As a government contract manager, it's helpful to stay up-to-date with the latest government contract management, purchasing, and sourcing tools - especially as the industry keeps evolving through 2023 and beyond.
Read on to discover six user-friendly government contract management software tools you can leverage to streamline your public contracting processes.
What Is Government Contract Management?
Government contract management is the process of coordinating business exchanges between private-sector organizations and government agencies for goods and services. Government contract management requires adherence to local, state, and federal regulations – which can include OFAC compliance and DBE requirements.
#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 contract lifecycle.
Leading contract lifecycle management software can support a myriad of government organizations with an easy-to-adopt interface for:
- Automated workflows.
- Contract analytics and contract data tracking.
- Convenient key date alerts and notifications.
- AI-based risk management.
- Advanced contract authoring with pre-approved templates.
- Unified contract negotiations with auto-redlining.
- & much more.
To learn more about contract lifecycle management, read this blog.
#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. You can create a powerful solicitation, sourcing, and acquisition process with state-of-the-art features such as:
- Electronic purchase requisitions.
- Pre-approved RFx templates
- Line-item and reverse line-item bid functionality.
- Vendor response ratings and scorecards.
- Simplified vendor contract awards.
- Detailed reporting and searching.
- Online vendor collaboration.
- Centralized bid tabulation reports.
- & much more.
To learn more about eSoucing and bid management, read this blog.
#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.
You 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.
OFAC Search integration benefits also include user-friendly search details and visually engaging graphs that map the data match percentage.
To learn more about OFAC search for vendor and employee compliance, read this blog.
#4: Integrated Purchase Order & Spend Management
Save time on purchase orders by eliminating tedious data entry and centralizing vendor data with the help of purchase order management software.
Purchase order management software provides you with robust asset lifecycle management data to help you make informed purchasing decisions. You can track quantities received, vendor web catalogs, purchase order assets, key dates, and more.
To learn more about how to integrate purchase order and spend management within your government contract management processes, read this blog.
#5: Contract Management AI: Data Extraction & Identification
Contract management artificial intelligence can simplify and automate your government contracting. AI-based contract management with robust data extraction supports natural language processing (NLP) for enhanced data pre-processing, automated data extraction, and auto-fill of critical contract data - such as contract key terms, sensitive data, and clauses.
Powerful contract intelligence backed by machine learning can make it easier to get the most out of your government contracts.
To learn more about AI-backed government contract data extraction and identification, read this blog.
#6: Contract Management AI: Clause Recognition & Risk Mitigation
Intelligent clause extraction and identification can continuously improve machine learning and contract risk mitigation. Leading-edge contract intelligence can find standard clauses within a document when added to a contract management software system. Also - when encountering a new clause, you can add it to your organization’s training database for continuous machine learning for enhanced future clause recognition!
Contract management artificial intelligence can help organizations assess risk by analyzing the text of newly introduced contract documents and evaluating language within a contract according to 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 virtually real-time data.
To learn more about contract clause management and risk mitigation, read this blog.
Modernize Government Contract Management with CobbleStone Contract Insight®
Don't waste any more time with inefficient government contract management processes. Take advantage of CobbleStone Contract Insight - a leading-edge government contract management software - for source-to-contract lifecycle management success in 2023 and beyond!
CobbleStone Contract Insight is conveniently available on the U.S. GSA Schedule 70. All you need is a PO to get started today! See industry-leading government contract management software in action by booking your free demo with a CobbleStone Contract Insight expert.
This article was originally published on October 14th, 2020, and updated on November 21st, 2022.
*Legal Disclaimer: This article is not legal advice. The content of this article is for general informational and educational purposes only. The information on this website may not present the most up-to-date legal information. Readers should contact their attorney for legal advice regarding any particular legal matter.