Legal departments face ever-increasing pressure to deliver contract value and streamline legal ops with shorter contract lifecycle times and improved contract performance. Legal departments that regularly measure the efficacy of their contracts against KPIs can proactively calibrate their legal contract management process to improve organizational impact through goal alignment and goal attainment. Discover four crucial legal department KPIs in this article.
Nursing home networks face a unique set of challenges around healthcare contract management. Since they are subject to strict laws and regulations, nursing homes need to be vigilant when establishing and maintaining contracts - as to avoid litigation costs, witness depositions, and the frantic retrieval of mismanaged contracts. With disorganized or manual processes, nursing homes increase the risk of lawsuits, misplaced documents, data entry errors, contract lifecycle bottlenecks, damaged reputation, wasted time, and revenue loss. Luckily, contract management software can help nursing home networks establish a seamless contract lifecycle, remain compliant, reduce wasted time, unify and secure documents, efficiently and accurately enter data, and manage contracts with varying complexity and volume. Here’s how.
Organizations should be equipped with contract management software that is easy-to-use, reasonably priced, and whose features are aligned to their needs. When these criteria are not being met, organizations risk encountering issues such as contract lifecycle bottlenecks, wasted time, increased costs, and lost revenue. These are issues that require making a switch to a better solution. With that said, here are three things to consider when making the switch to a leading contract lifecycle management software platform.
Establishing a bid process with which you can regularly receive optimal bid responses may seem like a daunting task. However, it is quite achievable with the right steps and tools. There are numerous simple ways to leverage scalable, cloud-based source-to-contract management software for streamlined RFP, RFI, and RFQ management, and better bid responses. Here are six ways to get more quality bid responses from vendors.
Contract management AI is not something to be intimidated by. Its goal is not to eliminate jobs or replace valuable employees. Instead, it can add value to contract management software processes by transforming contracts and documents into building blocks for enhanced contract oversight, improved risk mitigation, and more proactive opportunity realization. It can lend a competitive edge by shifting the responsibility of employees from tedious data entry to valuable contract analytics. Organizations that embrace AI-based contract management can maximize growth opportunities and increase their software ROI.
Government supply chain management is a multi-faceted, involved process – including the handling of RFIs, RFPs, and RFQs. Supply chain RFx management responsibilities may include accumulating vendor proposals, collecting quotes to compare vendors and contractors, establishing a database of vendors and contractors, signing off on approvals before selecting them, managing contracts, and much more. Handling these different tasks with separate manual processes can make for a disorganized approach that can potentially lead to lost opportunities, supply chain lifecycle bottlenecks, improper vendor and contractor selection, wasted time, and revenue loss. Luckily, integrated contract management software solutions can help. Here are three ways to improve government supply chain RFPs.
When it comes to vendor management, efficiency and process unity are key. A vendor management process that relies on disparate documents, spreadsheets, and emails for vendor key data, contract information, certificates of insurance, and performance data for vendor comparison may not cut it. Such methods can leave organizations with a disorganized process that might lead to missed deadlines, failed compliance, insufficient payments, agreement breaches, and poor vendor selection. Eliminate manual, time-consuming processes by successfully keeping track of what’s essential with vendor management software. Here are three critical aspects of vendor management to track.
2020 is quickly approaching and, with it, new advancements in contract management options. To that end, we’ve detailed five essential tools contract managers must empower themselves with to navigate the ever-changing landscape of contract management best practices going forward.
There is a significant need for automation in contract management software processes. When collaborating within the contract management community, we often find that most organizations do not currently leverage meaningful automation for better contract management. Yet, most organizations have developed or plan to develop strategies to implement contract automation. It is clear to see that the industry is evolving in favor of contract automation. Don't get left behind. Get ahead with robust and user-friendly contract management software. Here's how.
As the end of the traditional local government fiscal year draws near, city, state, and other public agencies must make sure that they are leveraging their budgets by investing in software tools for streamlined, robust, and transparent contract management, purchasing, and sourcing for current and future needs. Here are five tools that can be used for simple, user-friendly, and powerfully integrated government contract management, procurement, and sourcing processes.
In a world where technology continues to evolve to conveniently integrate various applications for increased expediency and productivity, CobbleStone grows as well. CobbleStone’s latest release, Contract Insight® 17.6.0, allows you to integrate a proprietary MS Outlook PC Plug-in for easy, quick, and user-friendly contract management software straight from your PC desktop MS Outlook application. Here’s how to leverage the plug-in for better, faster, and smarter source-to-contract management today!
What is a digital signature? Is it not that the same thing as an electronic signature? In an ever-evolving technological landscape in which new and updated terminology and functionality are incessantly presented to a myriad of industries, it can be confusing to know the differences between the two terms mentioned above. However, those differences are actually quite simple! Get familiar with these two terms and discover how to utilize both E-signatures and digital signatures to establish a secure, user-friendly, compliant, and rapid signing process.
Contract management software is an investment that can help organizations to gain control over their contracts, drive more value through contracting, and increase productivity and efficiency. Additionally, it can improve transparency, reporting, compliance, and oversight - driving the the most value through comprehensive contract lifecycle management. User-friendly solutions can be implemented quickly, and with leading providers like CobbleStone Software, implementors act as guides to help system administrators configure their Contract Insight® system to meet their organizations’ needs. In this article CobbleStone's Training Manager, Nash DeVita, explains the importance of continuing contract management software education.
Vendor, customer, and employee compliance management are essential for organizations to maintain adherence to compliance standards, mitigate risk, and uphold their reputation. However, as contract volume grows, it can be difficult for organizations to track the records of vendors, customers, partners, and employees regularly. To achieve and maintain compliance, it is paramount that organizations, regardless of industry, remain aware of violations committed by entities they are performing business with. Such violations include failure to adhere to economic and trade sanctions under The Office of Foreign Assets Control (OFAC). Contract management software with intelligent national sanction compliance checks and risk analysis snapshots can help organizations to avoid these issues by providing them with a comprehensive and centralized OFAC search process.
CobbleStone Software’s latest release, Contract Insight® Enterprise Version 17.6.0, has arrived with many new features and enhancements to improve your eSourcing and contract management software platform!
Contract termination involves a contract party ending a contract before its obligations are fully performed by both parties. The cancellation of a contract should involve crucial financial analysis, contract performance data analytics, and the creation of a notice of termination. As such, organizations need a strategy to identify contracts that are not meeting contract KPIs, to write notices of contract termination, and to ensure proper contract closeout. This article will show you how to easily implement this strategy.
The chess-like, back and forth nature of contract negotiations can create confusion and contract lifecycle inefficiencies. Without a centralized and well-organized system, organizations on both ends of the contract management chessboard become trapped, halted, and unsure of where they should move their next piece. A centralized, well-organized process can get the match moving again. Discover how contract management software can streamline contract negotiations.
Contract writing is an essential phase in the contract lifecycle. During the contract writing stage, contract parties put the terms of a contract into written copy. Inefficient contract writing processes often rely on scattered clauses, poor compliance management and version tracking, insufficient line item management, and a lack of unified contracts and subcontracts. These processes can lead to an organization that is hindered by error-prone contracts with missing clauses, missed key dates and milestones, and a decentralized process that impedes the contract lifecycle.
Contract requests are the first step in the contract lifecycle. This initial phase of the lifecycle allows business stakeholders to gather essential details associated with a new contract, amendment, renewal, and more. The request stage arguably sets the tone for whether a contract undergoes efficient processing or is rife with delays. Inefficient contract request processes can result in higher risk for critical data loss, confusing request intake processing, and wasted time. Organizations must equip themselves with a solution that streamlines their entire contract request process, making it more intuitive, simple, accurate, and efficient. That solution is CobbleStone’s contract management software, Contract Insight®. Here’s how it’s done!
Insufficient, disorganized supply chain management makes it difficult for federal, state, and local government agencies to navigate the supply chain contract lifecycle smoothly. Without an adequate supply chain contract management process, organizations can face various challenges and risks. This article will discuss seven tools from Contract Insight® that can help.
