What are our data sources?
We use the data sources on the side for ranking solutions and awarding badges in contract management software category. Our data sources in contract management software category include;
Contract management software (CMS) or contract lifecycle management software helps managing contract-related tasks such as
These tasks enable organizing, monitoring, and automating the whole process of managing contracts within an enterprise.
If you’d like to learn about the ecosystem consisting of Contract Management Software and others, feel free to check AIMultiple Sales.
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We use the data sources on the side for ranking solutions and awarding badges in contract management software category. Our data sources in contract management software category include;
review websites
social media websites
search engine data for branded queries
According to the weighted combination of 7 data sources
Salesforce Sales Cloud
monday.com
Airtable
Zoho CRM
Pipedrive
Taking into account the latest metrics outlined below, these are the current contract management software market leaders. Market leaders are not the overall leaders since market leadership doesn’t take into account growth rate.
Salesforce Sales Cloud
monday.com
Airtable
Zoho CRM
Pipedrive
These are the number of queries on search engines which include the brand name of the solution. Compared to other Sales categories, Contract Management Software is more concentrated in terms of top 3 companies’ share of search queries. Top 3 companies receive 40%, 28% more than the average of search queries in this area.
26 employees work for a typical company in this solution category which is 5 more than the number of employees for a typical company in the average solution category.
In most cases, companies need at least 10 employees to serve other businesses with a proven tech product or service. 182 companies with >10 employees are offering contract management software. Top 3 products are developed by companies with a total of 300k employees. The largest company building contract management software is IBM with more than 300,000 employees.
Taking into account the latest metrics outlined below, these are the fastest growing solutions:
Salesforce Sales Cloud
monday.com
Zoho CRM
Airtable
Pipedrive
We have analyzed reviews published in the last months. These were published in 4 review platforms as well as vendor websites where the vendor had provided a testimonial from a client whom we could connect to a real person.
These solutions have the best combination of high ratings from reviews and number of reviews when we take into account all their recent reviews.
This data is collected from customer reviews for all Contract Management Software companies. The most positive word describing Contract Management Software is “Easy to use” that is used in 11% of the reviews. The most negative one is “Difficult” with which is used in 3.00% of all the Contract Management Software reviews.
According to customer reviews, most common company size for contract management software customers is 1-50 Employees. Customers with 1-50 Employees make up 51% of contract management software customers. For an average Sales solution, customers with 1-50 Employees make up 23% of total customers.
These scores are the average scores collected from customer reviews for all Contract Management Software. Contract Management Software is most positively evaluated in terms of "Overall" but falls behind in "Likelihood to Recommend".
This category was searched on average for 6.3k times per month on search engines in 2022. This number has decreased to 5k in 2023. If we compare with other sales solutions, a typical solution was searched 291 times in 2022 and this decreased to 284 in 2023.
The main factor for choosing the right CMS software is related to the size of the business. Small and medium businesses that focus on specific operational areas can choose software that focuses on features such as automatic contract creation and storage. For example, a reliable electronic storage medium resolves the problems related to contract renewal rather than conventional physical paper storage methods.
Maintaining coordination can be a key point for large businesses. Tools with different modules, especially AI-based software, give an opportunity to solve operational problems of contract management. For example, in a contract involving more than one party, it is important to automate the approval process, to follow the critical points in the contractual obligations and warnings. Platforms with CRM integrations can lead to time savings by facilitating the involvement of sales, customer and legal in contracting. Numerous companies provide such integrations. For example, Icertis CMS can be integrated to Microsoft Dynamics CRM and Ultria CLM can be integrated to Salesforce.
SpringCM surveyed and concluded that 66 % of the companies have problems with the contract approval process leading deals to stall. 52% of respondents in the same survey claimed that tracking obligations, deliverables and key events are the biggest contract management challenges. According to Harvard business review, suboptimal contracting can cause businesses to lose 5% and 40% of contract value. Such losses can be minimized thanks to AI-based tools that reduce manual errors and help employees focus on more important aspects of contracting.
Furthermore, “smart contracts” (self-verifying, self-executing agreements that can function autonomously) represents the automated contract process to manage increased contract traffic in blockchain technology. Smart contracts in contract management software increase the level of automation in contract processes and lifecycles. For more information about smart contracts, feel free to read our article.