2021 is quickly approaching. As such, city, state, federal, and other public agencies need to ensure that they make the most of their budgets by investing in the most up-to-date software tools for robust, streamlined, and transparent government contract management, purchasing, and sourcing for evolving industry needs. To that end, here are six tools that can be leveraged for user-friendly, timesaving, cost-effective, and powerfully integrated government contract management, sourcing, and purchasing processes.
#1: End-to-End Contract Lifecycle Management
Save time, reduce costs, and experience the most efficient contract administration process with a vigorous and low-friction source-to-contract management software solution to oversee the full contract lifecycle.
Leading contract lifecycle management software supports a myriad of government organizations with an easy-to-adopt interface for:
- improved contract analytics and contract data tracking.
- convenient key date alerts and notifications.
- risk mitigation, risk management, and risk analysis.
- advanced contract writing that allows organizations to merge contract documents with templates from a pre-approved library.
- unified contract negotiation, contract collaboration, review, and approvals on a centralized portal.
- easy tracking of industry-specific contract types for various government agencies.
- intuitive RFx management (including RFPs).
- OFAC search for vendor and employee compliance.
- & much more.
Intelligent, automated contract workflow streamlines the contract lifecycle from requests up through renewals. Maintain compliance as per relevant government regulations, save time, reduce friction, and cut costs with superior obligations and compliance management.
#2: Integrated eSourcing & Bid Management
Government agencies should employ a future-minded enterprise solution for cohesive vendor management and sourcing. This integration can result in significantly faster bid creation and bid advertisement.
Electronic sourcing software used in conjunction with integrated contract management software can support a process that seamlessly marries bid processes with government sourcing. Organizations can create a powerful solicitation, sourcing, and acquisition process with state-of-the-art features such as:
- electronic purchase requisitions.
- quick and straightforward document drafting with RFx templates and a pre-approved, dynamic clause library.
- line-item and reverse line-item bid functionality.
- helpful bid evaluations.
- vendor response ratings and scorecards.
- simplified vendor contract awards.
- comprehensive reporting and searching.
- online vendor collaboration.
- bid tabulation reports for data-driven and centralized bid response comparison.
- efficient post-award contract management.
- & much more.
Reduce reliance upon paper-based RFP management. Embrace an eSourcing software solution that simplifies vendor awards, increases control with line-item and reverse line-item bids to award one or multiple vendors, and promotes better communication between buying organizations and vendors with a sensibly designed and easy-to-use Q&A portal.
#3: OFAC Search for Vendor & Employee Compliance
A government contract management software platform that integrates seamlessly with OFAC (the Office of Foreign Assets Control) search data for risk mitigation and compliance management permits government organizations to run checks on vendor and employee data against data in OFAC’s national sanctions lists.
Contract management software administrators can schedule OFAC search scans and integrate them into vendor and employee record pages to establish centralized vendor, company, and employee risk analysis and risk mitigation. Organizations can control whether to include OFAC searches with “Also Known As” (AKA) items to check for possible aliases for vendors, organizations, and employees within OFAC’s database. Additionally, they can configure what percentage of data the tool flags as a match between OFAC search data and vendor, company, and employee data.
OFAC Search integration benefits also include user-friendly search details and visually engaging graphs that map the data match percentage.
CobbleStone Software provides OFAC Search integration as an optional, add-on license. See risk analysis details at a glance with advanced government contract management software integrated with OFAC search!
#4: Integrated Purchase Order & Spend Management
Government organizations can leverage purchase order management software for complete asset lifecycle management and more sensible purchasing decisions. Reliable asset management software can assist in cutting administrative costs, promoting accountability, enhancing communication, and scaling efficiently and effectively.
Purchasing is expedited when organizations can request and create purchase orders easily from templates from their pre-approved clause library. Time is saved when the need for tedious data entry is eliminated, and purchase orders can be centralized and unified. Organizations can track quantities received, purchase order assets, and key dates and milestones.
Purchase order management is also improved with the ability to choose items from leading suppliers using vendor web catalogs. Data entry is streamlined with simple product catalog creation – allowing users to transfer line items from a record into a catalog easily.
Get ahead with asset tracking and transparency with a solution that provides a view of orders and where they are located. Enjoy game-changing purchase order oversight with the tools to track request details such as requestors, vendors, line items, status, asset quantity, and shrinkage.
Attain the insight to save time, save money, and adhere to a budget with robust, low-friction, and easy-to-use purchase order management software.
#5: Contract Management AI: Data Extraction & Identification
With contract management artificial intelligence, government contracting is simplified and automated. With AI-Based contract management, agencies can equip themselves with a process that systematically analyzes contracts and transforms documents into essential building blocks for improved contract oversight, proactive opportunity realization, and risk mitigation. Powerful contract intelligence backed by machine learning can make it easier to get the most out of smarter contracts. Watch the video below to learn how.
Automated data entry helps saves time when users into new contracts into their software systems. Organizations can identify data such as key clauses, dates, phone numbers, emails, locations, counterparty information, monetary information, and more to reduce the need for manual entry of data fields.
#6: Contract Management AI: Clause Recognition & Risk Mitigation
Intelligent clause extraction and identification can continuously improve machine learning. Leading-edge contract intelligence can find standard clauses within a document when added into a contract management software platform. Users can add clause text within that document to their organization’s training database for continuous machine learning – enhancing future clause recognition!
Contract management artificial intelligence can help organizations pinpoint potential risk by analyzing the text of newly introduced contract documents and identifying good and bad language within a contract according to a configured rules-based sentiment. An AI tool for contracts can also identify potentially sensitive data, perform statistical analysis, and offer useful risk prevention recommendations based on real-time data.
Streamline and automate the source-to-contract lifecycle with innovative contract management AI and machine learning that enhance static contract documents into dynamic contract assets for contract management prosperity.
Modernize Government Contract Management with Leading Contract Management Software
Government organizations should have an integrated solution for contract management, purchasing, and sourcing in their corner. The amalgamated contract management software suite organizations need is CobbleStone Software.
CobbleStone Software’s Contract Insight is abounded with various user-friendly features for effective government contracting, purchase order management, bid management, and more. Leverage the right tools for successfully managing requisitions, awards, approvals, compliance, calendar alerts, key date and budget alerts, automated intelligent workflow, simplified vendor reporting, online collaboration, and proper contract closeout.
CobbleStone’s acclaimed source-to-contract management software suite is widely trusted for pre-award to post-award contract management. Request a free demo of the winning contract management, sourcing, and procurement platform today!
CobbleStone Software’s Contract Insight is conveniently available on the U.S. GSA Schedule 70. All you need is a PO to get started today!