Data-driven contract management is the building block for contract data processing and contract analytics, providing the necessary insights for organizations to reduce contract cycle times with improved control, governance, and visibility. Organizations can turn contracts into essential, data-driven sources of business intelligence that support strategies, tactics, and goals with the help of CobbleStone’s source-to-contract software, Contract Insight®. Here’s how.
In the face of unforeseen circumstances, many organizations allow employees to work from home. Professionals in a variety of industries must be supported with adequate tools to maintain contract management, procurement, and sourcing operations. CobbleStone Software’s Contract Insight® can help your organization to continue with - and further enhance - effective source-to-contract practices. This article will show you how.
The comprehensive, organized tracking and reporting of financials are vital aspects of proper contract lifecycle management. Organizations need a contract management software solution that allows them to track transactions, establish reports on key financials, set alerts for thresholds, and analyze financial statistics pertaining to contracts. In this article you will learn how CobbleStone Software’s source-to-contract suite, Contract Insight, can help your organization with the careful management of contract financials in one centralized platform.
The COVID-19 pandemic has pushed contract management, procurement, and sourcing professionals into uncharted waters regarding their business operations. Organizations need to quickly find ways to cut contract-related costs and save money during times of crisis such as pandemics, economic recessions, company acquisitions/mergers, and downturns in business. CobbleStone Software’s Contract Insight can help. Here’s how.
As Coronavirus (COVID-19) is now a global pandemic - with the United States presenting the most significant number of cases - I am reminded of current and past experiences implementing contract management software to help organizations with clinical trials and drug development tracking. Organizations in the medical field, healthcare, pharmaceuticals, biopharmaceuticals, and other related industries need to effectively manage drug development contracts and obligations, clinical trials, manufacturing of medicine, and key opinion leaders globally. CobbleStone’s leading enterprise contract lifecycle management software provides the solution to these challenges.
With recent developments of the COVID-19 pandemic, cities, counties, and agencies that previously relied on paper RFx submissions from vendors need a way to accept bids electronically. In this challenging situation, CobbleStone’s electronic sourcing software, which equips organizations with remote bid and RFx management, is the solution.
Whether it is due to the increasing digitization of the modern workplace or because of an unforeseen circumstance, working remotely is becoming progressively more commonplace. As such, it is important that professionals in a myriad of industries are supported with sufficient tools to keep contract management, procurement, and sourcing operations running smoothly. IntelliSign electronic signatures with CobbleStone’s Contract Insight® equip organizations with a configurable, streamlined, and user-friendly document collaboration and signing process both in-office and on the go. This article will explain how.
Manually managing purchase orders, bids, vendors, and contracts can be difficult. Processes that involve paying per solicitation can become extremely costly. Limited visibility leaves your organization with an imperfect pool of vendors. Hindrances such as an inadequate sourcing platform, an overly complicated procurement system database, and an inefficient contract lifecycle process can prevent your organization from properly administering its contracts. An effectual source-to-contract process is the solution to the abovementioned issues. CobbleStone Software’s Contract Insight can provide that solution.
Trusted purchase order management software can reduce administrative costs, promote accountability, improve communication and asset oversight, and help your organization to scale efficiently and effectually. CobbleStone Software’s Contract Insight can help you to make better purchasing decisions with comprehensive asset lifecycle management.
The ever-present challenge that your organization’s General Counsel and paralegals encounter is the growing volume and complexity of contracts. A subpar legal contract management process makes obstacles for your legal department tough to overcome. Your team must establish a legal workflow that streamlines the contract lifecycle, reduces risk, and cuts delays and bottlenecks. CobbleStone’s Contract Insight® can help.
When purchasing and implementing a new product or service, you want to rest assured that you've chosen an option that will maximize the benefits for your organization. In the case of contract management software, the decision to make a change often stems from inefficiencies with an organization's contract process. Thus, the pressure is on to make sure that your organization is attaining the highest possible ROI from a newly deployed source-to-contract software.
The emergence of cloud-based technology has positively transformed the way contract management and procurement professionals have navigated their organizations’ source-to-contract software – but how?
The release of CobbleStone Software’s Contract Insight® version 17.3.1 in 2019 marked the arrival of Dashboard Launchpads for an enhanced user experience. Now, with the advent of version 17.5.0, users are afforded even more dashboard configuration and visualization options for next-level contract data analysis!
CobbleStone is proud to announce that the 2020 Contract Management Conference will be held on October 7-9, 2020, in Austin, Texas. Read on to learn why this conference is the must-attend event of 2020 to help contract management, legal, and procurement professionals become leaders in contract management.
Disorganized document and contract storage, workflows relying upon phones and emails, and manual document writing solutions won’t suffice in 2020. Don’t slip back into the success-minimizing habits of 2019. Revive your contract management new year’s resolution for this year with a process that leverages a secure contract repository, automated workflows, and streamlined document assembly.
With organizations electing to make the switch to Contract Insight® year in and year out, CobbleStone Software’s acclaimed source-to-contract suite speaks for itself. This past year was particularly special, given the fact that more companies chose to implement the award-winning platform in 2019 than in any previous year. But what puts Contract Insight leagues above the rest? Read on to learn about some of the features that make CobbleStone the leader in contract management, procurement, and eSourcing software for a variety of industries!
Kyle Sipple, a Senior Account Manager at CobbleStone, recently won the award for being the 2019 Account Manager of the Year – and he doesn’t plan on slowing down in 2020. Kyle has been a member of the CobbleStone team since 2015, helping the company evolve into the global contract management empire that it is today. We caught up with Kyle on the heels of his big win to discuss his experience at CobbleStone as well as how he has become a Contract Insight® sales expert over the years.
CobbleStone’s latest release, Contract Insight® Enterprise Version 17.5.0, has arrived with many new features to enrich your contract management platform! Innovations like CobbleStone’s numerous artificial intelligence improvements, simplified E-Signature options, an enhanced dashboard experience, enriched vendor/client gateway functionality, template improvements, and more can equip your team with the tools to succeed. Get started today with better usability and governance over your contract lifecycle management system!
CobbleStone is committed to providing training opportunities for Contract Insight® Users so they can take advantage of the leading software functionality. Over the last few years, CobbleStone’s training sessions have expanded from customer-specific and user conferences to the group training contract management and eProcurement roadshow in select U.S. cities to the newest offering – Contract Insight Online Group Training. CobbleStone makes learning easier than ever in 2020, so users can get the most out Contract Insight.
CobbleStone Software will be exhibiting AI-powered legal document management solutions at the Legalweek New York 2020 Conference. This highly anticipated legal technology event takes place February 3-6, 2020, at the New York Hilton in Midtown Manhattan.
Manual drafting processes, unsystematic document and contract storage, and workflows involving emails and phones lead to contract lifecycle bottlenecks, wasted time, and squandered opportunities. Contract management software can help alleviate these issues so that education professionals can take control of their contracts and “ace” contract management best practices.
Difficulty and confusion arise when an organization’s contract management software and its CRM (Customer Relationship Management) system function separately. The romance between these two symbiotic partners must not be compromised and should be preserved for contract management success.
Managing contracts takes a lot of time and effort, especially with the economy booming as we lead in to the year 2020. With this increased workload, contract managers need smarter ways to manage their contracts better. Legal professionals carefully review contracts with a sharp eye for details, excellent reading skills, deep comprehension, business acumen, and sufficient time management skills, but their process can be improved even more with new advancements in contract lifecycle management.
Healthcare organizations and large health systems face ever-thinning margins and an industry-wide move away from fee-for-service contracting models to complex, value-based contracting models and reimbursement structures. Most of these organizations still take a manual approach to managing hundreds to thousands of payer contracts, provider contracts, vendor contracts, and more.
Contract management professionals oversee important contracts and agreements with sensitive data, clauses, details, and information. Given the importance that such classified data is kept confidential, rules pertaining to data access and classification must be precisely and carefully reviewed. Learn how AI-based contract management software can help contract managers to categorize, safeguard, and protect data.
