Does CLM 365 provide a knowledge base to users?

CLM 365 offers a detailed knowledge base that helps users understand the product features and how to use them. This resource allows users to find answers on their own, which saves time and lowers the need to contact customer support.

Who receives automated renewal alerts from CLM 365?

It sends automatic reminders to legal heads or contract managers or assign users who handle contracts before a renewal date arrives. These reminders help people act on time and prevent any missed deadlines, keeping everyone involved up to date.

Can SharePoint contract management software integrate with other business applications?

SharePoint contract management software works well with Microsoft apps such as Outlook and Power Automate, allowing easy data sharing and helping automate tasks.

Is the contract software management suitable for small businesses?

Contract management software is a great fit for small businesses. It helps handle contract tasks, lowers mistakes, and boosts productivity. This makes it a helpful tool for businesses that want to keep their contracts organized as they grow.

Best Contract Management software for Legal Teams: CLM 365

Contract management software uses AI and automation to handle every stage of a contract, from drafting and negotiation to signing, storage, and renewal. Automated workflows reduce repetitive manual work and move contracts through each step faster.

March 19, 2026

7 min read

What is Contract Management Software?

Contract management software uses AI and automation to help businesses create, review, approve, store, and track contracts while improving overall efficiency. It supports different stages of the contract lifecycle such as drafting, reviewing, approving, signing, storing, and renewing agreements.

These tools help legal and business teams manage contracts without spending too much time on repetitive manual tasks. Many steps in the contract process can run automatically, which helps teams move agreements forward more quickly.

Why Business Needs a Software to Manage Contracts?

Here is why many businesses use contract management software to manage agreements better and avoid delays, missed obligations, and limited contract visibility.

1. Contracts Spread Across Systems

In many businesses, contracts are stored across emails, shared drives, personal folders, and different document platforms. When agreements are scattered in multiple locations, teams often spend extra time searching for the latest version or confirming the correct document. A contract management software helps businesses store and organize all agreements in one place so teams can easily access and manage them.

2. Slow Contract Approvals

Contract approvals can take days or even weeks when documents must pass through several stakeholders without a structured workflow. Teams often rely on emails or manual follow-ups to move the process forward, which delays important business decisions. According to World Commerce and Contracting, organizations lose up to 9% of their annual revenue due to missed obligations and poor contract visibility.

3. Missed Deadlines and Renewals

Contracts include important dates such as renewal timelines, payment milestones, and expiration periods. When these dates are tracked manually, businesses may overlook critical deadlines. Using a contract tracking software allows teams to monitor key contract dates and receive alerts before renewals or deadlines approach.

4. Limited Contract Visibility

When contracts are stored in different systems, it becomes difficult to understand the status of an agreement or locate specific documents quickly. According to research by Ernst & Young, 90% of contracting professionals struggle to locate contracts efficiently. A contract management platform gives businesses a clear view of all agreements in one dashboard.

5. Time-Consuming Contract Reviews

Reviewing contracts manually can take significant time, especially when teams must check multiple clauses, compliance terms, and obligations. Legal teams often review lengthy agreements line by line, which slows the contract cycle and delays project timelines. With AI contract management software, businesses can review agreements faster by identifying key clauses, obligations, and potential risks.

6. Risk of Missing Obligations

Contracts often include commitments such as payment terms, service delivery timelines, and compliance requirements. When these obligations are not tracked properly, businesses may overlook important responsibilities. A contract management software helps track these responsibilities and keep teams informed about upcoming tasks.

7. Lack of Proper Team Collaboration

Contracts typically involve multiple departments including legal, finance, procurement, and operations. Without a shared system, teams may work in isolation, leading to delays, duplicate versions, or unclear communication. A collaborative contract management software allows teams to review, comment, and approve agreements in one shared workspace.

How Does Contract Management Software Works in Business

We have looked at the common challenges businesses face with contracts. Now let’s see how contract management software works step by step.

