Today’s Contract Analytics Softwares are incredibly versatile, and because of strong competition, have remained a relatively low-cost investment for most.
Currently, with dozens of options available for Contract Analytics Software in the market – finding the right Contract Analytics Software of 2024 can be tricky.
So we spent dozens of hours researching and testing everyone we could get my hands on.
Based on our experience with the apps, here are 10 Best Contract Analytics Software. Click on any app to learn more about why we chose it, or keep reading for more context on Contract Analytics Software.
On this page, you’ll learn about the following:
What is Contract Analytics Software?
Contract Analytics software extracts insights from contract data to assist businesses in keeping terms consistent across all of their contracts. This type of software uses a branch of artificial intelligence AI and natural language understanding which is a subset of machine learning ML to quickly address any risks in contracts which is otherwise a time consuming manual process As a result, contract analytics software decreases the risks of human errors during contract review and finalization. This sort of software is used by businesses to record contract information such as expirations, terminations, and extensions. Contract Analytics software can be used by diverse types of teams within a business including sales teams legal departments and finance departments to reduce contract turnaround time increase visibility into contract performance and identify potential contract risks and relevant obligations To transform photographs of text into digital and searchable text, this software may use OCR software, or optical character recognition software. Contract analytics software is frequently used in conjunction with contract management, contract lifecycle management, and electronic signature software. A product must meet certain criteria to be considered for inclusion in the Contract Analytics category. Remove duplicate contracts by identifying and organizing them. Use AI and machine learning to extract and evaluate contract data such as keywords, payment conditions, and commitments. Create bespoke reports based on the content you’ve extracted.
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10 Best Contract Analytics Software
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LinkSquares is the first end-to-end contract lifecycle management platform powered by AI. With one intuitive platform, you can gain deep insight into your entire portfolio, accelerate every stage of the contract lifecycle, and integrate with the key systems you use everyday. LinkSquares offers pre-signature and post-signature functionality built for today’s Legal teams, including proprietary OCR, full-text search, contract templating and self-service drafting, custom reporting and notifications, version control, powerful integrations, and automatic extraction of 75+ critical contract dates, clauses, and terms. Founded in 2015 and based in Boston, LinkSquares manages the contracts of some of the world’s best companies, like Arbor Pharmaceuticals, Bottomline, DraftKings, Fitbit, Igloo, Pegasystems, VMware, and Wayfair.
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AN FRANCISCO, May 1, 2020 /PRNewswire/ — DocuSign (NASDAQ: DOCU), which offers the world’s #1 eSignature solution as part of the DocuSign Agreement Cloud, today announced the closing of its acquisition of Seal Software, one of the leading contract analytics and artificial intelligence (AI) technology providers. This marks another step toward bringing the benefits of AI to the digital transformation of the agreement process. “Seal’s technology and value proposition can now be more comprehensively integrated across the DocuSign Agreement Cloud—the company’s suite of applications and integrations for automating and connecting the entire agreement process, .
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Bringing together category-leading innovations, unrivalled Contract Lifecycle Management expertise and a deep commitment to customer success, SirionLabs helps the world’s leading businesses contract smarter. Powered by intelligence uniquely connected across the complete contract lifecycle, SirionLabs’ easy-to-use, highly configurable Smarter Contracting Platform – SirionOne – brings all enterprise teams together to author stronger agreements, manage risk and strengthen counterparty relationships. Our AI-powered CLM technology is trusted by the world’s most successful organizations to manage 5 million+ contracts worth over $450 billion across 70+ countries. .
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Loio is AI-powered software for efficient contract review and drafting in Microsoft Word. This legal document software is your go-to legaltech solution if you’re looking for a contract analytics tool to get instant high-level contract insights, a clear overview of the document structure, easily manage contract clauses, plus get rid of broken formatting..