A variety of industries such as banking, insurance, real estate, private equity, stockbroking, and venture capital make up the financial industry – all of which keep businesses of every sector seamlessly operating every day. Given the high-risk and high-value nature of the contracts they manage, the need for adherence to a variety of compliance regulations, and a critical necessity for contract security and accessibility, BFSI organizations are encouraged to leverage cutting-edge software for efficient contract generation, next-level security and visibility, and a holistic and unified compliance management system.
Contract management conferences are a great opportunity for contract administration, legal, procurement, and government professionals to learn best practices and keep current with industry trends, discover new technology, and network. Contract volumes and complexity are increasing rapidly across most industries, so don’t miss the opportunity to find new ways to take control of contracts and integrate emerging contract management technology. Here is a list of 2020’s top ten contract management conferences.
When organizations are considering contract management software for their source-to-contract needs, they often go into the selection process with misguided presumptions. Such “myths” can be misleading and discouraging to potential software users, causing them to relinquish the chance to maximize the value of their contracts.
In 2020, leading organizations must reinvent procurement by first evaluating challenges and then by creating a procurement strategy, optimizing procurement processes, embracing technology, and committing to a proactive approach to procurement.
Spreadsheet-driven contract management processes are error-prone, time-wasting, inefficient, disorganized, and lacking in security. Such practices should stay in the past; contract management professionals should begin 2020 with practical, centralized, user-friendly, and scalable contract lifecycle management solutions.
The benefits of leveraging CobbleStone Software for end-to-end contract management success do not dissipate once a user has become familiar with the software. On the contrary, Contract Insight® administrators can continue to enlist CobbleStone for help with career advancement and organizational growth thanks to a variety of supplemental tools that are readily available for continued development in the industry! In this blog, we detail these six tools.
CobbleStone’s 2019 has encompassed new product advancements, awards, streamlined purchasing and implementation options, training opportunities, global expansion, and credible thought leadership. Take a moment to celebrate where we’ve been and to look forward to 2020 and beyond with your trusted leader in contract management software.
The omnipresent challenge that General Counsel and paralegals face is the growing complexity and volume of contracts. An unsatisfactory legal contract management process makes the most difficult contract management obstacles for legal departments nearly impossible to overcome.
Contract management software equips organizations with useful tools for maximizing the value of their contracts and streamlining their contract management practices from requests to renewals. In this blog, frequently asked questions regarding the features, benefits, value, importance, and selection of contract management software are answered.
CobbleStone opened a new international office location in Melbourne, Australia due to global demand for contract management, procurement, and vendor management software solutions. The new office makes international client relationships and communication in Australia more convenient and supportive for current and prospective customers.
Creating Contract, Request, Bid, PO, Employee, and Vendor Records is unprecedentedly streamlined with Contract Insight's latest update. Drag and drop record initiation is now available out of the box that lets users easily import files from a variety of locations! This tutorial serves as a step-by-step guide to aid in the initiation and configuration of records in Contract Insight’s leading source-to-contract suite. Get started today with better usability and governance over your CLM system.
Attaining more value from contracts is an important goal for leading public and private organizations across all industries. To support contract management ROI in 2020 and beyond, contract management professionals must start with a baseline of contract administration, procurement, and sourcing data through contract management benchmarking.
Manually keying in new vendor profiles can be a thing of the past with Contact Insight's latest update. Self-serve vendor registration is now available out of the box with easy company profile creation for vendors, clients, partners, counterparties, outside counsel, and more!
Creating value in an ever-expanding industry-agnostic competitive landscape requires that organizations improve performance, reduce spending, and make data-driven decisions. With the preponderance of spending locked into contracts, leading organizations must find a way to harness their complexity to create value and the following four strategies can help.
Many different types of organizations can enhance their respective source-to-contract needs with user-friendly and flexible contract management solutions. To that end, we’ve examined five key organizational roles and explore their contract management challenges and how they can empower themselves with leading contract management software.
Are you aware that the GDPR (General Data Protection Regulation) was enacted by the European Union to help protect consumer information? Yes, the GDPR is a good step forward in safeguarding the data of individuals. In the United States, there have been comparable attempts by both the federal government and states to protect data of consumers including (but not limited to) healthcare privacy data protection (such as HIPAA), the Children’s Online Privacy Protection Act, Family Education Rights and Privacy Act (FERPA) and various similar state-enacted consumer protection laws (to name a few).
The federal and state governments are indeed taking noteworthy steps in the interest of protecting consumer data. However, California has notably stepped up the game with the California Consumer Privacy Act. The California Consumer Privacy Act (CCPA for short) creates new consumer rights related to the access, management, and deletion of personal data that is collected by a business.
CobbleStone’s latest release, Contract Insight® Enterprise Version 17.4.0, has arrived with many new features to enhance and improve your contract management system and procurement platform! New features like CobbleStone’s enhanced user dashboard management, menu tools, field management options, bid scoring functionality, easy-to-understand vendor management features, streamlined purchasing with a new shopping cart experience and punchouts, Google Maps integration, and more will help you and your team become more organized and equipped with tools to excel. Discover what’s new with Contract Insight and get started today with better usability and governance over your CLM system.
Artificial intelligence (AI) is already sharpening professional methods across a variety of industries. However, advancements in AI will be particularly advantageous as it applies to contract management systems - if fed a nutritious diet of contract data.
CobbleStone Software will be exhibiting and presenting Contract Insight®, our award-winning legal document management software at ACC’s Annual Meeting at the Phoenix Convention Center October 27th-30th. The Association of Corporate Counsel’s can’t-miss event is considered the “world’s largest gathering of in-house counsel.”
Organizations of all sizes need to juggle multiple contracts at a time, with each contract being at a different stage of the contract lifecycle. Leading contract lifecycle management software is crucial in reducing risk, improving productivity, and maximizing a contract’s value.
October is a perfect time to reflect on 2019 so that we are positioned to strategically plan and align our goals for 2020. This year has been very exciting for contract management, with digital transformation shifting from a concept to a well-thought-out strategy that is being leveraged to increase the value and positive organizational impact that contracts can bring.
At CobbleStone Software, in addition to providing leading contract management software, another one of our goals is to provide content that helps educate our readers with best practices and the latest news around contract management and procurement. I’ve looked back at some of our most popular articles of 2019 and in this article, reveal 2019’s 5 hottest contract management topics.
A world-class, entertainment and hospitality company, managing many resorts and entertainment venues, uses CobbleStone’s Contract Insight® Enterprise Software to simplify and streamline their contract management and vendor management processes.
Contract Insight is being used organization-wide, throughout every location, for better process transparency, simplified contract drafting, streamlined eSignatures, and more. Discover how this hospitality leader transformed their contract management process by utilizing tools like automated workflows and an easily searchable contract repository, as told by CobbleStone Senior Account Manager, Brittany DiCamillo.
CobbleStone’s 2020 user conference will be here before we know it, so we’ve conducted research on what topics conference attendees would like to see at the event.
CobbleStone is working to make the 2020 user conference the best conference experience yet! In a recent survey, 71% of respondents said they are very interested in attending a session on Intelligent Workflows and Approvals at CobbleStone’s 2020 User Conference, and 65% of respondents said they are very interested in attending a session on Searching and Reporting. After carefully considering each response, we have outlined a few of the popular topics you should expect to see at the event. Learn about CobbleStone’s 2020 user conference sessions.
Contract management software has many features and benefits to help contract and legal professionals track and manage the full contract lifecycle from initiation, or the request of a new contract, through drafting, review, approval, execution, and post-execution compliance tracking. Discover the top ten contract management software features that will help you gain control of your contracts and develop a better process.
CobbleStone at the 2019 NIGP Forum
NIGP: The Institute for Public Procurement hosted its annual NIGP Forum on August 25th – 28th, 2019 in Austin, TX. The NIGP Forum is considered the largest educational conference exclusively for public procurement in North America and is a great place for procurement professionals to connect and collaborate on overcoming common procurement challenges. CobbleStone attended the 2019 NIGP Forum and exhibited our leading contract management and eProcurement software to attendees. Discover key conference takeaways and hot session topics from the event.