1) Contract Request and Initiation

The process begins when a team needs a new contract. This may happen when working with a new vendor, forming a partnership, or bringing a new employee into the company. Departments such as legal, procurement, human resources, or finance usually raise the request.

The contract management system records important information such as the type of contract, the parties involved, key terms, and other details related to the agreement.

2) Contract Creation and Drafting

After the request is created, the software provides ready-made templates for different types of agreements such as vendor contracts, employee agreements, or non-disclosure agreements.

Users can edit these templates and add details based on the business requirement. Many contract systems also suggest clauses that match the contract type, helping users include important terms without missing key points.

3) Internal Review and Collaboration

Once the contract draft is ready, it goes through an internal review process. Teams from different departments review the document to check legal, financial, and operational terms.

The software allows teams to review the document together, add comments, and suggest edits. Version tracking records every change made to the contract so earlier versions can be viewed if needed.

4) Approval Workflow

After the review process is completed, the contract moves to the approval stage. The system sends the document to the right people who need to review and approve it.

The software notifies each person when it is their turn to approve the contract. It also shows who has approved the contract and who still needs to review it, helping teams move the process forward.

5) Contract Execution and Signing

Once all approvals are completed, the contract is ready to be signed. Many contract management platforms work with digital signature tools so parties can sign the agreement online.

Digital signing removes the need for printing and scanning documents and helps complete the contract process faster.

6) Centralized Storage and Secure Access

After signing, the contract is stored in a secure digital repository within the software. All agreements are organized in one place so they can be easily searched and accessed whenever needed.

Access controls allow only authorized users to view or manage specific contracts.

7) Tracking and Reminders for Key Dates

The system tracks important contract dates such as renewal periods, expiry dates, and review milestones.

It sends alerts to the responsible team members before important deadlines so businesses can act at the right time.

8) Renewal and Amendments

As contract renewal dates approach, the software sends reminders to the relevant teams. This helps businesses review agreements before they expire.

If any updates or changes are needed, the system records the modifications and keeps a clear history of the contract updates so both parties can review the latest version.

Core Features of Contract Management Software

We have looked at how the contract process works. Now let’s explore the key features that make contract management software useful for businesses handling many agreements.

AI-Powered Contract Management

Modern contract management software uses AI to analyze contracts and identify important clauses, risks, and obligations. Instead of reading long documents line by line, teams can quickly locate key terms such as payment conditions, renewal clauses, or liability sections. AI tools can also highlight missing clauses or unusual language in a contract. According to McKinsey & Company, 88% of organizations report regular AI use in at least one business function, compared with 78% a year earlier. This growth shows how AI is becoming a common part of many business tools, including contract management.

Compliance Management

Contracts often contain legal requirements and industry regulations that companies must follow. Contract management software helps businesses track these compliance terms and keep a record of contract obligations. This helps legal and compliance teams review contracts and verify whether business activities follow the agreed terms. Research from PwC shows that 85% of executives believe compliance requirements have become more complex in the last three years. Using software helps businesses stay aware of these obligations and keep important contract information organized.

Automated Approval Workflows

Most contracts require approvals from multiple departments such as legal, finance, procurement, and management. Without a defined approval system, contracts may remain in email inboxes or shared folders while teams wait for responses. Contract management software allows businesses to create approval workflows so contracts move through the correct review stages. Each stakeholder receives notifications when it is their turn to review the document. According to World Commerce and Contracting, 70% of organizations have a formal contracting technology strategy, but 99% still lack the data and technology needed to improve their contracting process. Approval workflows help businesses move contracts through the review process more efficiently.

Contract Repository

A contract repository is a central place where all agreements are stored and organized. With contract management software, contracts are saved in a digital repository where users can search for documents using keywords, contract names, or parties involved. This makes it easier to locate agreements during audits, negotiations, or business reviews. Instead of searching through multiple folders or systems, teams can find the required contract within a few seconds.

