Organizations of all sizes face the need to juggle multiple digital contracts simultaneously, with each contract being at a different stage of the contract lifecycle. Leading contract management software saves time, reduces risks, improves productivity, and maximizes a contract's value. But what is CLM (contract lifecycle management)? Read on to find out!
What is Contract Lifecycle Management?
By Sean Heck on 03/15/24
Topics: Contract Compliance Contract Compliance Software Contract Lifecycle Management contract negotiation contract writing contract writing solution Contract Management Software CLM electronic signatures contract approval process contract renewals electronic signature software IntelliSign contract requests
10 Contract Management System Requirements Your Solution Needs & Why
By Sean Heck on 03/13/24
There are many efficient contract management platforms on the market for small businesses, expansive enterprises, and those in between. As such – searching for the best contract management software with which to manage contracts can be daunting. But it doesn’t have to be; you just need to know which contract lifecycle management requirements to look for when implementing a contract management system.
As such, let’s discuss ten items on a contract management system requirements checklist to look for when deciding on a CLM software solution that saves time and money for your organization.
Managing HIPAA Business Associate Agreements: The Ultimate Guide
By Sean Heck on 03/12/24
The Health Insurance Portability & Accountability Act (HIPAA) is a crucial regulation with which healthcare organizations and professionals around the world are all too familiar. At the risk of oversimplification for expediency, it is designed to protect sensitive health information from being disclosed without patient knowledge or consent. Central to HIPAA compliance are business associate agreements (BAAs) - contracts that support a foundation of privacy, security, and integrity of patient data as it flows through the various invisible hands of the healthcare ecosystem. The stakes are high for healthcare organizations - for the legal and financial ramifications of business associate contract mismanagement can erode the reputation and stability of a business. As such, let's explore how to make overseeing these complex and critical contracts as smooth and efficient as possible.
Topics: healthcare contract management Healthcare Contract Management Software HIPAA business associate agreements business associates agreements
What Is an Executed Contract? - A Brief Overview.
By Sean Heck on 03/6/24
Contract execution is a critical stage in contract lifecycle management. By this point, the terms of the contract have been negotiated. Parties involved have ensured that everything is understood and all necessary resources have approved the written agreement. From there, contract parties sign the contract to propel its execution.
Given the importance of this stage of contract management, you should know what an executed contract is and its meaning. As such, here is a brief overview of an executed contract.
Topics: E-signatures eSignature Electronic Signature electronic signatures eSignatures post-award contract automation electronic signature software eSignature Software contract execution
CobbleStone Software Blog Recap for February 2024
By Sean Heck on 03/5/24
Did you miss any of our blog posts from February? Don't worry; we have outlined each of them for you. Stay up-to-date with industry topics, real-world case studies, and contract management software and procurement best practices in March by reading the latest CobbleStone® content.
Topics: contract administration system Contract Lifecycle Management Contract Management Blog Recap Contract Management Software CobbleStone Contract Insight®
CobbleStone Employee Focus: Mike Gormley, Sales Department Manager
By Simran Bains on 02/29/24
Mike Gormley, the Sales Department Manager at CobbleStone Software, has been a member of the CobbleStone® family since January 2018. Recently, we interviewed Mike about his experience at CobbleStone, and he shared some brief insights into his role as well as some great information about upcoming webinars and learning events.
Topics: CobbleStone Employee Spotlight
Why 84% of Legal Pros Feel Pressured for Contract Simplification
By Sean Heck on 02/27/24
In the minds of legal professionals, the pressure is ON. And yes, you read the title correctly. The vast majority of legal professionals - a whopping 84 percent - experience pressure to simplify their contract processes (according to a recent survey from World CC). From contract creation to renewal, there seems to be something missing. Contract managers face immense stress from outdated contract management processes, misunderstandings, lack of efficiency, and elevated costs (to name a few). In the interest of drilling down deeper, let's thoroughly examine some of the reasons corporate counsel, general counsel, paralegals, legal departments, and others are clamoring for contract simplification.
March Into Procurement Month: Find the Best Procurement Software
By Sean Heck on 02/21/24
Ineffectual procurement strategy can lead to elevated risk, dark purchasing, supplier issues, data inaccuracies, and a drawn out purchasing cycle or procurement cycle. March is procurement month, so organizations should seek new ways to innovate the fulfillment of purchasing goals. So stop wasting time, squandering opportunities, and mismanaging resources with a disjointed and inefficient procurement process. March into national procurement month with your eyes open for these, the best procurement software features for your processes.
Topics: e-procurement eProcurement eProcurement Planning procurement procurement and acquisition procurement contracts procurement management procurement process Procurement Software eProcurement Software
What Is an NDA? Understanding & Managing Non-Disclosure Agreements
By Sean Heck on 02/20/24
You’ve probably heard the term “NDA” thrown around in the context of contract and business processes. But what is an NDA? When should they be used? How can NDAs be managed?
Let’s uncover what you need to know about the non-disclosure agreement (NDA).
Topics: Non-Disclosure Agreements NDA
What Is Public Records Request Management Software?
By Sean Heck on 02/15/24
The digital age of business processes is a double-edged sword; the sheer volume of information can either be a treasure trove or a labyrinthine nightmare, especially when it comes time to manage Freedom of Information Act (FOIA) requests and public request records.
But fear not, for there is a beacon of hope that cuts through the fog of complexity: integrated CLM and FOIA request software. Let's embark on an engaging journey through the world of public records request software - integrated seamlessly with cloud-based contract management software - to discover how this innovative tool is revolutionizing access and compliance with advanced search/visibility, increased productivity, reduced cost, and ease of use.
Here's How OCR Technology Transforms Contract Management
By Sean Heck on 02/13/24
As contract complexity and volume grow for evolving businesses, managing contracts efficiently is more critical than ever. Thanks to almost lightspeed developments in artificial intelligence (AI) and optical character recognition (OCR), contract management software has taken a giant leap forward. AI-powered OCR technology is revolutionizing how companies read, extract, and manage data from their contract documents. This article explores the tremendous and positive impact of AI and OCR systems in contract management - highlighting how these technologies streamline processes, enhance accuracy, and save valuable time when extracting data from digital texts.
Topics: OCR Optical Character Recognition
7 Ways to Improve Document Management Processes
By Sean Heck on 02/9/24
Many legal professionals face the daunting task of managing a growing volume of contracts efficiently and securely. The manual handling of such important documents is not only time-consuming but also prone to errors - leading to potential compliance issues and operational inefficiencies. Enter contract management software; among many other things, it is a document management solution designed to streamline the organization, access, and management of various types of documents.
Topics: Document Collaboration legal document management software document assembly solution document management document management software
20+ Contract Management Statistics That Highlight the Future of CLM
By Sean Heck on 02/6/24
While contract complexity and volume grow, navigating the contract lifecycle can feel like an evermore steep, uphill battle as organizations juggle inefficiencies, risks, and costly disputes. In the face of these challenges, understanding the landscape of contract lifecycle management becomes essential for driving strategic decisions and operational improvements. To that end, here are 20+ of the latest statistics, trends, and informed predictions in the contract management space.
Boost AI-Based Contract Negotiations With CobbleStone® Auto-Redlining
By Sean Heck on 02/5/24
The process of redlining contracts for contract negotiation can be challenging if done improperly.
Organizations that edit documents manually in Microsoft Word can increase the chances of human errors. What’s more, constant back-and-forth edits via emailed documents can result in version control mistakes and broken formats. Mission-critical clauses and sections can either be left out of a legal document or improperly positioned. Additionally, the amount of time spent on tedious, outdated redlining processes can result in lost revenue and opportunities.
Thankfully, your legal team can start saving time on the contract negotiation process with CobbleStone’s user-friendly auto-redlining tool - powered by VISDOM® artificial intelligence. Here’s how to leverage auto-redlining within CobbleStone Contract Insight® contract management software.
Topics: Contract Management Features VISDOM AI Contract Artificial Intelligence contract management software features Contract Management AI AI-Powered Contract Management Software AI-Based Contract Management Contract Intelligence Contract Redlining
CobbleStone Software Blog Recap for January 2024
By Sean Heck on 02/1/24
Did you miss any of our blog posts from January? Don't worry; we have outlined each of them for you. Stay up-to-date with industry topics, real-world case studies, and contract management software and procurement best practices in February by reading the latest CobbleStone® content.
Topics: contract administration system Contract Lifecycle Management Contract Management Blog Recap Contract Management Software CobbleStone Contract Insight®
CobbleStone® Roadshow Training 2024: En Route to CLM Success
By Sean Heck on 01/31/24
CobbleStone Software introduces an interactive training experience exclusively for CobbleStone users and hosted by CobbleStone Contract Insight® experts. With virtual and in-person options, the program features small-group training sessions with CobbleStone experts and fellow System Admins - designed specifically for System Admins to drive their most optimal route toward contract management and eProcurement success!
Need To Extract Data From Contracts? Consider These Two Options
By Sean Heck on 01/26/24
Extracting important information from contracts was once time-consuming and difficult. Now, automated contract extraction allows organizations to streamline processes and leverage extracted information for better contract management and improved business relationships. With the rise of digital solutions, businesses often find themselves at a crossroad between using AI-based contract extraction software or hiring professional contract data extraction services. Both of these avenues offer unique benefits and are instrumental in enhancing the efficiency of contract data extraction.
This article delves into the functionalities and advantages of both approaches, providing insights into how they transform the landscape of contract management.
Topics: Contract Data Extraction
CobbleStone® Roadshow 2024: Take the Contract Management Masterclass
By Sean Heck on 01/25/24
CobbleStone Software introduces a free, virtual masterclass for legal, contract, and procurement professionals. This interactive learning experience is led by CLM software experts and is designed to show you the best route toward successful contract management!
Embracing AI in Law: A Legal Pro's Friend, Not Replacement
By Sean Heck on 01/18/24
In an era where "AI is coming for lawyers," the legal community is abuzz with the question: "Will AI replace lawyers?" The integration of artificial intelligence (AI) in law and legal practice has led to a paradigm shift, raising concerns about artificial intelligence replacing lawyers. However, it's crucial to understand that AI in the legal field is not a harbinger of replacement but a catalyst for transformation. To that end, let’s talk about legal professionals, lawyers, AI, and business innovation.
Topics: VISDOM AI Contract Artificial Intelligence Contract Management AI AI-Powered Contract Management Software AI-Based Contract Management
Why Are Contracts Important In Business?
By Sean Heck on 01/16/24
In the grand design of a society, every structure, from the humblest home to the tallest skyscraper, begins with a blueprint. This blueprint is a promise of what will be built - providing clarity and guidance to all involved. This metaphor aptly describes the role of contracts in the business world. Just as a blueprint is vital in construction, a contract is crucial in the realm of business. But why are contracts so important, and what purpose do they serve?
Topics: contracts
What Is a Unilateral Contract? Definition & Examples
By Sean Heck on 01/10/24
Contracts are an essential aspect of everyday business operations (and even everyday life in general). They govern myriad transactions and agreements – serving as the cornerstones of personal and business relationships. There are many different ways to categorize and compartmentalize contracts by type – including as unilateral and bilateral contracts.
One of the most common types of contracts that appears in business settings is a unilateral contract. What is this type of contract – and why does it matter?
In this blog post, we will dive into the concept of unilateral contracts and provide an example of unilateral contracts at work!
The 3 Contract Management KPIs for Success
By Maria Votlucka on 01/9/24
Contract managers are under increased pressure to deliver value with reduced contract risks, decreased contract costs, and improved contract performance. When you regularly measure progress and the success of contracts against contract management key performance indicators (KPIs), you can proactively readjust your contract strategy to ensure goal alignment drives critical and positive organizational impact. Read on to learn how contract management software can help maximize three important contract management KPIs for success.
Topics: contract tracking ROI for Contract Management Software CLM electronic signatures eSignatures Contract Artificial Intelligence Contract Management KPI contract management roi asset tracking Web-Based Contract Management Software contract automation Contract KPI
A New World of Financial Contract Management With AI-Driven Software
By Sean Heck on 01/4/24
In today's fast-paced financial services sector, the ability to effectively manage contracts is more critical than ever. With the advent of advanced contract and financial management technologies, businesses are discovering powerful tools to streamline processes, enhance accuracy, and boost efficiency. Among these transformative solutions, AI-powered contract management software for financial services stands out as a game-changer. This blog post delves into how financial contract management software leverages artificial intelligence to revolutionize contract financial management, offering insights and strategies to optimize your financial contract operations.
CobbleStone Software Blog Recap for December 2023
By Sean Heck on 01/2/24
Did you miss any of our blog posts from December? Don't worry; we have outlined each of them for you. Stay up-to-date with industry topics, real-world case studies, and contract management software and procurement best practices in January by reading the latest CobbleStone® content.
Topics: contract administration system Contract Lifecycle Management Contract Management Blog Recap Contract Management Software CobbleStone Contract Insight®
Q&A With Brian S. Quinn, Esq: Ed. & Outreach Coordinator for Lawyers Concerned for Lawyers of PA
By Sean Heck on 12/27/23
Brian S. Quinn, Esquire is a licensed attorney in Pennsylvania and the Education and Outreach Coordinator for Lawyers Concerned for Lawyers of Pennsylvania, Inc. – a Lawyer Assistance Program established in 1988 for the purpose of helping lawyers, judges, and law students recover from alcoholism, substance misuse and mental health disorders. We sat down with Brian to explore legal professionals’ burnout, mental health, and what can help.
