CobbleStone Software is proud to announce that we have finished 2020 with record-breaking growth. From expanding our client base to bringing new innovations to the forefront of contract management software and more, here are some noteworthy CobbleStone Software achievements from 2020.
As a sourcing professional, attracting diverse suppliers who meet your necessary RFx requirements can be challenging when leveraging primarily manual processes such as organizing paper-based RFPs, tracking disparate emails, filing scattered documents, and individually reviewing bids for diversity qualifications. While you might find a suitably diverse supplier base, they may lack in other crucial requirements. Without a suitable eSourcing software solution, sourcing a product or service that meets your diversity and functionality requirements can prove difficult. Read on to learn how leading-edge eSourcing tools can help you optimize supplier diversity.
Proper CLM software with built-in employee policy management tools can streamline mass acknowledgments initiated by human resources professionals for greater organization-wide awareness of crucial information. Learn how your organization’s HR personnel can efficiently send out mass acknowledgments and help employees stay aware of pertinent information with CobbleStone Software’s celebrated contract management software solution. Read this helpful blog – written by CobbleStone Software’s very own HR Administrator, Elicia Neumann.
As General Counsel, you hold a tremendous responsibility within your organization – especially with managing internal stakeholders and maintaining efficient processes with external stakeholders. Relying on disparate and manual contract management processes such as spreadsheets, filing cabinets, emails, and shared storage drives can create an inefficient contract management process that can waste time, decrease revenue, and increase risk. Read on to learn why CobbleStone Software’s acclaimed contract management software platform – Contract Insight® - is the top choice for your processes.
The health of the contract lifecycle relies upon efficient contract task management. Manual methods for completing contract tasks relating to pre-award and post-award contract lifecycle management can be error-prone, inefficient, and tedious - potentially decreasing your organization's ROI. Read this blog to learn how your organization can embrace streamlined and future-minded contract task management with AI-powered contract management software.
As a paralegal, working in a fast-paced environment with tight deadlines without the proper contract management software system can leave you stressed, disorganized, and overworked. Manually assisting lawyers with contracts – including tasks such as coordinating communications with stakeholders, gathering wet signatures, managing disparate compliance materials, and manually tracking key dates and milestones – can present time-consuming and error-prone challenges. Fortunately, CobbleStone Software can help unify people, process, and technology – streamlining contract lifecycle management. Read on to learn how CobbleStone’s legal contract management software – Contract Insight® – can help paralegals achieve contract management success.
As we step into 2021, CobbleStone Software’s Executive VP – Mark Nastasi – reexamines contract management software technology trends in the wake of the many challenges of 2020. He provides expert insight into how organizations can move forward into more future-minded, automated, and user-friendly contract management in 2021 and beyond. Read his considerations and suggestions below.
It is important for procurement professionals to successfully align vendor management and purchasing goals with a trusted solution. Luckily, CobbleStone Software - which has been preferred by procurement professionals for over 20 years - can help organizations to establish a procurement strategy, strengthen procurement processes, and commit to a future-minded and proactive approach to procurement while embracing automated eProcurement software. Read on to learn why so many procurement professionals choose CobbleStone time and time again.
If your organization is planning on leveraging contract management software, it is crucial that your team is aware of how to oversee user permissions effectively. The terms of many contracts necessitate user permissions parameters to be put in place regarding access to contract documents, files, field data, reports, and more. Manually managing user permissions with methods involving spreadsheets or unsecured folders, access that must be approved or restricted via disparate emails or other decentralized communication, or the nearly impossible task of managing different levels and stages of access as the contract lifecycle ensues can leave your organization at legal and regulatory risk. Learn how to mitigate such risk factors and more with cutting-edge contract lifecycle management software.
Contract writing - also known as contract authoring - is a critical stage of the contract lifecycle. The contract writing process involves contract parties putting into written copy the terms of a contract. One extremely important facet of contract writing is contract clause management. Insufficient contract authoring procedures as they pertain to contract clause management often rely upon disorganized tracking of versions, a lack of unified contracts and subcontracts, and - unfortunately - scattered clauses. Such processes can leave your organization with contracts that are missing clauses, an overlooked mass of key dates and milestones, and unified contract lifecycle management.
In the wake of unpredictable circumstances such as the ongoing COVID-19 pandemic, your organization is more than likely allowing employees to work remotely. No matter which relevant industry you are working in, you must be supported with a sufficient system in place for contract management, sourcing, and procurement operations. To that end, we've assembled a list of five tips for maintaining remote contract management software process efficacy during the COVID crisis.
As a lawyer, you manage a variety of contracts that involve ranging stakeholders and processes. Yes, you may have help from paralegals and legal assistants to coordinate the contract groundwork. However, when it gets down to the nitty-gritty of negotiations, approvals, signatures, and post-award contract management processes, you need a trusted and streamlined system in place to grant you optimal control over your contact management process. Read on to learn how you and your legal team can significantly improve legal contract management software procedures.
2021 has arrived, and with it comes new innovations to your contract management software processes. Keeping this in mind, we have outlined six critical contract management tools that your organization should equip itself with to stay ahead of future-minded contract management best practices in 2021 and beyond.
Are you a small business owner? Do you manage contracts in a small business? Regardless of the position or size of the small business you are a part of, contracts are integral to your organizational processes. From client contracts to employee contracts - among many others - small business contract management KPIs can be hindered by contract non-compliance, disorganized pre-award contract processes, missed contract renewal opportunities, and more – without the proper contract management system in place. Read this blog to learn how to transform your process for streamlined, user-friend, and success-driven small business contract management.
2021 is rapidly approaching and, with it, innovations and enhancements to contract management automation. To that end, here is a list of user-friendly, future-minded, and industry-advancing contract management software features, processes, and best practices that organizations can empower themselves with to successfully and confidently navigate the evolving landscape of contract management through 2021 and beyond.
Managing various types of entertainment and media contracts from varying locations, often internationally, with multiple departments and roles can be an arduous process - especially when relying on disparate methods such as postal mail, wet-signatures, filing cabinets, emails, shared network drives, and lengthy paper-based negotiations. Dealing with and tracking a high volume of contracts – from intellectual property contracts to option agreements, among many others - can be tremendously challenging without the right contract management system in place.
Vendor risk management can be daunting for risk management professionals and financial contract management teams. In many cases, the process of sourcing a suitable vendor or partner is hard enough on its own. However, a risk or vendor management professional must also understand a business's requirements and solicit vendors, contractors, and other partners to engage in business with to ensure they are qualified. Add to the mix the financial responsibility of ensuring compliance under OFAC, or the Office of Foreign Assets Control, from the United States Treasury Department. Clearly, the duties of reviewing the vendor onboarding process, agreement terms, and clauses can be a time-consuming set of tasks. Leading contract management software, however, can streamline these processes with seamless OFAC search integration. Read this blog by CobbleStone's Founder and Executive VP, Mark Nastasi, to learn how.
Is your current vendor COI tracking (certificate of insurance tracking) process time-consuming? Ununified? Tedious? Error-prone? Well, you can leave tiresome and detrimental COI tracking methods in the past by leveraging leading vendor management software to easily track and manage vendor data and vendor contract data on a centralized, user-friendly, and organized platform. Read on to learn how.
Why do you trust your software provider? Is there any specific criteria by which you measure a software system’s trustworthiness in protecting sensitive and confidential data such as PCI (payment card information), PII (personally identifiable information), employee information, client details, vendor data, and vital contract data? With increased risk of data and security breaches, especially during such uncertain times as these, you should be confident that your information is stored on a trusted platform. Read on to learn how to use such a trusted platform, along with the importance of SOC compliance.
Organizations of all sizes face the need to juggle multiple contracts at a time, with each contract being at a different stage of the contract lifecycle. Leading contract lifecycle management software is crucial in reducing risk, improving productivity, and maximizing a contract’s value.
CobbleStone Software's newest release – Contract Insight® Enterprise Version 17.7.1 – has arrived, bringing forth new features and enhancements to improve your contract management software suite!
Purchasing teams can find it challenging to maintain clear communication and manage purchase orders using primarily disparate and manual processes – such as paper-based filing systems, phone calls, emails, and spreadsheets. Without a streamlined electronic process with end-to-end purchase order management oversight, purchasing strategies can be challenged by unnecessary workflow bottlenecks that can undermine productivity and frustrate purchasing teams. Thankfully, leading purchase order management software can streamline the purchasing process, expedite and improve purchase order workflow, and offer full asset lifecycle management with holistic oversight.
