What is contract management software?

What is contract management software?

Written By
Joy Cunanan
Updated on
April 6, 2022
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minutes

Contract Management Software Defined

What is Contract Management Software?

A contract management software streamlines the contract management lifecycle into a digitalized central repository, allowing all contract documents to be built, reviewed, tracked, and secured into a single platform.

Using a contract management software can transform your company in a variety of ways, increasing sales KPIs and improving the overall financial health of your business. 

For instance, your average deal size or the average amount of money that your clients spend on your product or service, can increase by 1% if you have an efficient contract management software. 

Your existing clients are more likely to renew their subscriptions or retain your services yearly by 2.5%, ensuring that you have a steady stream of revenue. 

Your team, freed up from manually managing contracts and other documentary tasks, can complete and send out 12% more proposals to clients, increasing the likelihood of a sale. 

The leads you have generated will not remain in your pipeline, because companies that have employed their own contract management software report 20% higher conversion to actionable opportunity. 

Finally, the time between prospecting to closing a sale is significantly decreased by 24%, allowing you to conclude deals faster and pursue more leads as a result.

Author
Joy Cunanan
Joy is the Digital Transformation Manager at Lexagle. As a marketing professional in the Tech and B2B industry for over seven years, she is always on the lookout for the next best solution in the ever-changing online world. With a passion for helping businesses thrive and optimize operations, she shares her expertise in the power of contract lifecycle management and its capacity of easing the contracting process for busy organizations worldwide.

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