TrustRadius Insights for Concord are summaries of user sentiment data from TrustRadius reviews and, when necessary, third party data sources.
Business Problems Solved
Concord has proven to be a valuable tool for streamlining the creation of candidate offer letters, NDAs, and other legal documents, resulting in significant time savings for teams. Users have praised its ability to serve as both a contract management system and repository, accessible by the legal department as well as other departments within the company. With easy-to-understand summary reporting, Concord effectively manages corporate contracts and ensures important deadlines such as effective and termination dates are not missed. The software is also widely utilized for Statement of Work templates and e-signature processes, offering online document collaboration, unlimited e-signatures, secure repository, and alerts. Prior to implementing Concord, organizations often struggled with manual contract lifecycle management. However, with its automated template creation, multi-entity support, and automated reporting/notification features, the product fulfills their core needs seamlessly. From eliminating the need for printing, signing, and scanning monthly documents to ensuring automatic renewals are not missed, Concord has been instrumental in improving overall contracting processes while resulting in cost savings for organizations. Its ease of use has made it a go-to solution across departments for managing contracting needs efficiently and effectively, ultimately reducing the time and personnel required to track contracts.
Concord is the contract management system for HITRUST. Concord is kept up to date and worked on daily by the legal department, but is accessed by others in the company. This is not only our contract management system, but our contract repository.
Pros
Templates are easy to create and utilize.
Concord has its internal e-signature tool.
Concord can group by template, active, in progress, etc. and color codes the same.
Cons
The editing tool is not super user friendly.
The emails from Concord often get whitelisted at customers' email sites.
Likelihood to Recommend
Concord is great for contract management, repository, creating templates, organizing contracts and vendors, etc.
For the purposes we needed, Concord has been well suited for us.
Previous to our implementation of Concord we did not have a CLM in place. We knew we didn't have incredibly big asks and we wanted to focus on finding a product that fit our core needs. Our core needs being: automated template creation, multi-entity support, and automated reporting/notification of upcoming events (i.e. notice of non-renewal deadlines, tactic agreement renewals, etc.).
Due to having contractors globally, we have a fair number of documents to send to each IC on a monthly basis. In the past, we were printing, signing and scanning back the documents. This process took hours every month and was an inefficient use of our team's time. We also wanted to make sure that we didn't miss an automatic renewal, which is what originally forced the conversation to start about implementing a CLM. Had we not missed the one automatic renewal that we didn't intend to renew, we would have saved nearly our entire first year's cost of Concord. Then again, maybe without having it automatically renew, we wouldn't have found Concord. There's always a silver lining.
Pros
Automated templates are incredibly easy to implement. Concord also does, for the most part, very well at keeping formatting when uploading documents in Word. The only downside is if you use formulas (naming convention for contracts), if you do not copy + paste as values before uploading then it will give the contract the name of the formula.
Cons
User management has been and still is, a pain point for us. We operate over a dozen entities and for the most part, anyone with access to Concord on our team has the same permissions across all entities. We must manage users one-by-one so onboarding + offboarding can be tedious.
The analytics are basic. I wish we could slice and dice and say "Show me only contracts tagged with X tag".
Likelihood to Recommend
Suitable: - Simple contract management, especially bulk contract management. Less Appropriate: - Larger entities. Though, based on their price + features, I don't think they're focusing on the > 500 employee organizations.
We use Concord for Statement of Work templates through the e-signature process. We use the free version (up to 3 users) which allows for online document collaboration, unlimited e-signatures, a secure repository (no limits) and alerts. We initially found this tool for the occasional need for e-signatures and if we started doing significantly more frequent contracting, I'm sure we would upgrade.
Pros
e-signatures (with notifications).
Templates (upload, create, change).
Secure storage.
Cons
For what we use, we do not see any areas that are in need of improvement.
Likelihood to Recommend
Any business that needs document collaboration and e-signatures would love Concord. It is easy to use and the free version offers robust options. If you are a small business that needs the next step up (amendments management, bulk sending, reporting, etc.) there is no middle of the road pricing. You go from free to $100/user/month so that seems to be the only downfall that I see.