Clause Library

A clause library stores commonly used legal clauses that businesses include in contracts. Legal teams often reuse certain clauses such as confidentiality agreements, payment terms, liability conditions, or termination rules. Contract management software allows teams to store these clauses in a shared library so they can easily add them to new contracts. This helps maintain consistency across agreements and reduces the time required to draft contracts from the beginning.

Draft Comparison

Contracts often go through several revisions before reaching the final version. Different stakeholders may suggest edits during the review process. Contract management software provides a draft comparison feature that highlights differences between document versions. Users can quickly see which sections were added, removed, or modified. This helps legal teams review contract changes more easily and understand how the document has evolved.

Contract Negotiation

Negotiation is an important step in most agreements. During this phase, both parties review the contract and suggest changes to certain terms. Contract management software allows teams to manage negotiation discussions while tracking document updates and comments. The system keeps a clear record of edits and discussions so teams can follow the progress of negotiations and maintain a history of changes.

Contract Amendment

Business needs often change after a contract is signed. In such cases, companies may need to modify certain terms such as pricing, service scope, or timelines. Contract management software allows businesses to record amendments and maintain a clear history of updates made to a contract. This helps teams track how an agreement has changed over time and review the latest contract version when required.

E-Signature

Electronic signatures allow contracts to be signed digitally without the need for printing or scanning documents. Contract management software often integrates with digital signature tools so agreements can be signed online. This speeds up the contract completion process and allows remote teams to sign documents from different locations. Research shows that electronic signatures can increase customer loyalty by up to 500% because they make the signing process faster and more convenient.

Role-Based Security

Contracts often contain sensitive business information such as pricing details, intellectual property terms, and partnership agreements. Contract management software allows businesses to assign role-based permissions so only authorized users can view or edit certain contracts. For example, legal teams may have full access to contract documents while other departments may only view selected sections.

Version Control

Contracts typically go through many revisions before the final agreement is approved. Version control helps track every change made to the contract during the drafting and review stages. Contract management software keeps a record of all document versions so teams can review earlier drafts if needed. This helps maintain a clear history of edits and provides transparency throughout the contract lifecycle.

What are the Benefits of Contract Management Software?

Contract management software helps businesses handle agreements in a more organized way. It improves team collaboration, supports compliance, reduces risks, and keeps contracts easy to access. It also provides useful data that helps businesses make better decisions.

1) Improved Collaboration Across Teams

A good contract management software provides a shared space where teams can work on contracts together. Legal teams, finance departments, procurement teams, and business managers can all access the same contract in one system.

Contracts can be uploaded, reviewed, and edited within the platform. Changes made to the document appear instantly, so everyone working on the contract can see the latest version. Team members can also leave comments and suggestions directly within the contract.

This shared workspace helps teams stay aligned when reviewing agreements with internal departments or external partners. By keeping discussions and updates within the system, businesses can avoid misunderstandings and keep contract discussions organized.

2) Reduced Legal and Operational Risks

Contracts contain important obligations, deadlines, and legal terms that businesses must follow. Contract management software helps track these details so teams stay aware of key responsibilities.

The system monitors deadlines, contract obligations, and important milestones. This allows businesses to take action before issues arise. When contracts are properly tracked, companies can avoid penalties, disputes, or missed responsibilities.

Having a clear record of contract activities also helps organizations manage legal and operational responsibilities more effectively.

3) Better Visibility and Business Insights

Many contract management software platforms provide dashboards and reports that show useful contract data. These reports help teams understand contract performance and track important details such as renewal timelines, contract value, and agreement status.

With access to real-time information, businesses can monitor contract activity and identify areas that need attention. Instead of relying on manual tracking, companies can use data to guide business decisions.

This level of visibility helps organizations stay aware of contract deadlines, obligations, and performance across the entire contract portfolio.

4) Higher Efficiency and Cost Savings

Automation features in contract management software help businesses handle contracts more efficiently. Tasks such as approvals, reminders, and document tracking can run automatically within the system.