Manual healthcare contract management processes can increase cost and liability, leak and decrease revenue, and bring about negative patient and personnel experiences. Outdated strategies can prevent a seamless contract lifecycle, compliance, the best use of time and resources, unified and secured documents, efficiently and accurately entered data, and the management of contracts of varying value and complexity. Luckily, future-minded contract lifecycle management software can help. Here’s how.
The COVID-19 pandemic has left educational institutions in a state of disarray. In such unprecedented times, education contract managers - especially when overseeing contract management teams remotely - cannot rely on antiquated education contract management procedures. Amidst such unforeseen circumstances caused by the COVID-19 pandemic, education contract managers can learn how to leverage the following key digital contract management processes within a scalable and centralized contract lifecycle management system to maximize their contracts’ value and optimize their workflow.
As was detailed in our recent blog on CobbleStone’s PC Helper App for MS Outlook, contract generation is a multi-faceted process. A unified procedure for contract collaboration, contract writing, and contract negotiation can be hard to come by. The “track changes” feature that comes with MS Word out of the box can help make the contract negotiation process easier with redlining. However, version control issues can arise when contract stakeholders work on different computers in disparate locations. In turn, documents that are saved locally can easily get lost – potentially resulting in more work for involved contract stakeholders.
To avoid issues such as lost document versions and contract lifecycle bottlenecks, CobbleStone Software’s latest release of its celebrated contract management software – Contract Insight® 17.7.0 – offers a PC Helper App that seamlessly integrates with MS Word. Here’s how to use that functionality.
Many times, contract managers work in a fast-paced environment with short deadlines. When dealing with an influx of emails containing a plethora of documents, the lack of integration between an email platform and a contract management system can cause important documents to fall through the cracks - thus increasing contract workflow inefficiencies. Thankfully, a user-friendly contract lifecycle management software system integrated with MS Outlook can streamline the contract lifecycle. This, in turn, helps contract managers, legal teams, procurement professionals, and sourcing professionals save more time and reduce contract workflow bottlenecks.
Due to unforeseen challenges caused by the COVID-19 pandemic - and in the interest of CobbleStone's partners', clients', and employees' safety - CobbleStone has postponed its in-person Austin, TX user conference tentatively until late 2021 and will now be hosting a virtual user conference on January 20th and 21st from 1 pm to 5 pm ET on each day.
General Counsel and paralegals face growing contract volume and contract complexity. The lack of an efficient legal contract management process can render obstacles that legal departments encounter nearly impossible to overcome. As such, here's how to utilize legal contract management software for a shortened legal contract lifecycle.
As 2021 quickly approaches, procurement teams must realign their purchasing goals. An ineffectual vendor management and payment processing strategy can lead to increased risk, dark purchasing, data inaccuracies, supplier issues, and a longer purchasing cycle. So stop wasting time, opportunities, and resources with an inefficient and ununified procurement process. Use these top 7 procurement tools for 2021 and beyond.
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.
Managing contracts can be challenging for legal, procurement, and contract management professionals, especially when primarily relying on outdated processes. Managing the contract lifecycle from requests to renewals can prove challenging with spreadsheets, emails, filing cabinets, and other disparate tools and systems. Without accountability, visibility, a clearly defined process, and actionable insights, organizations can find themselves running into compliance issues, not realizing contract value, and encountering other setbacks.
The strength of an organization’s contract lifecycle hinges on a healthy contract strategy. An ironclad contract procedure helps departments within an organization come to a universal adoption of contract processes that improve contract performance. A contract strategy that leverages leading contract management software equips organizations with advanced tools for organized, cost-effective, and efficient contract management. As such, here is how organizations can employ a winning contract strategy for future-minded, AI-based contract management.
Organizations utilizing manual sourcing methods - such as gathering item prices in spreadsheets, corresponding with prospective bidders individually via email, and collecting numerous data separately from prospective suppliers - can face a time-consuming challenge to the sourcing of the most cost-effective and quality items. Without the proper tools, sourcing professionals cannot determine formal bids, RFPs, budget allowances, stock levels, current contracts, and contingencies in purchase order releases. Thankfully, sourcing professionals can utilize the following tools for seamless vendor management and requests to generate long-term sourcing success.
The Financial Accounting Standards Board's – or FASB's – current ruling and guidance on revenue recognition - ASC 606 - may be important from both accounting and legal contract management standpoints. The legislation applies to organizations required to report revenue as per FASB standards, organizations that have earned revenue over time, and organizations that have earned revenue when goods and services are delivered or performed. Discover how leading contract management software – which assists many legal and accounting professionals - can help organizations remain compliant according to the FASB's Accounting Standards Codification (ASC).
Due to the COVID-19 global pandemic, and in consideration of the health of CobbleStone clients, partners, and employees, CobbleStone’s user conference will transition to a virtual, fully-digital two-day event.
The COVID-19 pandemic has left supply chains all over the world in a state of disarray. Now more than ever, antiquated supply chain contract management procedures can prevent efficiency and growth, decrease ROI, and damage organizational reputation in the face of unforeseen and vulnerable circumstances. Don’t let outdated supply chain management methods leave your organization exposed to the potentially detrimental effects of uncontrollable events; establish an ironclad supply chain contract management process for supply chain success.
Artificial intelligence (AI) is positively impacting organizations across a vast array of industries. Developments in AI are proving incredibly valuable as they apply to contract management software systems. Contract management AI can transform static documents into dynamic assets for better contract lifecycle management. Here’s how to step into the future of contract management with powerful contract intelligence.
CobbleStone Software’s latest release – Contract Insight® Enterprise Version 17.7.0 – is here, bringing with it many new features and enhancements to enrich your contract management software platform!
A disjointed procurement management process can lead to procurement workflow bottlenecks. The manual management of contracts, vendors, purchase orders, and bids can prove challenging and ineffective. Processes that involve paying per solicitation can grow expensive. Don’t waste time, resources, and opportunities with a decentralized and inefficient procurement process. Leverage leading eProcurement software for procurement management success “from cradle to grave.”
Systematically tracking and reporting contract financials is a crucial strategy for healthy contract lifecycle management. Organizations must have a contract management software platform that permits them to keep track of transactions, run reports on key financials data, establish alerts for thresholds, and perform financial statistics analytics for contracts. This blog will demonstrate how leading source-to-contract management software can help organizations to manage contract financials carefully and proactively in one centralized solution to maximize spend and increase ROI.
Antiquated procurement processes can prove cumbersome, and may, unfortunately, reduce the value, efficiency, and innovation of procurement. In addition to being ineffectual, the manual management of vendors, bids, contracts, and purchase orders may prove challenging and damaging. It's time to change the perception of procurement from a tedious function to a beneficial process that is reimagined, value-adding, and streamlined. Here's how to leverage eProcurement software for a winning procurement process!
Process, unity, and efficiency are essential for proper vendor management. A vendor management process that relies upon disorganized documents, emails, and spreadsheets for vendor key data, contract data, certificates of insurance, and vendor performance data may not be enough. These methods may lead to failed compliance, missed deadlines, agreement breaches, overlooked volume discounts, insufficient payments, and poor vendor selection. These manual and time-consuming processes should be replaced in favor of an organized and streamlined one. Thus, here are six tips for better vendor oversight with vendor management software.
NIGP (The Institute for Public Procurement) will be hosting its annual forum virtually August 24th – 28th, 2020. CobbleStone will be exhibiting its leading-edge government contract management, sourcing, bid management, and procurement software in NIGP’s virtual exhibit hall. CobbleStone’s software experts will answer questions from attendees and demonstrate how contract management software can help solve government purchasing challenges. NIGP’s celebratory 75th Annual Forum will feature procurement-focused sessions, a virtual exhibit hall, breakout sessions, networking opportunities, inspirational keynote speakers, a virtual happy hour, and other engagements.
As 2021 draws ever nearer, the truth remains that general counsel and paralegals continue to encounter growing contract complexity and volume. An ineffectual legal contract management process makes obstacles for legal departments tough to overcome. Here’s how to leverage seven legal contract management software tools for a streamlined legal contract lifecycle, reduced risk, and minimal contract lifecycle bottlenecks and delays.
As the end of the third fiscal quarter draws nearer, the fact remains that the manual management of contracts, vendors, bids, and purchase orders can prove difficult and ineffectual. Methods that involve paying per solicitation can grow quite costly. Here's how to unlock six key eProcurement software tools for procurement prosperity through the third fiscal quarter and beyond!
