2022 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.
The contract lifecycle is a great way to categorize the steps of contract administration, from requests to renewals. But how can you embrace legal operations digital transformation to automate the contract life cycle process? Read this blog to find out.
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 process.
Contract redlining can prove to be a tedious process during negotiations. Coordinating with stakeholders during the contract redlining process using siloed processes such as MS Word documents with tracked changes, email communications, and shared drives can further delay contract negotiations. Read on to learn how you can leverage future-minded contract redlining tools that centralize people, processes, and technology in a robust contract management software suite to help automate legal operations for contract lifecycle management success.
Clause management can be challenging for contract, procurement, and legal professionals. Manual contract administration tools such as spreadsheets, emails, and disconnected software tools prove to be less than effective or efficient ways to generate optimal contract documents and clauses - and rarely lead to fast approvals. Contract clauses can support standards and reduce contract risk and, when used to their potential, can positively impact your contract management process. Learn how to master contract clauses in this blog.
If you are a new CobbleStone Contract Insight® user, we understand that learning the contract management software system can be intimidating at the outset. You may be asking yourself, "How will I learn the system?" "How will I remember everything?" "Do I need to do all of this myself?" Well, rest assured, CobbleStone® offers a myriad of training resources to ease concerns you may have! CobbleStone can provide training resources to fit your needs - whether you are a brand-new client, a new user of the system, or simply want to brush up on a few features.
There are many moving parts involved with a contract, and it can be easy for your organization and counterparties to get mixed up at some point in the process. This is why a contract checklist is an essential part of the commencement of a contract. Your organization can utilize a contract checklist as a contract roadmap. Read this blog for an overview of a contract checklist – as well as what solutions your organization can leverage to navigate that contract checklist successfully.
You may have seen or heard the term CLM tossed around in conversations and online. However, perhaps you do not have a comprehensive understanding of what it truly means. Contract management professionals, including general counsel and paralegals, should gain at least some conversance with CLM and how digital contract management software tools can be leveraged for success in contract lifecycle management. Read on to discover an introductory overview of CLM.
Contract drafting is a multi-faceted and complex process. Document collaboration, contract authoring, contract negotiation, the establishment of terms and conditions, and other relevant steps can be challenging if organizations are relying on manual tools. Leave emailed collaboration, local file storage, manual tracking of multiple contract document versions, manual clause tracking and clause storage, and other error-prone and tedious contract drafting methods in the past by embracing robust contract management software.
Managing contract functions can prove challenging when primarily relying on spreadsheets, shared drives, and other siloed platforms. Without efficient contract functions, organizations can find themselves in a quagmire of inefficiency. Contract management functions require careful planning, the right technology, and a well-thought-out contract strategy. Discover how you can automate eight key contract management functions with contract management software.
Clause libraries have proven incredibly useful for advanced legal operations and contract lifecycle management – if appropriately implemented. Unfortunately, your organization can mismanage your clause library with antiquated technology, manual clause tracking and clause storage, and the lack of an expeditious way to leverage clauses during contract authoring and contract negotiation. Luckily, you can supercharge your clause library with user-friendly and robust contract management software. Here's how.
Contract management teams hold a lot of responsibilities throughout the life of a contract. Streamlined and organized contract collaboration is key to CLM success. Without a clear-cut understanding of how the contract process should occur, contract management teams can encounter unnecessary contract risk, contract lifecycle bottlenecks, and decreased revenue. As such, we have outlined the responsibilities of a contract management team and how these responsibilities can be centralized and organized with leading contract management software.
Tracking and retaining contract compliance 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 empower you to achieve contract compliance success. Read on to discover how you can optimize contract compliance oversight with leading contract management software.
Contract review is one of the most critical stages in the life of a contract. Unfortunately, many organizations are using obsolete contract management methods. Manual and entirely paper-based contract review methods can lead to missed key dates and deadlines, missed opportunities, costly and damaging contract language oversights, and other harmful consequences and contract lifecycle bottlenecks for your organization. Luckily, this blog post will examine the contract review process – as well as how one can improve contract review with AI-based contract management software.
A contract manager in construction is tasked with managing various construction contracts from requests through renewals – which can include sourcing and coordinating with construction vendors for project-based or long-term services. Without a streamlined and organized process, construction contract managers can find themselves overwhelmed. Read on to learn how construction contract management software can centralize people, processes, and technology.
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 be ready to brace themselves in 2022 with automated contract management software tools that support remote contract collaboration and intelligent workflow automation. To prepare organizations for the changes to come, here are the top three contract management technology tools that organizations should equip themselves with for 2022.
Traditional contract data migration services can afford your organization tremendous headaches – to put it lightly. Hidden expenses regarding aftermarket technology and labor costs, evolving storage requirements, questionable data security, poor data recovery measures, and low scalability involved with locally stored and manually implemented data migration can be detrimental. Leave the tedium, risk, high costs, and wasted resources in the past in favor of web-enabled, self-serve data migration and export with contract management software.