When contract processes move faster, teams can close agreements sooner and maintain better relationships with vendors and partners. Businesses can also reduce expenses related to missed deadlines, disputes, or delayed approvals.

By keeping contract information organized in one system, teams spend less time searching for documents and more time focusing on important business activities.

5) Strong Data Protection and Compliance

Contracts often include sensitive information such as pricing terms, intellectual property details, and partnership agreements. Contract management software protects this information through security features like encryption, user permissions, and audit logs.

Access controls allow organizations to decide who can view or edit specific contracts. This helps protect sensitive business information from unauthorized access.

Audit records also provide a detailed history of contract activities, which helps businesses maintain compliance with internal policies and external regulations.

6) Faster Legal Review

Legal teams often spend significant time reviewing contracts and verifying whether terms meet company policies. Contract management software helps legal teams locate contracts quickly and review key clauses more easily.

The system can track edits, show document history, and highlight updates made to the contract. Alerts and monitoring tools help legal teams identify potential issues earlier.

Detailed audit logs also record every change, approval, and modification, which helps organizations maintain proper legal documentation.

7) Centralized Contract Storage and Renewal Tracking

One of the most useful benefits of contract management software is centralized contract storage. All agreements are stored in one digital repository where they can be searched and accessed easily.

Procurement teams and business managers can review supplier contracts, track contract performance, and check important agreement details at any time.

The system also tracks renewal dates and sends reminders before contracts expire. This allows businesses to review agreements early, negotiate better terms, and avoid missing important renewal opportunities.

Who Benefits from Contract Software Management?

Contract management software supports many teams across a business, not just legal departments. HR, procurement, finance, and compliance teams can use it to manage agreements, track obligations, and access contracts easily. Let’s see how different departments benefit from using contract management tools.

Legal Teams

Legal departments handle large numbers of contracts such as vendor agreements, partnership contracts, and compliance documents. Contract management software helps legal teams create, review, and store these agreements in one place. It also allows lawyers to track contract versions, review clauses, and monitor obligations written in the contract. This helps legal teams review agreements faster and maintain proper documentation for audits or disputes.

Sales Teams

Sales teams often work with customer agreements, service contracts, and pricing terms. Contract management software helps sales teams create contracts quickly using approved templates. They can track the status of agreements, monitor approval progress, and access signed contracts when needed. This helps sales teams close deals faster and keep clear records of customer agreements.

Procurement Teams

Procurement teams manage supplier agreements, purchase contracts, and vendor terms. Contract management software helps procurement teams track supplier contracts, monitor renewal dates, and review contract terms with vendors. By keeping supplier contracts organized in one system, procurement teams can review agreements easily and maintain strong vendor relationships.

Finance Teams

Finance teams depend on contracts for payment terms, pricing details, and financial obligations. Contract management software allows finance teams to review contract values, payment schedules, and billing terms. It also helps them track financial commitments written in agreements, which supports budgeting, forecasting, and financial reporting.

Human Resources (HR)

HR departments manage employment contracts, confidentiality agreements, and policy documents. Contract management software allows HR teams to create and store employee agreements while tracking important dates such as contract renewals or probation periods. This helps HR teams maintain proper employee records and manage workforce agreements more easily.

Supply Chain Teams

Supply chain teams manage contracts related to product sourcing, manufacturing, and supplier partnerships. Contract management software helps them track supplier commitments, delivery conditions, and service agreements. With all supply chain contracts stored in one system, teams can review agreements and monitor supplier responsibilities more easily.

Logistics Teams

Logistics teams handle transportation agreements, warehouse contracts, and service provider terms. Contract management software helps these teams track delivery contracts, monitor service conditions, and review agreements with logistics partners. Having all logistics contracts organized in one platform helps teams manage transportation agreements and maintain better control over operational contracts.

10 Best Contract Management Software

Managing business agreements can become difficult without the right system. Contract management software helps companies create, store, and track contracts in one place. Here are the 10 best contract management software solutions businesses use to manage agreements more easily.

