SaaS Contract Management Software: What you need to Know

In this blog, we will explore what SaaS Contract Management Software is and why it is needed for B2B Companies. Also know the Features to consider and how to choose the right SaaS Contract Management Software to improve efficiency.
SaaS Contract Management Software
SaaS Contract Management Software
SaaS Contract Management Software: What you need to Know
In this blog, we will explore what SaaS Contract Management Software is and why it is needed for B2B Companies. Also know the Features to consider and how to choose the right SaaS Contract Management Software to improve efficiency.
Table of Contents

Table of Contents

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In the field of SaaS, making decisions and taking actions involves a complex process. As it involves business transactions at a broader level, it is crucial to ensure seamless contract management. However, in the evolving digital landscape, relying on paper-based reports is outdated.

It is equally important to track proper contract procedures, regulations, transaction records, and execution throughout the entire contract lifecycle.

This is where SaaS Contract Management Software comes in and provides an automated solution to all aspects of B2B contracts.

Let’s explore further what it is and what benefits it offers to both sellers and buyers in the B2B sphere.

What is SaaS Contract Management Software?

SaaS Management Software is a digital solution for storing and tracking contract details in an automated way. It is basically a cloud-based software that you have to subscribe to service providers.

There’s no need for separate storage systems for this software as you can manage all contract records from anywhere on any device.

Unlike traditional methods, which take weeks to draft and sign contracts, contract management software creates contracts faster, allows e signature and stores them effectively.

This software helps build transparency and productivity between B2B companies.

Benefits of SaaS Contract Management Software:

Benefits of SaaS Contract Management Software

a.Automated Contract Lifecycle Management

When a SaaS business wants to supply its products or services, it uses contract management software to create an organized contract, reviews it, and includes terms and policies.

It automatically drafts contracts based on the inputs, preventing manual errors. This automation speeds up processing time and reduces the risk of missing contract documents.

Moreover, it ensures seamless workflows, timely execution and renewal.

Unlike traditional paper contracts, there’s no need to wait for officials to sign. The contract management software enables countless electronic signatures, allowing signing at any time and place. This speeds up the procedures.

Additionally, doubts and queries can be easily searched through this digitally created contract.

b.Enhanced Compilance and Risk Management

When businesses work together with multiple contracts, following rules and regulations is very important. The contracting parties must obey laws, terms, and policies. But checking and following these rules manually can be difficult.

Contract management software helps by:

  • Ensuring adherence to rules
  • Alerting users to potential issues and risks
  • Sending reminders and notifications
  • Tracking contract obligations and renewals.

This prevents small problems from becoming major ones. Therefore, B2B contract management software helping companies to:

  • Minimize financial risks
  • Avoid fines and penalties
  • Protect their reputation

c.Improved Revenue Management

SaaS contract management software helps in generating revenues. Pricing and payment are considered the backbone of every business.

It is essential to carry out timely payments and eliminate missed payments. Furthermore, generating invoices provides valuable insights into revenue streams.

The contract management software ensures:

  • Timely payments
  • Creates insights about payments
  • Stops revenue leaks
  • Optimizes contract terms and policies
  • Checks for contract expiration

d.Increased Efficiency and Productivity

SaaS contract management software enhances efficiency and productivity by 60-80%.

It organizes tasks and operations without error. It acts as a centralized system to manage contract requirements and ongoing performance in B2B spheres.

When processes are carried out manually or using outdated systems, there’s a need to create separate folders and arrange separate documents. This approach carries a higher risk of errors or loss, leading to frustration and wasted time.

In contrast, contract management software streamlines everything from:

  • Negotiating contracts
  • Signing agreements
  • Tracking performances
  • Managing payment matters
  • Renewing terms

Using customized templates, it’s possible to access all contract information, significantly reducing manual labor.

SaaS Marketing Agencies also benefit using this software. The agency deals with many contracts for services like SEO, PPC and Content Marketing.

The SaaS Contract Management Software manages this multiple client contracts, track deadlines and automate renewals. So the SaaS Marketing agency can focus on delivering results rather than administrative tasks.

e.Better Relationship Management

SaaS contract management software fosters better relationship management in the SaaS business space.

When contract and agreements are carried manually it can lead to

  • Miscommunication
  • Delayed responses
  • Missed payments
  • Lack of clarity

But by using SaaS contract management software, companies get transparency in all aspects of agreements whether it terms and policies or payment matters.

It helps in building relationship and trust by:

  • Centralizing communication
  • Automating reminders
  • Facilitating collaborations

f.Data-Driven decision making

Across various B2B sections, including marketing, procurement, revenue sources, and contract management, decision-making is complex.

The process of making informed decisions or influencing decision-making requires systematic reports on:

  • Previous performance
  • Sales trends
  • Revenue generation
  • Renewal rates
  • Potential issues

To address this need, SaaS contract management software help immensely. By offering detailed insights into the status of ongoing contracts, the software enables:

  • Data-driven decision-making
  • Informed strategic planning
  • Timely issue resolution

The renewal rate is one of the most important SaaS Metrics to monitor. SaaS Contract Management Software helps to track customer engagement and automate renewal alerts.

B2B SaaS Contract Management Software: Why B2B Companies need it?

The major reasons why B2B companies need SaaS contract management software:

  • Automate contract drafting, secure e-signatures, and faster approvals
  • Reduce risk and errors
  • Enhance collaboration and communication
  • Simplify renewal management
  • Record and track transaction history
  • Ensure timely deadlines and reminders

Consider big corporations like Apple, Walmart, and Ingram Micro, which effectively reach millions of customers. Apple generates significant profits through Business-to-Business (B2B) transactions by supplying products to businesses like Walmart through contractual agreements.