CobbleStone Software 2023 Employee Excellence Awards Recipient Showcase
By Simran Bains on 12/22/23
We want to start by giving our warmest thanks to our CobbleStone® team! CobbleStone Software employees are committed to offering clients and business professionals our industry-leading contract management software, vendor management, eProcurement, and eSourcing solutions with unparalleled service. Award recipients receive company-wide recognition, personalized plaques, additional paid time off, and extended lunchtime. Read the following mini-interviews with each CobbleStone Software Employee Excellence Award recipient to understand what set them apart as an integral asset to our corporate success in 2023.
Topics: CobbleStone Employee Spotlight
The 8 Stages of the Contract Lifecycle
By Jamie Reedy on 12/13/23
Contracts are legally binding - and thus need to be executed properly. Legal teams should equip themselves with a thorough understanding of the contract lifecycle. The contract lifecycle is the process under which a contract is authored, reviewed, sent for signature, executed, and - potentially - renewed.
The "lifecycle" is an archetype used to compartmentalize and understand a contract's complex evolution. The lifecycle begins with contract requests and concludes when these requests are fulfilled - with the possibility of managing contract renewal. Let's further explore the eight stages of the contract lifecycle below and how digital contract management software can help streamline your contracting processes.
Topics: CLMS Return on Investment compliance contract authoring Contract Compliance Contract Compliance Software contract life cycle management Contract Lifecycle Contract Lifecycle Management contract lifecycle software Contract Lifecycle Stages Contract Management Process contract negotiation Contract Stages contract writing contract writing solution e-sign E-signatures eSignature Contract Management Software Maximize ROI with CLM signatures CLM CLM ROI CLMS Electronic Signature electronic signatures eSignatures contract approval process contract renewals CLM Software electronic signature software IntelliSign contract requests legal requests Stages of the Contract Lifecycle The Stages of the Contract Lifecycle
Implied Contracts: A Guide to the Unspoken Agreements in Business
By Sean Heck on 12/12/23
Welcome to our comprehensive guide on implied contracts! Whether you're a business professional, a law student, or just curious about the fascinating world of contracts, this blog is designed to offer you a fun yet professional insight into the realm of implied agreements. Let’s dive into the world where words are few, but intentions speak volumes.
CobbleStone Employee Focus: Kristin Riviello, Account Relationship Manager
By Simran Bains on 12/7/23
Kristin R., an Account Relationship Manager at CobbleStone Software, has been a member of the CobbleStone® family since November 2019. Recently, we interviewed Kristin about her experience at CobbleStone and she kindly shared some insights into her role as well as advice she has for those considering a career in SaaS software account management.
Topics: CobbleStone Employee Spotlight
CobbleStone Software Blog Recap for November 2023
By Sean Heck on 12/5/23
Did you miss any of our blog posts from November? Don't worry; we have outlined each of them for you. Stay up-to-date with industry topics, real-world case studies, and contract management software and procurement best practices in December by reading the latest CobbleStone® content.
Topics: contract administration system Contract Lifecycle Management Contract Management Blog Recap Contract Management Software CobbleStone Contract Insight®
Say Goodbye to Spreadsheets for Contract Management in 2024
By Sean Heck on 11/30/23
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 2024 with practical, centralized, user-friendly, and scalable contract lifecycle management solutions.
Contract Termination - A Simple, 3-Step Approach
By Sean Heck on 11/29/23
Contract termination should involve rigorous financial analysis, contract performance data analytics, and the creation of a notice of termination. Unfortunately, contract termination involves tight deadlines and specific terms required to terminate a contract. Organizations need a strategy to identify contracts not meeting contract KPIs, write notices of contract termination, and secure proper contract closeout.
This article will show you how to implement this strategy readily with the help of contract management software.
Topics: Contract Analytics Contract Insight contract writing Contract Management Document Collaboration contract termination
What Are Signature Blocks in Contract Lifecycle Management?
By Sean Heck on 11/28/23
With digital transformation, the way we sign and validate documents has evolved significantly. The concept of a signature block is important in the realm of business communication and legal agreements. But what is a signature line or block exactly? Often seen at the end of contracts, emails, and business letters, these blocks are more than just a space for your signature. They are a testament to your identity, professionalism, and attention to detail.
In this guide, we'll delve into signature blocks - from the basic signature line definition to its varied forms in different contexts like contracts, emails, and legal documents. Whether you're a business professional, an attorney, or simply someone looking to understand the nuances of digital communication, this blog will provide valuable insights into how signature blocks work, why they matter, and how they can be optimized for clarity and legal validity.
Topics: E-signatures eSignature signatures Electronic Signature electronic signatures eSignatures electronic signature software IntelliSign digital signatures eSignature Software
Contract Extensions: Taking Back Control With CLM Software
By Sean Heck on 11/21/23
In the dynamic world of legal operations, the agility to adapt and extend contractual agreements is crucial. With the ever-evolving nature of business relationships, the concept of contract extension has become a central aspect of organizational operations. Whether it is discussions about an extended contract, written communications about the extension of a contract, or a formal contract extension agreement, the need to efficiently manage these extensions is paramount.
Topics: contract extensions
Understanding Document Execution in Contract Management
By Sean Heck on 11/16/23
In the intricate world of contract management, the term 'executed' often emerges as a focal point of discussion and sometimes confusion. While contracting professionals juggle numerous contracts, the clarity around what exactly it means for a document to be 'executed,' and the significance of an 'executed copy,' becomes paramount. This confusion can lead to significant pain points, misinterpretations, and misunderstandings in contract management.
In the following sections, we'll delve into the meanings and implications of terms like 'executed document', 'executing a document', and 'executed letter' - providing clarity and guidance to navigate these challenges smoothly.
Topics: contract execution
What Type of Negotiation Style is Best for Union Negotiations?
By Sean Heck on 11/14/23
Union negotiations are critical for maintaining a harmonious work environment and ensuring operational continuity. Still, they are fraught with challenges. From understanding the nuanced demands of union representatives to managing extensive contractual obligations, the stakes are quite high. Organizations frequently grapple with finding the optimal negotiation style that balances assertiveness with diplomacy and efficiency with comprehensiveness. In these challenging situations, having the right strategies and tools becomes paramount.
As such - in this blog - let's explore various negotiation styles suited for union negotiations, identify common pain points, and demonstrate how leveraging the best tactics can streamline these complex processes. The right approaches can lead to more effective and amicable outcomes, and unions can receive what they deserve.
4 Secondary Functions of CLM Software That Can Provide Immense Value
By Sean Heck on 11/9/23
Today, let's talk about some secondary functions of contract lifecycle management (CLM) software that you may be missing out on that can provide immense value to your business processes.
Topics: Contract Management Features CobbleStone Software Modules contract management software features
Turning Evergreen Contract Challenges Into Opportunities
By Sean Heck on 11/6/23
Anyone managing contracts knows about the evergreen contract. Evergreen agreements stand out for their ability to self-renew - offering a blend of convenience and continuity for both parties. However, this same perpetual nature can pose unique challenges in evergreen provisions tracking and management. In this blog, we will explore the intricacies of evergreen contracts; we will examine how sophisticated yet user-friendly tools of leading contract management software can streamline and optimize the lifecycle of these agreements.
Topics: contract renewals
CobbleStone Software Blog Recap for October 2023
By Sean Heck on 11/2/23
Did you miss any of our blog posts from October? Don't worry; we have outlined each of them for you. Stay up-to-date with industry topics, real-world case studies, and contract management software and procurement best practices in November by reading the latest CobbleStone® content.
Topics: contract administration system Contract Lifecycle Management Contract Management Blog Recap Contract Management Software CobbleStone Contract Insight®
How to Deal With Unexpected Contract Auto-Renewals
By Sean Heck on 10/31/23
With rapid advancements in our ability to connect and form business relationships, managing contracts has become more challenging than ever. With the increase in the volume and complexity of contracts, the risk of inadvertently overlooking a crucial detail or deadline is on the rise. One such area of potential oversight is the uncontrolled auto-renewal of contracts, which can lead to significant financial and operational implications for a business. In this blog post, we'll explore the negative outcomes associated with uncontrolled contract auto-renewals and how contract management software can provide a much-needed and robust solution.
Topics: contract renewals
Contract Terms Automation: From Struggle To Streamlined CLM
By Sean Heck on 10/26/23
Legal departments trudging through manual processes for contract generation and management can be left to feel the walls closing in. With every new business opportunity comes a cascade of contracts - each demanding precision, timeliness, and impeccable oversight. But even the best can miss a beat. From accidentally overlooking a critical termination deadline to the tedious hours spent reinventing the contract wheel, the pitfalls of manual contract management become glaringly evident. And when an outdated contract version almost derails a business deal? That is the breaking point.
If this sounds familiar, you're not alone. Many businesses find themselves ensnared in these contractual conundrums. But what if there is a smarter way out? Enter the world of contract terms automation: a beacon of hope for those drowning in paperwork. In today's post, we'll delve into the pain points faced by many who are drowning in the contract management process and showcase how contract automation might just be the lifeline your business needs.
Topics: automated workflow Business Process Automation contract management automation contract automation
Unleashing the Power of AI in Contract Management for Lawyers
By Sean Heck on 10/24/23
Legal professionals are increasingly leveraging technological innovations to enhance efficiency, time savings, and accuracy. One of these powerful tools for legal work includes AI systems. AI for lawyers has become a cornerstone in transforming traditional legal practices. Legal AI is not a concept of the future but a present reality, altering the landscape of contract management and various legal processes. Such automated tools have not replaced lawyers; instead, they save time on processes such as document review and those that involve managing a large amount of data, stakeholders, tasks, and contract executions.
Topics: lawyers legal contract management legal contracts Legal Workflow legal workflow automation legal technology
Contract Management Process Guide - The Stairwell to CLM Success
By Sean Heck on 10/17/23
Effective contract management can be intricate and demanding. However, understanding the pivotal steps and integrating contract lifecycle management (CLM) software can transform this time-consuming journey into a structured and efficient process that saves time and increases revenue. In this guide, we will explore what the contract management process steps entail and how a contract management solution acts as a stairwell to success, virtually ensuring every step is streamlined and effective.
Navigating Contracts in Project Management With CLM Software
By Sean Heck on 10/12/23
Project management is an intricate dance of planning, executing, and overseeing projects to ensure they are completed efficiently and effectively. At the core of this process are project management contracts. These vital documents delineate the terms and conditions, scope, and roles and responsibilities for a project - hopefully ensuring that all parties involved have a clear understanding of the expectations. There are various types of contracts in project management that cater to the unique needs and requirements of each project. However, managing these contracts ineffectively can lead to cost overruns, delayed timelines, poor quality of work, legal issues, damaged relationships between involved parties, and other deleterious consequences. Thankfully, an understanding of project management contracts - along with the right solution to manage them - can help drastically.
Topics: project management solutions
What Is Contract Management in Procurement?
By Joshua Hansen on 10/9/23
Procurement departments can encounter procurement workflow inefficiencies without the proper procure-to-pay tools – especially when implementing inefficient and disjointed contract management processes. You can avoid risk, unreasonable vendor pricing, and vendor non-compliance by leveraging contract management processes in procurement that centralize processes, technology, and people. Read on to discover how you can implement effective contract management software in procurement that results in maximized collaboration of various roles and responsibilities, cost savings, and more fruitful business relationships.
Topics: contract authoring Contract Lifecycle Management e-procurement eProcurement eProcurement Planning Contract Management Software procurement procurement and acquisition procurement contracts procurement management procurement process Procurement Software risk management contract risk eProcurement Software CLM Software contract spend
CobbleStone Software Blog Recap for September 2023
By Sean Heck on 10/5/23
Did you miss any of our blog posts from September? Don't worry; we have outlined each of them for you. Stay up-to-date with industry topics, real-world case studies, and contract management software and procurement best practices in October by reading the latest CobbleStone® content.
Topics: contract administration system Contract Lifecycle Management Contract Management Blog Recap Contract Management Software CobbleStone Contract Insight®
11 Effects of Strong Contract Management Software ROI
By Sean Heck on 10/3/23
Contract lifecycle management (CLM) software can seem like a significant investment. However, there is a high price to pay for low cost, poor contract management that will ultimately cost your organization much more in the long run. What’s more, you can plainly see the ROI contract management software provides if you know what to look for. As such, let’s take a look at 11 ways your organization can enjoy a strong contract lifecycle management ROI.
Topics: Contract Software ROI Maximize ROI with CLM ROI for Contract Management Software CLM ROI contract management roi
Streamlined Contract Data Extraction With CobbleStone®
By Joshua Hansen on 09/28/23
Do you have many contracts to extract data from and organize within a centralized, web-enabled contract management software suite? Extracting contract data with a manual process - especially from hundreds or thousands of legacy contracts - can seem overwhelming and time-consuming. However, it doesn’t have to be. Read on to learn how CobbleStone's automated contract data extraction can help streamline your contract data extraction process in three easy steps.
Topics: agreement database Contract Data Extraction contract database data data storage Data Security Data center
A Concise Contract Management Best Practice Guide
By Joshua Hansen on 09/27/23
Managing contracts from requests to renewals can prove difficult when relying on primarily manual processes. Your organization could be sacrificing accountability, visibility, a clearly defined strategy, and actionable insights. As such, you can find yourself running into compliance issues, minimizing contract value, and encountering other setbacks.
But it does not have to be this way. Modern advances in contract management technology can allow your organization to scale with success.
Read on to learn how to manage contracts effectively and how leading contract management software can support each of the contract lifecycle management best practices below for efficient contracting processes.