Outdated supply chain management processes can prevent organizations from navigating the supply chain contract lifecycle easily. When organizations rely upon processes that become inefficient as they evolve and grow, they may face various challenges and risks that bog them down and prevent growth, efficiency, a strong reputation, and increased ROI. Don’t let obsolete supply chain contract management processes hinder your organization’s evolution; discover 7 signs that you’ve outgrown your supply chain management process and need to upgrade!
Proper contract management is vital for the health of an organization’s contract lifecycle. Despite the importance of forming a solid foundation for contracting, most organizations do not use a contract playbook. Considering that these tools for contract procedure establishment are instrumental in helping many departments within an organization to share a universal understanding of standard contract processes and improve contract performance, this is surprising. When a contract playbook is paired with leading contract management software, organizations are equipped with powerful tools for efficient, cost-effective, and organized contract management. Given the importance and under-use of contract playbooks, here is how organizations should establish them for next-level, automated contract management.
Retail property management organizations often need to handle many different types of requests and contracts – including construction contracts, leases, rental agreements, retail management contracts, vendor contracts, maintenance agreements, property management contracts, and more. With the need to handle numerous of contracts per year and support updated lease accounting standards, manual contract management processes may prove insufficient – potentially leading to contract lifecycle delays, missed key dates, lost revenue, unsatisfactory lease accounting, and wasted time. These organizations need to leverage integrated contract management software for enhanced retail property contract management. Here’s how.
In contract lifecycle management, efficient collaboration between stakeholders is a must. Contract requests, renewals, and almost everything in between can involve many moving parts – with a high potential for inefficiency if adequate measures are not introduced. In the interest of avoiding communication delays and contract lifecycle bottlenecks, organizations should leverage robust contract collaboration tools offered by leading contract management software. Here are four steps to foster healthy and productive collaboration and expedite the contract lifecycle.
CobbleStone Software will be presenting Contract Insight®, our award-winning contract management software, at the 2020 ACC Solutions Expo on July 29th, 12:00 pm – 1:00 pm ET. This one-hour session includes a demo followed by a Q&A networking session. The Association of Corporate Counsel's Solutions Expo provides legal professionals with the chance to engage, network, and participate in legal solution presentations to better aid their organizations’ efficiency and effectiveness.
CobbleStone Software, a trusted leader in contract management and eProcurement software solutions, is exhibiting at NCMA's Virtual World Congress July 27-29, 2020. The annual event is one of the largest industry gatherings for contract management, procurement, and sourcing professionals. Learn more about World Congress and CobbleStone's virtual exhibition!
As technology evolves and organizations shift to adapt, business process changes should increase productivity rather than hamper it. Contract managers who primarily utilize manual methods with their team may encounter difficulties in efficiently managing contracts. Contract mismanagement can decrease productivity, hinder communication regarding task responsibility, and increase avoidable inefficiencies. As contract administration changes for the future, organizations can attain greater control over their contract management processes by avoiding the following pitfalls of contract mismanagement.
Pharmaceutical and life sciences organizations have a lot on their plate. Unfortunately, many organizations lack an efficient process to handle a myriad of contracts, clinical trials, promotions, supplies/goods, regulations, and compliance. Consequently, these organizations may leave themselves unprotected from potential increased risk, delays, compliance violations, wasted time, and squandered revenue. Here’s how to improve life sciences and pharmaceutical contract management with accelerated contracting.
U.S. Federal Contractors - no matter which government agency or department they are contractually involved with - can face several challenges throughout the contract lifecycle. With many different tasks to perform, there is a lot of room for errors or missteps that may lead to contract lifecycle bottlenecks, compliance challenges, regulatory violations, wasted time, and lost revenue. Luckily, government contract management software can help. Here’s how.
Legal departments face ever-increasing pressure to deliver contract value and streamline legal ops with shorter contract lifecycle times and improved contract performance. Legal departments that regularly measure the efficacy of their contracts against KPIs can proactively calibrate their legal contract management process to improve organizational impact through goal alignment and goal attainment. Discover four crucial legal department KPIs in this article.
Nursing home networks face a unique set of challenges around healthcare contract management. Since they are subject to strict laws and regulations, nursing homes need to be vigilant when establishing and maintaining contracts - as to avoid litigation costs, witness depositions, and the frantic retrieval of mismanaged contracts. With disorganized or manual processes, nursing homes increase the risk of lawsuits, misplaced documents, data entry errors, contract lifecycle bottlenecks, damaged reputation, wasted time, and revenue loss. Luckily, contract management software can help nursing home networks establish a seamless contract lifecycle, remain compliant, reduce wasted time, unify and secure documents, efficiently and accurately enter data, and manage contracts with varying complexity and volume. Here’s how.
Organizations should be equipped with contract management software that is easy-to-use, reasonably priced, and whose features are aligned to their needs. When these criteria are not being met, organizations risk encountering issues such as contract lifecycle bottlenecks, wasted time, increased costs, and lost revenue. These are issues that require making a switch to a better solution. With that said, here are three things to consider when making the switch to a leading contract lifecycle management software platform.
Establishing a bid process with which you can regularly receive optimal bid responses may seem like a daunting task. However, it is quite achievable with the right steps and tools. There are numerous simple ways to leverage scalable, cloud-based source-to-contract management software for streamlined RFP, RFI, and RFQ management, and better bid responses. Here are six ways to get more quality bid responses from vendors.
Contract management AI is not something to be intimidated by. Its goal is not to eliminate jobs or replace valuable employees. Instead, it can add value to contract management software processes by transforming contracts and documents into building blocks for enhanced contract oversight, improved risk mitigation, and more proactive opportunity realization. It can lend a competitive edge by shifting the responsibility of employees from tedious data entry to valuable contract analytics. Organizations that embrace AI-based contract management can maximize growth opportunities and increase their software ROI.
Government supply chain management is a multi-faceted, involved process – including the handling of RFIs, RFPs, and RFQs. Supply chain RFx management responsibilities may include accumulating vendor proposals, collecting quotes to compare vendors and contractors, establishing a database of vendors and contractors, signing off on approvals before selecting them, managing contracts, and much more. Handling these different tasks with separate manual processes can make for a disorganized approach that can potentially lead to lost opportunities, supply chain lifecycle bottlenecks, improper vendor and contractor selection, wasted time, and revenue loss. Luckily, integrated contract management software solutions can help. Here are three ways to improve government supply chain RFPs.
When it comes to vendor management, efficiency and process unity are key. A vendor management process that relies on disparate documents, spreadsheets, and emails for vendor key data, contract information, certificates of insurance, and performance data for vendor comparison may not cut it. Such methods can leave organizations with a disorganized process that might lead to missed deadlines, failed compliance, insufficient payments, agreement breaches, and poor vendor selection. Eliminate manual, time-consuming processes by successfully keeping track of what’s essential with vendor management software. Here are three critical aspects of vendor management to track.
2020 is quickly approaching and, with it, new advancements in contract management options. To that end, we’ve detailed five essential tools contract managers must empower themselves with to navigate the ever-changing landscape of contract management best practices going forward.
There is a significant need for automation in contract management software processes. When collaborating within the contract management community, we often find that most organizations do not currently leverage meaningful automation for better contract management. Yet, most organizations have developed or plan to develop strategies to implement contract automation. It is clear to see that the industry is evolving in favor of contract automation. Don't get left behind. Get ahead with robust and user-friendly contract management software. Here's how.
As the end of the traditional local government fiscal year draws near, city, state, and other public agencies must make sure that they are leveraging their budgets by investing in software tools for streamlined, robust, and transparent contract management, purchasing, and sourcing for current and future needs. Here are five tools that can be used for simple, user-friendly, and powerfully integrated government contract management, procurement, and sourcing processes.
In a world where technology continues to evolve to conveniently integrate various applications for increased expediency and productivity, CobbleStone grows as well. CobbleStone’s latest release, Contract Insight® 17.6.0, allows you to integrate a proprietary MS Outlook PC Plug-in for easy, quick, and user-friendly contract management software straight from your PC desktop MS Outlook application. Here’s how to leverage the plug-in for better, faster, and smarter source-to-contract management today!
What is a digital signature? Is it not that the same thing as an electronic signature? In an ever-evolving technological landscape in which new and updated terminology and functionality are incessantly presented to a myriad of industries, it can be confusing to know the differences between the two terms mentioned above. However, those differences are actually quite simple! Get familiar with these two terms and discover how to utilize both E-signatures and digital signatures to establish a secure, user-friendly, compliant, and rapid signing process.