Contract managers, contract administration professionals, and corporate legal teams struggle to show clear contract management ROI to executive leadership within their organizations. This struggle to show value is not isolated to one contract management challenge, but rather, it is a conglomeration of issues with manual contract management systems, lack of communication, and misaligned goals. For organizations managing hundreds or thousands of contracts each year, the bottom line can be hit from multiple angles from increased costs to decreased revenue to lost time to missed opportunities to increased risk. This article analyzes the root causes of missed ROI and presents a strategy to get the most value out of contracts.
Government contracting is divided into three stages: procurement or acquisition planning, sourcing, and post-award contract management. The first two stages have had the most focused time and financial investment for improvement. This approach leaves post-award management as a secondary duty for contract officer representatives (CORs) who are then left unsupported andpositioned for ineffective compliance, risk management, and opportunity realization. Arguably, the contract management process after acquisition and sourcing is the most crucial stage for government agencies but has notoriously been given low visibility and insufficient resources. This article will address the challenges and present an actionable post-award contract management solution.
An infallible contract process has two variables: a trustworthy team and reliable contract management software. Although one of these variables can perform without the other, having both will result in the best performance.
Managing contracts effectively can be difficult without the right resources. Your team can be well-versed in contract management best practices, but without a contract management system to track their actions and process workflows, bottlenecks could be occurring, tasks may be overdue, and you have no way of knowing if you are losing out on opportunities. How do you know what’s going on within your team’s processes? If you’re not sure, it may be time for an upgrade to contract automation. Learn how to create an infallible contract process for your organization.
When implementing contract management software, organizations often have copious amounts of contract data that needs to be searched, analyzed, and populated into their new contract management system. Data extraction is a tedious task that can be time-consuming and overwhelming for contract management professionals. Leaving this task to software professionals who are familiar with data extraction, and who use AI technology to streamline data extraction processes, will allow for a better, faster implementation process. Discover five reasons why your organization should choose contract data extraction services.
Upon the release of Contract Insight Version 17.3.1, the contract management software is now available with Dashboard Launch Pads that take apps and taskbars to the next level with a better user experience within CobbleStone’s Contract Insight® Enterprise Software. Contract Insight is a robust system with configurable functionality to help users navigate through the system fast and easily. System Dashboards are full of functionality and are designed to provide a better user experience. Learn how CobbleStone’s Dashboard Launch Pads can help users navigate through Contract Insight easily while gaining insights into key contract data right from their system Dashboard.
Legal teams face ever-increasing volumes of legal work and struggle to achieve goals without enough in-house resources to complete the evolving complex demands of the legal function. General Counsel is now acting as an internal business advisor and strategist, leaving paralegals and legal assistants to lead the charge in a legal operations role that improves productivity and legal services quality, leverages technology to gain new insights, drives efficiency through automation, increases security, and decreases risk. When it seems like there isn’t enough time in the day to reach your organization’s goals, the path to better document management can be found with the right legal filing system.
CobbleStone Software recently exhibited at NCMA’s World Congress 2019 at Hynes Convention Center in Boston, MA. Despite a heat index of over 100° F, committed contract management professionals showed up to this eagerly anticipated contract management conference ready to learn and network.
I exhibited on behalf of CobbleStone with Michael Donnelly, one of our seasoned account managers. We spent an immersive three days learning about the challenges contract professionals are facing in 2019 and demonstrated how CobbleStone’s award-winning contract management software could help them provide more value to their organizations by positioning them to do their jobs more efficiently and effectively.
What is GSA?
Discover GSA and its many benefits to government organizations.
When investing in contract management software, discuss with your chosen provider the option of purchasing through the U.S. General Services Administration (GSA). GSA provides eligible agencies (often government) with the option to purchase products and services, such as contract management software, through a schedule, which is an approved and maintained contract through GSA. Using this method to purchase contract management software eliminates the need for negotiations and makes the purchasing process much more efficient for all parties involved.
The Association for Health Care Resource & Materials Management is hosting AHRMM19, its annual conference and exhibition, in San Diego, CA July 28-31, 2019. The conference is a 3-day, information-packed learning experience for health care supply chain professionals, covering topics like strategic planning, logistics and distribution, professional development, and more. The conference agenda includes “Learning Labs” with sessions like, “Developing Your Strategic Sourcing Toolkit: Types of RFx and When to Use Each,” and, “The Culture of Change: Necessary Steps to Implementing the Next Big Thing.”
CobbleStone’s new release, Contract Insight® Version 17.3.1 has arrived with many new features to enhance and improve your contract management system! New features like CobbleStone’s Launch Pad Tiles, survey tools, and Google Drive integration will help you and your team become more organized and equipped with tools to succeed. Discover what’s new with Contract Insight and get started today with better usability and governance over your CLM system.
While there's a lot of buzz around the advantages of cloud-based technology for CLM software, organizations should understand the benefits of choosing the primary method of hosting software, on-premise, in order to assess the advantages and come to a conclusion. Both SaaS (Software as a Service) and on-premise deployment options are convenient in their own way, depending on what your organization is looking for. In this post, I've uncovered the six biggest benefits of on-premise hosting for contract management software.
Hospitals, healthcare providers, and health systems are facing complex challenges around cost control, regulatory compliance (HIPAA, JCAHO, Stark Law regulations, Medicare billing rules, etc.), and operation and service efficiency. In healthcare, successful contract management is critical for organizations managing hundreds or thousands of contracts covering different departments or facilities, and multiple vendors, providers, or agencies. Mismanaged contracts can not only lead to increased costs, thinning margins, and lack of productivity; they can lead to compliance failures that result in reputation and accreditation issues.
The development of cloud-based technology has raised the question, “What are the benefits of a SaaS (Software as a Service) solution versus installing software directly on-premise?"
Contract management systems contain highly sensitive information, and organizations should make data security their top priority when selecting a deployment method for their CLM solution. Many would argue that contract management SaaS is the ultimate deployment method for software because the data center upkeep duties are left to the provider rather than giving organizations one more solution to manage. Others may want their IT team to retain control by managing hosting in-house. While both approaches have up-sides to different organizations, SaaS has become the more popular option due to added benefits and most organizations are choosing to leave the responsibility to the software provider. This article discusses the benefits of choosing a SaaS solution over on-premise and what you can expect from CobbleStone Software when selecting us to host your CLM software.
CobbleStone Software, the leader in contract management and eProcurement software, is exhibiting at NCMA's World Congress on July 28-31, 2019 at the Hynes Convention Center in Boston, MA. This annual event is considered one of the largest industry gatherings with thousands of contract management, procurement, and acquisition professionals expected to attend.
Business continues to accelerate globally. The resulting rapidly shifting regulatory environment generates increased risk along with more opportunities, propelling organizations to rely on contracts more heavily to protect business interests and assets. General Counsel and legal teams have a chance to create a new perception of the legal department that moves away from the appearance of a cost center for the organization to the forefront of organizational strategy by leveraging contracts as a growth driver.
Contract Insight’s® Quick Search feature allows system users to easily search for specific requests, contract records, contracts, and related documents by searching for keywords or phrases. This process is similar to common search functionality we use on most online platforms (it’s fast and easy!). Learn from this Contract Insight video tutorial how to easily search within your system.
When examining successful organizations, you’ll likely find that they have mastered vendor management. What does vendor management mastery look like? Effective vendor management drives value from contracts, nurtures long-term relationships, and is repeatable for organizations managing as many as thousands of different vendors. The strategy behind sound vendor management is to evaluate vendor performance over time, in core areas, including vendor reliability, vendor quality, vendor cost structures, and more granular areas based on your industry. This article addresses the critical need for better vendor management by outlining vendor performance management best practices.
In an interview with CobbleStone Software Account Manager, Michael Donnelly, he describes the reasons why CobbleStone’s training events are essential to Contract Insight® users, and what you can expect from attending one. Michael is a Contract Insight expert at CobbleStone who has worked with numerous clients, spanning over twenty industries. He has seen significant amounts of contract management success from those who choose to attend CobbleStone’s user conferences and other training events. See what he has to say.