To succeed, these enterprises rely on seamless contract management and collaborations. Contract management software is crucial in this process. For instance, when Apple utilizes this software, it includes:

  • Sales targets
  • Scheduled payments to purchasing company
  • Procurement details
  • Renewal terms and policies

By using SaaS contract management software, big corporations like Apple will:

  • Track everything efficiently
  • Craft new contracts based on product upgrades
  • Focus on customer needs to drive success
  • Analyze data to ensure receiver companies maintain protocols on selling products
  • Make corrections and updates to contracts and protocols as needed

This approach enables Apple to prioritize customer satisfaction while maintaining strong B2B relationships.

Notably, SaaS contract management software benefits not only large companies but also start-ups and medium-sized B2B companies. It helps in reducing operational costs, generating revenue and ensuring long-term success.

The SaaS Contract Management Software offers clear terms to entice potential customers to sign sooner. It provides timely contract delivery and minimize errors. This prevents drop-offs in the SaaS Sales Funnel.

Features to consider in B2B SaaS Contract Management Software:

There are numerous B2B contract management software options available, but there are some key features to consider:

a.Template Library

Contract management software should have an inbuilt template library with customizable clauses. This reduces contract drafting time. 

Companies can easily pick templates suited to their business and craft contracts. The templates should contain overviews, terms and regulations, payment sections, performance data, reports, audits, and more.

b.Digital Negotiations

In global B2B deals, in-person meetings are challenging. The software should facilitate virtual platforms for commenting and discussion.

This flexibility allows all stakeholders to attend meetings and share views.

c.Analytical Dashboard

Auditing can be tedious. Contract management software with an analytical dashboard provides auditing records, renewed contracts, and ongoing statistics.

d.API Integration

Although contract management software offers comprehensive features, companies need other applications and interfaces to share data and perform tasks. Therefore, API integration is essential.

e.E-Stamping and E-Signatures

E-signing alone may not be acceptable in some industries. For verification purposes, e-stamping is also required. The software should offer both options.

f.GSTIN Verification API

The API verifies business authenticity by checking GST registration and GST IN numbers. This feature prevents fraudulent activities and risks.

g.Automated Reminders

Reminders are crucial. Contract management software with automated reminders ensures timely payments, contract renewals, and policy upgrades.

h.Activity Tracker and Activity Logs

In B2B, tracking decisions and actions is vital. Transaction histories and activity logs improve business performance.

i.Managing Access and Permissions

The software should have a simple and user-friendly interface, allowing users to edit and comment on templates and data.

j.Central Repository

Customized tags and folders should be a built-in feature in the contract management software. This enables easy storage and access to various contract management sections in a cloud-based system.

k.AI-Powered Language Support

Manual contract drafting often leads to language ambiguity and errors. AI-powered language support refines contract language, preventing errors.

How to choose the right SaaS Contract Management Software?

Step 1: Identify your needs and determine what type of contracts you manage. Verify how many contracts you handle monthly and what features you expect for your business.

Step 2: Research options on Google and look into reviews from Gartner, Capterra. Attending webinars or demos will help you find and use the software effectively. You can try popular SaaS contract management software like Pandadoc, Concord, Trackado, CloudEagle, SignDesk, and others.

Step 3: Evaluate features such as templates, analytics, and customization.

Step 4: Assess the user experience: Does the software have a user-friendly interface and mobile accessibility?

Step 5: Check reliability before buying any B2B contract management software and ensure it can contribute to your business growth.

Step 6: Compare pricing plans; some software offers many features at a comparatively lower price. Cross-check all price plans and add-on costs.

Step 7: Start with free trials to determine if the software is effective for your business.

Step 8: To use flawless software, ask questions to software service providers about their experience, specialization, security measures, and data backup systems.

By following these steps, you will find the right B2B contract management software for your business.

Conclusion

To conclude, selecting the right B2B contract management software is key to achieving long-term success in business. 

In the realm of B2B, contract management is essential for fostering growth, building relationships, and reaching target customers. 

Choosing the right software wisely mitigates risks and boosts the growth of B2B businesses.

Founder of 7 Eagles, Growth Marketer & SEO Expert

Ashkar Gomez is the Founder of 7 Eagles (a Growth Marketing & SEO Company). Ashkar started his career as a Sales Rep in 2013 and later shifted his career to SEO in 2014. He is one of the leading SEO experts in the industry with 8+ years of experience. He has worked on 200+ projects across 20+ industries in the United States, Canada, the United Kingdom, UAE, Australia, South Africa, and India. Besides SEO and Digital Marketing, he is passionate about Data Analytics, Personal Financial Planning, and Content Writing.
Discover How 7 Eagles Help Your Business

Founder of 7Eagles, Growth Marketer & SEO Expert

Ashkar Gomez is the Founder of 7 Eagles (a Growth Marketing & SEO Company). Ashkar started his career as a Sales Rep in 2013 and later shifted his career to SEO in 2014. He is one of the leading SEO experts in the industry with 8+ years of experience. He has worked on 200+ projects across 20+ industries in the United States, Canada, the United Kingdom, UAE, Australia, South Africa, and India. Besides SEO and Digital Marketing, he is passionate about Data Analytics, Personal Financial Planning, and Content Writing.
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