Contract management software is an investment that can help organizations to gain control over their contracts, drive more value through contracting, and increase productivity and efficiency. Additionally, it can improve transparency, reporting, compliance, and oversight - driving the the most value through comprehensive contract lifecycle management. User-friendly solutions can be implemented quickly, and with leading providers like CobbleStone Software, implementors act as guides to help system administrators configure their Contract Insight® system to meet their organizations’ needs. In this article CobbleStone's Training Manager, Nash DeVita, explains the importance of continuing contract management software education.
Vendor, customer, and employee compliance management are essential for organizations to maintain adherence to compliance standards, mitigate risk, and uphold their reputation. However, as contract volume grows, it can be difficult for organizations to track the records of vendors, customers, partners, and employees regularly. To achieve and maintain compliance, it is paramount that organizations, regardless of industry, remain aware of violations committed by entities they are performing business with. Such violations include failure to adhere to economic and trade sanctions under The Office of Foreign Assets Control (OFAC). Contract management software with intelligent national sanction compliance checks and risk analysis snapshots can help organizations to avoid these issues by providing them with a comprehensive and centralized OFAC search process.
CobbleStone Software’s latest release, Contract Insight® Enterprise Version 17.6.0, has arrived with many new features and enhancements to improve your eSourcing and contract management software platform!
Contract termination involves a contract party ending a contract before its obligations are fully performed by both parties. The cancellation of a contract should involve crucial financial analysis, contract performance data analytics, and the creation of a notice of termination. As such, organizations need a strategy to identify contracts that are not meeting contract KPIs, to write notices of contract termination, and to ensure proper contract closeout. This article will show you how to easily implement this strategy.
The chess-like, back and forth nature of contract negotiations can create confusion and contract lifecycle inefficiencies. Without a centralized and well-organized system, organizations on both ends of the contract management chessboard become trapped, halted, and unsure of where they should move their next piece. A centralized, well-organized process can get the match moving again. Discover how contract management software can streamline contract negotiations.
Contract writing is an essential phase in the contract lifecycle. During the contract writing stage, contract parties put the terms of a contract into written copy. Inefficient contract writing processes often rely on scattered clauses, poor compliance management and version tracking, insufficient line item management, and a lack of unified contracts and subcontracts. These processes can lead to an organization that is hindered by error-prone contracts with missing clauses, missed key dates and milestones, and a decentralized process that impedes the contract lifecycle.
Contract requests are the first step in the contract lifecycle. This initial phase of the lifecycle allows business stakeholders to gather essential details associated with a new contract, amendment, renewal, and more. The request stage arguably sets the tone for whether a contract undergoes efficient processing or is rife with delays. Inefficient contract request processes can result in higher risk for critical data loss, confusing request intake processing, and wasted time. Organizations must equip themselves with a solution that streamlines their entire contract request process, making it more intuitive, simple, accurate, and efficient. That solution is CobbleStone’s contract management software, Contract Insight®. Here’s how it’s done!
Insufficient, disorganized supply chain management makes it difficult for federal, state, and local government agencies to navigate the supply chain contract lifecycle smoothly. Without an adequate supply chain contract management process, organizations can face various challenges and risks. This article will discuss seven tools from Contract Insight® that can help.
Data-driven contract management is the building block for contract data processing and contract analytics, providing the necessary insights for organizations to reduce contract cycle times with improved control, governance, and visibility. Organizations can turn contracts into essential, data-driven sources of business intelligence that support strategies, tactics, and goals with the help of CobbleStone’s source-to-contract software, Contract Insight®. Here’s how.
In the face of unforeseen circumstances, many organizations allow employees to work from home. Professionals in a variety of industries must be supported with adequate tools to maintain contract management, procurement, and sourcing operations. CobbleStone Software’s Contract Insight® can help your organization to continue with - and further enhance - effective source-to-contract practices. This article will show you how.
The comprehensive, organized tracking and reporting of financials are vital aspects of proper contract lifecycle management. Organizations need a contract management software solution that allows them to track transactions, establish reports on key financials, set alerts for thresholds, and analyze financial statistics pertaining to contracts. In this article you will learn how CobbleStone Software’s source-to-contract suite, Contract Insight, can help your organization with the careful management of contract financials in one centralized platform.
The COVID-19 pandemic has pushed contract management, procurement, and sourcing professionals into uncharted waters regarding their business operations. Organizations need to quickly find ways to cut contract-related costs and save money during times of crisis such as pandemics, economic recessions, company acquisitions/mergers, and downturns in business. CobbleStone Software’s Contract Insight can help. Here’s how.
As Coronavirus (COVID-19) is now a global pandemic - with the United States presenting the most significant number of cases - I am reminded of current and past experiences implementing contract management software to help organizations with clinical trials and drug development tracking. Organizations in the medical field, healthcare, pharmaceuticals, biopharmaceuticals, and other related industries need to effectively manage drug development contracts and obligations, clinical trials, manufacturing of medicine, and key opinion leaders globally. CobbleStone’s leading enterprise contract lifecycle management software provides the solution to these challenges.
With recent developments of the COVID-19 pandemic, cities, counties, and agencies that previously relied on paper RFx submissions from vendors need a way to accept bids electronically. In this challenging situation, CobbleStone’s electronic sourcing software, which equips organizations with remote bid and RFx management, is the solution.
Whether it is due to the increasing digitization of the modern workplace or because of an unforeseen circumstance, working remotely is becoming progressively more commonplace. As such, it is important that professionals in a myriad of industries are supported with sufficient tools to keep contract management, procurement, and sourcing operations running smoothly. IntelliSign electronic signatures with CobbleStone’s Contract Insight® equip organizations with a configurable, streamlined, and user-friendly document collaboration and signing process both in-office and on the go. This article will explain how.
Manually managing purchase orders, bids, vendors, and contracts can be difficult. Processes that involve paying per solicitation can become extremely costly. Limited visibility leaves your organization with an imperfect pool of vendors. Hindrances such as an inadequate sourcing platform, an overly complicated procurement system database, and an inefficient contract lifecycle process can prevent your organization from properly administering its contracts. An effectual source-to-contract process is the solution to the abovementioned issues. CobbleStone Software’s Contract Insight can provide that solution.
Trusted purchase order management software can reduce administrative costs, promote accountability, improve communication and asset oversight, and help your organization to scale efficiently and effectually. CobbleStone Software’s Contract Insight can help you to make better purchasing decisions with comprehensive asset lifecycle management.
The ever-present challenge that your organization’s General Counsel and paralegals encounter is the growing volume and complexity of contracts. A subpar legal contract management process makes obstacles for your legal department tough to overcome. Your team must establish a legal workflow that streamlines the contract lifecycle, reduces risk, and cuts delays and bottlenecks. CobbleStone’s Contract Insight® can help.
When purchasing and implementing a new product or service, you want to rest assured that you've chosen an option that will maximize the benefits for your organization. In the case of contract management software, the decision to make a change often stems from inefficiencies with an organization's contract process. Thus, the pressure is on to make sure that your organization is attaining the highest possible ROI from a newly deployed source-to-contract software.
The emergence of cloud-based technology has positively transformed the way contract management and procurement professionals have navigated their organizations’ source-to-contract software – but how?
The release of CobbleStone Software’s Contract Insight® version 17.3.1 in 2019 marked the arrival of Dashboard Launchpads for an enhanced user experience. Now, with the advent of version 17.5.0, users are afforded even more dashboard configuration and visualization options for next-level contract data analysis!
CobbleStone is proud to announce that the 2020 Contract Management Conference will be held on October 7-9, 2020, in Austin, Texas. Read on to learn why this conference is the must-attend event of 2020 to help contract management, legal, and procurement professionals become leaders in contract management.
Disorganized document and contract storage, workflows relying upon phones and emails, and manual document writing solutions won’t suffice in 2020. Don’t slip back into the success-minimizing habits of 2019. Revive your contract management new year’s resolution for this year with a process that leverages a secure contract repository, automated workflows, and streamlined document assembly.
With organizations electing to make the switch to Contract Insight® year in and year out, CobbleStone Software’s acclaimed source-to-contract suite speaks for itself. This past year was particularly special, given the fact that more companies chose to implement the award-winning platform in 2019 than in any previous year. But what puts Contract Insight leagues above the rest? Read on to learn about some of the features that make CobbleStone the leader in contract management, procurement, and eSourcing software for a variety of industries!