Organizations and their vendors often deal with a great number of invoices, POs, and other physical documents, resulting in numerous paper documents for just one service. Processing and managing these service agreements and associated files manually can be challenging and often results in duplicate billing, unclear payment deliveries, and more. With automated legal billing software, organizations and their vendors can eliminate these process challenges by providing both parties with a clear understanding of payment status, invoices received, and more.
In early June, CobbleStone exhibited at BIO 2019 in Philadelphia, PA. There was an abundance of amazing keynotes, super sessions, fireside chats, receptions, and educational sessions ranging from “Biofuels & Renewable Chemicals” to “Value, Patient Access & Reimbursement.” The sessions on “Business Development & Finance,” “Emerging Opportunities in Global Markets,” and “Intellectual Property” made it clear that biotechnology and pharmaceutical industry leaders from life sciences and academic institutions are eager to face their challenges. Their strategy will beintegrating new technologies into their processes to improve operations, go-to-market efforts, R&D, profitability, and contract performance.
Vendors can provide great results and poor results, depending on who you ask. Rating your vendors can help your organization determine the best vendors to select based on ratings from within your vendor management system. CobbleStone’s Contract Insight® software allows users to score vendors on specific categories like performance, on-time delivery, invoicing accuracy, and quality compared to other vendors in your system. Contract Insight rating scorecards are used to rate vendors and companies you do business with to help you make better decisions about which vendors to use in the future and what companies you have successfully or unsuccessfully conducted business with. Learn how to easily rate and review vendors in Contract Insight with this guide.
CobbleStone attended NY Tech Summit 2019 on June 5th through June 7th as a contract management software exhibitor. The event was focused on hot IT topics and trends and offered a collaborative experience. Our exciting days consisted of breakout sessions, roundtables, keynote speakers, and networking opportunities at the Oneida Indian Nation’s Turning Stone Resort and Casino located in the heart of upstate New York. If you didn't have a chance to attend NY Tech Summit 2019, I’ve outlined some key takeaways in this article.
Government Fiscal Year End is quickly approaching, and you’ve got to decide what the best investment will be for your remaining budget. Government contract management and purchasing professionals should examine their current processes for contract management, purchasing, and sourcing inefficiencies by answering the following questions:
Today’s procurement, legal, and sales professionals are very busy onboarding new vendors and customers, reviewing contracts, quoting deals, and qualifying leads and suppliers. Those efforts combined with the task of data entry, learning new software management systems, checking e-mails, and other duties leaves little time to accomplish quality work. By implementing simple and easy-to-use software tools, you can allow your staff to become more productive and allot their time to more intelligent work.
Learn how leveraging CobbleStone’s contract management software modules can help you and your organization work smarter when it comes to contract, purchasing, and sourcing processes.
The IT Industry is facing unprecedented challenges with digital transformation. Whether you’re an IT service provider, CIO, CTO, or work in a corporate IT department, the future state of your organization is weighing heavily on your team. To future-proof and take control in the face of stringent compliance requirements, security threats, and privacy and data breaches, IT professionals must be able to respond effectively to organizational change, technological advances, cybersecurity demands, and behavioral, legal, and regulatory compliance requirements.
Stop by Booth #2508!
This year, the BIO International Convention is being held on June 3-6, 2019 in Philadelphia, PA, and the event expects to attract thousands of biotechnology and pharmaceutical leaders from reputable organizations. This industry-leading event has been a success in the past with thousands of companies in attendance in 2018. CobbleStone will be exhibiting at BIO 2019 and looks forward to showcasing their award-winning contract management software, Contract Insight®, at booth #2508 in Hall D.
Virtually every organization in every industry has contracts to manage. More than ever, there are increasing opportunities to drive value with the contract management process by improving communication, negotiation, conflict resolution, leadership, and technical capabilities with the right contract management tools. Each contract manager’s challenge is to get buy-in on contract process improvement initiatives.
Contract management processes vary based on industry and organization, and government agencies should take advantage of conferences that are unique to them. That’s why we’ve hand-picked some of the best government contract management conferences for 2019 so government contracting professionals can network and learn in a familiar environment and from relatable experiences. These three government contract management conferences will allow you to hear from industry leaders on how to overcome contract management challenges and learn about solutions to support your process.
A Perfect “5 out of 5” for Contract Insight!
CobbleStone was recently recognized as one of the top five most popular contract management software providers according to Capterra’s list of 20 Most Popular Contract Management Software. Our award-winning Contract Insight® has an overall perfect rating of “5 out of 5” on Capterra's website and our software achieved a perfect rating for ease of use and outstanding customer service – We work each and every day to provide the best experience to our users and are currently working on system updates for an even better experience!
Organizations that make data-driven decisions position themselves for long-term success. Their culture, tools, and abilities are centered around the common goal of collecting quality data and analyzing it quickly and accurately to make informed business decisions. When managed effectively, quality contract data translates to contract analytics, providing the insights necessary for organizations to decrease contract cycle times with sharpened control, governance, and visibility. Learn how to turn contracts into a pivotal source of business intelligence that supports strategies, tactics, and goals.
CobbleStone Software, a leader in contract management and eProcurement software, is exhibiting at NY Tech Summit on June 6-7, 2019. The event has been described as a “summertime Easter egg for Central New Yorkers,” because of the excitement it brings to New York this time of year, and conference hosts expect attendees to say NY Tech Summit 2019 was “worth every penny”. The conference will be full of educational sessions, inspirational speakers, world-class collaborative workshops, and a chance for you to network with industry-leading exhibitors.
Matthew Hughes, a Senior Account Manager at CobbleStone, was recently awarded Account Manager of the Year for 2018 and says he is working towards another great year for 2019. Matthew has been with CobbleStone since May 2012 and has seen the company grow into a contract management empire with thousands of users spanning the globe. We interviewed Matthew about his experience at CobbleStone over the years and how he’s become a Contract Insight® expert since starting in 2012.
ntractCobbleStone Software supports contract management, procurement, and legal professionals by releasing content to help you improve how you manage contracts. Whether you are managing ten contracts each year for a small business, or 100K contracts or more each year for a Fortune 500 company, we’ve created resources to supplement your contract management training and education, so you can be successful in your role and get the most value out of your organization’s contracts.
CobbleStone attended the 2019 NY GovBuy on April 30th and May 1st as a contract management and eSourcing software exhibitor. The event was a collaborative experience for NY state government buyers, held in Albany, NY at the Empire State Plaza and Albany Capital Center. Sessions provided conference attendees with industry news and best practices for procurement, bid management, contract management, and more. If you didn’t get a chance to attend 2019 NY GovBuy, I outlined some key takeaways from the NY state conference.
In last week’s blog, “Contract Lifecycle Management Part 1: Mastering Contract Management Blog Series,” the common tasks and contract management processes that challenge organizations and how these challenges align with and negatively impact contract lifecycles was discussed. In this final blog post in the “Mastering Contract Management Blog Series," the reasons organizations should implement contract lifecycle management and the core functionality that should be considered in contract management software is revealed.
Before a contract becomes legally binding, both parties often take part in a formal negotiation process, creating a back-and-forth hassle in order to come to terms on the agreement. The well-known "track changes" tool in MS Word makes contract modifications and amendments easy to create, review, and accept or decline because of the redlining feature it provides. However, version control becomes an issue when negotiating because both parties may be working on separate computers in different locations. Documents get saved locally and can often get lost, resulting in more work for you or your counterparty. To avoid possible issues like lost document versions and process bottlenecks, CobbleStone offers an integrated MS Word plug-in to keep the process simple for everyone.
Learn how to use CobbleStone's MS Word utility tool in combination with their award-winning contract management software, Contract Insight®. Users have full document version control and never have to save files to their desktop because everything is stored in Contract Insight. Not to mention...CobbleStone's MS Word File Utility tool is FREE with our software!