Driving Corporate Compliance Management With Contract Software
By Sean Heck on 09/26/23
Protecting one’s organization with proper corporate legal compliance can present a complex host of challenges. Business operations regarding corporate compliance efforts present a two-fold challenge: First, compliance departments must make sure that employees do not fail to comply with internal policies and the code of conduct across departments. Second, compliance teams must ensure that federal (in the United States or elsewhere) and state rules and regulations are observed to avoid violations. You may be wondering how to manage compliance as responsibilities, rules, and corporate compliance law evolve. Thankfully, contract management software can serve as a user-friendly compliance management system.
Topics: compliance Contract Compliance Contract Compliance Software internal compliance contractual compliance
Contract Tracking: Mastering Contract Management Series
By Maria Votlucka on 09/20/23
Contract tracking can be a significant challenge for legal teams, contract managers, and other industry professionals. Manual contract management processes may suffice for organizations with low contract volume and contract complexity. However, when the number of contracts increases to hundreds, thousands, and beyond, contract failure rates increase exponentially. Read on to learn how to master contract tracking with leading contract management software.
Topics: Agreement tracking contract tracking Contract Tracking Software tracking mastering contract management series
What Does a Contract Manager Do? Exploring the Contract Manager Role.
By Sean Heck on 09/19/23
In today's dynamic business landscape, contracts form the bedrock of many business relationships – from vendor partnerships to employee agreements. Orchestrating this dance of documents and legalese is the contract manager. As businesses strive for efficiency while navigating intricate legal contract terms and conditions, the importance of understanding the duties of a contract manager cannot be overstated. This blog dives deep into contract manager roles and responsibilities, the journey to becoming a good contract manager, and the tools that empower successful contract management.
Legal Tech Tools for Lawyers: Contract Management Software
By Sean Heck on 09/14/23
In today's rapidly evolving and automating legal landscape, the question isn't whether or not technology aids legal professionals in their goals but rather which tools and technology lawyers use to maximize efficiency and value.
Topics: legal contract management legal contracts legal document management software Legal Workflow legal workflow automation legal technology legal operations software
How to Manage Contracts Effectively for Healthy Business Relationships
By Sean Heck on 09/12/23
In the vast jungle of business processes, managing contracts can be likened to navigating a dense labyrinth. One misstep or oversight can lead you progressively more astray. Yet, with an effective contract management system in place, the path becomes clearer and the journey smoother. Let’s delve deep as we unravel the secrets of mastering contract management.
Topics: Business Process Automation Contract Management Process planning tips contract automation Contract Management Best Practice
Contract Renewals: Mastering Contract Management Series
By Sean Heck on 09/7/23
Manual renewal methods with spreadsheets, emails, emailed reminders, and wet signatures may suffice for organizations with low contract volume and complexity.
Unfortunately, organizations managing thousands of contracts of ranging types can face challenges. Moreover, such an outdated contract renewal strategy can increase the risk that a contract expires with a desired renewal having been overlooked. It's time to take control of how you manage contract renewals. Read on to learn how to leverage contract renewal process best practices with contract management software.
What Is DPA? Managing Data Processing Agreements With CLM Software
By Sean Heck on 09/5/23
In the baseball game of data protection, mastering the rules and strategies is as critical as practicing the fundamentals at spring training. Enter the world of data processing agreements (DPAs) and the General Data Protection Regulations (GDPR). We will learn about these agreements and regulations, as well as how contract management software helps ensure businesses don't just play but dominate in this crucial stadium.
Topics: data storage CLM security Data Security
CobbleStone Software Blog Recap for August 2023
By Sean Heck on 08/31/23
Did you miss any of our blog posts from August? Don't worry; we have outlined each of them for you. Stay up-to-date with industry topics, real-world case studies, and contract management software and procurement best practices in September by reading the latest CobbleStone® content.
Topics: contract administration system Contract Lifecycle Management Contract Management Blog Recap Contract Management Software CobbleStone Contract Insight®
CobbleStone Contract Insight® 22.1.2: Ultimate CLM Focus & Cohesion
By Sean Heck on 08/24/23
CobbleStone® has released its latest software update - CobbleStone Contract Insight® Enterprise Version 22.1.2. This new release offers refreshing contract lifecycle management software tools for continuous legal operations success! Read on to familiarize yourself with next-generation contract management software features and innovations to centralize your contract administration processes!
Contract Generation: Mastering Contract Management Series
By Sean Heck on 08/16/23
Generation of legally-binding contracts from verbal agreements can be challenging for contract, procurement, and legal professionals. Manual contract generation can be tedious and error-prone. Moreover, a manual approach to document assembly can put organizations in the precarious position of facing:
- significant process bottlenecks.
- compliance issues.
- increased risk.
- excessive fines.
It’s time to save time and take control of contract generation. Learn how to transform your manual contract generation process into a value-centric strategy. Make this transformation with the help of leading contract management software.
Topics: mastering contract management series contract generation contract management roi document assembly document assembly solution
CobbleStone® PC Helper App: MS Excel
By Sean Heck on 08/15/23
As was detailed in our blogs on CobbleStone’s PC Helper Apps for MS Outlook and MS Word, contract lifecycle management is a multi-faceted process. On top of that, managing all of the data points that come with contracts can be time-consuming and prone to error. If tasked with managing many contracts, employees, vendors, requests, and purchase orders, a contract management team can quickly drown in disparate spreadsheet documents, columns, and rows without a place to put them.
To help contract managers avoid these issues and more, CobbleStone provides a seamless connection between CobbleStone Contract Insight® and MS Excel. Read on to learn more.
Topics: CobbleStone Software App Contract Management Software App CobbleStone Software PC Helper Apps CobbleStone Contract Insight®
CobbleStone University: A CLM Software Learning Channel
By Tyler Holzer on 08/10/23
CobbleStone Software is proud to introduce the new CobbleStone University YouTube channel for CobbleStone Contract Insight® users! The CobbleStone University channel is the new dedicated home for CobbleStone’s instructor-led training videos, new feature training videos, and contract management software system integration videos.
What Is Contract Negotiation and How Can Legal Technology Help?
By Joshua Hansen on 08/9/23
Contract negotiation can create the difference between a strong or weak contract, which can directly impact the bottom line of an organization and the health of mutually-beneficial business relationships. As contract negotiation processes evolve at the speed of technological innovations, discover how leading-edge legal technology can empower your negotiation processes - including the use of robust version control, document collaboration, rules-based clause ownership, redlining software, and more. While contract negotiations can take their necessary time, automating the process of negotiating agreements and contract terms where possible allows you to focus more on contract negotiation strategy and bargaining power.
What Is Contract Administration?
By Sean Heck on 08/7/23
Contract administration can bring forth a host of challenges.
There needs to be an established plan and follow-through within a set timeline. Teams must track contract financials. There must be a plan for overseeing the contract lifecycle. Teams must have a plan for encountering risk variables.
Clearly, contract administrators have a lot on their plate. There is ample room for deleterious errors, contract risks, and bottlenecks – especially with manual contract methods. Fortunately, contract management software can help reduce the time-consuming need for manual processes. Here's how.
Unlock Purchasing Contract Management Efficiency & Success
By Sean Heck on 08/3/23
Purchasing contract management is a pivotal component of an efficient procurement process. Its prime focus is managing contracts - particularly those concerning supplier contracts and monitoring the terms and conditions. This comprehensive management ensures that businesses can effectively acquire goods and services while fostering healthy supplier relationships.
Topics: Purchase Order Management Purchase Order Module Purchase Orders purchasing purchase order software
CobbleStone Software Blog Recap for July 2023
By Sean Heck on 08/1/23
Did you miss any of our blog posts from July? Don't worry; we have outlined each of them for you. Stay up-to-date with industry topics, real-world case studies, and contract management software and procurement best practices in August by reading the latest CobbleStone® content.
Topics: contract administration system Contract Lifecycle Management Contract Management Blog Recap Contract Management Software CobbleStone Contract Insight®
Vendor Agreements: The 5 Essential Elements They Should Have
By Sean Heck on 07/26/23
A vendor agreement - an indispensable business contract - outlines the terms of the exchange of goods or services between a business and a vendor. This written agreement not only provides clarity of terms and conditions, but also protects both parties' interests. Here are the five essential elements every comprehensive vendor agreement should include for healthy vendor management, successful operations, and increased ROI.
FOIA Requests Made Simple with Contract Public Access Portal
By Connie Egan on 07/24/23
Since 1967, the Freedom of Information Act (FOIA) has preserved the public's right to request access to US Federal Agency contract records and data; the government of the United States is required to disclose federal agency records, including commercial or financial information. Learn about the Freedom of Information Act and how a public access portal for FOIA government contracts - coupled with the far-reaching power of leading-edge contract management software - can streamline requests for FOIA contracts.
End of Contract: How To Foster a Smooth Agreement Termination
By Sean Heck on 07/20/23
The end of a contract is a crucial stage that necessitates careful consideration and handling. A contract is a legally binding agreement between parties. But the phrase "end of contract" doesn't imply that this agreement dissolves into thin air. In the world of common law, it refers to the conclusion of mutual agreement between the parties involved.
Topics: contract termination
Better Liability Waiver Management With CLM Software
By Sean Heck on 07/18/23
Liability waivers are indispensable for ensuring that parties involved in a business matter are aware of possible risks. However, managing liability waivers can become increasingly complex with the sheer number of participants - especially in sectors such as business and leisure events and adventure tourism. This is where contract management software becomes a game-changer - bringing efficiency and organization to the handling of these crucial documents.
Topics: agreement database Agreement tracking Contract Management Software legal contract management legal document management software legal workflow automation legal technology legal operations software
What Is Contract Management in Healthcare?
By Sean Heck on 07/17/23
What is contract management in the context of the healthcare industry? What steps, tasks, and requirements are involved? What does your organization need to do to maintain proper healthcare contract management processes? What tools can your organization use to centralize and streamline healthcare contract management?
Read on to discover how to take advantage of contract management in healthcare with leading contract management software.
Handling Various Contract Types with Contract Management Software
By Sean Heck on 07/11/23
Contracts are the lifeblood of the business world - acting as legally binding agreements between parties to deliver goods or services under specified terms. These contracts can be diverse, complex, and riddled with uncertainties inherent to contract performance. Today, we delve into how contract management software can simplify the management of various contract types in a business setting - discussing key topics such as fixed price contracts, cost reimbursement contracts, and time and materials contracts, among others.
Topics: Contract Management Software
Signing a Contract: The Power of Electronic Signatures
By Sean Heck on 07/10/23
In the vast realm of contract law, you'll often hear phrases like "intend to enter," "verbal contract," and "put it in writing." These reflect the nuanced stages of contract creation, fulfillment, and enforcement. In today's fast-paced world, these traditional methods are quickly being replaced by more modern, efficient processes. At the forefront of this evolution is contract management software that employs the power of electronic signatures.
Topics: e-sign E-signatures eSignature signatures Electronic Signature electronic signatures eSignatures electronic signature software IntelliSign digital signatures digital signature software contract signatures contract signing eSignature Software
Conquer Indemnity Agreements With Contract Management Software
By Sean Heck on 07/6/23
In today's digitally driven world, legal operations are not left untouched. As technology continues to bleed into all avenues of life, the management of indemnity agreements - once a daunting task - has become significantly simplified with the advent of contract management software.
CobbleStone Software Blog Recap for June 2023
By Joshua Hansen on 07/5/23
Did you miss any of our blog posts from June? Don't worry; we have outlined each of them for you. Stay up-to-date with industry topics, real-world case studies, and contract management software and procurement best practices in July by reading the latest CobbleStone® content.
Topics: contract administration system Contract Lifecycle Management Contract Management Blog Recap Contract Management Software CobbleStone Contract Insight®
5 Risk Management Lifecycle Stages: A Comprehensive Summary
By Sean Heck on 06/27/23
Effective risk management provides organizations with not only valuable business protection – but also the potential for meaningful growth. Central to a healthy approach to risk is an understanding of the risk management lifecycle. Let's delve into the five stages of this risk lifecycle - exploring the types of risks, risk management frameworks, strategies, and the essence of a risk management plan.
In-House Legal Software: Transforming Corporate Legal Operations
By Sean Heck on 06/22/23
As the modern business environment becomes increasingly complex, corporate legal departments are under growing pressure to streamline operations, manage contracts, safeguard intellectual property, and control legal spending. In this digitally driven age, in-house legal software serves as a viable solution to these challenges.
Topics: legal contract management legal document management software General Counsel legal operations legal operations software
Manage Collective Bargaining Agreements (CBA) With CLM Software
By Sean Heck on 06/20/23
Today's digital transformation is seeping into all business sectors, including organizations engaging in collective bargaining. One way this change manifests is through contract management software - an innovative tool that helps organizations working with unions manage their collective bargaining agreements (CBAs) more effectively. In this post, we'll delve deeper into how CLM (contract lifecycle management) software can help track and manage crucial contracts and metrics - providing a comprehensive perspective of CLM operations.
Supplier Contract Management: Streamline Operations & Boost Profits
By Sean Heck on 06/15/23
Welcome to the world of supplier contract management. This world is an essential, yet often underestimated, cornerstone of effective business operations. We will navigate through the labyrinth of day-to-day supplier contract life cycle management. In doing so, we'll uncover how each element intertwines to create a harmonious symphony of successful supplier relationships, favorable contract terms, and saved money.
Topics: supply chain contract management
7 Reasons Contract Reminder Software Is Key for Business Efficiency
By Sean Heck on 06/13/23
In the intricately woven landscape of today's business world, contract management becomes a cornerstone for operational efficiency. Contract reminder software has emerged as a vital tool in this space. It fosters a level of organizational effectiveness that is truly indispensable. So, let’s discuss how you can automate contracts with reminders galore!
