What software automates contract creation, approval, and renewal workflows?

The software that automates contract creation, approval, and renewal workflows is broadly known as **Contract Lifecycle Management (CLM) software**.

However, within CLM, there are various categories and specific features that contribute to this automation. Here's a breakdown of the types of software and their capabilities:

**1. Comprehensive Contract Lifecycle Management (CLM) Platforms:**

These are the most complete solutions and are specifically designed to manage the entire contract process from end-to-end. They typically offer a robust suite of features for automation:

* **Key Features for Automation:**

* **Contract Creation:**

* **Template Management:** Pre-approved, standardized contract templates that can be quickly populated.

* **Clause Libraries:** Reusable, pre-approved clauses that can be inserted into contracts.

* **Automated Data Entry/Population:** Pulling data from other systems (CRM, ERP) or asking guided questions to pre-fill contract fields.

* **AI-powered Contract Drafting:** Some advanced CLMs use AI to suggest clauses, identify risks, and even draft initial contract versions based on inputs.

* **Contract Approval:**

* **Configurable Workflows:** Define multi-step approval processes based on contract type, value, department, or other criteria.

* **Automated Routing:** Contracts are automatically sent to the correct approvers in the defined sequence.

* **Notifications and Reminders:** Automated alerts to approvers about pending contracts and to creators about status updates.

* **Version Control:** Tracks all changes and approvals, ensuring the most up-to-date version is always accessible.

* **Digital Signatures Integration:** Seamless integration with e-signature providers for electronic signing.

* **Contract Renewal:**

* **Automated Renewal Alerts:** Proactive notifications to relevant parties well in advance of renewal dates.

* **Automated Renewal Workflows:** Triggers predefined approval or negotiation processes for renewal.

* **Auto-Renewal Clauses:** Manages contracts with auto-renewal provisions.

* **Performance Tracking:** Some CLMs can integrate with other systems to track contract performance and inform renewal decisions.

* **Other Automation Features:**

* **Repository and Search:** Centralized, searchable database of all contracts.

* **Compliance Monitoring:** Automated checks against internal policies and external regulations.

* **Reporting and Analytics:** Insights into contract status, risks, and performance.

* **Popular CLM Software Examples:**

* DocuSign CLM

* Ironclad

* Agiloft

* Conga Contracts

* SAP Ariba Contracts

* Icertis

* ContractSafe

* Lockstep

* Kofax

**2. E-Signature Platforms with Contract Management Capabilities:**

While primarily focused on signing, many e-signature platforms have expanded their offerings to include basic CLM functionalities, particularly for creation and approval workflows.

* **Key Features for Automation:**

* **Template Creation:** Ability to create and store reusable contract templates.

* **Simple Approval Workflows:** Basic sequential or parallel approval routing.

* **Digital Signatures:** The core functionality for automated signing.

* **Document Storage:** Centralized repository for signed documents.

* **Basic Reminders:** Notifications for expiring contracts or pending signatures.

* **Popular E-Signature Platforms with CLM Features:**

* DocuSign (also has a dedicated CLM product)

* Adobe Acrobat Sign

* HelloSign (part of Dropbox)

* PandaDoc

* SignNow

**3. Workflow Automation and Business Process Management (BPM) Tools:**

These are more general-purpose automation tools that can be *configured* to manage contract workflows. They are not specialized for contracts but offer significant flexibility.

* **Key Features for Automation:**

* **Visual Workflow Builders:** Drag-and-drop interfaces to design complex approval and task sequences.

* **Integrations:** Can connect with other systems (e.g., document storage, CRM) to pull and push data.

* **Task Management and Notifications:** Assigning tasks and sending automated alerts.

* **Customizable Forms:** Creating forms for data collection during contract creation.

* **Popular BPM/Workflow Automation Tools (that can be adapted for contracts):**

* Microsoft Power Automate

* Zapier

* Make (formerly Integromat)

* Asana

* Monday.com

* Kissflow

**4. Legal Tech Platforms with Contract Automation Modules:**

Some broader legal tech platforms offer specialized modules for contract automation as part of their larger suite of legal solutions.

**Choosing the Right Software:**

The best software for you will depend on your specific needs:

* **Volume of Contracts:** High volume necessitates a robust CLM.

* **Complexity of Workflows:** Simple approvals might be handled by e-signature tools, while complex, multi-stakeholder approvals benefit from CLM or BPM.

* **Integration Requirements:** Do you need to connect with your CRM, ERP, or other systems?

* **Budget:** CLM platforms are typically more expensive than e-signature tools.

* **Industry-Specific Needs:** Some industries have unique contract requirements that certain CLMs cater to.

In summary, **Contract Lifecycle Management (CLM) software** is the primary category of solutions designed for the comprehensive automation of contract creation, approval, and renewal. However, depending on the scale and complexity, e-signature platforms and even general workflow automation tools can also play a role.