Kyle Sipple, a Senior Account Manager at CobbleStone, recently won the award for being the 2019 Account Manager of the Year – and he doesn’t plan on slowing down in 2020. Kyle has been a member of the CobbleStone team since 2015, helping the company evolve into the global contract management empire that it is today. We caught up with Kyle on the heels of his big win to discuss his experience at CobbleStone as well as how he has become a Contract Insight® sales expert over the years.
CobbleStone’s latest release, Contract Insight® Enterprise Version 17.5.0, has arrived with many new features to enrich your contract management platform! Innovations like CobbleStone’s numerous artificial intelligence improvements, simplified E-Signature options, an enhanced dashboard experience, enriched vendor/client gateway functionality, template improvements, and more can equip your team with the tools to succeed. Get started today with better usability and governance over your contract lifecycle management system!
CobbleStone is committed to providing training opportunities for Contract Insight® Users so they can take advantage of the leading software functionality. Over the last few years, CobbleStone’s training sessions have expanded from customer-specific and user conferences to the group training contract management and eProcurement roadshow in select U.S. cities to the newest offering – Contract Insight Online Group Training. CobbleStone makes learning easier than ever in 2020, so users can get the most out Contract Insight.
CobbleStone Software will be exhibiting AI-powered legal document management solutions at the Legalweek New York 2020 Conference. This highly anticipated legal technology event takes place February 3-6, 2020, at the New York Hilton in Midtown Manhattan.
Manual drafting processes, unsystematic document and contract storage, and workflows involving emails and phones lead to contract lifecycle bottlenecks, wasted time, and squandered opportunities. Contract management software can help alleviate these issues so that education professionals can take control of their contracts and “ace” contract management best practices.
Difficulty and confusion arise when an organization’s contract management software and its CRM (Customer Relationship Management) system function separately. The romance between these two symbiotic partners must not be compromised and should be preserved for contract management success.
Managing contracts takes a lot of time and effort, especially with the economy booming as we lead in to the year 2020. With this increased workload, contract managers need smarter ways to manage their contracts better. Legal professionals carefully review contracts with a sharp eye for details, excellent reading skills, deep comprehension, business acumen, and sufficient time management skills, but their process can be improved even more with new advancements in contract lifecycle management.
Healthcare organizations and large health systems face ever-thinning margins and an industry-wide move away from fee-for-service contracting models to complex, value-based contracting models and reimbursement structures. Most of these organizations still take a manual approach to managing hundreds to thousands of payer contracts, provider contracts, vendor contracts, and more.
Contract management professionals oversee important contracts and agreements with sensitive data, clauses, details, and information. Given the importance that such classified data is kept confidential, rules pertaining to data access and classification must be precisely and carefully reviewed. Learn how AI-based contract management software can help contract managers to categorize, safeguard, and protect data.
A variety of industries such as banking, insurance, real estate, private equity, stockbroking, and venture capital make up the financial industry – all of which keep businesses of every sector seamlessly operating every day. Given the high-risk and high-value nature of the contracts they manage, the need for adherence to a variety of compliance regulations, and a critical necessity for contract security and accessibility, BFSI organizations are encouraged to leverage cutting-edge software for efficient contract generation, next-level security and visibility, and a holistic and unified compliance management system.
Contract management conferences are a great opportunity for contract administration, legal, procurement, and government professionals to learn best practices and keep current with industry trends, discover new technology, and network. Contract volumes and complexity are increasing rapidly across most industries, so don’t miss the opportunity to find new ways to take control of contracts and integrate emerging contract management technology. Here is a list of 2020’s top ten contract management conferences.
When organizations are considering contract management software for their source-to-contract needs, they often go into the selection process with misguided presumptions. Such “myths” can be misleading and discouraging to potential software users, causing them to relinquish the chance to maximize the value of their contracts.
In 2020, leading organizations must reinvent procurement by first evaluating challenges and then by creating a procurement strategy, optimizing procurement processes, embracing technology, and committing to a proactive approach to procurement.
Spreadsheet-driven contract management processes are error-prone, time-wasting, inefficient, disorganized, and lacking in security. Such practices should stay in the past; contract management professionals should begin 2020 with practical, centralized, user-friendly, and scalable contract lifecycle management solutions.
The benefits of leveraging CobbleStone Software for end-to-end contract management success do not dissipate once a user has become familiar with the software. On the contrary, Contract Insight® administrators can continue to enlist CobbleStone for help with career advancement and organizational growth thanks to a variety of supplemental tools that are readily available for continued development in the industry! In this blog, we detail these six tools.
CobbleStone’s 2019 has encompassed new product advancements, awards, streamlined purchasing and implementation options, training opportunities, global expansion, and credible thought leadership. Take a moment to celebrate where we’ve been and to look forward to 2020 and beyond with your trusted leader in contract management software.
The omnipresent challenge that General Counsel and paralegals face is the growing complexity and volume of contracts. An unsatisfactory legal contract management process makes the most difficult contract management obstacles for legal departments nearly impossible to overcome.
Contract management software equips organizations with useful tools for maximizing the value of their contracts and streamlining their contract management practices from requests to renewals. In this blog, frequently asked questions regarding the features, benefits, value, importance, and selection of contract management software are answered.
CobbleStone opened a new international office location in Melbourne, Australia due to global demand for contract management, procurement, and vendor management software solutions. The new office makes international client relationships and communication in Australia more convenient and supportive for current and prospective customers.
Creating Contract, Request, Bid, PO, Employee, and Vendor Records is unprecedentedly streamlined with Contract Insight's latest update. Drag and drop record initiation is now available out of the box that lets users easily import files from a variety of locations! This tutorial serves as a step-by-step guide to aid in the initiation and configuration of records in Contract Insight’s leading source-to-contract suite. Get started today with better usability and governance over your CLM system.
Attaining more value from contracts is an important goal for leading public and private organizations across all industries. To support contract management ROI in 2020 and beyond, contract management professionals must start with a baseline of contract administration, procurement, and sourcing data through contract management benchmarking.
Manually keying in new vendor profiles can be a thing of the past with Contact Insight's latest update. Self-serve vendor registration is now available out of the box with easy company profile creation for vendors, clients, partners, counterparties, outside counsel, and more!
Creating value in an ever-expanding industry-agnostic competitive landscape requires that organizations improve performance, reduce spending, and make data-driven decisions. With the preponderance of spending locked into contracts, leading organizations must find a way to harness their complexity to create value and the following four strategies can help.
Many different types of organizations can enhance their respective source-to-contract needs with user-friendly and flexible contract management solutions. To that end, we’ve examined five key organizational roles and explore their contract management challenges and how they can empower themselves with leading contract management software.
Are you aware that the GDPR (General Data Protection Regulation) was enacted by the European Union to help protect consumer information? Yes, the GDPR is a good step forward in safeguarding the data of individuals. In the United States, there have been comparable attempts by both the federal government and states to protect data of consumers including (but not limited to) healthcare privacy data protection (such as HIPAA), the Children’s Online Privacy Protection Act, Family Education Rights and Privacy Act (FERPA) and various similar state-enacted consumer protection laws (to name a few).
The federal and state governments are indeed taking noteworthy steps in the interest of protecting consumer data. However, California has notably stepped up the game with the California Consumer Privacy Act. The California Consumer Privacy Act (CCPA for short) creates new consumer rights related to the access, management, and deletion of personal data that is collected by a business.
CobbleStone’s latest release, Contract Insight® Enterprise Version 17.4.0, has arrived with many new features to enhance and improve your contract management system and procurement platform! New features like CobbleStone’s enhanced user dashboard management, menu tools, field management options, bid scoring functionality, easy-to-understand vendor management features, streamlined purchasing with a new shopping cart experience and punchouts, Google Maps integration, and more will help you and your team become more organized and equipped with tools to excel. Discover what’s new with Contract Insight and get started today with better usability and governance over your CLM system.
Artificial intelligence (AI) is already sharpening professional methods across a variety of industries. However, advancements in AI will be particularly advantageous as it applies to contract management systems - if fed a nutritious diet of contract data.
CobbleStone Software will be exhibiting and presenting Contract Insight®, our award-winning legal document management software at ACC’s Annual Meeting at the Phoenix Convention Center October 27th-30th. The Association of Corporate Counsel’s can’t-miss event is considered the “world’s largest gathering of in-house counsel.”
