The prevalence of document creation software has grown exponentially over the last decade. Complex solutions that allow businesses to manage and streamline all aspects of the document lifecycle now sit at the heart of many companies’ tech stacks.
But this trend also presents a problem. Organizations looking to purchase a document generation application for the first time are often overwhelmed. There are dozens of providers to choose from, each with different feature sets, pricing structures, and customer support packages.
If you are in a similar position, don’t worry. This article teaches you everything you need to know about how to navigate the market and pick a solution that is an ideal fit for you and your business.
How Do Document Generation Solutions Work?
Document generation solutions are sometimes also referred to as “document creation,” “document management,” or “document lifecycle management” solutions.
Generally speaking, document generation solutions are differentiated from word processors like Microsoft Word and Google Docs. This is because they offer an extensive set of features for storing and tracking documents in addition to a document creation interface.
Document generation solutions equip businesses to do the following:
- Create and edit documents like proposals, contracts, invoices, etc.
- Deliver documents and track recipient behavior (open rate, response rate, etc.)
- Transfer data between applications automatically
- Collaborate with team members and send documents for approval
- Collect electronic signatures and recipient payments
Document generation apps are available at a wide array of prices (usually monthly subscriptions). In addition, they can be highly specific to certain sectors and company sizes.
For example, some providers specialize in providing tools to legal professionals or organizations in the logistics industry.
Similarly, there are apps dedicated exclusively to small businesses, along with those tailored to multinational enterprises.
These factors make it especially important to clarify your needs and pick a solution that is able to fulfill them effectively. A little planning in the early stages can save significant amounts of time and resources later on.
Which Features Should You Look for in Document Editing Software?
You likely require certain basic functionality in a document generation application, irrespective of your sector or organization size.
Here are four areas of functionality that you should pay attention to when evaluating providers:
- Document editor: You will use the editor to create and modify documents. If you do not plan to use the editor to write documents from scratch, you may still need to make minor edits. As such, it is important to pick an app with a feature-rich document editor, even if you will be working primarily in an application like Microsoft Word. Advanced solutions may also offer reusable templates (PandaDoc provides a library of pre-written documents), electronic signature fields, and embeddable payment buttons.
- Analytics: Along with giving you an overview of all document-related activity, analytics help you boost conversions. When a recipient opens and reads a document, you can send follow-up correspondence to motivate them to act.
- Integrations: Integrations allow for the automated transfer of data between platforms, saving significant amounts of employee time that would otherwise be spent on manual entry. Review your existing tech stack and ensure that potential document generation solutions have suitable libraries of integrations.
- Customer support: Go with a provider that offers customer support available in your time zone with good reviews. If you need assistance with onboarding, ensure that this service is included. Sometimes, a dedicated account manager may be required.
What’s the Difference Between Electronic Signature Software and Document Generation Software?
You may be wondering if you should purchase a solution that includes electronic signature functionality. It’s common for advanced document generation apps to provide e-signature tools. But this isn’t always the case.
Most businesses will benefit from opting for a solution that allows recipients to sign documents electronically. Hand-signing documents are time-consuming and add substantial friction to the approval process. Similarly, e-signing speeds up the internal approval process.
If you purchase a document generation solution that doesn’t include e-sign features, you may need to buy an additional app at a later stage to supplement your tech stack.
Should You Use a Basic Document Generation App Like Microsoft Word or Google Docs?
Document generation applications are typically more expensive than word processors like Microsoft and Google Docs.
So why not use one of these applications instead?
The short answer is that word processors work best in conjunction with document management solutions, which provide an additional layer of tools for sending, tracking, and storing documents.
Many organizations use apps like Google Docs to create documents (especially PDFs) and then edit and modify them in a document management platform.
It’s also worth noting that many providers offer long-term free plans that are more cost-effective than using a word processor.
Best Document Generation Solutions: An Overview
Here is a quick rundown of four of the top document generation solutions currently on the market:
- PandaDoc: PandaDoc is a market leader in the document management space and has one of the most comprehensive feature sets available. Users have access to a feature-rich document editor, electronic signatures, pre-written templates, in-depth analytics, and more. PandaDoc also offers a long-term free plan with unlimited signatures and document uploads.
- DocuSign: DocuSign is one of the oldest brands in the electronic signature space and offers a range of features through its “Agreement Cloud” solution. You can generate, track, and store documents with DocuSign while also leveraging advanced features like identity verification and SMS messaging. A small personal plan is available, although it has an upper limit of five documents per month.
- Proposify: Proposify is an excellent option for organizations that routinely create sales proposals. The editor is designed to give businesses all the tools they require to create visually attractive, high-converting documents. It has a higher price tag than other solutions but can be cost-effective for sales teams of more than ten people.
- Conga Composer: Conga Composer is the most popular document management integration on the Salesforce AppExchange. The software is designed to work seamlessly with the Salesforce platform and has a well-designed set of document creation and tracking features.