Does your organization have a high volume of contracts of ranging complexity? Do you need these contracts searched, have important contract data extracted, and be stored within an easily accessible contract data repository? Don't leave your team overwhelmed with manual contract data extraction and legal discovery processes. Instead, leverage intelligent contract data extraction with the help of powerful contract intelligence within a leading-edge contract management software system.
If you work within the IT industry, you may find that the management and oversight of a high volume of IT contracts of ranging complexity can require many moving parts. If your organization is taking on IT contract management with manual contract management methods - such as those involving many filing cabinets, decentralized spreadsheets, and scattered emails - your team runs the risk of facing wasted time, squandered revenue, costly mistakes, and missed opportunities (among other harmful consequences). Leave obsolete and damaging IT contract management methods in the past; tackle the following three IT contract management best practices with centralized and user-friendly contract management software.
Managing third-party compliance standards - including HITRUST - can be challenging without a robust and centralized compliance management system in place. Outdated and disorganized compliance management methods can result in leaked data, breaches of contract with detrimental legal consequences, and excessive amounts of lost revenue - among other things. Luckily, integrated vendor management and contract management software can help you easily track HITRUST and other compliance standards in an efficient, organized, and secure manner. Here's how.
Healthcare contract management relying on manual processes can reduce efficiency for healthcare contract stakeholders, decrease revenue, and increase liability – among other things. 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.
This blog post was updated on August 26th, 2021.
Artificial intelligence (AI) is already sharpening professional methods across a variety of industries. However, advancements in AI can be particularly advantageous as they apply to contract management software systems - if contract intelligence engines built upon a foundation of machine learning are fed a nutritious diet of relevant contract data.
Managing vendor contracts with manual and disparate processes can prove challenging. Without a centralized electronic process, vendor contract management workflow bottlenecks can undermine productivity. Fortunately, leading-edge contract management software can enhance your vendor management processes by expediting end-to-end vendor management workflow with optimal oversight. Read on to learn how to optimize your vendor contract management processes.
Successful contract management requires you to embrace a centralized and secure process. Manual contract management methods - such as filing cabinets for paper documentation, spreadsheets, emails, and disorganized digital storage – won’t cut it. These methods make it nearly impossible for your organization to maintain version control, keep contracts and data secure, stay on top of key dates and milestones, and enforce contract archiving and retention rules. Your organization can scrap these outdated methods in favor of something better. As such, here are the benefits of a secure contract repository within leading contract management software.
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.
Successful contract management can dramatically increase revenue and organizational growth (among other things)…but unchecked contract risk can be disastrous. Inadequate contract risk prevention measures can cost your organization money and time and result in costly and damaging instances of contract mismanagement - including negligent clause language and less than legitimate business associations. To avoid these deleterious situations and more, your organization must forge and implement an ironclad risk response plan and stick to it. You can get started with your powerful risk response plan with the aid of trusted contract management software.
A healthy contract management process should constantly be adapting to technological advancements. As contract volume and contract complexity begin to grow, organizations must embrace digital transformation to be furnished with the right tools to streamline the contract management process. Such innovative CLM tools can be found within a trusted contract management software system. Read on to learn more.
Introducing a new contract management software solution can be a painless process or a long and difficult one. Taking steps to prepare for the CLM implementation helps ensure the process is efficient rather than arduous and helps guarantee success. The following steps can help lead to successful implementation:
- Determine contract administrators for the project.
- Assess and track contract data.
- Consider contract processes and configure procedures.
- Increase security with contract management permissions.
- Define necessary contract management reports.
- Collect and clean contract management data.
Read on to discover how to leverage the above-mentioned steps to successfully implement your contract lifecycle management software.
Organizations in both the public and private sectors are experiencing an ever-increasing need to more efficiently manage their contracts as contract volume and contract complexity grow. Each stage in the life of a contract becomes ever more critical as organizations embrace digital transformation to more effectively manage legal operations. Before they can even begin to improve contract lifecycle management, organizations need to have a clear understanding of contract management objectives. In this article, we provide a straightforward examination of the objectives of contract management - as well as how organizations can meet these objectives with user-friendly contract management software.
Not every CobbleStone Software user is a master of contract management right away - and that's OK! Whether you have been using CobbleStone® as your go-to contract management software solution for days, months, or even years, there’s a good chance that you don’t know every last detail the system has to offer. In a contract lifecycle management system that offers so many robust and user-friendly CLM tools, trying to learn new processes from scratch can become overwhelming. With the CobbleStone Contract Insight® Documentation Wiki, we try to capture every part of each process, allowing users to follow along for a seamless learning experience. Read on to learn how to navigate the CobbleStone Contract Insight Documentation Wiki with ease!