October is a perfect time to reflect on 2019 so that we are positioned to strategically plan and align our goals for 2020. This year has been very exciting for contract management, with digital transformation shifting from a concept to a well-thought-out strategy that is being leveraged to increase the value and positive organizational impact that contracts can bring.
At CobbleStone Software, in addition to providing leading contract management software, another one of our goals is to provide content that helps educate our readers with best practices and the latest news around contract management and procurement. I’ve looked back at some of our most popular articles of 2019 and in this article, reveal 2019’s 5 hottest contract management topics.
A world-class, entertainment and hospitality company, managing many resorts and entertainment venues, uses CobbleStone’s Contract Insight® Enterprise Software to simplify and streamline their contract management and vendor management processes.
Contract Insight is being used organization-wide, throughout every location, for better process transparency, simplified contract drafting, streamlined eSignatures, and more. Discover how this hospitality leader transformed their contract management process by utilizing tools like automated workflows and an easily searchable contract repository, as told by CobbleStone Senior Account Manager, Brittany DiCamillo.
CobbleStone’s 2020 user conference will be here before we know it, so we’ve conducted research on what topics conference attendees would like to see at the event.
CobbleStone is working to make the 2020 user conference the best conference experience yet! In a recent survey, 71% of respondents said they are very interested in attending a session on Intelligent Workflows and Approvals at CobbleStone’s 2020 User Conference, and 65% of respondents said they are very interested in attending a session on Searching and Reporting. After carefully considering each response, we have outlined a few of the popular topics you should expect to see at the event. Learn about CobbleStone’s 2020 user conference sessions.
Contract management software has many features and benefits to help contract and legal professionals track and manage the full contract lifecycle from initiation, or the request of a new contract, through drafting, review, approval, execution, and post-execution compliance tracking. Discover the top ten contract management software features that will help you gain control of your contracts and develop a better process.
CobbleStone at the 2019 NIGP Forum
NIGP: The Institute for Public Procurement hosted its annual NIGP Forum on August 25th – 28th, 2019 in Austin, TX. The NIGP Forum is considered the largest educational conference exclusively for public procurement in North America and is a great place for procurement professionals to connect and collaborate on overcoming common procurement challenges. CobbleStone attended the 2019 NIGP Forum and exhibited our leading contract management and eProcurement software to attendees. Discover key conference takeaways and hot session topics from the event.
Contract managers, contract administration professionals, and corporate legal teams struggle to show clear contract management ROI to executive leadership within their organizations. This struggle to show value is not isolated to one contract management challenge, but rather, it is a conglomeration of issues with manual contract management systems, lack of communication, and misaligned goals. For organizations managing hundreds or thousands of contracts each year, the bottom line can be hit from multiple angles from increased costs to decreased revenue to lost time to missed opportunities to increased risk. This article analyzes the root causes of missed ROI and presents a strategy to get the most value out of contracts.
Government contracting is divided into three stages: procurement or acquisition planning, sourcing, and post-award contract management. The first two stages have had the most focused time and financial investment for improvement. This approach leaves post-award management as a secondary duty for contract officer representatives (CORs) who are then left unsupported andpositioned for ineffective compliance, risk management, and opportunity realization. Arguably, the contract management process after acquisition and sourcing is the most crucial stage for government agencies but has notoriously been given low visibility and insufficient resources. This article will address the challenges and present an actionable post-award contract management solution.
An infallible contract process has two variables: a trustworthy team and reliable contract management software. Although one of these variables can perform without the other, having both will result in the best performance.
Managing contracts effectively can be difficult without the right resources. Your team can be well-versed in contract management best practices, but without a contract management system to track their actions and process workflows, bottlenecks could be occurring, tasks may be overdue, and you have no way of knowing if you are losing out on opportunities. How do you know what’s going on within your team’s processes? If you’re not sure, it may be time for an upgrade to contract automation. Learn how to create an infallible contract process for your organization.
When implementing contract management software, organizations often have copious amounts of contract data that needs to be searched, analyzed, and populated into their new contract management system. Data extraction is a tedious task that can be time-consuming and overwhelming for contract management professionals. Leaving this task to software professionals who are familiar with data extraction, and who use AI technology to streamline data extraction processes, will allow for a better, faster implementation process. Discover five reasons why your organization should choose contract data extraction services.
Upon the release of Contract Insight Version 17.3.1, the contract management software is now available with Dashboard Launch Pads that take apps and taskbars to the next level with a better user experience within CobbleStone’s Contract Insight® Enterprise Software. Contract Insight is a robust system with configurable functionality to help users navigate through the system fast and easily. System Dashboards are full of functionality and are designed to provide a better user experience. Learn how CobbleStone’s Dashboard Launch Pads can help users navigate through Contract Insight easily while gaining insights into key contract data right from their system Dashboard.
Legal teams face ever-increasing volumes of legal work and struggle to achieve goals without enough in-house resources to complete the evolving complex demands of the legal function. General Counsel is now acting as an internal business advisor and strategist, leaving paralegals and legal assistants to lead the charge in a legal operations role that improves productivity and legal services quality, leverages technology to gain new insights, drives efficiency through automation, increases security, and decreases risk. When it seems like there isn’t enough time in the day to reach your organization’s goals, the path to better document management can be found with the right legal filing system.
CobbleStone Software recently exhibited at NCMA’s World Congress 2019 at Hynes Convention Center in Boston, MA. Despite a heat index of over 100° F, committed contract management professionals showed up to this eagerly anticipated contract management conference ready to learn and network.
I exhibited on behalf of CobbleStone with Michael Donnelly, one of our seasoned account managers. We spent an immersive three days learning about the challenges contract professionals are facing in 2019 and demonstrated how CobbleStone’s award-winning contract management software could help them provide more value to their organizations by positioning them to do their jobs more efficiently and effectively.
What is GSA?
Discover GSA and its many benefits to government organizations.
When investing in contract management software, discuss with your chosen provider the option of purchasing through the U.S. General Services Administration (GSA). GSA provides eligible agencies (often government) with the option to purchase products and services, such as contract management software, through a schedule, which is an approved and maintained contract through GSA. Using this method to purchase contract management software eliminates the need for negotiations and makes the purchasing process much more efficient for all parties involved.
The Association for Health Care Resource & Materials Management is hosting AHRMM19, its annual conference and exhibition, in San Diego, CA July 28-31, 2019. The conference is a 3-day, information-packed learning experience for health care supply chain professionals, covering topics like strategic planning, logistics and distribution, professional development, and more. The conference agenda includes “Learning Labs” with sessions like, “Developing Your Strategic Sourcing Toolkit: Types of RFx and When to Use Each,” and, “The Culture of Change: Necessary Steps to Implementing the Next Big Thing.”
CobbleStone’s new release, Contract Insight® Version 17.3.1 has arrived with many new features to enhance and improve your contract management system! New features like CobbleStone’s Launch Pad Tiles, survey tools, and Google Drive integration will help you and your team become more organized and equipped with tools to succeed. Discover what’s new with Contract Insight and get started today with better usability and governance over your CLM system.
While there's a lot of buzz around the advantages of cloud-based technology for CLM software, organizations should understand the benefits of choosing the primary method of hosting software, on-premise, in order to assess the advantages and come to a conclusion. Both SaaS (Software as a Service) and on-premise deployment options are convenient in their own way, depending on what your organization is looking for. In this post, I've uncovered the six biggest benefits of on-premise hosting for contract management software.
Hospitals, healthcare providers, and health systems are facing complex challenges around cost control, regulatory compliance (HIPAA, JCAHO, Stark Law regulations, Medicare billing rules, etc.), and operation and service efficiency. In healthcare, successful contract management is critical for organizations managing hundreds or thousands of contracts covering different departments or facilities, and multiple vendors, providers, or agencies. Mismanaged contracts can not only lead to increased costs, thinning margins, and lack of productivity; they can lead to compliance failures that result in reputation and accreditation issues.
The development of cloud-based technology has raised the question, “What are the benefits of a SaaS (Software as a Service) solution versus installing software directly on-premise?"
Contract management systems contain highly sensitive information, and organizations should make data security their top priority when selecting a deployment method for their CLM solution. Many would argue that contract management SaaS is the ultimate deployment method for software because the data center upkeep duties are left to the provider rather than giving organizations one more solution to manage. Others may want their IT team to retain control by managing hosting in-house. While both approaches have up-sides to different organizations, SaaS has become the more popular option due to added benefits and most organizations are choosing to leave the responsibility to the software provider. This article discusses the benefits of choosing a SaaS solution over on-premise and what you can expect from CobbleStone Software when selecting us to host your CLM software.
