Contract management software is an electronic approach to solving these problems. Contract management software suites can organize all contract paperwork. Companies often invest in contract management when they reach a sufficient size, or stages of growth, that means contract volumes are growing out of control. Risk increases rapidly here so it’s a good time to take control of the process. The software can put signing and renewing on an electronic calendar that is easy to manage, and it can help you track and allocate resources related to the contract management process. Poorly managed contract processes can result in exposure to serious legal risk: 80% of B2B revenue is governed by contracts. Similarly, huge amounts of time are wasted due to inefficient manual contracting – the IACCM found that 92% of time on contracts goes on process. Using contract management software can make it easier to monitor complex contracts without relying solely on paperwork. “The most important aspect of contract management software is that it allows employees in multiple locations to access contracts in one place,” said Robert Powell, CEO and founder of the Rob Powell Biz Blog.