Contract lifecycle management requires a well-thought-out strategy, careful planning, and the right technology. Without all three elements, managing contracts will not only be challenging for contract, procurement, and legal professionals; it won’t be possible to get the most business value out of your organization’s contracts. Too many organizations are missing end-to-end contract management that provides a clearly defined process, actionable insights, and accountability, ultimately negatively impacting productivity, profitability, risk exposure, and compliance. Learn how to master contract lifecycle management in this blog.
CobbleStone’s award-winning contract management software, Contract Insight®, is a user-friendly system, able to meet any industry’s needs with a few easy configurations. Leading life sciences and pharmaceutical companies use Contract Insight as their preferred life sciences contract management software to simplify and streamline their process. Learn from this real-world example how a global life sciences company chose Contract Insight as their contract management system and utilized the user-friendly software’s configurability to ensure the system met their needs.
Many organizations have integrated technology to streamline processes and improve productivity but still rely on a manual approach to contract and document storage. Storing documents and managing contracts may involve filing cabinets, massive stacks of files and papers, emails, and some rendition of a digital filing system. This approach makes it nearly impossible to keep contracts secure, retain version control, stay on top of key dates and milestones, or enforce contract archiving and retention rules. Storing contracts may sound like a simple task, but without a secure contract repository, organizations are missing the critical element that can support their ability to have control over contracts, reduce risk, and improve contract performance.
CobbleStone’s contract management software, Contract Insight, provides system users with a searchable contract repository that makes finding information easy. When contracts and related documents are stored on shared drives it becomes difficult to find the correct document version and contract details because of limited searching capabilities and no audit trails. A searchable contract repository provides full transparency into document versions, updates, and related documents.
Intelligent contract workflows help accelerate the contract lifecycle but must be used in combination with workflow escalations to achieve a completely streamlined process. You and your team may be 90% compliant with getting contract management tasks completed in a timely manner, but sometimes workloads change, and you may not get to complete that assigned task by its due date. Contract workflow escalations can help eliminate this challenge by having a back-up individual who can complete the task instead.
If you’re frequently encountering delays or bottlenecks at a particular step in your contract process, contract management workflow escalations can help eliminate the slow down.
Manual contract management processes involving spreadsheets, emails, internal billing systems, and Outlook reminders may suffice for organizations with a low volume of contracts. Unfortunately, when organizations manage thousands of contracts, challenges are revealed due to a time-consuming, error-prone, and inefficient manual contract renewal process. Moreover, a reactive contract renewal strategy increases risk and decreases opportunity realization. It’s time to take control of contract renewals. Learn how to digitally transform your processes from contract generation to renewal.
What is of Value to Your Organization?
You’ve come to the realization that, with the technology available today, you need contract management software in order to exceed contract management expectations and increase productivity. There are many solutions on the market and you’ll need a plan for how to evaluate them. Before starting your contract management software assessment, identify what is needed within your organization’s current contract management process. Do you have trouble locating document versions? Are there process bottlenecks because no one knows when tasks are due? Schedule a meeting with your team to discuss the challenges you’re facing so that you can be sure the solution you choose meets all your needs.
Whether you’re getting ready to attend your first work seminar, or you’re a long-serving conference attendee, be sure to follow this pre-conference checklist to get the most out of your next contract management conference experience. A week-long seminar in an unfamiliar place can either result in an undesirable experience or the best experience, depending on whether you prepare in advance.
Here are some tips on how to prepare for the best contract management conference experience…
Generating contracts can be challenging for contract, procurement, and legal professionals. Manual document generation is tedious, time-consuming, and error-prone. Moreover, a manual approach to document assembly inadvertently puts organizations in the precarious position of facing significant compliance issues, risks, fines, or legal ramifications. It’s time to take control of contract generation. Learn how to transform your manual process into a value-centric strategy with document automation.
School systems, colleges, universities, and other education institutions are choosing to implement contract management software to create better transparency and a streamlined process.
Paralegals, legal counsel, procurement specialists, executive assistants, and other education professionals often have a significant number of contracts laying around. Finding a specific document can be a hassle due to the manual search across shared drives, stored files, and other possible locations. Manually creating a new contract usually results in searching for specific clauses and absorbing the whole day due to an unorganized process. Wouldn’t it be easier to have all your contracts stored in one searchable repository? That way, when it’s time to create a new contract, all you need to do is click a few buttons and the correct terms and clauses are pulled together for you.
What is Source-to-Settle Software?
Source-to-settle software is an advanced system that provides an end-to-end digital sourcing experience for both you and your vendors. Your current sourcing process is most likely manual, filled with a difficult-to-track bid process including spreadsheets that constantly get lost in your organization’s shared drive. Source-to-settle software makes eSourcing easy for both you and your vendors to efficiently collaborate, and for your organization to have better transparency over bid responses, so you can award the best vendor based on your needs.
Implementors are the forefront of client development with our contract management software, Contract Insight®. They work with clients daily to help configure, teach, and optimize each unique situation our clients present. That’s why I interviewed Richard DeMarco, CobbleStone’s Implementation Team Lead and Senior Implementor, about his experience working with CobbleStone users, important parts of the system, and what kind of benefits he’s seen clients receive from using our award-winning software, Contract Insight®. His knowledge from client experiences can help you understand the ease of implementation and what to expect when first starting to use Contract Insight.
How can organizations identify the best contract management software? Making an informed and successful business decision to invest in contract management software SaaS or deployed requires organizations to create a strategy to get the most out of product demonstrations.
The value of contract management software is apparent to many contract management, legal, and procurement professionals. These changemakers know that manual contract management is not effective, and they see an opportunity to streamline, automate, and improve transparency by digitally transforming their organization’s contract management processes. The challenge for the people managing contracts day-to-day is translating the value to get approval on the contract management software investment.
The 2019 CLOC Institute
CobbleStone is looking forward to attending the CLOC (Corporate Legal Operations Consortium) Vegas Institute on May 14-16, 2019. In-house legal teams throughout the country use our software as their preferred contract management solution and, as a leader in the contract management software arena, we look forward to helping more legal operations teams by providing them with the tools necessary to succeed in today’s market.
The Challenge: Gaining Access to Necessary Documents
CobbleStone’s award-winning contract management software, Contract Insight®, is a fully configurable system, able to meet any industry’s needs with a few configurations. Worldwide organizations, from industrial divisions to material processing units use Contract Insight as their preferred contract management software. Learn from this real-world example how one of the largest worldwide industrial companies chose Contract Insight as their preferred contract management system and utilized the user-friendly software’s configurability to set up the system to meet their needs.
What’s the Deal With Robocalls?
Telemarketing calls – we all get them. We’ve all received unwanted phone calls with someone selling a product or service. Have you wondered how they got your name and phone number? What legislation or regulations are in place to prevent these unwanted calls? According the Federal Trade Commission (FTC), the FTC “takes aggressive legal action to make sure telemarketers abide by the Do Not Call Registry” (in accordance to a post by the Federal Trade Commission (FTC)).
To date, the FTC claims they filed 134 enforcement actions against companies for violation of telemarketing regulations and recovered over $50 million in penalties.
Electronic signatures can be challenging for contract, procurement, and legal professionals. The challenges may originate with electronic signature implementation, or they may come from the shift in focus from old processes toward the new experience, reliability, and scaleability that electronic signatures can contribute to your organizations’ digital transformation initiatives. Learn how to master e-signatures in this blog.
Contracts secure and protect assets and, while doing so, should help organizations generate revenue, not lose revenue. Regardless of the intent of contracts, lost revenue is a significant challenge for contract managers. CobbleStone launched the “Mastering Contract Management Blog Series” to address the problems that contract, legal, and procurement professionals face when managing contracts. In the fourth blog post in the series, lost revenue is discussed.
It is imperative to have proper communication methods in place in order to achieve contract management success. One communication method is often not enough for a business to complete all tasks effectively as each one requires a specific type of communication. Email is common for general business communication, followed by phone and sometimes text for more urgent situations. But, when working with a contract management software system filled with content like contract records, file names, account numbers, and more, it can be useful to have direct communication within the system to easily share links and refer to specific areas of the system.