Topics: tasks Contract Management Workflow
Easily Tackle SLAs with Service Contract Management Software
By Sean Heck on 06/8/23
Service level agreements (SLAs) are the linchpin of client and customer relationships in service-based industries. Defining the quality, scope, and performance metrics of services, these contracts are crucial yet complex elements that can be challenging to manage effectively. The increasing intricacy of modern SLAs - coupled with a growing emphasis on compliance and performance - necessitates a new approach to SLA management. This is where service contract management software steps in - offering a comprehensive solution that streamlines, simplifies, and optimizes the handling of SLAs.
Topics: manage contracts
8 Use Case Examples of Legal Document Automation Software
By Sean Heck on 06/7/23
When you think of managing contracts, do you visualize a never-ending mountain of paperwork and legal mumbo-jumbo? If so, it's time to change your strategy and embrace the cutting-edge world of legal document automation software. This transformative technology is revamping the traditional contract management process - paving the way for efficiency, accuracy, and ease of use.
Topics: legal document management software document assembly document assembly solution document management document management software
Contract Management Software in Retail: Set "Sale" for Success
By Sean Heck on 06/6/23
In the fast-paced and dynamic world of retail, effective contract management is paramount for maintaining successful vendor relationships, ensuring compliance, and maximizing profitability. The retail industry faces unique challenges - including managing numerous supplier contracts and agreements with service providers and landlords. To overcome these challenges, retail organizations can leverage contract management systems tailored specifically for their needs.
In this blog post, we will delve into how contract management software addresses the specific pain points of the retail industry, streamlines contract processes, improves compliance, and empowers retailers to make informed decisions.
Topics: Contract Management Software
5 Ways Generative AI for Legal Contracts Can Boost CLM Productivity
By Mark Nastasi on 06/1/23
The use of artificial intelligence is all the buzz right now. From Microsoft Bing’s use of OpenAI’s ChatGPT to Google’s Bard AI Chat Bot - the topic of responsible use of artificial intelligence continues to trend. To add to that, generative artificial intelligence (a useful AI technology feature that generates human-like content) is being reviewed extensively - not only from a usability perspective, but from a legal work standpoint.
Topics: Contract Artificial Intelligence Contract Management AI AI-Powered Contract Management Software AI-Based Contract Management Contract Intelligence
CobbleStone Software Blog Recap for May 2023
By Sean Heck on 05/30/23
Did you miss any of our blog posts from May? Don't worry; we have outlined each of them for you. Stay up-to-date with industry topics, real-world case studies, and source-to-contract management best practices in June by reading the latest CobbleStone® content.
Topics: Contract Lifecycle Management Contract Management Blog Recap Contract Management Software CobbleStone Contract Insight®
Electronic Signature Apps: What To Look for When Choosing a Solution
By Sean Heck on 05/25/23
In the bustling business world, the arrival of electronic signatures has signaled a new era in conducting contracts and business relationships. Like a colossal, advanced ocean liner amid simple wooden galleons, the transition from traditional, paper-based processes to digitally powered signing and approvals has not just been about keeping up with the times; it’s been about setting an accelerated pace.
Electronic signature technology has transformed businesses across various sectors - establishing that pen and paper are no longer the zeitgeist of managing contracts and agreements. E-signatures can cut send-to-sign time by up to twenty percent!
It's crucial, therefore, to understand the landscape when selecting the right electronic signature platform. Consider this your nautical chart as we explore the features to look for when embarking on your digital voyage with electronic signature apps.
Topics: Contract Lifecycle Management e-sign E-signatures eSignature Contract Management Software signatures eSignatures IntelliSign digital signatures digital signature software contract signing eSignature Software
Your Contract Database of the Future With Contract Management Software
By Sean Heck on 05/22/23
The contract management process has evolved drastically over the years. Managing contracts with obsolete methods is sure to make your organization fall behind. Luckily, you can automate contract lifecycle management with a contract database within contract management software. Let’s explore how a contract management database can take your contract management or legal team into the future.
Topics: agreement database Contract Data Discovery and Extraction Contract Data Extraction contract database data data storage Data Security data-driven contract management contract data retention
Contract Summary Software: 5 Tips To Help Your Legal Team
By Sean Heck on 05/18/23
Welcome – all of you wonderful contract dorks - to the thrilling new world of contract summary software! Most people would not put “thrilling” and “contract summary” next to one another, but that is simply because they are not legal experts who know just how fun contracts can be!
We're about to explore the groundbreaking utility that will restructure the way you manage contracts in your organization. After all, who doesn't love saving time, reducing contract risk, and improving the efficiency of contract processes? Let’s provide you with some benefits of contract summary software and five tips to help your legal team succeed.
Digital Contract Management: A Fun Flight Into the Future of Legal Ops
By Sean Heck on 05/17/23
In the grand galaxy of business operations, contracts serve as the gravity that supports the harmonious orbit of organizations, business partners, vendors, employees, and clients – spinning together in a vast cosmos of opportunity. However, managing contracts’ essential components in the pre-digital age of contract history was often a Herculean task - filled with countless man-hours, mountains of paperwork, and the potential for harmful human error.
Enter the era of digital contract management – a revolutionary epoch that has transformed the previously-laborious contracting process into a streamlined, efficient, and even fun experience. Let’s take flight into the future of legal ops: digital contract management.
Navigating the Jungle of Contract Auditing with CLM Software
By Sean Heck on 05/16/23
Hello, and welcome to the "Jungle of Business Contracts" - where we tame the wild beasts of contract portfolios, deals, counterparties, and internal processes with the shepherd’s crook of legal technology. Today, we are going to embark on an expedition into the dense thicket of contract auditing. By the time we're finished, you'll be navigating this jungle like a panther - agile and confident.
Supply Chain & eSourcing: Pricing vs. Technical Functional Proposal Responses
By Mark Nastasi on 05/11/23
ATTENTION procurement, supply chain, and purchase managers:
Your supply chain and sourcing processes play a critical role in ensuring your procurement teams have the proper goods and services necessary to operate and expand your business while fulfilling your client, operational, and contract commitments.
5 Reasons NLP Contract Management Is a Business Game-Changer
By Sean Heck on 05/3/23
Brave and tame the endless jungle of contract jargon and legalese with NLP-driven contract management! Enjoy a fun and easy way to unleash your business potential for contracts and other legal documents.
Topics: Contract Management AI AI-Powered Contract Management Software AI-Based Contract Management NLP Natural Language Processing
CobbleStone Software Blog Recap for April 2023
By Sean Heck on 05/2/23
Did you miss any of our blog posts from April? Don't worry; we have outlined each of them for you. Stay up-to-date with industry topics, real-world case studies, and source-to-contract management best practices in May by reading the latest CobbleStone® content.
Topics: Contract Lifecycle Management Contract Management Blog Recap Contract Management Software CobbleStone Contract Insight®
Cloud Contract Management: A 5-Point Plan of Attack
By Sean Heck on 04/27/23
Cloud-based contract management is revolutionizing the way legal teams and other contract professionals handle their agreements. Cloud-based CLM supports streamlined processes, increased visibility, enhanced security, and reduced costs. As the demand for efficient, accessible, and cost-effective contracting processes grows, cloud-based approaches are emerging as the top choice for the job. Let’s explore cloud contract management via a simple, five-point plan to save time and money on legal operations.
Topics: cloud cloud-based cloud contracts cloud-sharing SaaS Cloud-Based Contract Management Software
Efficiently Manage ESG Contract Clauses With AI-Backed CLM Software
By Joshua Hansen on 04/26/23
As ESG (environmental, social, and governance) variables continue to play an integral role within organizations and serve as a prioritized component within business decision-making, ESG clauses in contracts are increasingly at the forefront of contract negotiations and compliance.
Without the right contract management tools, ESG contract clause language can elongate negotiations and cause post-award compliance tracking difficulties.
Fortunately, AI-backed contract management software offers unique tools for reducing pre-award and post-award ESG contract clause bottlenecks so your team can address ESG principles and ESG goals. Read on to learn how.
Topics: Contract Compliance Contract Compliance Software contract clauses AI-Based Contract Management CSR Corporate Social Responsibility Contract Redlining ESG
What Is a Bilateral Contract? A Simple Guide
By Sean Heck on 04/25/23
From simple deals between friends to complex business arrangements, contracts play a crucial part in defining the terms and conditions of an agreement. One common type of contract is a bilateral contract – which we will explore in this blog post!
6 Healthcare Contract Management Tools for Stronger Contracts
By Joshua Hansen on 04/12/23
Healthcare contract management relying on manual processes can reduce efficiency for healthcare contract stakeholders, decrease revenue, and increase liability. Contract lifecycle management bottlenecks can decrease the efficiency of resources, compromise contract security, and disorganize crucial data. Read on to learn how to leverage six healthcare contract management software tools for stronger contracts.
Topics: Ad-Hoc Reports automated workflow Contract Compliance Contract Compliance Software Contract Lifecycle Management contract repository contract tracking Contract Tracking Software contract workflow healthcare contract management Report Designer Contract Reports & Analytics Healthcare Contract Management Software Contract Management Workflow Contract Searching
What Is Education Contract Management?
By Sean Heck on 04/11/23
Colleges, universities, and school systems can encounter unique contract management challenges. Educational institutions manage a large volume of contracts, vendor contracts, suppliers, and providers of goods and services. A disorganized, risk-prone, and slow-moving education contract management system can cause:
- confusion among departments.
- wasted time.
- widened gaps between legal, procurement, and contract administrators within academic systems.
In order to avoid these issues, we need to first address the question. What exactly is education contract management - and how can it be improved with contract management software?
Topics: education higher education Higher education contract management Education Industry Contract Management Education Contract Management
CobbleStone Software Blog Recap for March 2023
By Sean Heck on 04/4/23
Did you miss any of our blog posts from March? Don't worry; we have outlined each of them for you. Stay up-to-date with industry topics, real-world case studies, and contract management software and procurement best practices in April by reading the latest CobbleStone® content.
Topics: Contract Lifecycle Management Contract Management Blog Recap Contract Management Software CobbleStone Contract Insight®
Our Free Contract Tracker & How It Can Help Your Contract Process
By Joshua Hansen on 03/29/23
Keeping track of contracts can prove challenging, especially without a centralized system. While contract management software provides a robust solution for contract lifecycle management, a basic contract tracking spreadsheet can help you retain some oversight. Read on to learn how you can leverage CobbleStone Software’s free contract tracker to help streamline your contract management procedures.
How To Utilize AI for Contract Review Processes
By Sean Heck on 03/28/23
Conversations about artificial intelligence in a business setting are important. According to a study performed by MIT Sloan Management Review, over 80% of organizations see AI as a vehicle for strategic opportunity. Additionally, 85% of organizations view AI as a means for competitive business advantages.1
This interest in – and implementation of – AI applies to legal teams and other contract managers as well. Manually managing and reviewing an ever-increasing number of contracts of varying complexity is stressful and inefficient. But it does not have to be.
Organizations can improve contract review with AI-powered contract management software.
Topics: VISDOM AI Contract Artificial Intelligence Contract Management AI AI-Powered Contract Management Software AI-Based Contract Management Contract Intelligence Contract Review
How To Achieve Purchase Order Management System Success
By Sean Heck on 03/23/23
Maintaining efficiency for purchase orders processing is key to organizational health. Whether your team is managing indirect procurement processes or is taking real-time action on inventory management and distribution processes – purchase order management process bottlenecks can result from:
- human error during purchase request processes and budget procedures.
- manual processes for tracking quantities received, inventory assets, and key dates.
- lack of clarity regarding approval status and personnel.
Thankfully, the proper PO management system can help. Let’s take a look into purchasing procedures that can help your organization succeed.
Topics: Purchase Order Management Purchase Order Module Purchase Orders purchasing purchase order software
CobbleStone Contract Insight® 22.1.1 - Continuous CLM Success
By Sean Heck on 03/21/23
CobbleStone® has released its latest software update - CobbleStone Contract Insight® Enterprise Version 22.1.1. This new release offers refreshing contract management software tools for continuous CLM success! Read on to familiarize yourself with future-minded contract management software features and innovations to bring your legal operations to the next level!
The Business Case for Contract Management Systems
By Sean Heck on 03/14/23
Manually managing contracts can be discouraging and stressful. It can also increase risk, decrease revenue, and drastically stifle efficiency. Thankfully, it doesn’t have to be this way. According to market research performed by CLOC, 74 percent of legal departments already leverage contract management software to streamline legal ops and more!
In this blog post, we will cover how contract management systems can solve a myriad of contract process problems. We will also help you easily make a business case for contract management software to decision-makers.
3 Bad Procurement Examples That Can Negatively Affect Your Team
By Sean Heck on 03/7/23
The procurement process is a many-feathered bird that leaves a lot of opportunity for success. However – just as your organization can succeed on many fronts – so too can your team face common procurement challenges. Such challenges can result in costly pay-per-solicitation, limited outreach, redundant data entry, and association with vendors that can harm your organization with procurement fraud, scandals, product failure, and failure to deliver what was promised.
Thankfully, you can avoid these procurement pitfalls. Beware of these three procurement situations that can lead your organization down a bumpy road.
Topics: eProcurement Planning procurement management procurement process Procurement Software eProcurement Software
CobbleStone Software Blog Recap for February 2023
By Joshua Hansen on 03/2/23
Did you miss any of our blog posts from February? Don't worry; we have outlined each of them for you. Stay up-to-date with industry topics, real-world case studies, and contract management software and procurement best practices in March by reading the latest CobbleStone® content.
Topics: contract administration system Contract Lifecycle Management Contract Management Blog Recap Contract Management Software CobbleStone Contract Insight®
The Top 7 Procurement Tools for 2023
By Sean Heck on 03/1/23
As we begin procurement month in 2023, procurement teams should maximize their goals. An ineffective procurement 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.
