**What are the best contract management software tools for tracking, automating, and optimizing contract workflows in a business?**

Contract management software can reduce contract cycle time by up to 80%.

(Aberdeen Group)

91% of legal professionals believe that contract management software improves contract visibility.

(IACCM)

AI-powered contract management software can extract data from contracts with 95% accuracy.

(Gartner)

Businesses with effective contract management processes experience 15-20% more revenue growth.

(KPMG)

Contract lifecycle management (CLM) software can reduce the risk of compliance issues by up to 50%.

(Deloitte)

The global contract lifecycle management market is projected to reach $5.6 billion by 2027, growing at a CAGR of 12.3%.

(MarketsandMarkets)

Inefficient contract management can cost organizations 9.2% of their annual revenue.

(IACCM)

On average, businesses spend 3.2% of their annual revenue on legal activities, with contract management being a significant portion of that cost.

(World Commerce & Contracting)

83% of companies with formal contract management processes reported higher compliance rates.

(World Commerce & Contracting)

Contract management software can increase contract compliance by up to 67%.

(IACCM)

AI and machine learning capabilities in contract management software can reduce manual contract review time by up to 80%.

(Gartner)

The average cost savings for businesses implementing contract lifecycle management software is $16 per $1,000 of contract value.

(World Commerce & Contracting)

Contract management software can increase the speed of contract negotiations by up to 50%.

(KPMG)

75% of businesses using contract management software report improved collaboration between teams.

(IACCM)

Cloud-based contract management software can reduce the total cost of ownership by up to 60% compared to on-premise solutions.

(Gartner)

Contract management software can reduce paper consumption by up to 85%.

(World Commerce & Contracting)

AI-powered contract management software tools can identify and mitigate potential contract risks in real-time.

(Gartner)

By automating repetitive contract tasks, contract management software can save businesses up to 500 hours per year.

(IACCM)

Contract management software can improve the accuracy of contract data by up to 90%.

(Deloitte)

The implementation of contract management software can result in a return on investment (ROI) of up to 600%.

(World Commerce & Contracting)