1. CLM 365

CLM 365 is a powerful contract management software built within the Microsoft ecosystem. It connects directly with tools such as Microsoft SharePoint, Microsoft Teams, Outlook, Microsoft Copilot, Power BI, and Power Automate, allowing teams to manage contracts within the applications they already use every day.

With AI-driven workflows, CLM 365 helps businesses automate approval steps, track contract obligations, and monitor compliance without constant manual follow-ups. The platform is designed with enterprise-level security and a simple interface, making it suitable for both growing companies and large organizations.

CLM 365 is backed by SOC 2 compliance, Microsoft certification, and Microsoft Solutions Partner status, offering a trusted software for contract management. It also supports GCC and GCC High environments, providing strong data protection and security standards required by highly regulated industries.

Key Features

Review contracts faster with built-in AI assistance.
Use smart automation to guide contracts through approval steps.
Monitor contract obligations in real time and stay aware of deadlines.
Build agreements tailored to your business requirements.
Identify possible risks early with AI-powered contract analysis.
Save time by using ready-to-edit contract templates.
Generate contracts quickly through simple guided forms.
Automatically send contracts to the correct stakeholders.
Set up multi-stage approval processes for better oversight.
Handle contract disputes with clear documentation and tracking.
Protect agreements with strong security and legal controls.
Understand contract activity with detailed reports and insights.

Ratings

G2: 4.8

Microsoft AppSource: 5.0 (80 Ratings)

2) Zoho Contracts

Zoho Contracts is a practical software for contract management designed for growing businesses. It gives teams a clear system to draft, approve, and track agreements.

Users can create contracts using editable templates that fit different business needs. The platform also guides contracts through approval stages automatically, which reduces manual follow-ups.

Zoho Contracts helps teams stay organized while handling contract creation, approvals, and renewals in one place.

Key Features

Editable contract templates for different agreement types
Automated approval stages for contracts
Secure electronic signing built into the platform
Central location to manage renewals and contract updates
Full record of edits and document changes
Pre-approved clauses for faster drafting
Custom reports to track contract progress

Ratings

G2 Review: 4.5

3) SpotDraft

SpotDraft is a modern contract management software built for both legal teams and business teams. Its simple layout helps users understand the system quickly and start working without long training sessions.

One strong point of SpotDraft is its quick onboarding process. Most organizations start using the platform within four to six weeks. The pricing model is also flexible, which makes it appealing for businesses searching for reliable software for contract management.

Key Features

One central system to manage all contracts
Contract creation tools designed to reduce risk
AI suggestions for drafting better contract clauses
Custom approval workflows for different teams
Built-in digital signing for faster approvals
Alerts for renewals and contract deadlines
Collaboration tools to support teamwork

Ratings

G2 Review: 4.5

4) Conga CLM

Conga CLM is a powerful contract management software often used by organizations that rely heavily on Microsoft tools.

It connects directly with Word and Office 365, allowing teams to create and edit contracts within familiar programs. Users can also access clause libraries and approval workflows that guide contracts through each stage.

The platform also helps teams monitor contract obligations and maintain accurate records throughout the contract lifecycle.

Key Features

Guided tools for contract drafting
Multi-step approval workflows
Real-time collaboration on documents
Automated reminders and insights
Pre-approved clause libraries
Upload and manage offline agreements
Integration with CRM and ERP platforms

Ratings

G2 Review: 4.3

5) ContractWorks

ContractWorks is a dependable software for contract management that helps businesses store and track agreements safely.

The platform offers a central storage system where all contracts can be kept in one organized location. Users can search contracts quickly and receive alerts about renewal dates and contract expiry.

These features help businesses stay aware of important contract timelines.

Key Features

Secure central storage for contracts
Automatic alerts for renewals and expiry dates
Role-based permissions to protect documents
Fast search to locate contracts easily
Built-in electronic signature capability
Detailed audit logs and reports
Simple interface that is easy to learn

Ratings

G2 Review: 4.8

6) Juro

Juro is a popular contract management software that allows teams to handle contracts without moving between different tools.