Discover how you can leverage 7 procurement tools within procurement software. Enable procurement teams to attain cost savings and eliminate time-consuming bottlenecks in 2023 and beyond for procurement process-flow success in 2023 and beyond.
Topics: eProcurement eProcurement Planning procurement procurement and acquisition procurement management procurement process Procurement Software eProcurement Software bid management
ConfigAI℠: Proactive CLM Configuration Recommendations
By Sean Heck on 02/28/23
CobbleStone Software is proud to present its proprietary clause metadata field recommendation feature - ConfigAI℠. A helpful feature within VISDOM® AI (CobbleStone's proprietary contract intelligence engine with machine learning), ConfigAI can provide proactive CLM field recommendations for metadata fields for contract clauses to streamline contract management software implementations!
Contract Management for Dummies: The Basics of Managing Contracts
By Sean Heck on 02/23/23
Readers: don't worry; we don't really think you are dummies. We merely intend to guide you along the right path if you are new to contract lifecycle management or want to learn more.
The process of managing contracts can be challenging for even the most seasoned business professional. Even well-intentioned and well-thought-out contract processes can fall flat. Sadly, your organization can incur operational and financial risk without an ironclad strategy in place.
We are here to give you tips on how to work smarter and not harder when you deal with contracts. As such, let's go over the basics of managing contracts more efficiently and effectively!
Topics: Contract Lifecycle Management
8 Contract Negotiation Strategies To Reach a Win-Win Outcome
By Sean Heck on 02/16/23
Nearly every business relationship involves a contract. At the crux of every contract is back-and-forth negotiation. This chess-like undertaking requires purposeful and good-faith cooperation on both sides.
The cutthroat, 1980s Wall Street businessman approach of trying to steamroll one’s opponent into submission often depicted in movies does not reflect successful contract negotiation in real life. True contract negotiation requires active listening, considerate acknowledgment of both parties’ pain points, and the ability to forge a win-win agreement.
As such, here are 8 contract negotiation strategies to improve your contract negotiation processes.
Topics: contract negotiation
2023 CobbleStone® Roadshow Reimagined: Achieve Sustainable CLM Success
By Tyler Holzer on 02/15/23
The 2023 CobbleStone Roadshow Reimagined is coming to a computer or city near you this year, with monthly Contract Management Masterclass and Client Training events from February 24th through December 15th, 2023! Achieve sustainable contract lifecycle management success by attending a Contract Management Masterclass or Client Training event either online or in person - including on-site events in New York, NY; Washington, DC; Los Angeles, CA; and Houston, TX.
While the Contract Management Masterclass events offer prospective CobbleStone users an immersive and preliminary venture into contract management software, the Client Training events can help CobbleStone Admins optimize their CobbleStone Contract Insight® configurations and system processes. Read on to discover what attendees can anticipate at The 2023 CobbleStone Roadshow Reimagined!
Contract Management Software for Higher Education
By Bradford Jones on 02/13/23
Colleges, universities, and other education institutions draft, negotiate, and approve a myriad of contracts with vendors, partners, suppliers, and employees every year. Actively managing contracting processes and maintaining formal relationships can be difficult and time-consuming. This holds especially true for the many universities that don’t have a system in place for the contract management process.
Topics: Contract Insight education higher education Higher education contract management Contract Management Software University Contract Management Education Industry Contract Management Education Contract Management
How To Define & Manage a Manufacturing Contract
By Sean Heck on 02/7/23
If your organization develops products, your team does not necessarily need to tackle the manufacturing process alone. In fact, most organizations enter into manufacturing contracts. These contracts make it so another company can handle the production process so that you can sell those finished products. A manufacturing contract sets the provisions of this agreement.
But what else is involved in a manufacturing contract? How does one manage a manufacturing contract once parties agree to enter one?
Let’s explore how to define and manage a manufacturing contract.
Topics: manufacturing contract manufacturing
3 Contractual Capacity Criteria to Enter a Valid Contract
By Sean Heck on 02/1/23
Contracts are critical for a vast array of business processes. As such, legal teams and contract administrators must be prepared for contract lifecycle management. However, it is important to note that not everyone is positioned to engage in legally binding contracts for themselves or their organizations. As such, one of the crucial elements of a contract is the legal capacity of parties involved.
In this post, we’ll provide 3 criteria that dictate an individual’s capacity to enter into a contract.
CobbleStone Software Blog Recap for January 2023
By Joshua Hansen on 01/31/23
Did you miss any of our blog posts from January? Don't worry; we have outlined each of them for you. Stay up-to-date with industry topics, real-world case studies, and contract management software and procurement best practices in February by reading the latest CobbleStone® content.
Topics: contract administration system Contract Lifecycle Management Contract Management Blog Recap Contract Management Software CobbleStone Contract Insight®
What is AI-Based Contract Management?
By Sean Heck on 01/26/23
Business automation is already sharpening professional methods across a variety of industries. However, advancements in AI (artificial intelligence) can be particularly advantageous as they apply to contract management software systems. Contract intelligence engines built upon a foundation of machine learning just need to be fed a nutritious diet of relevant contract data.
Topics: VISDOM AI Contract Artificial Intelligence Contract Management AI AI-Powered Contract Management Software AI-Based Contract Management
Contract Management Reports for Robust CLM Data Analytics Oversight
By Joshua Hansen on 01/23/23
Tracking contract management data with manual and disparate processes throughout the contract lifecycle can prove challenging. You can waste time and energy without readily accessible contract management reports for the following.
- Contract Financials
- Contract Terms
- Workflows
- Budgets
- KPIs
- Vendors
- Compliance Data
- & Other Essential Contract Data
Fortunately, leading contract management software can provide you with contract management reports for robust contract performance management oversight.
Topics: Ad-Hoc Reports Advance Reporting Contract Lifecycle Management Contract Management System Custom Reports Report Designer reports CLM Contract Reports & Analytics Contract Management KPI CLM Software
Letter of Intent: Defining & Managing a Good-Faith LOI
By Sean Heck on 01/19/23
We know. We usually talk about contract management software here on the Contract Insights blog. But what if we rewound for now to a stage that often comes before contracts: letters of intent?
What is a letter of intent? Why does it matter? What does it have to do with contracts?
Read on to find out.
Topics: LOI Letter of Intent
Obligation of Contracts - An Overview
By Joshua Hansen on 01/17/23
Unfulfilled contract obligations can create a post-award contract management nightmare that can escalate to stressful legal action – such as issuing a cease and desist or suing your counterparty.
So, how can you avoid this?
By clearly defining the obligation of contracts between you and your counterparty and leveraging contract management software tools to receive timely alerts for each obligation of contracts, you can retain contract obligation accountability instead of meddling with unnecessary disputes.
Topics: contract life cycle management Contract Lifecycle Contract Lifecycle Management Contract Lifecycle Stages tasks post-award contract automation contract obligations Obligation of Contracts
How Contract Review Can Be Easy With CLM Software
By Sean Heck on 01/16/23
Contract review is a crucial contract management stage. Unfortunately, far too many organizations overlook this process or leverage out-of-date methods that can increase unnecessary risk.
Thankfully, we can establish a contract review processes checklist and manage the life of a contract with leading contract management software. Let’s get started.
Topics: contract authoring contract negotiation contract writing contract writing solution e-sign E-signatures eSignature signatures Electronic Signature electronic signatures eSignatures contract clauses electronic signature software IntelliSign digital signatures digital signature software COI Tracking contract signatures contract signing eSignature Software Contract Review
Breach of Contract & the Importance of Contract Tracking
By Sean Heck on 01/12/23
At the heart of healthy business relationships are contracts. In an ideal world, contract parties perform obligations, they renegotiate or renew, and all are happy with a longstanding and fruitful business relationship…
…but unfortunately, we do not live in an ideal world.
Sometimes, one party fails to perform. As such, a breach of contract occurs. Time and money are wasted. Opportunities and value go “poof.” Crucial business processes are delayed or destroyed. Trust between parties is maimed.
With all of these negative effects, a breach of contract should clearly be avoided. Parties should have the right tools to identify contracts’ failure to perform and prevent breaches of contract. Thankfully, contract management software can help.
Wet Signature Meaning & Why Handwritten Signatures Are Obsolete
By Sean Heck on 01/5/23
Signed, sealed, delivered...What comes to mind when you imagine a "signature" being performed on a document? Most likely, you picture a wet signature - meaning a handwritten signature.
The iconography of the wet signature is pretty ubiquitous, but what does a signature do? What is a wet signature? Why is it so obsolete? What's a better option than a wet signature?
Read on to find out.
Topics: e-sign eSignature signatures electronic signatures eSignatures IntelliSign digital signatures eSignature Software
Digital Transformation: What It Is & Why it Matters
By Sean Heck on 01/4/23
You have likely heard the term “digital transformation” in a professional context. This term has become ever more prevalent since the start of the COVID-19 pandemic. Digital transformation initiatives have been leveraged to transform business processes and business outcomes.
But what is digital transformation really – and why does it matter? Read on to find out!
CobbleStone Software Blog Recap for December 2022
By Joshua Hansen on 01/3/23
Did you miss any of our blog posts from December? Don't worry; we have outlined each of them for you. Stay up-to-date with industry topics, real-world case studies, and source-to-contract management software best practices in January by reading the latest CobbleStone® content.
Topics: contract administration system Contract Lifecycle Management Contract Management Blog Recap Contract Management Software CobbleStone Contract Insight®
A Look at CobbleStone’s Contract and eProcurement Success in 2022
By Sean Heck on 12/27/22
CobbleStone Software is proud to share that we have helped transform contract lifecycle management and procurement in 2022 in various ways. Additionally, we have experienced record-breaking growth this past year. From broadening our client base and partner network to providing leading contract management software innovations and more, here are some noteworthy CobbleStone® successes from 2022.
Topics: CobbleStone Software Contract Insight CobbleStone Conference CobbleStone Software Integrations CobbleStone Speaking Engagements Contract Management Conference Record Breaking Year Contract Insight® Software Updates integration CSR Corporate Social Responsibility CobbleStone Contract Insight®
Contract Lifecycle Automation - End-to-End CLM Efficiency
By Joshua Hansen on 12/14/22
Managing contracts can be challenging for legal, procurement, and contract management professionals, especially when primarily relying on manual processes.
Managing the contract lifecycle can prove difficult with spreadsheets, emails, filing cabinets, and other disparate tools.
Contract lifecycle management requires careful planning, the right technology, a well-planned contract strategy, and holistic contract lifecycle automation processes. Thankfully, robust contract management softwarewith a foundation of AI and machine learning can help automate contract lifecycle management processes.
Topics: automated workflow Contract Lifecycle Management contract lifecycle software VISDOM AI Contract Artificial Intelligence Contract Management Workflow Contract Intelligence contract automation
CobbleStone Software Blog Recap for November 2022
By Joshua Hansen on 12/6/22
Did you miss any of our blog posts from November? Don't worry; we have outlined each of them for you. Stay up-to-date with industry topics, real-world case studies, and source-to-contract management software best practices in December by reading the latest CobbleStone® content.
Topics: contract administration system Contract Lifecycle Management Contract Management Blog Recap Contract Management Software CobbleStone Contract Insight®
Contract Manager - A Brief Overview of What They Do
By Sean Heck on 12/1/22
Contracts are essential in supplementing business transactions, business relationships, and business growth; naturally, so are those who manage those contracts. But what does a contract manager really do – and what makes a good contract manager? Read on to find out.
Topics: contract adminstration Contract Management smart goals for contract managers Contract Manager
Contract Meaning - What Does It Mean to Enter Into a Contract?
By Sean Heck on 11/30/22
We hear about contracts all the time. They power business relationships across sectors, industries, and nations. Individuals, businesses, and societies at large use contracts to fulfill wishes and needs. Contracts keep our world moving.
Topics: Contract Management Process Contract Management Solutions Contract Management Software Contract Management
Contract Drafting Made Easy With Contract Software
By Sean Heck on 11/28/22
Contract drafting is a multi-faceted and complex process. Document collaboration, contract authoring, negotiation, terms and conditions, and other relevant steps can be challenging. They are all the more challenging if you are relying on manual tools - such as shared drives and emails. Leave tedious, manual contract drafting methods in the past by embracing robust contract management software.
Topics: contract authoring contract drafting contract writing contract writing solution Document Collaboration document assembly document assembly solution concurrent document management Contract Drafting Software
4 Ways a Proper Electronic Contract Improves Contract Management
By Sean Heck on 11/22/22
Traditional paper contracts were replaced long ago by better contract processes. The paper document has been foregone in favor of digital contracts. However, not all computer-based contract management processes are created equal.
Topics: Contract Software ROI Maximize ROI with CLM CLM ROI Electronic Signature electronic signatures AI-Powered Contract Management Software AI-Based Contract Management Cloud-Based Contract Management Software electronic signature software CobbleStone Contract Insight®
6 Vital Government Contract Management Tools for 2023
By Sean Heck on 11/21/22
As a government contract manager, it's helpful to stay up-to-date with the latest government contract management, purchasing, and sourcing tools - especially as the industry keeps evolving through 2023 and beyond.
Read on to discover six user-friendly government contract management software tools you can leverage to streamline your public contracting processes.
Topics: Contract Lifecycle Management government contract management government contract software Contract Management Software Purchase Order Management Contract Management eSourcing software Contract Management AI AI-Based Contract Management source-to-contract software bid management OFAC
7 Enterprise Contract Management Best Practices To Succeed in 2023
By Joshua Hansen on 11/15/22
Managing contracts can be challenging - especially when primarily relying on outdated tools such as spreadsheets, emails, and shared drives. Without accountability, visibility, and actionable insights, you can find yourself confronting contracting workflow bottlenecks. Enterprise contract lifecycle management (CLM) requires careful planning, the right technology, and a well-planned contract strategy.