Gathering required signatures for contracts can be a challenging task, especially when working with multiple signatories in various locations. Considering that signatures finalize contracts and propel their execution, this highly anticipated step can be delayed with manual wet signatures that can waste time and paper-based resources - including postage and office supplies. Moreover, specific signatures can require notarization, which can further delay the signing process. Read on to learn how contract management software can make online contract signing quick and easy.
Simply put, document editing and document collaboration can be a nightmare - especially as they apply to contract management. Manual and outdated document editing methods often require lots of moving parts - including various emailed communications about numerous document edits, frantic scrambling for relevant clauses, and convoluted procedures for document version tracking. These processes can easily lead to lost document edits, erroneous clause language, and scattered and misplaced versions. As a result, your organization could unfortunately experience missed contract tasks, delayed contract authoring and contract negotiations, and deleteriously incorrect contract clause language - which could jeopardize your organization's legal standing, reputation, and financial standing. Leave these damaging and antiquated document editing methods in the past in favor of user-friendly online document editing with CobbleStone Software.
Managing various types of media and entertainment contracts from varying locations with multiple departments and roles can be an arduous process - especially when relying on disparate methods such as emails, wet signatures, shared network drives, and cloud-based spreadsheets. Dealing with and tracking a high volume of contracts – from intellectual property contracts to talent agreements, among many others - can be tremendously challenging without a leading contract management software that centralizes your contract lifecycle management processes. Read on to learn how a centralized CLM software suite can help you achieve pre-award to post-award entertainment and media contract management success.
As legal operations processes and legal technology standards evolve, it is important that organizations adapt accordingly. As contract complexity and contract volume grow, the fact that manual and outdated methods of contract management will no longer suffice is quickly elucidated. As such, organizations working with contracts must embrace digital transformation to increase revenue, decrease contract lifecycle management bottlenecks, and succeed in this ever-changing technological landscape. Read on to learn about the nature of digital transformation - and how digital transformation with contract management software can help organizations to seamlessly navigate the future of legal operations.
Contract obligations are – to put it simply – the contractual commitments that parties involved in a contract have agreed to entirely satisfy. Successful contract obligation management requires organizations to ensure that they have met the obligations agreed upon in a contract in a timely manner. Unfortunately, manual contract management methods can make the contract lifecycle – which includes contract obligations – confusing, disorganized, decentralized, and almost impossible to handle properly. As such, key dates, milestones, payments, deliverables, and more can be missed. Thus, organizations should avoid the pitfalls of contract management by ditching manual and outdated contract administration processes in favor of robust, user-friendly contract management software.
The 2021 CobbleStone “Roadshow”* will be coming to a computer near you this August through December. This year’s free seminars and group training events in The “Road” To Contract Management & Procurement Success are structured to help CobbleStone users maximize their contract management software and eProcurement processes while offering non-CobbleStone users an immersive, introductory experience of CobbleStone Contract Insight®. Read on to discover what attendees can expect at The 2021 CobbleStone “Roadshow.”
Contract administration can bring forth a host of challenges. Between establishing a contract administration plan, following through with that plan within a set timeline, tracking contract financials, overseeing the contract lifecycle, and planning for risk variables, contract administrators have a lot on their plate - and a lot of room for deleterious errors, contract risks, and bottlenecks. Fortunately, contract management software can help. Here's how.
Throughout the contract lifecycle, organizations need to keep track of an abundance of data, people, and processes related to contracts. Searching and reporting on contract lifecycle management, financial data, budget information, contract workflow processes, contract management KPIs, departments, vendors, bids, compliance, and more with a manual process is virtually impossible - especially as contract complexity and contract volume grow. Luckily, organizations can leverage contract management reports by using contract management software to make these processes a breeze. Here's how contract management reports can improve CLM processes.
Managing and overseeing contract risk factors can be difficult, stressful, and time-consuming. Manual contract risk assessment can cost organizations money and time and lead to costly and potentially disastrous instances of contract mismanagement. Organizations do their best to diligently track contract risk factors, including potentially negligent clause language. However, contract risk management can prove overwhelming when dealing with multiple deadlines and stakeholders. But all is not lost; there is a solution: contract management software. Read on to learn how to use a contract management risk and opportunity assessment tool to decrease risk and increase your bottom line.
Procurement departments can encounter detrimental issues without the proper procure to pay software solutions. Improper procurement planning can bring about unnecessary risk, dark purchasing, deleterious data inaccuracies, harmful supplier issues, and a procurement cycle that is rife with bottlenecks. Procurement teams should not have to be bogged down by wasted time, missed opportunities, and misallocated procurement resources due to disorganized and lackluster procurement planning and execution. They can instead streamline and simplify the procurement process with procurement software as a service integrated with contract management software. Here's how to overcome procurement challenges by reaping the benefits of leading procurement software.