Missed deadlines, lack of communication, and other contract management challenges are seen far too often in the government sector and can be eliminated with the right software and process. From requisitions and approvals to intelligent workflows and online collaboration, CobbleStone presents system users with a streamlined process that can be used for cost-effective contracting, legal compliance, transparency, and more.
Learn from this client success story how the El Paso County, Texas Auditor’s Office used CobbleStone’s Contract Insight™ to help overcome common contract management challenges related to their government-regulated processes.
Clause management can be challenging for contract, procurement, and legal professionals. Excel, email, and disconnected software tools are not effective or efficient ways to generate accurate documents and rarely lead to fast approvals. Clauses support standards and reduce risk, and, when used to their potential, can have a positive impact on your contract management process. Learn how to master contract clauses in this blog.
Most leading contract management software is easy to set up, configure, and use, but completing training courses can take your expertise to the next level. Contract management software training can help you and your team become system experts, guiding you through each step in the process. Training instructors inform users of the system’s usability at a much deeper level, ensuring you get the most out of your contract management software. You may be familiar with contract clauses and templates, but leading contract management software has capabilities that some might consider to be endless opportunities. Ensure you and your team are getting the most out of your software by signing up for expert-led software training.
Leading financial research estimates that companies spend almost 5% of their revenue tracking agreements after signing a contract.
Organizations, both large and small, find that manually managing contracts and related documents can be time-consuming, disorganized, frustrating, costly, and the list goes on. There are many disadvantages to the manual records management approach, but the biggest issue with manual maintenance is organization. When contract records are managed manually with spreadsheets and local file locations, the process can become extensive because of bottlenecks, miscommunication, missed deadlines, and more. What can be done to eliminate these challenges?
The contract approval process is a challenge for many contract management and contract administration professionals due to bottlenecks and human error that can lead to longer contract cycle times. Delayed contract approvals may fail to meet business rules, business processes, and compliance standards, leading to missed opportunity of time-sensitive pricing options and special terms. The challenges and problems are apparent, but what is the root cause of the issues with contract approvals?
The Challenge: Missed Renewals and an Inefficient Process
CobbleStone’s award-winning contract management software, Contract Insight™, is a fully configurable system, able to meet any industry’s needs with a few configurations. Both large and small educational institutions, from community colleges to leading universities, use Contract Insight as their preferred education contract management software. Learn from this real-world example how one of Washington’s largest higher education institutions chose Contract Insight as their contract management system and utilized the user-friendly software’s configurability to set up the system to meet their needs.
Because a contract comes with both opportunity and risk, contract management must include both data analysis and risk prevention.
Contractual agreements contain critical information that can have positive and negative effects on an organization. Without procedures in place to identify and monitor contract risk, organizations can be at a disadvantage, possibly leading to higher costs, compliance violations, and, in many cases, unfavorable lawsuits. Learn to prevent these situations by utilizing a strategy to help assess the risk associated with your contracts. Early identification and prevention will allow for you and your team to address concerns early on rather than waiting for negative consequences to transpire.
Contract tracking is a significant challenge for legal, procurement, and contract management professionals. Manual contract management processes may suffice for organizations managing low numbers of contracts, but when contract volume increases to hundreds, thousands, and beyond, contract failure rates increase exponentially.
This post was originally shared in the Paralegals Connect January 2019 Newsletter
Contract review is a daunting task for paralegals. In most cases, having an extra set of eyes to review contract terms is critical to ensure no "bad" clauses slip through the cracks. The duty of reviewing agreement terms and clauses is a time-staking task, making the effort and focus it takes to review contracts priceless to an organization. Moreover, paralegals bear a great amount of work to complete the contract negotiation and signing process quickly — all while preventing unwanted or risk associated clauses from being overlooked in the contract’s final review. Having a smart assistant handle contract data extraction, data entry, and contract tracking can be a lifesaver to the busy paralegal and, in many cases, can provide assurance that your organization’s contracts will be mistake proof.
Now, more than ever, organizations expect their employees to do more with less. That’s why contract managers and procurement professionals are choosing to invest in contract management software to keep up with industry standards and capabilities. Surveys report that companies using contract management software can reduce annual contract management expenses by 20% to 50%. In addition to reduced costs, the benefits of contract management software can provide business professionals with better (and faster) results, meaning fewer mistakes, improved accuracy, smoother processes, and better monitoring.
Coming to a city near you in 2019…
CobbleStone Software has training events just around the corner with two types of training for 2019 already in place. This year’s series, The Road to Contract Management & Procurement Success, is designed to help attendees discover new technological advances for contract management and procurement processes while developing a plan built for success.
CobbleStone offers government agencies and other contract professionals many options for simplifying their contract management process. From requisitions and approvals, to intelligent workflows and online collaboration, CobbleStone provides system users with a streamlined process that can be used for cost-effective contracting, legal compliance, transparency, and more.
Learn from this client success story how a segment of the San Diego Government used CobbleStone’s Contract Insight™ to help overcome common contract management challenges.
A Year of Advancements and Growth
New products, regulations, processes, and digital transformation of 2018 brought new challenges, demand, and expectations to the contract management industry. However, despite these changes, CobbleStone continues to lead after 2018 being a record-breaking year filled with many accomplishments including new leading clients, increased revenue, artificial intelligence (AI) and machine learning technology advancements, thought leadership engagements, significant staff growth, data center enhancements, and more.
Contract managers are under increased pressure to deliver value with reduced contract-related risks, reduced costs, and improved performance. Contract managers who regularly measure the success of their contracts against contract management KPIs can proactively readjust their contract management strategy to ensure goal alignment drives critical and positive organizational impact.
CobbleStone Software’s contract management software, Contract Insight™, allows users to complete the source-to-signature process in one simple, configurable system. The final stage in this process, signing the contract, can be streamlined with the use of e-signatures. Contract Insight’s seamless e-signature integration tracks each step in the process. Users can be notified when a contract is ready for signing through automated workflows and real-time status updates.
Looking to increase your knowledge of industry best practices and learn how to overcome contract management challenges? Or better yet, hoping to find the best contract management software for your organization? These 8 contract management conferences will allow you and your colleagues to meet other professionals in your field, collaborate on overcoming process challenges and bottlenecks, and meet with contract management and procurement software thought-leaders to learn about the smart tools and technology that are rapidly changing the way organizations do business and manage contracts.
Contract Management Software can benefit any organization that needs to manage contracts or agreements, but one of the most common objections is the cost. Understandably, budgets are a considerable factor in all business decisions, but low-cost contract management comes at a higher price.
Manually importing and analyzing contracts can be time-consuming, frustrating, and often results in lost documents or other mistakes. Having an expert handle data extraction for your organization can provide better results and a seamlessly organized contract repository. Artificial Intelligence (AI) can detect and prevent predicaments that cause your organization to be at risk. Learn from this real-world case study how a CobbleStone Software client utilized contract data extraction services and text mining smart tools, transforming their contract management process to be supported with data-driven strategy.
The terms "contract management" and "contract lifecycle management" may seem synonymous however, there are clear lines that can make or break the positive impact and value that contracts create. Organizations looking for opportunities to improve processes, profitability, compliance, and security must develop an understanding of the difference between contract management and contract lifecycle management so when the time is right, they can adeptly leverage contracts to achieve organizational goals and reach new heights.
Did you miss any of our blog posts from December? Don’t worry, we’ve outlined each of them for you. Stay up-to-date with industry topics, real-world case studies, and best practices by reading CobbleStone’s latest content.
How many steps should be in a contract workflow?
The correct answer is: It’s dependent on your organization’s needs.
There is no set number of tasks for a “perfect workflow”. You must determine what steps are necessary and in what order they should be executed, establishing the best workflow for your organization to achieve CLM (contract lifecycle management) success.