To gain the most out of enterprise contract management, take advantage of seven best practices. Enterprise contract management best practices involve contract lifecycle management software. CLM software digitally unifies processes from contract requests through renewals. It provides a centralized, web-enabled, single source of truth for contracts.
Read on to learn more.
Topics: Contract Lifecycle Management Enterprise CLM Enterprise Contract Management Enterprise Contract Management Software
CobbleStone Software Blog Recap for October 2022
By Joshua Hansen on 11/9/22
Did you miss any of our blog posts from October? Don't worry; we have outlined each of them for you. Stay up-to-date with industry topics, real-world case studies, and contract management software and procurement best practices in November by reading the latest CobbleStone® content.
Topics: contract administration system Contract Lifecycle Management Contract Management Blog Recap Contract Management Software CobbleStone Contract Insight®
Digital Signatures vs. Electronic Signatures: What's the Difference?
By Sean Heck on 10/31/22
What is a digital signature? Is it not the same thing as an electronic signature?
We inhabit an ever-evolving technological landscape in which new and updated terminology and functionality are constantly presented. It can be confusing to know the differences between terms such as the two mentioned above. However, those differences are actually quite simple!
Familiarize yourself with these two terms. Discover how to utilize both eSignatures and digital signatures to establish a process that is:
- secure.
- user-friendly.
- compliant.
- and rapid.
Topics: digital innovation E-signatures eSignature Electronic Signature electronic signature software IntelliSign digital signatures digital signature software
CobbleStone Contract Insight® 22.1.0 - A Refreshing CLM Experience
By Sean Heck on 10/27/22
CobbleStone Software's latest version – CobbleStone Contract Insight® Enterprise 22.1.0 – has arrived for a refreshing contract lifecycle management experience!
Read on to acclimate yourself with next-level CLM features and innovations to bring your contract management software platform into the future of legal operations!
Topics: Contract Insight contract lifecycle software Contract Management Software Benefits contract software Contract Insight® Software Updates contract management software features Web-Based Contract Management Software CobbleStone Contract Insight®
Reap the Rewards of Post Award Contract Management
By Maria Votlucka on 10/24/22
Government contract management 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) and contract managers within legal teams. Consequently, they are left unsupported for compliance, risk management, and opportunity realization.
Arguably, contract processes after acquisition and sourcing are the most crucial stages for public-sector and private-sector contract managers. However, these stages notoriously lack proper visibility and resources. This article will address the challenges and present actionable post-award contract management best practices with the help of contract management software.
Topics: Contract Compliance government contract management government contract software contract renewals post-award contract automation contract obligations
Healthy Vendor Contract Management - 4 Simple Steps
By Sean Heck on 10/20/22
We would venture to say that all businesses from various industries in the public and private sectors need vendors. Vendor relationships help power business processes. Vendors can provide supplies, services, maintenance, and raw materials for generating products. As such, it is important that organizations maintain business relationships with third-party vendors.
Unfortunately – as is the case with most things – there is a right and a wrong way to go about vendor management.
Contract and procurement teams need to sidestep spend leakage, detrimental terms, and soured vendor relationships. On the other hand, proper vendor contract management can set the stage for positive growth and opportunity realization. Here’s how.
What Is Contract Management Software?
By Sean Heck on 10/17/22
As your organization grows, so do the complexity and volume of your contracts. Your contract management process needs to expand with your company. This is where a contract management system comes in.
But how can your business users prepare for growth with a better way of managing contracts?
Read on to find out!
Topics: Contract Management Software Benefits Contract Management Software contract management software features AI-Powered Contract Management Software Cloud-Based Contract Management Software Web-Based Contract Management Software
What Makes a Contract Legally Binding? How To Manage Legal Contracts.
By Sean Heck on 10/13/22
Contracts and agreements power every industry. We would even venture to guess that virtually every business utilizes contracts in some form or another. As such, organizations must ensure that their contracts are properly prepared and legally enforceable.
Let’s review what makes a contract legally binding, and how to manage legal contracts to ensure that they are virtually airtight from contract execution to contract renewal.
Topics: legal contract management legal contracts legal technology legal operations legal operations software
How to Swap Disorganized Document Storage Systems for Something Better
By Sean Heck on 10/6/22
Document, contract, and record management require a secure and accessible way to access necessary documentation and data. Unfortunately, this is not observed by some organizations – causing them to fall behind.
Outdated document storage methods that rely on file cabinets, shared drives, and locally-saved documents no longer cut it. Document scanning and subsequent file share can waste time and decrease oversight.
Thankfully, organizations no longer need to face storage limitations and decentralized file management. With enterprise content management within contract management software, organizations can up their storage game. Here’s how.
Topics: Document Collaboration legal document management software document assembly document assembly solution document management concurrent document management document management software Document Data Archival document repository Secure Documents Document Data Retention
Here’s Why Contract Templates Are a Must-Have for Contract Management
By Sean Heck on 10/5/22
From services contracts to consulting agreements to employment contracts – contracts are an essential part of business relationships across industries. However, writing even simple contracts from scratch can seem daunting.
Without a starting point, drafting contracts can prove time-consuming and challenging. Your contract team can suffer from critical inaccuracies and missed opportunities.
Thankfully, your organization can leverage easy-to-customize and mergeable contract templates to save valuable time and maximize accuracy.
Topics: contract authoring contract writing contract writing solution templates contract clauses contract creation management contract templates
CobbleStone Software Blog Recap for September 2022
By Joshua Hansen on 10/4/22
Did you miss any of our blog posts from September? Don't worry; we have outlined each of them for you. Stay up-to-date with industry topics, real-world case studies, and contract management software and procurement best practices in October by reading the latest CobbleStone® content.
Topics: contract administration system Contract Lifecycle Management Contract Management Blog Recap Contract Management Software CobbleStone Contract Insight®
The 3 Document Lifecycle Stages - An Easy-to-Understand Overview
By Sean Heck on 09/29/22
Managing various documents across business processes can be difficult. Without document controls and a development process for the management of business documents, your organization can expend valuable time and effort chasing down paper documents and those within disorganized digital storage. Without easy accessibility, your organization can suffer from document loss and misplaced versions.
Fortunately, your organization can compartmentalize the stages of a document lifecycle to better understand the document management process. To that end, let’s explore the three stages of the document lifecycle!
Topics: Document Collaboration legal document management software document assembly document assembly solution document management concurrent document management document management software Document Data Archival document repository Secure Documents Document Data Retention
Contract Lifecycle Process Failure - An Investigation
By Sean Heck on 09/22/22
Oh no! It happened: contract lifecycle process failure. Something went wrong during contract lifecycle management - resulting in contract failure. But fear not; as a contract management professional, you are a worthy investigator. It is time to put on your detective hat, grab a notepad, and piece together the clues as to why your contract lifecycle process failed. You can also inspect how this tragedy could have been avoided with contract management software. Let the investigation begin!
Topics: CLMS Return on Investment contract life cycle management Contract Lifecycle Contract Lifecycle Management contract lifecycle software Contract Lifecycle Stages Maximize ROI with CLM CLM CLM ROI CLMS CLM Software
Why Your Document Repository Needs To Be Secure Yet Flexible
By Joshua Hansen on 09/21/22
Managing documents within an unorganized and insecure document repository can slow down your document management processes and leave your organization exposed to undue risk. Relying on manual and disparate systems - such as shared drives, emails, and spreadsheets – can cause you to fall into document mismanagement pitfalls. Considering how organizations ranging from small businesses to global enterprises leverage document repositories daily, discover how contract management software can empower you with secure yet flexible document repository tools.
Topics: contract repository secure contracts Document Collaboration Contract Management AI document management contract data archival contract data retention Document Data Archival document repository Secure Documents Document Data Retention
4 Examples of Bad Contract Drafting & 4 Ways to Draft Contracts Better
By Reshaun Timmons on 09/20/22
Contract drafting can be a multi-faceted and tremendously tricky process. This difficulty especially holds true for those new to corporate law and contract management. Before we can get into how to draft contracts correctly, we must know what we should avoid. As such, here are four examples of lousy contract drafting – followed by four ways to draft contracts better.
Topics: contract drafting
CobbleStone Hosts Its Conference in Austin TX: October 12-14 2022
By Joshua Hansen on 09/16/22
CobbleStone Software's in-person user conference will be hosted in Austin, Texas, from Wednesday, October 12th, through Friday, October 14th, 2022. The 2022 CobbleStone Conference will include engaging breakout sessions and dynamic speakers to enhance your contract management software experience. Considering that the 2021 CobbleStone Virtual Conference received tremendous positive feedback, we eagerly anticipate continuing our successful user conference track record by engaging with CobbleStone Contract Insight users and prospective users in person soon! Prospective CobbleStone users can register for a one-day-only complimentary contract management conference on October 13th. The 2022 CobbleStone Conference is proudly sponsored by Four Business Solutions. Read on to see what you can expect to gain from the 2022 CobbleStone Conference, so you can secure your seats before registration closes on October 1st, 2022!
Topics: CobbleStone Software CobbleStone Conference CobbleStone Speaking Engagements CobbleStone Contract Insight®
Passing on Contract Analysis? You May Be Repeating CLM Mistakes.
By Sean Heck on 09/15/22
The age of digital transformation has forged a path of opportunity for analyzing vital information to improve business processes. This phenomenon strongly applies to contract data as well. Unfortunately, many businesses managing contracts fail to maximize contract data points to learn from mistakes and improve contract processes. As such, they fail to reduce risk, optimize contract terms and language, proactively recognize growth opportunities, strengthen the contract review process, and more.
Thankfully, you can avoid falling victim to contract lifecycle process failure and stagnation with contract management software.
Topics: Contract Analytics risk management Contract Reports & Analytics contract risk AI-Based Contract Management Contract Review Contract Analysis
Contract Clause – An Overview of How Contracts & Clauses Come To Be
By Sean Heck on 09/13/22
Contract clauses and contracts themselves are built into the identity of the United States and so many other great nations. With the help of historic Supreme Court rulings, the contract and the contract clause were weaved into the cultural fabric of US society.
Topics: legal contract management contract clauses legal document management software legal workflow automation legal technology
7 Essential eSourcing Tools for 2023
By Joshua Hansen on 09/7/22
Utilizing manual sourcing methods - such as gathering item prices in spreadsheets, corresponding with prospective bidders individually via email, leveraging paper-based RFPs, and collecting numerous data separately from pontential suppliers - can cause you to face a time-consuming challenge in sourcing quality and cost saving goods or services. Without the proper tools, sourcing professionals within your procurement team could fail to determine formal bids, RFPs, budget allowances, stock levels, current contracts, and contingencies in purchase order releases. Fortunately, you can utilize the following seven essential eSourcing software tools for seamless source-to-contract management success.
Topics: bids solicitation Vendor Contract Management Vendor Management eSourcing software source-to-contract software bid management
Million-Clause Project Milestone - 500K Clauses Fed To Contract AI!
By Sean Heck on 09/6/22
In April 2022, we announced CobbleStone's exciting million-clause initiative to nourish and enhance VISDOM® AI - CobbleStone Software's proprietary contract intelligence engine with machine learning. In June 2022, we announced that 330K contract clauses had been fed to VISDOM contract AI. Now, we are thrilled to announce that over 500,000 clauses have been "fed" to VISDOM thus far! This stage in the momentous 1,000,000 contract clause project is just one of many testaments to why CobbleStone® has been hailed as the leader in contract management software.
Topics: VISDOM AI Contract Artificial Intelligence contract clauses Contract Management AI AI-Powered Contract Management Software AI-Based Contract Management Contract Intelligence
5 Essential Contract Management Tools for 2023
By Sean Heck on 09/1/22
With new advancements and options for effective contract management continually evolving, 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.
Topics: Contract Management Software Strategic Contract Management contract management software features contract management tools
CobbleStone Software Blog Recap for August 2022
By Sean Heck on 08/31/22
Did you miss any of our blog posts from August? Don't worry; we have outlined each of them for you. Stay up-to-date with industry topics, real-world case studies, and contract management software and procurement best practices in September by reading the latest CobbleStone® content.
Topics: contract administration system Contract Lifecycle Management Contract Management Blog Recap Contract Management Software CobbleStone Contract Insight®
What Is a Contract Amendment? How Can Contract Amendments Be Managed?
By Sean Heck on 08/30/22
A contract amendment is a modification of the terms and conditions of a contract or subcontract.
Though we will explore contract amendments more in-depth, it is worth noting that changing the structure, duties, obligations, or rights of a contract requires increased oversight.
To that end, let's explore contract amendments and how disparate, important, and sensitive information can be managed, and contract amendments can be executed smoothly for effective contract management.
Topics: agreement database Agreement tracking contract database Contract Lifecycle Management contract repository Contract Software Solution data storage e-sign E-signatures eSignature lawyers Contract Management Software legal contract management legal contracts signatures Electronic Signature electronic signatures eSignatures Data Security records management system legal document management software electronic signature software IntelliSign legal technology document management legal operations secure contract repository contract signatures legal operations software contract signing eSignature Software Contract Review
6 Elements of a Contract - An Easy-to-Understand Overview
By Sean Heck on 08/25/22
Business relationships power various industries within the public and private sectors. At the crux of virtually every business relationship is a contract. Contracts serve to cement the obligations, duties, and expectations of two or more engaged business parties.
But what are contracts really? How do they work on a fundamental level?
Let’s explore six key elements of a contract that are widely applicable to almost every business relationship – and why they matter for effective contract management.