Contract authoring is one of the most important stages in the life of a contract. An inefficient contract authoring process often relies on decentralized clauses, lackluster compliance management and version tracking, inadequate line item management, and a lack of unification of contracts and subcontracts. These contract management pitfalls can hinder organizations and result in error-prone contracts with missing or misplaced clauses, overlooked key dates and milestones, and a disorganized process that stalls the contract lifecycle. Luckily, leading contract management software can provide intelligent contract authoring. Read on to learn how to simplify and modernize the contract authoring process.
CobbleStone Software employees work diligently to offer clients industry-leading contract management software, vendor management, eProcurement, and eSourcing solutions with unparalleled service. Considering our employees directly affect our clients' experience with our software as a service, we continue to find new methods in rewarding outstanding team members who make a conscientious effort in furthering CobbleStone Software as a leading CLM software solution, according to Forrester Research, Inc. Award recipients receive company-wide recognition, personalized plaques, gift cards, additional paid time off, and extended lunchtime. Read the following interviews with each CobbleStone Software Employee Excellence Award recipient to understand what sets them apart as an exceptional asset to our corporate success.
As your organization grows, so do contract complexity and contract volume. This growth requires an improvement in contract processes. No matter which industry your organization inhabits, your team will need to invest in a user-friendly contract management software solution. But first: what is contract management software? Read on to find out!
As your business grows, so do your responsibilities - especially as they pertain to contracts. Contract volume and contract complexity grow along with your organization. As such, it can be easy to fall into the deleterious pitfalls of contract mismanagement. Your organization will inevitably reach a point at which manual contract management methods - such as those involving disparate emails, spreadsheets, shared drives, and manual wet signatures - no longer cut it. But change is a good thing, and you can get ahead of the damaging consequences of contract mismanagement due to a manual process. How? It's simple: automate contracts with contract management software. Read on to learn how to easily get started with streamlined contract lifecycle management!
Managing contracts can prove challenging - especially when working on the go, remotely, or from home. Without a mobile-friendly contract management software solution that can seamlessly adapt to your work agility, you can incur unwarranted contract workflow inefficiencies. When dealing with an influx of contract management processes - in both the pre-award and post-award contract stages - the lack of CLM software mobile integration can slow contract processes. Read on to learn how the CobbleStone Software mobile app can offer you the flexibility and robust contract lifecycle management oversight you need for end-to-end CLM efficiency.
HR management professionals have a lot of different responsibilities to keep organizations functioning properly - including job postings, staffing, organization and proper use of the workforce, maintenance of the workforce, tracking and measurement of workplace performance, oversight and implementation of reward systems for employees, professional development, and more. With all of these responsibilities and more piling on, human resource management professionals can fall behind with disorganized tracking methods, lost materials, missed key dates, and more. Luckily, integrated HRM software and contract management software can help.
Colleges, universities, and school systems can encounter unique contract management challenges. Academic institutions manage a large volume of contracts, vendor contracts, suppliers, and providers of goods and services - virtually on a daily basis. A disorganized, risk-prone, and slow-moving education contract management system can cause confusion among departments and, unfortunately, widen the 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?
Since CobbleStone Software’s founding over 20 years ago, we have sought to make a meaningful impact on the world – not only as a leading contract management software, eProcurement, eSourcing, and vendor management software provider but also as a socially conscious organization that gives abundantly to our global and local community. Read on to learn how our corporate social responsibility (CSR) partnership with The Unforgotten Haven will help feed our local homeless community.
Generation of contracts can be challenging for contract, procurement, and legal professionals. Manual contract generation can be tedious, time-consuming, and error-prone. Moreover, a manual approach to document assembly can inadvertently put organizations in the precarious position of facing significant process bottlenecks, compliance issues, risks, fines, or legal ramifications. It’s time to take control of contract generation. Learn how to transform your manual contract generation process into a value-centric strategy with the help of leading contract management software.
2021 has arrived, and with it comes new innovations to your contract management software processes. Keeping this in mind, we have outlined six critical contract management tools that your organization should equip itself with to stay ahead of future-minded contract management best practices in 2021 and beyond.
In order to get started with improving contract lifecycle management, there first needs to be an understanding of what exactly the contract lifecycle is - as well as how it progresses. To that end, we have provided an illustration that shows the stages in the life of a contract - as well as descriptions that give more insight into how each stage involves and can be managed with contract management software!
Manual contract management processes involving disorganized spreadsheets, sporadic emails, internal billing systems, emailed reminders, and wet signatures may suffice for organizations with low contract volume and contract complexity. Unfortunately, when organizations manage thousands of different contracts of ranging contract types, challenges can arise due to a time-consuming, error-prone, and inefficient manual contract renewal process. Moreover, such an outdated contract renewal strategy can increase risk and decrease opportunity realization. It’s time to take control of contract renewals. Read on to learn how to leverage contract renewal process best practices for increased ROI, decreased risk, increased revenue, and better opportunity oversight with contract management software.
Managing government contracts with disparate processes such as shared drives, email, disorganized documents, and disorderly spreadsheets can prove challenging and leave your organization vulnerable to undue risk. Public contract managers implementing such disparate contract management methods can transform their processes and maximize their budget by fiscal year-end by investing in a robust contract management software system that can seamlessly evolve with their organizations’ needs. City, state, and federal contract management professionals can streamline their processes with the help of an end-to-end government contract management software suite that centralizes government contract administration services from requests to renewals. Read on to learn how leveraging a centralized government contract management system with integrated eSourcing and eProcurement features can empower government contract management professionals to successfully administrate the many moving parts of their contracting processes.
Are you looking to get started with a contract management software solution, but are not necessarily sure where to start? Maybe your organization has yet to come to a consensus on which full-bodied contract lifecycle management software features are needed for your unique process. Do you want a web-based contract software solution but prefer to host the data on your organization's server? Luckily, your team does not need to immerse itself in a full, enterprise contract lifecycle management software system right off the bat. Rather, you can start with basic contract management and contract tracking tools without being overwhelmed, and subsequently add the features and functionalities that your organization needs at the time that is best for your organization. To that end, your team can get started with CobbleStone Contract Insight® WorkGroup Edition to maximize the features you need today!
Managing contracts can be challenging for legal, procurement, and contract management professionals, especially when primarily relying on outdated processes. Managing the contract lifecycle from requests to renewals can prove difficult with spreadsheets, emails, filing cabinets, and other disparate tools and systems. Without accountability, visibility, a clearly defined process, and actionable insights, organizations can find themselves running into compliance issues, not realizing contract value, and encountering other setbacks. Contract lifecycle management requires careful planning, the right technology, a well-planned contract strategy, and holistic contract lifecycle automation processes. Thankfully, robust contract management software with a foundation of AI and machine learning can help automate contract lifecycle management processes.
The contract approval process can prove challenging for many contract management and contract administration professionals. Without the proper contract lifecycle management tools in place, bottlenecks and human error can lead to longer contract lifecycle times. Delayed contract approvals may fail to meet business rules, business processes, and business and regulatory compliance standards - potentially leading to missed opportunities for time-sensitive pricing options and special terms. The challenges and problems of inefficient contract administration are apparent, but what are the root causes of the issues with contract approvals?
CobbleStone® Software's latest release – CobbleStone Contract Insight® Enterprise Version 17.9.0 – is here, providing visionary CLM features and feature enhancements to bring your contract management software suite even further into the future!
Managing vendors with manual and disparate processes such as spreadsheets, phone calls, emails, and paper-based filing systems can prove challenging. Without a centralized electronic process, vendor management workflow bottlenecks can significantly decrease your organization’s profitability. Fortunately, leading-edge vendor management software can help increase your vendor profitability by leveraging cost-saving vendor management best practices. Read on to discover three vendor management best practices you can implement immediately to help increase your organization’s ROI.
This blog post was updated on May 13th, 2021. Its original publication date was February 4th, 2019.
Contract tracking can be a significant challenge for legal teams, procurement managers, contract managers, and other industry professionals. Manual contract management processes may suffice for organizations with low contract volume and contract complexity, but when the number of contracts increases to hundreds, thousands, and beyond, contract failure rates increase exponentially. Read on to find out how to master contract tracking with leading contract management software.
Reviewing contract risk can be time-consuming, challenging, and stressful. Manually assessing risk factors can cost an organization extra time and money while increasing the risk of inadvertent human oversights. While you can do your best to carefully track risk factors, including negligent clause language, it can prove challenging when dealing with multiple stakeholders and pressing deadlines. Read on to learn how three contract risk management tools proffered by contract management software can help protect your organization from the risks of poor contract management and, in some cases, your job.
Contracts are legally binding - and thus need to be executed properly. As such, organizations should be 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 - 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 said requests are fulfilled - with the possibility of contract renewal. Learn about the eight stages of the contract lifecycle below.
CobbleStone Contract Insight® users can leverage the CobbleStone Contract Insight wiki/user manual to promote the best possible utilization of their system. Whether you are a CobbleStone user or a potential user, you can read this article - written by CobbleStone Software Documentation & Training Specialist Adam Widmeier - to learn how to maximize the many contract management software features available with CobbleStone Contract Insight.
Procurement departments can run into serious issues without the proper procure-to-pay tools. Lackluster procurement strategies can bring unnecessary risk, dark purchasing, detrimental data inaccuracies, harmful supplier issues, and a more drawn-out procure to pay cycle. Procurement teams no longer need to be bogged down by wasted time, overlooked opportunities, and poorly allocated resources due to decentralized and ineffective procurement planning and execution. Rather, they can maximize a future-minded procure to pay process flow with procure to pay software. Here's how procurement professionals can select the right solution for their needs.
As your organization's contract management software processes evolve and mature, so too will the features of your CobbleStone® Contract Insight system. Over time, you may update your processes, configurations, and - very likely - your CobbleStone users. We at CobbleStone Software know that it can be a daunting transition for new contract software system users to jump into a live system - especially if those users are contract management system admins. Luckily, we have your back! CobbleStone offers numerous resources to get your organization's new users up to speed on all the features and functionality the system has to offer. Regardless of your users' roles, CobbleStone can offer a training solution to fit your needs.
2021 has already brought many enhancements and innovations to contract management automation - and contract management technology will not stop enhancing contract management processes any time soon. Your organization could be missing out on user-friendly and future-minded contract management system tools. As such, here is a list of four must-have contract management software features for a streamlined, simplified, cost-effective, and configurable process for increased ROI.
This blog was updated on April 27th, 2021.
CobbleStone Contract Insight® offers a Quick Search feature that 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 a common search functionality we use on most online platforms (it’s fast and easy!). Read on to learn how you can leverage the CobbleStone® Quick Search feature to streamline your contract management software processes.
In-house counsel, paralegals, and other legal professionals are eager to streamline legal operations with lower cost and increased ROI. As such, they should be happy to know that there is a way to optimize and centralize spend management, efficiency and productivity, communication, contract lifecycle management processes, contract data analytics, and more. Here is how to improve legal ops with leading contract management software.
Choosing a contract lifecycle management (CLM) software provider can be challenging, especially if you’ve never worked with CLM software and do not have anything to compare it to. Fortunately, industry-leading contract management software analysts, including those from Forrester Research Inc., can communicate and showcase their findings - offering you expert advice. Forrester recognizes CobbleStone® Software as a Leader in their report titled, “The Forrester WaveTM: Contract Lifecycle Management For All Contracts, Q1 2021.” CobbleStone Contract Insight® received a ranking among the top three CLM software providers in the Current Offering category within Forrester’s evaluation. Read on to learn why CobbleStone was named a leader, according to Forrester’s expert analysts.
This blog was updated on April 15, 2021.
VISDOM® AI is CobbleStone Software's proprietary, AI based contract management engine with machine learning. VISDOM can simplify contract administration for a wide variety of industry professionals by unifying people and processes thanks to a seamless integration between AI and contracts. Learn the 4 main VISDOM features that can help contract management software system users maximize CobbleStone Software's acclaimed source-to-contract management software suite - Contract Insight® - in an evermore future-minded legal technology landscape.
The end of the fiscal year is quickly approaching. As such, now is the perfect time for public organizations and government agencies to invest their remaining budget before it goes to waste. Discover why your organization or agency should use its remaining budget to invest in contract management software - whose leading-edge functionality and user-friendly tracking and reporting tools are the gifts that keep on giving, allowing your organization to proactively prepare for the next fiscal year-end and other important, recurring events and opportunities.
Since CobbleStone Software’s founding in the mid-1990s, it has sought to make a positive impact on the world – not only as a leading contract lifecycle management, eSourcing, eProcurement, and vendor management software provider but also as a socially conscious organization that gives generously to its local and global community. Read on to learn about how CobbleStone’s corporate social responsibility (CSR) initiatives make this world a better place.
Contract negotiations can be an arduous process, especially when relying on disparate emails and paper-based processes. If you are pressed for time or simply want to maximize your workday, leveraging a cloud-based concurrent document editing solution can exponentially streamline your pre-award contract lifecycle management process. Read on to learn how you can leverage Contract Insight’s seamless integration with Google Drive for cloud-enabled concurrent document management and swift contract collaboration with optimal oversight.
Contract negotiations - if handled incorrectly - can be inefficient. This holds especially true when organizations rely on paper-based processes and disparate emails. If your organization needs a more rapid, robust, user-friendly, and streamlined process, consider leveraging a web-enabled concurrent document editing solution. Cloud-based contract negotiations can exponentially expedite your pre-execution contract lifecycle management procedures. Read on to learn how you can leverage CobbleStone Software's seamless integration of its contract management software suite - Contract Insight® - with Microsoft Office 365 for online concurrent document editing and rapid contract collaboration with enhanced oversight.*
Do you manage contracts in a small to mid-size organization? Or, do you manage a large amount of contracts and need a basic yet streamlined contract management solution for optimal control and oversight? Regardless of the position or size of the organization you are a part of, contracts are integral to your organizational processes. From client contracts to employee contracts - among many others - your organization’s contract management KPIs can be hindered by contract non-compliance, disorganized pre-award contract processes, missed contract renewal opportunities, and more without the proper contract management system in place. Read on to to learn how CobbleStone’s Contract Insight Express Edition can streamline your contract administration processes with a user-friendly and highly-configurable interface.
