating detailed project specifications and legal requirements.

HyperStart CLM ensures compliance with stringent regulations through encrypted storage, secure access controls, and audit trails for the healthcare and finance sectors. This feature set supports adherence to standards like HIPAA in healthcare, GDPR in the EU, and CCPA in consumer laws, providing transparency in contracting.

3. Must have AI capabilities

Choosing an AI-powered contract management software is a significant decision. Select a vendor that offers robust security protocols, access controls, and encryption to safeguard sensitive contract information.

As your contract volume grows, ensure the system scales its AI capabilities to handle the increasing workload efficiently. Look for features like automated data extraction, smart search, and AI-powered automated workflows.

Prioritize AI for risk identification, compliance monitoring, and predictive analytics. Focus on AI features that provide contract performance insights and benchmarking capabilities.

4. Integrates with different systems

WorldCC reports that medium to large organizations store contract data in an average of 24 different systems. So ensure your contract management software can integrate with your other systems allowing seamless communication across platforms.

When you need information from your CRM or ERP to understand a contract, integration is key. Choose software like HyperStart CLM that works well with other systems. This eliminates the need to switch between platforms or copy and paste information providing a unified view of all your data.

5. Opt for a trial before you use

Many vendors offer free trials. Take them up on it. Load your system with real-world contracts and see how the software handles them. Can it handle complex clauses? Is it easy to navigate with all your departments involved?

Tell the vendor about your specific challenges, contract volume, and industry. Ask them to show you how their software tackles those issues. This lets you see if it fits your large organization’s complexities well.

Having explored the key features and selection criteria for contract management software, it’s time to make an informed decision. But before you finalize your choice, let’s explore why HyperStart CLM stands out as a compelling option.

How to identify if your enterprise needs contract management software

Here is a checklist to help you identify the red flags that signal it’s time to adopt contract management software.

Questions

Is it difficult to obtain a clear picture of contract progress when spread across different teams?

Are you struggling to track contracts and meet key deadlines?

Are siloed information or communication issues hindering effective teamwork on contracts?

Have there been instances of lost or misplaced contracts?

Have important deadlines or renewal dates for contracts been missed or overlooked?

Is it challenging to ensure contracts adhere to industry regulations or internal policies?

Does the organization find it difficult to keep track of edits made during contract negotiations or approvals?

Is a central platform needed to allow authorized personnel across locations to access and manage contracts?

If any of these challenges sound familiar, it’s a smart move to consider enterprise contract management software.

Why choose HyperStart CLM for your enterprise contract management software?

HyperStart CLM offers an enterprise contract management solution with flagship features like automated workflows, centralized storage, and AI-powered insights. This AI-powered software, built specifically for large enterprises, tackles everything from creation and negotiation to execution, tracking, and renewal. Here are some highlights of HyperStart CLM:

Save up to 80% of contract admin time with features like automated renewal reminders and AI that automatically extracts key contract details.

Set up your repository in 2-7 days with custom workflows up and running in 2-3 weeks. Minimize downtime and get your team working smarter and faster.

HyperStart CLM uses AI to handle repetitive tasks like retrieving contracts, highlighting changes (redlining), extracting key information, and tracking renewals—all with an incredible 99% accuracy.

Get contracts finalized up to 5 times quicker, boosting your overall efficiency.

Schedule your demo today and learn how HyperStart CLM helps your enterprise manage complex contracts with greater visibility and control.

Frequently asked questions

The implementation timeline for contract management software can vary depending on several factors, like the volume of your contracts, the number of users, and the product modules you need. But typically, it ranges from 3 days to 2 weeks.
Yes, enterprise contract management software can handle various contract types, including employment contracts, sales agreements, non-disclosure agreements (NDAs), service level agreements (SLAs), procurement contracts, leases and rental agreements, construction contracts, and many more.
Contract management software handles contract versioning in an enterprise setting by automatically saving new versions with each change, maintaining a detailed audit trail of all modifications, and providing access controls to manage permissions. It includes tools for comparing versions and notifying stakeholders of updates, ensuring a centralized and organized repository for all contract versions.
Yes, cloud-based contract management software can be accessed from anywhere, allowing users to manage contracts on the go. However, certain functionalities may be limited to admin users.
Contract management software for large organizations often offers enterprise plans with unlimited users and advanced features. They may have volume-based pricing for discounts on high contract volumes. Custom pricing, modular options, and premium support provide flexibility to meet specific needs and budgets.

Try first. Subscribe later.

Boost your legal ops efficiency by 80%.

1 Schedule a call
2 Scope out challenges
3 Test with a custom PoC