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IntelAgree is an AI-powered contract lifecycle management (CLM) platform that helps legal teams do impactful work, not busy work. Our machine learning algorithms can read key terms and clauses in contracts, whether it’s your paper or third-party paper. IntelAgree optimizes every part of your process—so your team can efficiently (and automatically) create, negotiate, sign, manage, and analyze your contracts. When you streamline your contract management process with IntelAgree, here’s what your team can look forward to: * Your Contracts & Machine Learning (ML): Use ML to identify, extract, and analyze key terms and clauses, speeding up your negotiation process. Use standard “built-in” models or create your own, and easily find what you need — no matter the contract type. * Boosted Efficiency with Intelligent Automation: Intelligent workflow automation enables you to know where a contract is in its lifecycle—whether it’s awaiting internal approvals, in negotiation, stalled, or awaiting signatures. * Increased Visibility: A searchable repository, contract summaries, and custom dashboard provide a comprehensive view of your agreements. Plus, with free text and advanced search capabilities, you can instantly identify areas of risk and discover opportunities. .
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eBrevia, a DFIN company, is a leading provider of AI-powered data extraction and contract analytics software. With the most precise AI in the industry, our software reduces document review time by 30-90%. Corporations, law firms, audit/consulting firms, financial institutions, and commercial real estate firms leverage the software for due diligence, tracking contractual obligations and risks, compliance, and lease abstraction. In December 2018, eBrevia was acquired by DFIN, a leading global risk and compliance solutions company that provides domain expertise, software, and data analytics for every stage of clients’ business and investment lifecycles. .
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At Malbek, we understand that contract management can be messy, risky, and costly. Bad contract management results in an average annual revenue loss of 9%, and 71% of companies can’t find 10% or more of their contracts. Every team feels those poor results across an organization from Legal and Sales to Finance and Procurement. We take a different approach to contract management, addressing these pain points and helping you reduce inefficiency, expedite revenue, and increase compliance. Malbek Contrax is a modern CLM designed to solve the contract management problems of today. With Malbek Contrax, you can: – Search and find your contracts with a robust repository that is as easy as shopping online – Leverage AI-infused insights and guidance to build more effective contracts – Author and edit contracts with ease with familiar tools that you love like MS Word or online – Track and approve contracts with mobile approvals and automated contract reminders – Reduce risk with pre-approved language and terms and visibility into the risky terms and clauses Malbek provides end-to-end contract lifecycle management with out-of-the-box integration to popular business applications, like Salesforce, Workday, Slack, Office 365, and others, allowing your contract data to flow seamlessly while dramatically reducing cycle times. That’s contracts reimagined! .
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CobbleStone Contract Insight Enterprise is the leading contract management software (CLM) solution for leading organizations around the world. CobbleStone’s contract management software automates and streamlines the entire contract lifecycle for legal, procurement, sales, and risk professionals in numerous industries. CobbleStone combines a user-friendly interface with robust contract features, backed by VISDOM® artificial intelligence and machine learning. CobbleStone is the trusted CLM provider for over 20 years with unparalleled industry experience. .
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Founded in 2016 by Harvard Law and MIT alumni, Evisort is the leading provider of contract management and AI technology for legal, procurement, sales, finance, and IT teams. Evisort’s Contract Intelligence Platform delivers rapid ROI in 30 days by centralizing contracts with no migration, using AI to track and search metadata and provisions without manual data entry, and enabling teams to draft, redline, approve, sign, report on, and renew contracts. Evisort is headquartered in Silicon Valley and backed by leading strategic and institutional investors including General Atlantic, Vertex Ventures, M12 (Microsoft’s venture fund), Amity Ventures, Village Global, and Serra Ventures. .
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Contract Wrangler is an AI-driven contract performance platform that maximizes revenue, controls spend and protects against risk. It autonomously captures complex contract data and transforms it into proactive alerts and tasks that keep you from ever missing an obligation or milestone. The platform provides full visibility into contract information, verifies every detail through qualified attorneys, and automatically distributes insights across your entire business for greater efficiency and scale. .
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What is the Best Contract Analytics Software?
Here are our top picks for the Best Contract Analytics Software to try this year.
How to Choose Best Contract Analytics Software?
To maximize the potential of contract analytics software, you need to know which ones will give you the most information about contracts. Some contract analytics tools will extract data and display risk hierarchies, while others will only make recommendations. In order to choose the right contract analytics software, you must first determine your needs. These goals may include achieving compliance, automating procurement, or identifying business opportunities. Before making a final decision, you should evaluate a few contract analytics software options and trial them.