With Juro, users can create, edit, approve, and sign contracts inside one system. Many teams appreciate the simple interface, which helps them complete contract tasks faster.

The platform also connects with collaboration tools and CRM systems, making it easier for teams to manage agreements together.

Key Features

Create contracts directly from Slack and CRM tools
AI assistance for contract work
Real-time collaboration with team members
Analytics to monitor contract progress
Workflow builder without coding knowledge
Clear review steps for contracts
Fast approval processes

Ratings

G2 Review: 4.6

7) Evisort

Evisort is an advanced contract management software that uses AI to handle large volumes of contracts.

The system scans contracts and identifies key information such as dates, obligations, and clauses. This helps teams find important details quickly.

Evisort also supports automated processes that help teams focus more on strategic work instead of manual contract review.

Key Features

Extract key contract data quickly
Central contract storage system
Faster contract approval workflows
Renewal reminders for agreements
Tools for contract creation and collaboration
Automation for routine tasks
Team collaboration features
Clear reporting dashboards

Ratings

G2 Review: 4.7

8) Concord

Concord is a user-friendly software for contract management designed to support collaboration across teams.

It allows users to create, review, negotiate, and approve contracts within a single platform. Teams can track contract changes and monitor discussions during the negotiation stage.

The platform also offers powerful search capabilities so users can quickly locate contract information when needed.

Key Features

Collaboration tools for team members
Clear approval processes
Contract negotiation tracking
Quick access to contract details
Extract important terms from Word documents
Strong search system for agreements
History tracking during negotiations

Ratings

G2: 4.3

9) Summize

Summize is a modern contract management software designed to work with tools businesses already use every day.

The platform uses AI to identify important contract information and create summaries that make contract review easier. It also provides reminders and alerts to help teams stay aware of contract timelines.

Summize helps organizations handle contracts more efficiently while saving time on manual work.

Key Features

Built-in calendar with contract reminders
Microsoft Word add-in for editing contracts
Legal playbooks to guide contract steps
Quick platform setup
Collaboration tools for team work
Cloud-based system designed to grow with businesses

Ratings

G2: 4.7

10) Superlegal

Superlegal is an AI-powered software for contract management built for legal, sales, and business teams. The platform helps teams review and approve contracts more quickly while keeping all documents organized.

Users can manage contracts, share comments, and track progress through dashboards and reports. This helps teams understand contract activity and take action when needed.

Key Features

Secure storage with strong data protection
Built-in electronic signature capability
Flexible data fields for different workflows
Regular compliance checks
Shared comments and notes for teamwork
Reports that provide useful insights
Organized contract files for quick access
Live dashboard with real-time updates

Ratings

G2: 4.8

Best Practices to Get Real Value from Contract Management Software

Using contract management software is not only about storing agreements in one place. It is about creating a better system to handle contracts from creation to renewal. When businesses follow the right process, they can reduce risks, follow legal requirements, and improve the way agreements are handled.

Whether you run a startup or a large company, using the right practices can help you get better results from your contract management software. Below are ten practical steps that help businesses manage contracts in a more organized and effective way.

1) Store All Contracts in One Central Location

When contracts are saved in different places like emails, personal drives, or desktops, it becomes hard to track them. A central location makes it easier for teams to find and manage documents.

Contract management software allows businesses to store every agreement in one secure system, helping teams work with the latest document versions.

How to apply this practice

Keep all contracts in a single secure platform
Use folders, tags, and labels to organize documents
Maintain version tracking so older copies are not used

2) Set Role-Based Access for Users

Not every employee needs full access to all contract details. Setting role-based permissions helps protect sensitive information while allowing the right people to view or edit documents.

With contract management software, companies can control who can view, edit, or approve contracts.

Best ways to implement this

Assign roles based on department or job responsibility
Allow editing rights only for selected users
Review access permissions regularly

3) Use Automated Renewal Alerts

Missing contract renewal dates can lead to penalties or service disruptions. Automated reminders help businesses stay aware of important contract milestones.