Topics: Contract Management Process lawyers legal contract management legal contracts legal technology contract automation legal operations
5 Contract Drafting Tips To Invigorate Your Legal Operations
By Sean Heck on 08/23/22
Contract drafting is essential in helping capture the purpose of a contract in written form. Haphazard drafting of a contract can result in pushing outdated contract versions to collaboration and negotiation. Additionally, the lack of a centralized and informed process can result in incorrect language being introduced into the review process. Unfavorable terms, missed obligations, and legal disputes can follow.
To help you avoid these consequences and more, here are five practical contract drafting tips for more effective contract management.
The CobbleStone University Certification Program
By Tyler Holzer on 08/18/22
CobbleStone Software is proud to introduce the CobbleStone University Certification Program (CUCP)! The program will strengthen and verify our Partner Network’s expertise in CobbleStone Contract Insight® Enterprise. The program is comprised of a series of live training sessions and videos with accompanying documentation, and culminates in assessments to earn your certification. Read on to learn more!
Topics: CobbleStone Software Contract Lifecycle Management Contract Management System CobbleStone Contract Insight® CobbleStone University Certification Program
Contract Risk Management - Breaking Down the Basics
By Reshaun Timmons on 08/17/22
Proper contractual risk management is critical for the preservation of a healthy contracting process. Failure to adequately manage risk can be disastrous. Harmful risk oversights not only affect legal teams – but organizations as a whole.
Your organization should work to avoid a breach of compliance, violation of contract terms, lost revenue, wasted time, lawsuits, and a damaged company reputation. As such, let’s break down contract risk management and how it can be maximized with contract management software.
What Is Contract Management? Here’s What You Need To Know.
By Sean Heck on 08/11/22
Contracts are legally binding agreements that define and govern the exchange of goods or services. A contract’s journey – from creation to fulfillment and completion – is complex and leaves room for errors and oversights. As such, a process has been generally agreed upon for the handling of contracts. This process is referred to as contract management.
But what is contract management, and how can it be approached? Here’s what you need to know.
Topics: Contract Management Features Contract Management Process Contract Management Solutions Contract Management System improve contract management Contract Management Software Contract Management Strategic Contract Management contract management software features contract management tools
CobbleStone Software Blog Recap for July 2022
By Joshua Hansen on 08/10/22
Did you miss any of our blog posts from July? Don't worry; we have outlined each of them for you. Stay up-to-date with industry topics, real-world case studies, and contract management software and procurement best practices in August by reading the latest CobbleStone® content.
Topics: contract administration system Contract Lifecycle Management Contract Management Blog Recap Contract Management Software CobbleStone Contract Insight®
6 Contract Compliance Mistakes You May Not Know You’re Making
By Sean Heck on 08/9/22
Contract compliance is crucial for the success of a contract – and sets the stage for contract renewals. Unfortunately, many organizations are (sometimes unwittingly) exposing themselves to financial risk, breaches of contract, and legal penalties. Contract compliance mistakes can lead to contract failure, data leakage, a shattered reputation, lawsuits, and more.
Contract managers need to know their mistakes in order to correct course. As such, here are six contract compliance mistakes you might not know you’re making.
Not Using Contract AI? Contract Process Failure May Be In Your Future.
By Sean Heck on 08/4/22
Digital transformation is the future of contract management – whether legal operations professionals like it or not. Organizations not leveraging contract intelligence may very well encounter a bleak contract lifecycle management future.
Topics: VISDOM AI Contract Artificial Intelligence Contract Management AI AI-Powered Contract Management Software AI-Based Contract Management Contract Intelligence
Here’s Why Electronic Document Signing Is Great for Contract Processes
By Sean Heck on 07/27/22
Gathering signatures for a contract or agreement can be difficult without the proper tools. Outdated and slow signing methods can cause signature bottlenecks that delay contract execution. What’s more, high costs for wet signing and postage can decrease your bottom line.
Fortunately, there is a better way. Let’s discuss why electronic signature software within contract management software is awesome for your contract processes.
Topics: e-sign E-signatures eSignature signatures templates Electronic Signature electronic signatures Adobe Sign eSignatures electronic signature software IntelliSign digital signatures digital signature software contract signatures contract signing eSignature Software
3 Smart Goals for Contract Managers
By Joshua Hansen on 07/26/22
As contract management continuously evolves amidst ongoing digital transformation, it's important to pursue smart goals that can keep up with the times. Rather than fall behind with manual contract management processes that require disparate tools - such as email, spreadsheets, and shared drives – read on to see how you can leverage future-minded contract management software tools to fulfill your contract management goals successfully.
Topics: Contract Lifecycle Management Contract Management System contract repository workflows CLM VISDOM AI Contract Artificial Intelligence AI-Powered Contract Management Software CLM Software Contract Management Workflow secure contract repository smart goals for contract managers
Contract Signing Made Easy with eSignature Software
By Joshua Hansen on 07/21/22
Gathering contract signatures can be a challenging task, especially when working with multiple signatories in various locations. Signatures finalize contracts and propel their execution. This highly anticipated step can be delayed with manual processes that include scanning signed documents, emailing scanned contracts, signing with wet signatures, mailing contracts with wet signatures, and reorganizing signed contracts in shared drives - to name a few. Moreover, specific signatures can require notarization, which can further delay the signing process. Read on to learn how eSignature software within contract management software can make contract signing quick and easy.
Topics: Contract Lifecycle Management e-sign E-signatures eSignature Contract Management Software signatures eSignatures IntelliSign digital signatures digital signature software contract signing eSignature Software
Contract Authoring - What You Need To Know To Get Started
By Sean Heck on 07/18/22
Contract authoring is essential. An inefficient process can hinder organizations and result in error-prone contracts with missing or misplaced clauses.
Additionally, overlooked key dates and milestones and a confusing process can stall the contract lifecycle. Luckily, leading contract management software can provide intelligent authoring. Read on to learn how to simplify and modernize the contract writing process.
Topics: contract authoring Contract Lifecycle Contract Lifecycle Management contract lifecycle software Contract Lifecycle Stages contract writing contract writing solution
6 Tips for Effective Contract Management in 2023
By Sean Heck on 07/14/22
The age of legal operations digital transformation continues in 2023, with even more exciting digitization tools for business process automation available. The more contract administration tools available to legal teams and contract administrators – however – the easier it is to fall behind. With that said, let’s examine six tips for effective contract management in 2023 to get ahead with contract management software.
Topics: Agreement tracking contract negotiation contract performance Contract Performance Metrics contract repository contract tracking Contract Tracking Software e-sign E-signatures eSignature signatures tracking Electronic Signature electronic signatures Document Collaboration eSignatures VISDOM AI Contract Artificial Intelligence Contract Management AI AI-Powered Contract Management Software AI-Based Contract Management asset tracking electronic signature software IntelliSign digital signatures digital signature software contract collaboration Contract Redlining secure contract repository contract signatures
3 Key Contractual Compliance Management Areas To Streamline With CLM
By Joshua Hansen on 07/12/22
Contractual compliance management can be challenging when leveraging primarily manual methods, such as spreadsheet management – especially when tracking multiple contracts with varying compliance standards. Fortunately, contract lifecycle management (CLM) software tools can help you retain contractual compliance. Read on to discover how you can streamline three key contractual compliance management areas with leading contract management software.
Topics: Contract Compliance Contract Compliance Software risk management CLM VISDOM AI Contract Artificial Intelligence contract risk OFAC Contract Intelligence CobbleStone Contract Insight® contractual compliance
Top 8 Contract Management Services for a Stronger Contract Lifecycle
By Sean Heck on 07/7/22
A study examining the reasons for contract management process failure found that key indicators of contract mismanagement include (among others) poor contract lifecycle planning and scheduling, late or improper contract submission and approvals, weak leadership, and lack of counterparty collaboration and communication (Mohamed, Norazida, et al., 2019). Luckily, with leading contract management software and the proper contract management services, your organization can streamline contract management, decrease risk, increase revenue, and much more. To that end, let's examine our top eight contract management services for more robust contract lifecycle management.
Topics: Contract Data Extraction Contract Management Services Contract Software Implementation Implementation CobbleStone Software Integrations Enterprise CLM Implementation contract management training contract management software training integration
CobbleStone Software Blog Recap for June 2022
By Sean Heck on 07/5/22
Did you miss any of our blog posts from June? Don't worry; we have outlined each of them for you. Stay up-to-date with industry topics, real-world case studies, and contract management software and procurement best practices in July by reading the latest CobbleStone® content.
Topics: contract administration system Contract Lifecycle Management Contract Management Blog Recap Contract Management Software CobbleStone Contract Insight®
Million-Clause Project Update - 330K Clauses Fed To Contract AI So Far
By Sean Heck on 06/30/22
In April, we announced CobbleStone Software's momentous million-clause initiative to enhance and nourish VISDOM® AI - CobbleStone's proprietary contract artificial intelligence engine with machine learning. Now, we are excited to share that - in just two months - over 330,000 clauses have been "fed" to VISDOM contract intelligence thus far! This momentous 1,000,000 contract clause initiative is just one of many reasons that CobbleStone® has been celebrated as the leader in contract management software.
Topics: VISDOM AI Contract Artificial Intelligence contract clauses Contract Management AI AI-Powered Contract Management Software AI-Based Contract Management Contract Intelligence
Artificial Intelligence Contract Analysis - Contract AI for Better CLM
By Sean Heck on 06/23/22
The contract analysis process is a many-feathered bird. Between tracking and gaining insights from clauses, tracking contract status, and managing risk variables - there is ample room for mistakes and bottlenecks. Luckily, organizations can manage contract analysis better with contract artificial intelligence within contract management software.
Topics: VISDOM AI Contract Artificial Intelligence Contract Management AI AI-Powered Contract Management Software AI-Based Contract Management Contract Intelligence
What Is a Contract Administration Plan?
By Joshua Hansen on 06/21/22
Contract administration can be a daunting process when relying on primarily manual tools - such as spreadsheets, shared drives, and disparate emails. Without accountability, visibility, and a clearly defined contract administration plan, you can find yourself running into compliance issues, minimizing contract value, and encountering other setbacks. Read on to learn how you can create a strong contract administration plan with the help of leading contract management software.
Topics: contract administration system contract adminstration Contract Analytics contract life cycle management Contract Lifecycle Contract Lifecycle Management contract tracking Contract Tracking Software risk management tracking workflow workflows CLM Contract Reports & Analytics Contract Artificial Intelligence contract risk AI-Powered Contract Management Software financial contract management CLM Software Contract Management Workflow
How Mass eSignatures Boost Healthcare Compliance & Efficiency
By Jessica Troppello on 06/13/22
Within the healthcare industry, keeping documents and files up-to-date is crucial to maintaining compliance. Healthcare agencies, such as the FDA, NHS, and Health Canada, are continually monitoring hospitals, physician's offices, and other healthcare facilities to ensure healthcare professionals, administrators, and providers are keeping up with legal requirements. The maintenance of healthcare compliance and healthcare CLM efficiency requires significant time and resources invested in signing processes. With so many documents and versions to sign, there is room for error - and healthcare compliance can be jeopardized. Luckily, healthcare contract management software can provide mass eSignatures for maximized healthcare compliance and efficiency. Here's how.
Your CLM Platform - How to Set Sail Toward Better Contract Management
By Camryn Wolk on 06/9/22
Navigating your CLM Platform can be difficult if you aren't equipped with a thorough understanding of the contract lifecycle. The contract lifecycle is the process under which a contract is authored, reviewed, sent for signature, executed, and - possibly – renewed. The "lifecycle" is an archetype used to characterize and understand a contract's complex growth. The lifecycle voyage begins with contract requests and ends when said requests are achieved – with the feasibility of contract renewal. With so many complex processes involved in contract lifecycle management, it can be easy to sail toward the treacherous waters of contract mismanagement. With a strong sense of how to leverage leading CLM software, however, you can quickly get your legal operations sea legs! Read on to learn how you can set sail toward better contract management.
Topics: contract authoring Contract Compliance Contract Management Solutions contract negotiation CLM contract approval process contract requests contract obligations contract signatures
What Is Legal Operations Software?
By Joshua Hansen on 06/8/22
As a legal operations professional, you hold a tremendous responsibility within your organization – especially in managing internal and external stakeholder processes. Relying on manual contract management processes such as spreadsheets, emails, and shared drives can create inefficient contract management processes that can decrease revenue, waste time, and increase risk. Read on to learn how legal operations software and contract management software can empower your day-to-day legal operations.
Topics: Contract Lifecycle Management contract workflow E-signatures eSignature legal contract management legal contracts paralegal risk management eSignatures Contract Artificial Intelligence contract risk legal filing system legal document management software Legal Workflow legal workflow automation electronic signature software legal requests digital signatures legal technology legal operations
5 Key Advantages of Contract Management Workflow Automation
By Joshua Hansen on 06/2/22
Managing contracts can be challenging when you rely on primarily manual processes. Managing the contract lifecycle from requests to renewals can prove challenging with spreadsheets, emails, and other disparate tools. Without accountability, visibility, a clearly defined process, and actionable insights, you can find yourself running into compliance issues, not realizing contract value, and encountering other contract management setbacks. Contract management workflow requires careful planning, the right technology, and a well-thought-out contract strategy. Read on to discover five key advantages of contract management workflow automation within contract management software.
Topics: automated workflow contract workflow workflow workflows legal workflow automation Contract Management Workflow contract management automation contract automation
CobbleStone Software Blog Recap for May 2022
By Sean Heck on 06/1/22
Did you miss any of our blog posts from May? Don't worry; we have outlined each of them for you. Stay up-to-date with industry topics, real-world case studies, and contract management software and procurement best practices in June by reading the latest CobbleStone® content.