The best contract analytics software will act more like a business partner, helping you plan a roll-out plan that’s effective and appropriate for your organization’s size, maturity, and budget. While many contract analytics solutions house all contracts in vendor repositories, most organizations must look outside of their systems to perform analysis. This requires an external solution to gather data about contracts. While the most powerful contract analytics solutions will let you surface key insights in your contracts, you’ll need to make a decision on which one will meet your requirements.
The best contract analytics software vendors will work with you to set up a roll-out plan that’s both effective and appropriate for your organization. The right plan will be tailored to your needs and the maturity level of your organization. You can start small and build up from there. Depending on how mature your organization is, you may have to invest in more sophisticated contract analytics software than you need. However, if you don’t want to spend money on a solution that’s not suitable for your needs, you should consider an advanced contract analytics solution.
Contract analytics software uses artificial intelligence to identify important trends in contracts. By analyzing millions of contracts from the cloud, you can find out which contracts require the most attention, resulting in more money and time for other parts of the business. It’s easy to understand why contract analytics software is so popular – it can save your business valuable time and money. So what are you waiting for? Take the first step to transform your organization and start saving today!
The first step is to decide whether you need AI-based contract analytics software. While this technology may be a good choice for some companies, it can also be risky. For example, the software must be able to handle large volumes of contracts. This could lead to inefficient and expensive contracts, as the software can’t handle complex data and can’t interpret the language of your customers. A well-built contract analytics software will allow you to analyze and manage your contracts in real-time.
By analyzing contracts, you can determine which of the terms are the most important. This allows you to search for specific terms and details in your contracts. Additionally, the contract analytics software can also help you identify cross-selling and up-selling opportunities. By identifying trends, you can improve your business and reduce risks. With this kind of information, you can better predict and avoid risks that are detrimental to your company. Using this type of software will also help you make the most of your current and future contracts.
The best contract analytics software will be able to analyze your existing and past contracts. By analyzing these data, you can better identify the types of contracts that are most profitable to you. You can also use the data to identify cross-selling opportunities and expand your business. This way, you can avoid making mistakes in the future and improve your processes. With the help of contract analytics, you can identify trends that are important for your business.
Whether you need to keep track of contract milestones, or track and analyze contracts for consistency, contract analytics software will make your life easier and more efficient. A contract analytics software will also keep track of the language used in a contract. This is crucial for the accurate analysis of contracts, since a lack of knowledge will lead to errors. A good software will make all the difference in your business. There are various types of contract analysis software, and each one can help you make better decisions.
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FAQ’s
Contract analytics software is used to track the contractual obligations of a company. It helps managers and executives make informed decisions about their company’s contracts and obligations. It also helps them track their company’s progress and stay on top of deadlines.
If you are looking for free contract analytics software, then you are not alone. There are many people and companies looking for the same thing. There are some free contract analytics software that can be found on the internet.
There are so many different types of analytics software out there, it can be hard to decide which one to use. One type of software that is easy to learn is contract analytics software.
Contract analytics software is a great tool for any company looking to improve their sales. It is worth the investment, as it can save a company a lot of time and money. It not only helps with sales, but it also helps with marketing.
Contract analytics software can help you understand the business side of your contract. It can help you see where your contract is vulnerable, and can help you understand the costs of your contract. It can also help you understand the potential risks in your contract.
Contract analytics software is a powerful tool that helps businesses identify trends and patterns in their contracts, as well as any errors that may have been made. The software is not only a good way to keep track of contracts, but it also allows you to compare contracts against one another.
I know you want to use Contract Analytics Software, thus we made this list of best Contract Analytics Software. We also wrote about how to learn Contract Analytics Software and how to install Contract Analytics Software. Recently we wrote how to uninstall Contract Analytics Software for newbie users. Don’t forgot to check latest Contract Analytics statistics of 2024.
Furthermore, contract analytics software also ensures consistency in reviewing and assessing contracts. Large organizations dealing with dozens or even hundreds of contracts at a time can benefit immensely from the uniformity and standardization provided by the software. By using predefined criteria and algorithms, the software can analyze contracts in a consistent manner, eliminating the inconsistencies and variations that may arise from manual reviews. This ensures that businesses can effectively manage their contracts and obligations, reducing the risk of misunderstandings or disputes that may harm their reputation or bottom line.