Companies of all sizes within both the public and private sectors often find themselves maneuvering multiple contracts at once - with said contracts progressing at various stages of the contract lifecycle. As such, they must build an efficient, organized, and cost-effective contract lifecycle management process that helps with all stages of the contract lifecycle. Read on to learn how to get started building a strong and centralized contract lifecycle process - as well as how this undertaking can be significantly simplified and improved with the right strategy, rather than the cheapest and most manual.
This blog post was updated on April 6th, 2021
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. Learn about the Freedom of Information Act and how a public access portal for US Federal Agency contracts and information - coupled with the far-reaching power of leading-edge contract management software - can streamline FOIA requests.
This blog post was updated on April 1st, 2021
In our previous Contract Insights blog, “Contract Lifecycle Management Part 1: Mastering Contract Management Blog Series,” we discussed common contract lifecycle management tasks and processes that challenge organizations - and how these challenges can negatively impact contract lifecycles. In this conclusion to that blog, we detail the reasons organizations should implement contract lifecycle management - as well as the core functionality that should be leveraged for the most powerful contract management software experience.
This blog post was updated on March 30th, 2021
Contract lifecycle management requires a thorough strategy, careful planning, and the right technology. Without all three elements, managing contracts can not only be challenging for contract management, sourcing, procurement, vendor management, and legal professionals; it can prove difficult to maximize contract value. Contracts require tremendous pre-award and post-award investment. Without a suitable contract management system in place, you can find it difficult to maximize ROI. 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. Read on to learn how you can master contract lifecycle management.
This blog post was updated on March 25, 2021.
The terms "contract management" and "contract lifecycle management" may at first seem interchangeable. However, there are clear differences between the two. Organizations looking for opportunities to streamline contract processes, increase revenue, improve compliance, and maintain security must develop an understanding of the differences between contract management and contract lifecycle management so that - when the time is right - they can adeptly leverage contracts to achieve organizational goals and reach new heights in contract administration.
Congratulations! [Hypothetically] you’ve just enlisted the aid of a new contract management software solution to improve your processes! Now that you have a shiny new contract lifecycle management software system at your disposal, what’s next? Learning how to use it, of course! We, at CobbleStone Software, recommend having a system administrator from your organization go through formal training - such as CobbleStone's FREE Contract Insight® online group training - administered by a training specialist from your new software provider’s training department. How should your organization prepare? Which resources should you allocate? What might this training process entail? Read on to find out how to maximize contract management software training for seamless user adoption and increased ROI.
As the US begins to successfully mitigate the effects of the ongoing COVID 19 pandemic, it would be nearly impossible to overstate how vital it has been for manufacturers to consistently improve and optimize the COVID vaccine supply chain and for the US government to enlist the aid of the best possible suppliers. As the current rate of daily doses continues to grow - and we celebrate how successful supply chain management has begun to save the day - let's look at some tips to maintain future-minded supply chain management processes moving forward.
Managing, storing, and organizing files and attachments pertaining to contract management processes without the right the right tools can be challenging. Limitations that may come with exporting, downloading, and storing contract files and attachments manually can lead to disastrous consequences - including (but not limited to) delays with gathering contract request materials, the use of obsolete versions during contract authoring, lapses in contract negotiation collaboration, approval and eSignature delays, missed key dates and milestones, squandered opportunities, and other contract lifecycle bottlenecks.
Government contract management can be divided into three overarching phases: procurement and acquisition planning, the sourcing and award, and post-award contract administration. The first two phases typically enjoy the most time, attentiveness, and financial investment. However, the neglect of the third stage - post-award management - as a tertiary duty can leave your organization unsupported and en route toward needless compliance violations, increased risk variables, and missed opportunities. It could be argued that the post award contract process is the most essential stage for your government organization, but it has notoriously been abandoned to insufficient visibility and a lack of allocated resources. Read this article to learn how to face the challenges of post award contract management head on with an actionable post award contract management software solution.
Managing various construction contracts can be a challenging process to coordinate and streamline – especially when dealing with multiple stakeholders and ranging construction project timelines. Relying on disparate contract management methods - such as postal mail, wet-signatures, filing cabinets, emails, shared drives, and paper-based negotiations – can waste precious time and energy. With the help of a streamlined construction contract management software, you can centralize and streamline your processes and capture full contract lifecycle management oversight from contract requests to renewals, especially with the help of integrated eSourcing software that streamlines construction project bidding. Read on to learn how construction contract managers can maximize contract management with the help of key contract lifecycle management software features.
Robust purchase management software can decrease administrative costs, increase accountability, enhance communication and asset management, and assist your organization in operating efficiently and effectively. Trusted purchase order software can assist your organization in making better purchasing decisions with full asset lifecycle management. As you continue on through procurement month, read on to learn eight hot tips for expedited and unified purchase order management in 2021 and beyond.
Read about CobbleStone Software's partnership with Twilio for advanced contract lifecycle management software user authentication below.