New Year, New Strategy
As we enter a new year, we expect changes in software that will affect how we do business. It’s important to understand how to effectively adjust business processes to succeed, but in this new contract era, predictions indicate we will focus on how we can apply digital transformation to develop better outcomes. With the amount of technology that’s rapidly transforming the contract management industry, contract and procurement professionals should understand how to respond to achieve better results.
In a previous CobbleStone blog, Project Coordinator, Nash DeVita, identified the key areas that can make or break enterprise contract management software implementation success.
In this blog post, I interview Nash and dig deeper into who the contract management software administrator (who owns implementation on the client-side) should be, and what it takes on the client-side to reach the go live milestone on time with the anticipated contract management software ROI.
2018 has been a year of achievements and gratitude for CobbleStone Software. We released transforming technology such as VISDOMSM AI, hosted a record-breaking conference, informing our users of hot topics and advanced software features, won many prestigious awards, gave back to those in need, and much more. While preparing for a new year full of new goals and opportunities, CobbleStone reflects on the milestones of 2018.
As organizations face increasingly complex challenges and arduous competition, Procurement Managers are expected to provide more value amidst increasing responsibilities and decreasing people resources. Procurement is rapidly expanding beyond transaction and vendor management into strategic procurement initiatives that must be aligned with organizational goals. This article examines what it will take to add value from procure to pay.
Do you trust your software provider? What criteria does your organization use to regulate access and handling of sensitive data such as vendor data, client details, employee information, PII (personally identifiable information), PHI (protected health information), and vital contract information? With the amount of concern over security and data breach happening today, you should ensure that your confidential information is stored in a trusted environment. In recent years, leading organizations have proven data security compliance with a SOC 2 report, intended to assure clients that security controls and monitoring are in place. Data security is crucial when it comes to handling client data and accountability, and any company handling client data should consider SOC 2 compliance a requirement.
Automation Is Essential, Here's Why
Contract automation provides a way for you to accomplish more. It’s simple, streamlined, and will benefit your organization both internally and externally. With the amount of contracts, policies, and other standard health agreements being handled, no home health provider should perform without it.
CobbleStone announces its newest release of Contract Insight™ Enterprise Edition Version 17.3.0. Building upon the success of Version 17.2, CobbleStone has included new, smart features throughout multiple modules in the system, and has improved overall capabilities and usability. Users of Contract Insight™ should take advantage of the system update. Upgrading to smarter features will make for superior contract management processes.
Drip…drip…drip…that is the sound of a seemingly insignificant leak that gets ignored while organizations focus on more pressing initiatives or reactively putting out fires.
Artificial Intelligence (AI) is the (loved and feared) buzzword around technology advancement, organizational growth, and career stability. In this article, you'll discover what the future looks like for contract managers and contract administration.
A Sudden Need for Comprehensive Policy Management Software
Once the Affordable Care Act (sometimes known as ACA, PPACA, or Obamacare) was enacted in 2010, CobbleStone Software received a flux of healthcare insurance carriers requesting how to use Cobblestone’s Contract Insight™ Software to manage their healthcare insurance policies.
What is VISDOM℠ AI?
VISDOM℠ contract artificial intelligence (AI) and machine learning (ML) is an innovative feature of CobbleStone's Contract Insight™ Contract Management Software that simplifies contract administration for legal, risk, and procurement professionals. VISDOM℠ has 4 main features that will help system users leverage Contract Insight™ for better contract management processes.
CobbleStone Software’s User Conference was on November 7th, 8th, and 9th in Philadelphia, PA. CobbleStone clients and other attendees enjoyed three days filled with demo sessions, small group Q&As, inspirational guest speakers, and engagement with CobbleStone representatives. Clients collaborated with other Contract Insight™ users to leverage ideas for optimizing how they use the system. It was an information-packed experience our clients were able to take back to their team to improve their organization’s contract management strategy.
Understanding the Challenges of IP
Cobblestone Software is commonly approached by leading companies asking how to better track their creative works, such as patents, trademarks, service marks, copyrights, and other intangible creations, formally referred to as intellectual property (IP).
A Worldwide, Multibillion-Dollar Company Facing Increasing Contract Complexity
CobbleStone Software was approached by one of the leading airplane manufacturers, referred to as Company B (for confidentiality purposes), to help them better manage their contract compliance. The worldwide, multi-billion-dollar company has been managing contracts for decades, but their size, number of contracts, and contract complexity called for a modern contract management software solution.
Cobblestone Software is commonly approached by leading organizations, and government agencies, in search of a better solution to track contract spend (contract expenditures) in addition to their contracts. Tracking contract spend makes contract, procurement, and vendor management more complex and requires a process, or software, to do more than just provide basic contract management.
New Year Goals
The new year is hastily approaching, with resolutions swarming the office, and employees thinking about the months ahead. For contract and procurement managers, there are most likely processes within your organization that you and your team hope to improve. Whether your focus is compliance, communication, or overall better management processes, 2019 will be here before you know it, so why not be proactive with your new year goals and start preparing now?
A new school year brings a new wave of contracts, leaving contract administrators and procurement professionals juggling hundreds, or in some cases thousands, of contracts annually. This sheer volume of contracts brings tough challenges for community colleges such as lost contracts, lack of version tracking, and minimal visibility.
Contracts can play a crucial role in running your organization. Contract management expertise alone isn’t enough for organizational success if your team is left wading through spreadsheets and time-consuming, error-prone, manual document management processes.
Introducing a new enterprise contract lifecycle management solution can be a painless process or a long and difficult one. Taking steps to prepare for the implementation helps ensure the process is efficient rather than arduous and helps guarantee success. At CobbleStone Software, we've found that the following steps help lead to successful implementation:
Business software plays a critical role in any organization and is the foundation for doing business in today’s economy. Companies typically rely on leading software products such as e-commerce software, procurement and sourcing management software, customer management software, accounting software, and risk management software, to name a few.
Within the healthcare industry, keeping documents and files up-to-date is crucial to staying compliant. Healthcare agencies, including the FDA, NHS, and Health Canada, are continually checking up on hospitals, physician’s offices, and other healthcare facilities to ensure healthcare professionals, administrators, and providers are keeping up with legal requirements.
How Business Process Automation is Being Used Today
Many workplace processes are repetitive and time-consuming, leaving employees minimal time to focus on improving their organization. It has been found that 12% of a company’s total annual costs may be used for administrative tasks and contract management. These expenses can be eliminated by implementing technology-enabled automation, also known as Business Process Automation (BPA), that will significantly improve workplace processes. By 2021, companies are estimated to be spending $12.7 billion on these solutions, leaving those relying on traditional methods to plummet. By investing in BPA, your business can begin focusing on the research, strategy, and development that will position your business as a leader in any industry.
Summer is coming to an end. You’ve experienced just enough rest, relaxation, sun, and sand to help you clear your head and get you inspired to return to the office refreshed and refocused for Q4.
Many organizations understand the potential value, positive impact, and negative impact of their contracts. They reach a point where they’re committed to creating a strategic contract lifecycle management process that’s supported with the right contract software, tools, and people.
Did We Choose the Wrong Contract Management Software Provider?
Your organization invested in contract management software to effectively manage the contract lifecycle with less overwhelm, more automation, more visibility, and more predictability. But what if the lackluster results you’re experiencing aren't worth the time and money you put into the implementation?
How can Contract Analytics and Reports Improve Your Contract Management Strategy?
The key to successfully managing contracts is leveraging contract management software to increase visibility, reduce risk, reveal opportunities, and build strong relationships with counterparties and vendors. Contract analytics supports this initiative.
The challenge is that implementing contract technology to draft, negotiate, approve, sign, and store contracts is not enough. The “it” factor in contract management is contract analytics with reports that are easily accessible and user-friendly, while providing the right data at the right time to the right people.
Although an essential facet of running a business, managing contracts without a contract database can be a time-consuming headache. With so many different contracts with vendors and service companies, it can be challenging to keep track of them all without reliable contract software. The right solution can help you reduce the amount of time you spend searching through spreadsheets or shared drives so that you can work on growing your business. Here are just a few of the ways that a formal contract database can help your team maximize productivity: