Data-Driven Contract Management: 11 SharePoint Alternatives to Consider in 2024
SharePoint is a trusted and renowned tool for web-based document storage, team collaboration and content sharing.
It’s also pretty common for businesses to share information and store documents, including contracts in SharePoint. And while it’s a fairly standard procedure to store business contracts in your company’s main hub, it may not be the most efficient one for fast-growing companies and businesses looking to scale.
When the volume of your contracts increases, the contract processes become more complex or you simply feel overwhelmed managing contract approvals in Microsoft SharePoint, it’s a sign. A sign that you have probably outgrown it as a contract management tool.
The solution? Invest in a dedicated contract lifecycle management software (CLM).
A CLM will not only automate the manual tasks that have been troubling you, but it will also help you get your contracts to go from proposal to signed 80% faster.
While SharePoint offers document storage, version control, and some collaboration features, it lacks functionalities crucial for CLM.
In this post, we’ll share how you can best use SharePoint. We’ll also recommend 11 data-driven contract management SharePoint alternatives for 2024.
Benefits of using SharePoint
SharePoint has over 200 million active users globally. It’s best used for team collaboration, document management, and even project management.
Here are some reasons why:
It’s a centralized platform for storing, organizing, and accessing documents.
Microsoft ecosystem is all too familiar making it easier for employees to adopt and use SharePoint for collaboration.
It integrates seamlessly with other Microsoft products such as Word, Excel, PowerPoint, and Outlook therefore requires no additional training for new users.
As a part of the Microsoft ecosystem, SharePoint offers enterprise-level support, security, and compliance features.
Teams can create project sites, track tasks, assign resources, and share project documents.
However, SharePoint also has its own set of limitations:
Limited automation. It lacks the automation capabilities of a CLM system. Small tasks like sending reminders, chasing approvals, and managing revisions are manual, leading to delays and errors.
Version control challenges. SharePoint lacks a clear way to identify working or signed versions of contracts beyond naming conventions, leading to potential human errors and difficulties in tracking changes effectively
Customization: SharePoint lacks customization for contract management, leading to unstructured file uploads and requiring rigorous management to reduce errors
Inefficiency in workflows: Using SharePoint for contract management involves moving between multiple tools, which can be time-consuming and risky, as it lacks the functionality required at every stage of the contract lifecycle.
Search limitations: SharePoint does not enable users to search for contracts based on the values within them, making it challenging to identify specific terms and clauses without manual search efforts
Automated reporting: SharePoint does not capture and report on important contract data automatically, requiring manual analysis to extract insights, unlike dedicated contract lifecycle management solutions
As the number of contracts and users grows, SharePoint's scalability becomes an issue. You won’t be able to track contract management metrics for process improvement either.
Organizations with more high-volume contracts will need to consider data-driven dedicated contract management solutions.
Benefits of using a dedicated contract lifecycle management system
While SharePoint might be a good starting point for contract management, it becomes inefficient as a company grows.
It’s best to have a dedicated CLM system right from the start. Here’s why:
They’re loaded with features specifically designed for contract management. This includes pre-approved contract templates and clause libraries, tools for real-time editing, commenting, negotiation, and version control, and built-in e-signature integration.
Dedicated CLM solutions have advanced workflow automation capabilities for accurate contract routing, approval processes, conditional logic, and automatic data population for faster contract processing.
It serves as a central repository for all contract-related documents, metadata, and associated information for improved accessibility and information sharing across the company (not just in one department).
It allows advanced search functionalities that are specific to contract data, so relevant info can be retrieved quickly.
It gives increased visibility and control of all contract-related information over the entire contract lifecycle.
Detailed audit trails in CLM software simplify the tracking of changes, ensuring compliance with regulations, and identifying responsible individuals.
Here’s a good takeaway: The long-term benefits of a dedicated contract lifecycle management software in efficiency, productivity, and risk mitigation outweigh any possible transition costs.
So, if you’re now considering a SharePoint alternative, here are 11 tools to try:
Best SharePoint alternatives for contract management:
We’ve handpicked 11 SharePoint alternatives when it comes to contract management.
Avokaado is your all-in-one toolbox for data-driven management of the contract lifecycle. Avokaado is a specialized alternative to SharePoint for companies looking to enhance contract automation capabilities.
Since the tool focuses on automated contract workflows, teams (aside from the legal department like HR) can create compliant contracts in just minutes. Unlike a general document management system such as SharePoint, Avokaado is contract and data-centric from negotiation to execution, obligation management, and renewals.
Key features:
Data-driven contract automation solution with metadata and full-text search functionalities for efficient contract analysis and decision-making
Customizable, automated contract templates pre-approved by legal counselors to draft faster and legally
Displays automated dashboards showing key contract data like contract value, stages, and deadlines for more efficient workflow
Seamlessly integrates with most popular HR solutions such as Personio, Persona, Teamtailor, HiBob, BambooHR as well as CRM tools such as Salesforce
Price: Book a demo to learn about the best package to suit your needs.
2. DocuSign
DocuSign is a trusted name as a leading e-signature solution. In terms of contract lifecycle management, it streamlines the before and after signature processes eliminating the otherwise time-consuming manual workflows. It’s a secure and user-friendly platform that integrates well with other software that your organization already uses.
Key features:
Ensures secure and legally binding signatures for electronic agreements
Automates contract workflows, including approval processes and reminders, using a drag-and-drop editor
Integrates with popular tools such as Salesforce, SAP Ariba, and NetSuite
Price: Request a quote
3. PandaDoc
PandaDoc is a cloud-based document management solution designed to streamline to be paperless and more productive. With PandaDoc, you can create contracts and get clients to sign them in one platform. Overall, it simplifies the way businesses manage important documents.
Key features:
Automates contract drafting, editing, and collaboration through pre-made workflow automation
Supports ESIGN-compliant electronic signatures
Price: Paid plan starts at $19 per user/month, billed annually
4. ContractSafe
ContractSafe is a SharePoint alternative for robust contract management. You can efficiently create, edit, and store contracts all in one place. It’s also straightforward in tracking all key dates or contract terms and sending out customizable reminders for specific individuals. You’ll never have to renegotiate missed obligations or even end a specific agreement.
Key features:
Provides reminders and notifications for contract renewals, expirations, and key dates
Offers a secure and searchable repository for storing and organizing contracts
With customizable label statuses to easily track documents based on your process
Price: Starts at $375/mo for businesses managing 500 or fewer active contracts
5. Icertis
Icertis is a contract lifecycle management software for enterprise contracting. Its advanced contract intelligence capabilities make it particularly beneficial for industries with stringent compliance requirements, such as healthcare, manufacturing, and financial services. You can use Icertis company-wide for both the buy and sell sides since it has all the functionality needed for signing agreements.
Key features:
Has enterprise-grade security backed by the security of Microsoft Azure
Utilizes artificial intelligence to extract insights from contract data via deeper analysis
Enables users to create and negotiate contracts using full visibility across past, present, and pending contract information
Price: Request a quote
6. CobbleStone
Cobblestone offers both on-premise and cloud-based deployment. It has three contract lifecycle management solutions depending on the organization. The tool has out-of-the-box defaults but you can further customize the setup as you become more familiar with the application.
Key features:
Lets you create custom and ad-hoc contract management reports
Streamline the contract lifecycle with configurable workflows
Available as a SaaS solution or can be locally deployed on your servers or corporate cloud
Price: You can request a 30-day free trial
7. LinkSquares
LinkSquares is a contract platform specially designed for today’s in-house legal teams. With LinkSquares, there’s full visibility into the legal review process eliminating a lot of needless back and forth.
Key features:
Has proprietary technology built exclusively to simplify and speed up legal work
Centralizes contracts in one and secure repository
Turns illegible documents into searchable, readable text through Smart OCR
Price: Schedule a demo for a quotation
8. Oneflow
One of the best features of Oneflow is its user-friendliness. The SharePoint alternative's intuitive design allows all users (regardless of their technical skills) to create and manage contracts. This has improved the workflow and reduced the processing time for contracts. Also, its seamless integration with other systems provides a more cohesive and efficient workflow.
Key features:
Offers multiple native integrations to different systems such as HubSpot and Salesforce
Has several secure options for signing
Price: TheFreemium plan comes with a 14-day access to the premium version.
9. ContractPodAi
ContractPodAi is a platform that streamlines legal intake and contract submission processes. It serves as a centralized repository, ensuring consistent use of approved contract templates across the organization.
Key features:
The Smart Repository streamlines contract and legal data management with intuitive search and visual tools
Allows users to create and negotiate contracts based on pre-approved clauses
Price: Schedule a demo to get a quote
10. SpotDraft
SpotDraft is a contract automation solution for end-to-end contract management. It automates drafting and executing agreements, significantly reducing the time required for creating lengthy contracts.
Key features:
Contains a library of customizable contract templates and pre-approved clauses
Allows for real-time collaboration and negotiation on contracts within the platform
Price: Request a quotation by scheduling a demo
11. ContractHero
ContractHero is a contract management solution that helps organizations streamline their contract processes. Its intuitive interface makes it easy for users to organize, track, and manage contracts effectively. ContractHero also solves the problem of inefficient and time-consuming contract signing processes with the platform’s advanced digital signature.
Key features:
Easily manage your tasks with automated reminders for all contract-related tasks
Supports the use of both advanced electronic signatures (FES) and qualified electronic signatures (QES) to provide optimal flexibility for contractual partners
Merge contacts of the same company to get a comprehensive view of your contacts
Price: Arrange a demo to find the best plan suited for you
Explore SharePoint alternatives for contract management
SharePoint is a great document management tool, but for robust contract lifecycles, it might be holding you back.
If you have advanced contracting needs, you’ll need dedicated contract lifecycle management software to streamline processes, maintain visibility, and support data-driven decisions. The explored SharePoint alternatives will help you simplify your entire contract management process.
FAQs on SharePoint alternatives:
Is SharePoint a good tool for contract management?
SharePoint can be a good starting point for basic contract management, offering document storage, version control, and collaboration features. However, it lacks functionalities crucial for efficient CLM.
What functionalities are missing from Microsoft SharePoint for CLM?
SharePoint lacks features like pre-built templates, advanced workflow automation, and robust reporting for contract management.
How can a dedicated CLM system improve contract management?
CLM systems offer features specifically designed for contract management, such as automated workflows, centralized data storage, advanced search functionalities, and detailed audit trails, leading to efficiency, reduced risk, and improved visibility.
What are the long-term benefits of using a CLM system?
Improved efficiency, increased productivity, and risk mitigation outweigh any potential implementation costs associated with using a dedicated CLM system on top of SharePoint.
What are the best Sharepoint alternatives in 2024?
Avokaado is the best Sharepoint alternative for contract management because of its data-driven contract automation. It helps make contract analysis efficient, resulting to faster decision-making for organizations.
Quick Note:
If you need to quickly draft contracts to handle critical business information, check out Avokaado. The new document format called aDoc is a revolutionary approach to organizing contract information in a structured and secure manner.
aDoc uses a layered architecture to separate and organize different components of a contract. This proprietary document format combines context and data to generate self-executing contracts.
The Intelligent Way to Manage Documents for Every Team
Discover how people, revenue, and legal operations benefit from Avokaado's Operational Intelligence
Manage all your legal operations with a single, secure, and highly customizable Operational Intelligence Platform (OIP). For in-house legal teams, the Avokaado Platform offers an advanced Contract Lifecycle Management solution, providing an excellent toolkit to automate most daily tasks, including drafting, reviewing, negotiating, and executing agreements.
Streamline your procurement process with the Avokaado Platform for all procurement operations. Whether you are a procurement professional, purchasing agent, or vendor manager, the Avokaado Operational Intelligence Platform (OIP) will help you manage the procurement flow, from sourcing and contract negotiation to contract execution and monitoring.
Speed up deal closures with a fully automated contracting and negotiation process. Generate quotes and proposals. Negotiate and sign. Store and analyze. Everything is handled in a single, secure, CRM-integrated Avokaado Operational Intelligence Platform accessible in your browser.
Automate up to 90% of manual work when preparing, negotiating, and executing HR-related documents. Create and manage proposals, employee data forms, employment agreements, amendments, terminations, and even mass amendments. All in one private, secure, and GDPR-compliant workspace powered by Avokaado OIP.
Avokaado combines documents, data, and automated workflows under one streamlined Operational Intelligence Platform to drive revenue growth and achieve compliance on autopilot. Want to replace your manual processes and legacy systems with AI-driven, smart document flows?