Moreover, contract analytics software enables businesses to unlock and leverage the vast amounts of data contained within their contracts. Contracts are not simply legal documents but also a repository of valuable insights and information. Contract analytics software utilizes advanced techniques such as natural language processing and machine learning to extract this data, providing comprehensive visibility into contractual terms, milestones, and obligations. By harnessing this information, businesses can gain a greater understanding of their risk exposure, actively manage their contract portfolios, and identify opportunities for optimization and cost savings.
Another crucial aspect that makes contract analytics software so important is its ability to mitigate compliance risks. Non-compliance with contractual terms and legal requirements can result in hefty penalties and reputation damage. The high volume and complexity of contracts make it challenging for businesses to keep track of and comply with ever-changing regulatory frameworks. However, contract analytics software acts as a powerful ally in this regard, automatically flagging potential non-compliance issues and providing proactive alerts. This proactive mechanism not only helps avoid legal pitfalls but also fosters a culture of best practices and compliance within organizations.
In conclusion, contract analytics software is a game-changer when it comes to efficient contract management. Its ability to reduce administrative burdens, ensure consistency, unlock data insights, and mitigate compliance risks makes it an indispensable tool in today’s business landscape. As organizations strive for increased efficiency and accuracy in managing their contracts, investing in contract analytics software becomes imperative. The benefits are twofold: streamlined contract management processes and enhanced insights that enable businesses to make informed decisions and maintain strong contractual agreements.
Why Contract Analytics Software Are So Important
One of the primary reasons why contract analytics software is so important is because of the sheer volume of contracts that organizations handle on a daily basis. With the growth of e-commerce and online collaboration, companies are entering into agreements at an unprecedented rate. Managing these contracts manually is not only time-consuming but also rife with the potential for errors. By utilizing contract analytics software, businesses can automate the contract management process, saving time and reducing the risk of oversight.
In addition to volume, the complexity of contracts has also increased in recent years. Contracts are no longer simple agreements but legal documents riddled with technical language and intricate clauses. Traditional contract management methods like manual review are simply no longer sufficient to handle the complexity of modern contracts. Contract analytics software leverages artificial intelligence and machine learning algorithms to quickly parse through contracts, extract key data points, and identify potential risks and opportunities. This enables businesses to better understand and negotiate their contracts, ultimately leading to stronger deal structures and optimized outcomes.
Moreover, contract analytics software is crucial for ensuring regulatory compliance. With the ever-changing landscape of regulations, businesses need to stay on top of their contractual obligations to avoid costly penalties and legal disputes. Contract analytics software can help companies track compliance with various laws and regulations, alerting them to any potential issues before they escalate. By implementing contract analytics software, businesses can proactively manage compliance risks and ensure that all contracts are aligned with relevant legal requirements.
Another reason why contract analytics software is essential is its ability to enhance collaboration and transparency within organizations. By centralizing contract data in a single platform, employees from different departments can easily access and share contract information. This promotes collaboration across teams, improves communication, and fosters a culture of transparency within the organization. Furthermore, contract analytics software provides stakeholders with real-time insights into the status of contracts, enabling them to make informed decisions and take timely action when necessary.
In conclusion, the significance of contract analytics software cannot be overstated in today’s business environment. From streamlining contract management to improving compliance and enhancing collaboration, contract analytics software offers numerous benefits to organizations seeking to optimize their contract processes. As businesses continue to navigate the complexities of a digital world, investing in contract analytics software is a wise decision that can yield long-term dividends in terms of efficiency, transparency, and risk mitigation.
In Conclusion
Choosing the best Contract Analytics Software is not a difficult task when you have all the details and requirements. Most of the above-mentioned Contract Analytics Software have impressive and user-friendly features.
Now, it is up to you which software you’d pick up that meets your requirements.
Consider the effectiveness and efficiency of each Contract Analytics Software, including the features and capabilities. You must also evaluate your objectives, required functions, and budget before choosing the right Contract Analytics Software of 2024. See which will give a great deal.
If you still have questions about choosing the best Contract Analytics Software, leave a comment below. I’d love to assist you.