Most contract management software platforms include alert systems that notify teams before renewal deadlines.

Ways to apply renewal tracking

Set reminders for renewal and expiration dates
Notify key stakeholders ahead of time
Plan renewal discussions early to avoid delays

4) Control Access to Sensitive Contract Data

Protecting confidential contract information is very important for any organization. Access control limits visibility to only those who need it.

This feature in contract management software protects agreements and supports privacy regulations such as GDPR.

Steps to follow

Assign permissions based on role and responsibility
Allow only selected users to make document changes
Review user permissions whenever team roles change

5) Track Contract Performance

Contracts are not only legal documents. They also represent business commitments. Monitoring contract performance helps businesses understand how agreements support company goals.

Using contract management software, companies can track performance indicators such as cost savings, vendor delivery, and compliance levels.

How to measure contract success

Set clear goals for each contract
Monitor performance metrics regularly
Use insights to improve future agreements

6) Maintain Legal and Regulatory Compliance

Contracts must follow legal rules and industry regulations. Missing compliance requirements can lead to legal problems or financial penalties.

Many contract management software platforms include features that help businesses track legal requirements during contract creation and review.

Ways to support compliance

Add compliance checks within contract workflows
Update contracts when laws or regulations change
Use software reports to review compliance status

7) Improve Team Collaboration

Contract creation and review often involve multiple teams such as legal, finance, and sales. Good collaboration helps contracts move forward without delays.

Contract management software allows different teams to review documents, add comments, and track updates in one shared platform.

Ways to support teamwork

Allow teams to review and comment on contracts
Share documents in a central system
Maintain clear communication between departments

8) Protect Contracts with Strong Security

Contract documents often contain important financial or business information. Protecting this data is essential.

Many contract management software tools include encryption and activity logs to monitor document changes.

Security practices to follow

Encrypt contract documents for data protection
Maintain activity logs that record every document change
Review security settings regularly

9) Perform Regular Contract Audits

Regular contract reviews help businesses identify missing details, compliance issues, or outdated clauses.

Audits also help companies understand how well their contract management software system supports the contract process.

Steps for effective contract audits

Schedule periodic contract reviews
Identify gaps or missing contract details
Use audit findings to improve future agreements

10) Improve Approval Workflows

Approval delays can slow down business deals. A clear approval process helps contracts move faster through the review and signing stages.

Most contract management software platforms allow businesses to create automated approval paths.

Ways to improve approvals

Send contracts automatically to the correct approvers
Define clear approval steps for each contract type
Track approval progress to identify delays

Conclusion

Using SharePoint contract lifecycle management software helps businesses manage agreements in a more organized way. It provides a complete system that supports every stage of the contract process, from creating agreements to tracking renewals.

With features such as AI support, automated workflows, secure storage, and real-time tracking, contract management software helps teams handle contracts more effectively while meeting legal and policy requirements.

Looking to improve your contract management process? Schedule a free demo today. Our demo specialist will guide you through the platform and answer your questions.

Frequently Asked Questions

Does CLM 365 provide a knowledge base for users?

Yes. CLM 365 includes a detailed knowledge base where users can learn about product features and how to use them. This section contains guides and helpful information so users can find answers quickly without always contacting customer support.

What's the best vendor contract management software for large businesses?

Some popular vendor contract management software for large businesses include CLM 365, Zoho Contracts, and Juro, which help organizations create, track, and manage vendor agreements in one centralized system.

How do I start using contract management software and what steps should I follow?

Define clear goals: Identify what you want to improve, such as faster contract reviews, better compliance, or fewer manual tasks.
Review your current process: Look at how contracts are created, reviewed, and stored to find gaps or delays.
Include key teams: Get input from legal, procurement, and compliance teams to understand their requirements.
Plan costs and benefits: Consider software costs, training needs, and how the system can save time and resources.