CobbleStone Software, the leader in contract management and eProcurement software, is exhibiting at NCMA's World Congress on July 28-31, 2019 at the Hynes Convention Center in Boston, MA. This annual event is considered one of the largest industry gatherings with thousands of contract management, procurement, and acquisition professionals expected to attend.
Business continues to accelerate globally. The resulting rapidly shifting regulatory environment generates increased risk along with more opportunities, propelling organizations to rely on contracts more heavily to protect business interests and assets. General Counsel and legal teams have a chance to create a new perception of the legal department that moves away from the appearance of a cost center for the organization to the forefront of organizational strategy by leveraging contracts as a growth driver.
Contract Insight’s® Quick Search feature allows system users to easily search for specific requests, contract records, contracts, and related documents by searching for keywords or phrases. This process is similar to common search functionality we use on most online platforms (it’s fast and easy!). Learn from this Contract Insight video tutorial how to easily search within your system.
When examining successful organizations, you’ll likely find that they have mastered vendor management. What does vendor management mastery look like? Effective vendor management drives value from contracts, nurtures long-term relationships, and is repeatable for organizations managing as many as thousands of different vendors. The strategy behind sound vendor management is to evaluate vendor performance over time, in core areas, including vendor reliability, vendor quality, vendor cost structures, and more granular areas based on your industry. This article addresses the critical need for better vendor management by outlining vendor performance management best practices.
In an interview with CobbleStone Software Account Manager, Michael Donnelly, he describes the reasons why CobbleStone’s training events are essential to Contract Insight® users, and what you can expect from attending one. Michael is a Contract Insight expert at CobbleStone who has worked with numerous clients, spanning over twenty industries. He has seen significant amounts of contract management success from those who choose to attend CobbleStone’s user conferences and other training events. See what he has to say.
Organizations and their vendors often deal with a great number of invoices, POs, and other physical documents, resulting in numerous paper documents for just one service. Processing and managing these service agreements and associated files manually can be challenging and often results in duplicate billing, unclear payment deliveries, and more. With automated legal billing software, organizations and their vendors can eliminate these process challenges by providing both parties with a clear understanding of payment status, invoices received, and more.
In early June, CobbleStone exhibited at BIO 2019 in Philadelphia, PA. There was an abundance of amazing keynotes, super sessions, fireside chats, receptions, and educational sessions ranging from “Biofuels & Renewable Chemicals” to “Value, Patient Access & Reimbursement.” The sessions on “Business Development & Finance,” “Emerging Opportunities in Global Markets,” and “Intellectual Property” made it clear that biotechnology and pharmaceutical industry leaders from life sciences and academic institutions are eager to face their challenges. Their strategy will beintegrating new technologies into their processes to improve operations, go-to-market efforts, R&D, profitability, and contract performance.
Vendors can provide great results and poor results, depending on who you ask. Rating your vendors can help your organization determine the best vendors to select based on ratings from within your vendor management system. CobbleStone’s Contract Insight® software allows users to score vendors on specific categories like performance, on-time delivery, invoicing accuracy, and quality compared to other vendors in your system. Contract Insight rating scorecards are used to rate vendors and companies you do business with to help you make better decisions about which vendors to use in the future and what companies you have successfully or unsuccessfully conducted business with. Learn how to easily rate and review vendors in Contract Insight with this guide.
CobbleStone attended NY Tech Summit 2019 on June 5th through June 7th as a contract management software exhibitor. The event was focused on hot IT topics and trends and offered a collaborative experience. Our exciting days consisted of breakout sessions, roundtables, keynote speakers, and networking opportunities at the Oneida Indian Nation’s Turning Stone Resort and Casino located in the heart of upstate New York. If you didn't have a chance to attend NY Tech Summit 2019, I’ve outlined some key takeaways in this article.
Government Fiscal Year End is quickly approaching, and you’ve got to decide what the best investment will be for your remaining budget. Government contract management and purchasing professionals should examine their current processes for contract management, purchasing, and sourcing inefficiencies by answering the following questions:
Today’s procurement, legal, and sales professionals are very busy onboarding new vendors and customers, reviewing contracts, quoting deals, and qualifying leads and suppliers. Those efforts combined with the task of data entry, learning new software management systems, checking e-mails, and other duties leaves little time to accomplish quality work. By implementing simple and easy-to-use software tools, you can allow your staff to become more productive and allot their time to more intelligent work.
Learn how leveraging CobbleStone’s contract management software modules can help you and your organization work smarter when it comes to contract, purchasing, and sourcing processes.
The IT Industry is facing unprecedented challenges with digital transformation. Whether you’re an IT service provider, CIO, CTO, or work in a corporate IT department, the future state of your organization is weighing heavily on your team. To future-proof and take control in the face of stringent compliance requirements, security threats, and privacy and data breaches, IT professionals must be able to respond effectively to organizational change, technological advances, cybersecurity demands, and behavioral, legal, and regulatory compliance requirements.
Stop by Booth #2508!
This year, the BIO International Convention is being held on June 3-6, 2019 in Philadelphia, PA, and the event expects to attract thousands of biotechnology and pharmaceutical leaders from reputable organizations. This industry-leading event has been a success in the past with thousands of companies in attendance in 2018. CobbleStone will be exhibiting at BIO 2019 and looks forward to showcasing their award-winning contract management software, Contract Insight®, at booth #2508 in Hall D.
Virtually every organization in every industry has contracts to manage. More than ever, there are increasing opportunities to drive value with the contract management process by improving communication, negotiation, conflict resolution, leadership, and technical capabilities with the right contract management tools. Each contract manager’s challenge is to get buy-in on contract process improvement initiatives.
Contract management processes vary based on industry and organization, and government agencies should take advantage of conferences that are unique to them. That’s why we’ve hand-picked some of the best government contract management conferences for 2019 so government contracting professionals can network and learn in a familiar environment and from relatable experiences. These three government contract management conferences will allow you to hear from industry leaders on how to overcome contract management challenges and learn about solutions to support your process.
A Perfect “5 out of 5” for Contract Insight!
CobbleStone was recently recognized as one of the top five most popular contract management software providers according to Capterra’s list of 20 Most Popular Contract Management Software. Our award-winning Contract Insight® has an overall perfect rating of “5 out of 5” on Capterra's website and our software achieved a perfect rating for ease of use and outstanding customer service – We work each and every day to provide the best experience to our users and are currently working on system updates for an even better experience!
Organizations that make data-driven decisions position themselves for long-term success. Their culture, tools, and abilities are centered around the common goal of collecting quality data and analyzing it quickly and accurately to make informed business decisions. When managed effectively, quality contract data translates to contract analytics, providing the insights necessary for organizations to decrease contract cycle times with sharpened control, governance, and visibility. Learn how to turn contracts into a pivotal source of business intelligence that supports strategies, tactics, and goals.
CobbleStone Software, a leader in contract management and eProcurement software, is exhibiting at NY Tech Summit on June 6-7, 2019. The event has been described as a “summertime Easter egg for Central New Yorkers,” because of the excitement it brings to New York this time of year, and conference hosts expect attendees to say NY Tech Summit 2019 was “worth every penny”. The conference will be full of educational sessions, inspirational speakers, world-class collaborative workshops, and a chance for you to network with industry-leading exhibitors.
Matthew Hughes, a Senior Account Manager at CobbleStone, was recently awarded Account Manager of the Year for 2018 and says he is working towards another great year for 2019. Matthew has been with CobbleStone since May 2012 and has seen the company grow into a contract management empire with thousands of users spanning the globe. We interviewed Matthew about his experience at CobbleStone over the years and how he’s become a Contract Insight® expert since starting in 2012.
ntractCobbleStone Software supports contract management, procurement, and legal professionals by releasing content to help you improve how you manage contracts. Whether you are managing ten contracts each year for a small business, or 100K contracts or more each year for a Fortune 500 company, we’ve created resources to supplement your contract management training and education, so you can be successful in your role and get the most value out of your organization’s contracts.
CobbleStone attended the 2019 NY GovBuy on April 30th and May 1st as a contract management and eSourcing software exhibitor. The event was a collaborative experience for NY state government buyers, held in Albany, NY at the Empire State Plaza and Albany Capital Center. Sessions provided conference attendees with industry news and best practices for procurement, bid management, contract management, and more. If you didn’t get a chance to attend 2019 NY GovBuy, I outlined some key takeaways from the NY state conference.