Topics: contract administration system Contract Lifecycle Management Contract Management Blog Recap Contract Management Software CobbleStone Contract Insight®
Debunking Myths of Moving From On-Premise to SaaS Contract Management
By Camryn Wolk on 05/31/22
Organizations may be hesitant to move from on-premise to software-as-a-service (SaaS) contract management solutions due to misguided presumptions. Such “myths” can be misleading and discouraging to potential software users, leaving them exposed to contract data loss, contract management software user errors, and the complication of contract lifecycle management process centralization. Conversely, cloud-based contract management software can streamline, unify, and automate legal operations. To that end, let’s set the record straight and debunk five prevailing myths about SaaS contract management.
What Is E Sourcing & How Can I Get Started?
By Sean Heck on 05/24/22
What is e sourcing? Why is it important? What can I do to get started with a suitable eSourcing process? Read on to define "eSourcing," discover the troubles of manual sourcing processes, and learn how to optimize your eSourcing process in the age of digital transformation with a centralized and user-friendly integrated eSourcing software and contract management software platform.
7 Vital Legal Contract Management Software Tools for 2022
By Sean Heck on 05/18/22
It remains true 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.
Topics: Ad-Hoc Reports contract authoring Contract Compliance contract negotiation contract writing legal contract management paralegal reports risk management Contract Reports & Analytics VISDOM AI contract risk contract approval process contract generation legal document management software Contract Management AI AI-Based Contract Management document assembly Legal Workflow contract requests legal requests OFAC
CLM + CRM = Sales Contract Management Success
By Joshua Hansen on 05/17/22
Managing your CRM (client relationship management system) separately from your CLM (contract lifecycle management system) can cause sales contract management bottlenecks - such as disorganization, miscommunication, and increased risk. Fortunately, leading contract management software can help you achieve sales contract management success by seamlessly connecting your CLM and CRM. Read on to learn how connecting your CLM and CRM can help expedite your sales contract management process by sharing relevant and timely information between sales and contract management teams efficiently – helping close sales deals quickly and track post-signature responsibilities effectively until renewal.
Topics: Contract Lifecycle Management crm sales sales contract management software CLM salesforce CRM Management
Perks of Moving From On-Premise to SaaS Contract Management Software
By Sean Heck on 05/12/22
In the age of digital transformation, organizations from a vast array of industries are switching from on-premise to web-based SaaS (software as a service) software deployment to streamline business operations. Those using contract management software are no exception. There are times when on-premise (deployed) contract management solutions are applicable. However, on-premise solutions can leave organizations exposed to contract data loss, contract management software user errors, and the complication of contract lifecycle management process centralization. Conversely, cloud-based contract management software can streamline, unify, and automate legal operations. To that end, here are some perks of switching from an on-premise to a SaaS contract management software solution.
Introducing New CobbleStone Contract Insight® End-User Training Videos
By Tyler Holzer on 05/10/22
Onboarding and training your next generation of employees can prove time-consuming and somewhat stressful for most organizations. Turnover in your legal team, compliance, and other key roles can create friction that affects your bottom line. Fortunately, CobbleStone Software is dedicated to protecting your source-to-contract management workflows from process bottlenecks by creating a smooth learning experience for your new contract management software users.
Topics: Contract Lifecycle Management contract management training contract management software training
5 Electronic Purchase Order Management Tools for 2022
By Camryn Wolk on 05/9/22
Purchase orders play a vital role in ensuring you have the goods and services necessary to operate and expand your business. With robust purchase order management software, you can lower administrative costs, boost accountability, enhance communication and asset management, and assist your organization in achieving successful operations - all while enjoying seamlessly integrated contract lifecycle management. Read on to learn five key electronic purchase order software tools within contract management software.
Topics: Purchase Order Management Purchase Order Module Purchase Orders purchasing purchase order software
How Energy Contract Management Software Powers the Energy Industry
By Sean Heck on 05/5/22
Efficient contract management is essential for the health of organizations in all industries - including the energy industry. Energy sector companies need to work with many contracts, bids, vendors, suppliers, and contractors to maintain operations and increase revenue. Tackling these different processes in a fast-paced business environment can prove quite challenging. With a decentralized approach involving contracts stored in filing cabinets, costly payments per solicitation, limited vendor and supplier outreach, tedious collection of vendor responses through email, contract lifecycle inefficiencies, and easily-missed key date reminders, organizations in the energy sector can quickly find themselves "unplugged" and "out of battery" with decreased revenue, increased risk, and missed opportunities. Luckily, integrated contract and procurement software can help. Read on to learn how energy contract management software can supercharge energy industry contract and procurement operations to keep organizations "on the grid" of digital transformation.
7 Key Contract Lifecycle Management Questions To Consider
By Joshua Hansen on 05/3/22
Managing contracts can be challenging - especially when primarily relying on outdated tools such as spreadsheets, emails, and shared drives. Without accountability, visibility, a clearly defined process, and actionable insights within a contract management software platform, you can find yourself confronting contract management bottlenecks. Contract lifecycle management (CLM) requires careful planning, the right technology, a well-planned contract strategy, and robust contract lifecycle management processes. To gain the most out of contract lifecycle management, you need to ask key questions in order to find the right answers. Read on to discover seven key questions to consider when implementing contract lifecycle management, including key features to look for when leveraging a CLM software platform.
Topics: Contract Lifecycle Contract Lifecycle Management contract lifecycle software Contract Lifecycle Stages CLM
CobbleStone Software Blog Recap for April 2022
By Sean Heck on 05/2/22
Did you miss any of our blog posts from April? Don't worry; we have outlined each of them for you. Stay up-to-date with industry topics, real-world case studies, and contract management software and procurement best practices in May by reading the latest CobbleStone® content.
Topics: contract administration system Contract Lifecycle Management Contract Management Blog Recap Contract Management Software CobbleStone Contract Insight®
No Advanced Electronic Signature Software? Here’s What You’re Missing.
By Sean Heck on 04/28/22
An antiquated contract signing process can be exhausting and overly complicated. However, tedium and headache are not the only consequences. Organizations relying on paper-based printing, signing, wet signatures, drawn-out mailing times, and costly postage fees are essentially guaranteed to lose out on revenue, opportunity, and timeliness. But why? What's so good about a more modern contract signing solution anyway? Read on to learn about what you are missing if you lack an advanced electronic signature software solution within contract management software.
Topics: e-sign E-signatures eSignature signatures Electronic Signature electronic signatures eSignatures electronic signature software IntelliSign digital signatures digital signature software
6 Contract Analytics Software Tools for Strong CLM Oversight
By Joshua Hansen on 04/26/22
Tracking contract management data with manual and disparate processes throughout the contract lifecycle can prove challenging. Without readily accessible contract analytics software tools for contract financials, workflows, budgets, KPIs, vendors, compliance, and other essential contract metadata, you can waste time and energy. Fortunately, leading contract management software can provide you with contract analytics software tools for robust source-to-contract lifecycle management oversight.
Topics: Ad-Hoc Reports Advance Reporting Contract Lifecycle Management Custom Reports Contract Management Software Report Designer reports Ad-Hoc CLM Contract Reports & Analytics
CobbleStone® Pioneers Million-Clause Initiative to Enhance Contract AI
By Sean Heck on 04/21/22
There is an almost limitless abundance of wildlife within the animal kingdom. And yet, some zoologists can recognize thousands of species, along with how they function within their ecosystems, how they behave, what they eat, where they obtain shelter, etc. But how do zoologists come to know so much about the creatures around us? The answer is through repeated exposure to and study of such beasts.
Similarly, contract artificial intelligence within contract management software can come to recognize almost countless different types of clauses within contracts - if said contract intelligence engine is fed a "nutritious diet" of various contract clauses and terms. Such is the idea behind CobbleStone Software's million-clause initiative to nourish and enhance its proprietary contract artificial intelligence engine with machine learning - VISDOM® AI.
Topics: VISDOM AI Contract Artificial Intelligence contract clauses Contract Management AI AI-Powered Contract Management Software AI-Based Contract Management Contract Intelligence
4 Fundamental Contract Management Software Features To Get You Started
By Sean Heck on 04/19/22
It is easy to make your case for contract management software and its ability to positively transform contract lifecycle management processes. With so many user-friendly contract management software features at your disposal, it can be overwhelming to plan precisely how to utilize contract management software for your organization's needs. But it does not have to be. To that end, here are four fundamental contract management software features to get you started with better contract administration in the age of legal operations digital transformation.
Topics: Ad-Hoc Reports Advance Reporting automated workflow Contract Management Features contract repository contract workflow Custom Reports e-sign E-signatures eSignature Report Designer reports signatures tasks workflow workflows Electronic Signature electronic signatures eSignatures Contract Reports & Analytics contract management software features Legal Workflow legal workflow automation Contract Management Workflow electronic signature software IntelliSign Contract Searching Quick Search secure contract repository
Enforce Contract Data Archival and Retention Easily With CLM Software
By Joshua Hansen on 04/14/22
Archiving and retaining contract data can prove challenging without the proper tools and procedures. Contract data archival and retention processes can vary based on categorization, legality, and compliance variables. Fortunately, leading contract management software can help sort through noise with the help of a secure contract repository, automated workflows, and timely notifications.
Topics: automated workflow contract alerts contract database secure contracts Contract Management Workflow contract data archival contract data retention secure contract repository
The Top 3 Contract Management Technology Trends of 2022
By Sean Heck on 04/12/22
This blog was originally published on September 15th, 2021.
The world of contract administration has evolved drastically in recent years. Given the ongoing COVID-19 pandemic and the embrace of digital transformation over obsolete legal operations methods, organizations must embrace automated contract management software tools that support remote contract collaboration and intelligent workflow automation. As such, here are the top three contract management technology tools that organizations should leverage.
Topics: Document Collaboration VISDOM AI Contract Artificial Intelligence Contract Management AI AI-Powered Contract Management Software AI-Based Contract Management document assembly solution Web-Based Contract Management Software contract collaboration Contract Intelligence concurrent document management Google Drive MS Office 365
CobbleStone Software Blog Recap for March 2022
By Sean Heck on 04/11/22
Did you miss any of our blog posts from March? Don't worry; we have outlined each of them for you. Stay up-to-date with industry topics, real-world case studies, and contract management software and procurement best practices in April by reading the latest CobbleStone® content.
Topics: contract administration system Contract Lifecycle Management Contract Management Blog Recap Contract Management Software CobbleStone Contract Insight®
Enhance Corporate Compliance and Risk Management With CLM Software
By Sean Heck on 04/7/22
Corporate compliance and risk management are critical for the success of a contract. Organizations need to be aware of potential exposure to financial risk, legal penalties, breaches of contract, and other risks while adhering to industry laws, government regulations, internal policies, and other compliance rules. Failure to do so can result in a lack of corporate compliance, contract failure, lawsuits, a compromised reputation, data leakage, and worse. Luckily, organizations can leverage leading contract management software to enhance corporate compliance and risk management. Here's how.
Topics: compliance Contract Compliance Contract Compliance Software risk management VISDOM AI Contract Artificial Intelligence contract risk Contract Management AI AI-Powered Contract Management Software AI-Based Contract Management Contract Intelligence risk response plan
6 Problems Faced in Contract Management (And How To Solve Them)
By Sean Heck on 04/5/22
As contract management is a multi-faceted process with numerous steps and moving parts, it is easy for your organization to face problems. This risk of contract management issues is significantly increased if your organization leverages manual or antiquated contract management tools. To elucidate the CLM hardships you face and encourage growth - here is a list of six problems you might encounter in contract management. After that, we can note how to solve such issues with contract management software.
Topics: audit trails automated workflow contract repository contract workflow data storage e-sign E-signatures eSignature signatures tasks templates workflow workflows Electronic Signature electronic signatures eSignatures contract approval process contract clauses contract renewals Legal Workflow legal workflow automation Contract Management Workflow electronic signature software IntelliSign
4 Important Contract Management Performance Metrics
By Bradford Jones on 04/4/22
When managing contracts, performance monitoring is one of the most important ways to measure success. With a large variety of contracts, all with different terms, it can be difficult to know how you should assess contract management performance. Luckily, you can boil down the success of each contract, no matter the complexity, to four key contract management performance metrics. Read on to discover how contract management software can help you optimize four key contract management performance metrics.
Topics: Contract Lifecycle Contract Lifecycle Management contract performance Contract Performance Metrics Contract Management Software CobbleStone Contract Insight®
CobbleStone® Recognized as a High Performer in G2 Spring 2022 Reports
By Joshua Hansen on 03/31/22
We are pleased to announce that CobbleStone Contract Insight® Enterprise is recognized as a High Performer for Contract Lifecycle Management and Vendor Management in the G2 Spring 2022 Reports. Such acknowledgment further establishes CobbleStone Software as a world-class contract management software provider. Read on to learn more about CobbleStone Contract Insight Enterprise's robust features and high user satisfaction that support its standing as a High Performer in the G2 Spring 2022 Reports.
Topics: CobbleStone Software Contract Lifecycle Management Contract Management Software CobbleStone Contract Insight® CobbleStone Vendor Management Software G2
5 Key Stages in Awarding a Contract
By Sean Heck on 03/29/22
Awarding a contract is a complex, multi-faceted process. There is room for error and missed opportunities without the right strategy. This blog will delve into the five critical stages in awarding a contract and how to seamlessly navigate these stages with leading contract management software tools.
Topics: contract authoring contract drafting contract negotiation contract writing contract writing solution e-sign E-signatures eSignature signatures Electronic Signature electronic signatures eSignatures contract approval process IntelliSign contract requests legal requests