In last week’s blog, “Contract Lifecycle Management Part 1: Mastering Contract Management Blog Series,” the common tasks and contract management processes that challenge organizations and how these challenges align with and negatively impact contract lifecycles was discussed. In this final blog post in the “Mastering Contract Management Blog Series," the reasons organizations should implement contract lifecycle management and the core functionality that should be considered in contract management software is revealed.
Before a contract becomes legally binding, both parties often take part in a formal negotiation process, creating a back-and-forth hassle in order to come to terms on the agreement. The well-known "track changes" tool in MS Word makes contract modifications and amendments easy to create, review, and accept or decline because of the redlining feature it provides. However, version control becomes an issue when negotiating because both parties may be working on separate computers in different locations. Documents get saved locally and can often get lost, resulting in more work for you or your counterparty. To avoid possible issues like lost document versions and process bottlenecks, CobbleStone offers an integrated MS Word plug-in to keep the process simple for everyone.
Learn how to use CobbleStone's MS Word utility tool in combination with their award-winning contract management software, Contract Insight®. Users have full document version control and never have to save files to their desktop because everything is stored in Contract Insight. Not to mention...CobbleStone's MS Word File Utility tool is FREE with our software!
Contract lifecycle management requires a well-thought-out strategy, careful planning, and the right technology. Without all three elements, managing contracts will not only be challenging for contract, procurement, and legal professionals; it won’t be possible to get the most business value out of your organization’s contracts. Too many organizations are missing end-to-end contract management that provides a clearly defined process, actionable insights, and accountability, ultimately negatively impacting productivity, profitability, risk exposure, and compliance. Learn how to master contract lifecycle management in this blog.
CobbleStone’s award-winning contract management software, Contract Insight®, is a user-friendly system, able to meet any industry’s needs with a few easy configurations. Leading life sciences and pharmaceutical companies use Contract Insight as their preferred life sciences contract management software to simplify and streamline their process. Learn from this real-world example how a global life sciences company chose Contract Insight as their contract management system and utilized the user-friendly software’s configurability to ensure the system met their needs.
Many organizations have integrated technology to streamline processes and improve productivity but still rely on a manual approach to contract and document storage. Storing documents and managing contracts may involve filing cabinets, massive stacks of files and papers, emails, and some rendition of a digital filing system. This approach makes it nearly impossible to keep contracts secure, retain version control, stay on top of key dates and milestones, or enforce contract archiving and retention rules. Storing contracts may sound like a simple task, but without a secure contract repository, organizations are missing the critical element that can support their ability to have control over contracts, reduce risk, and improve contract performance.
CobbleStone’s contract management software, Contract Insight, provides system users with a searchable contract repository that makes finding information easy. When contracts and related documents are stored on shared drives it becomes difficult to find the correct document version and contract details because of limited searching capabilities and no audit trails. A searchable contract repository provides full transparency into document versions, updates, and related documents.
Intelligent contract workflows help accelerate the contract lifecycle but must be used in combination with workflow escalations to achieve a completely streamlined process. You and your team may be 90% compliant with getting contract management tasks completed in a timely manner, but sometimes workloads change, and you may not get to complete that assigned task by its due date. Contract workflow escalations can help eliminate this challenge by having a back-up individual who can complete the task instead.
If you’re frequently encountering delays or bottlenecks at a particular step in your contract process, contract management workflow escalations can help eliminate the slow down.
Manual contract management processes involving spreadsheets, emails, internal billing systems, and Outlook reminders may suffice for organizations with a low volume of contracts. Unfortunately, when organizations manage thousands of contracts, challenges are revealed due to a time-consuming, error-prone, and inefficient manual contract renewal process. Moreover, a reactive contract renewal strategy increases risk and decreases opportunity realization. It’s time to take control of contract renewals. Learn how to digitally transform your processes from contract generation to renewal.
What is of Value to Your Organization?
You’ve come to the realization that, with the technology available today, you need contract management software in order to exceed contract management expectations and increase productivity. There are many solutions on the market and you’ll need a plan for how to evaluate them. Before starting your contract management software assessment, identify what is needed within your organization’s current contract management process. Do you have trouble locating document versions? Are there process bottlenecks because no one knows when tasks are due? Schedule a meeting with your team to discuss the challenges you’re facing so that you can be sure the solution you choose meets all your needs.
Whether you’re getting ready to attend your first work seminar, or you’re a long-serving conference attendee, be sure to follow this pre-conference checklist to get the most out of your next contract management conference experience. A week-long seminar in an unfamiliar place can either result in an undesirable experience or the best experience, depending on whether you prepare in advance.
Here are some tips on how to prepare for the best contract management conference experience…
Generating contracts can be challenging for contract, procurement, and legal professionals. Manual document generation is tedious, time-consuming, and error-prone. Moreover, a manual approach to document assembly inadvertently puts organizations in the precarious position of facing significant compliance issues, risks, fines, or legal ramifications. It’s time to take control of contract generation. Learn how to transform your manual process into a value-centric strategy with document automation.
School systems, colleges, universities, and other education institutions are choosing to implement contract management software to create better transparency and a streamlined process.
Paralegals, legal counsel, procurement specialists, executive assistants, and other education professionals often have a significant number of contracts laying around. Finding a specific document can be a hassle due to the manual search across shared drives, stored files, and other possible locations. Manually creating a new contract usually results in searching for specific clauses and absorbing the whole day due to an unorganized process. Wouldn’t it be easier to have all your contracts stored in one searchable repository? That way, when it’s time to create a new contract, all you need to do is click a few buttons and the correct terms and clauses are pulled together for you.
What is Source-to-Settle Software?
Source-to-settle software is an advanced system that provides an end-to-end digital sourcing experience for both you and your vendors. Your current sourcing process is most likely manual, filled with a difficult-to-track bid process including spreadsheets that constantly get lost in your organization’s shared drive. Source-to-settle software makes eSourcing easy for both you and your vendors to efficiently collaborate, and for your organization to have better transparency over bid responses, so you can award the best vendor based on your needs.
Implementors are the forefront of client development with our contract management software, Contract Insight®. They work with clients daily to help configure, teach, and optimize each unique situation our clients present. That’s why I interviewed Richard DeMarco, CobbleStone’s Implementation Team Lead and Senior Implementor, about his experience working with CobbleStone users, important parts of the system, and what kind of benefits he’s seen clients receive from using our award-winning software, Contract Insight®. His knowledge from client experiences can help you understand the ease of implementation and what to expect when first starting to use Contract Insight.
How can organizations identify the best contract management software? Making an informed and successful business decision to invest in contract management software SaaS or deployed requires organizations to create a strategy to get the most out of product demonstrations.
The value of contract management software is apparent to many contract management, legal, and procurement professionals. These changemakers know that manual contract management is not effective, and they see an opportunity to streamline, automate, and improve transparency by digitally transforming their organization’s contract management processes. The challenge for the people managing contracts day-to-day is translating the value to get approval on the contract management software investment.
The 2019 CLOC Institute
CobbleStone is looking forward to attending the CLOC (Corporate Legal Operations Consortium) Vegas Institute on May 14-16, 2019. In-house legal teams throughout the country use our software as their preferred contract management solution and, as a leader in the contract management software arena, we look forward to helping more legal operations teams by providing them with the tools necessary to succeed in today’s market.
The Challenge: Gaining Access to Necessary Documents
CobbleStone’s award-winning contract management software, Contract Insight®, is a fully configurable system, able to meet any industry’s needs with a few configurations. Worldwide organizations, from industrial divisions to material processing units use Contract Insight as their preferred contract management software. Learn from this real-world example how one of the largest worldwide industrial companies chose Contract Insight as their preferred contract management system and utilized the user-friendly software’s configurability to set up the system to meet their needs.
What’s the Deal With Robocalls?
Telemarketing calls – we all get them. We’ve all received unwanted phone calls with someone selling a product or service. Have you wondered how they got your name and phone number? What legislation or regulations are in place to prevent these unwanted calls? According the Federal Trade Commission (FTC), the FTC “takes aggressive legal action to make sure telemarketers abide by the Do Not Call Registry” (in accordance to a post by the Federal Trade Commission (FTC)).
To date, the FTC claims they filed 134 enforcement actions against companies for violation of telemarketing regulations and recovered over $50 million in penalties.