Ineffectual procurement strategy can lead to elevated risk, dark purchasing, supplier issues, data inaccuracies, and a drawn out purchasing cycle or procurement cycle. As we enter the procurement month of March, 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 procurement month with your eyes open for these, the best procurement software features for your processes.
This blog post was updated on March 3, 2021.
Pharmaceutical and life sciences organizations have a lot on their plate. Unfortunately, many organizations lack an efficient process to handle a myriad of contracts, clinical trials, promotions, supplies/goods, regulations, and compliance standards. Consequently, these organizations may leave themselves unprotected from potential increased risk, delays, compliance violations, wasted time, and squandered revenue. Here’s how to improve life sciences and pharmaceutical contract management with accelerated contracting and compliance management.
Registering vendors with manual processes - such as with email, disparate filing systems, and spreadsheets - can prove challenging. Without a centralized electronic process, vendor registration bottlenecks can significantly undermine productivity. Fortunately, leading-edge vendor management software with a centralized vendor registration portal can streamline your end-to-end vendor management workflow with optimal oversight. Read on to learn how CobbleStone Vendor Management Software’s "wizard"-based vendor gateway registration can supercharge vendor onboarding.
Reliable contract lifecycle management software with built-in OFAC search integration tools can streamline and centralize the process of ensuring employee compliance per the US Treasury’s Office of Foreign Assets Control. Learn how your organization’s HR personnel can maximize CobbleStone Software’s OFAC search with intelligent national sanction compliance checks and risk analysis snapshots for staff. Read this helpful blog – written by CobbleStone Software’s very own HR Administrator, Elicia Neumann.
Robust contract data management, contract analytics, and contract data security provide the necessary insights and protection for organizations to cut contract lifecycle times with enhanced control, governance, security, and visibility. Organizations can transform contracts into powerful, data-driven sources of business intelligence that support contract strategy, contract management KPIs, and goals with the help of leading contract management software. Here’s how.
Manual and disparate vendor management methods - such as those involving phone calls, emails, paper-based filing systems, and spreadsheets can prove challenging and error-prone. Without the aid of a centralized, web-enabled process, vendor management workflow delays can stall productivity. Thankfully, future-minded vendor management software can positively transform your process with end-to-end vendor oversight. Read on to discover user-friendly, comprehensive, and unified vendor oversight from start to finish with CobbleStone Vendor Management Software.
This blog post was updated on February 18, 2021.
Contract managers are under increased pressure to deliver value with reduced contract 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 strategy to ensure goal alignment drives critical and positive organizational impact.
Managing various real estate contracts can be challenging, especially when relying on disparate methods such as wet-signatures, paper contracts, shared drives, filing cabinets, and paper-based negotiations. Whether you’re a real estate broker, real estate agent, property manager, or other real estate contract management professional, a centralized contract management software platform with specific, value-driven KPIs can significantly streamline your contract lifecycle management processes – reducing contract mismanagement and saving you valuable time. Read on to learn about three real estate contract management software KPIs for success.
CobbleStone Software's latest release – Contract Insight® Enterprise Version 17.8.0 – has arrived, delivering visionary features and enhancements to supercharge your contract management software suite!
Managing vendors with manual and disparate processes such as spreadsheets, phone calls, emails, and paper-based filing systems can prove challenging. Without a centralized electronic process, vendor management workflow bottlenecks can significantly undermine productivity. Fortunately, leading-edge vendor management software can enhance your processes by expediting end-to-end vendor management workflow with optimal oversight. Read on to learn how to supercharge your vendor management processes with CobbleStone Vendor Management Software.
Procurement managers and procurement teams may have their work cut out for them without the right procurement tools. Ineffectual procurement and acquisition strategies can lead to unnecessary risk, dark purchasing, harmful data inaccuracies, detrimental supplier issues, and an overall longer purchasing cycle. Procurement teams need to avoid wasted time, squandered opportunities, and wasted resources that stem from ununified and inefficient procurement. Instead, they should embrace a future-minded process with six tips for improved eProcurement and acquisition. Read about these helpful tips below.
Brittany DiCamillo - a Senior Account Manager at CobbleStone Software - has recently won the award of "2020 Account Manager of the Year" – and she doesn’t plan on pumping the brakes in 2021. Brittany has been a member of the CobbleStone Software team since 2010, and has been instrumental in the company's evolution into the global contract management software key player that it is today. We caught up with Brittany on the heels of her win to talk about her experience at CobbleStone Software, as well as how she has become a Contract Insight® expert over the past 10+ years.
Read this blog for a rapid, high-level, general overview of CobbleStone Software's contract management software suite - Contract Insight®, its purpose, and some of its key features.
While safety measures posed by in-person gathering restrictions moved CobbleStone’s User Conference completely virtual, it proved highly successful as the CobbleStone team received high engagement from its many attendees on January 20th and 21st, 2021. Considering how attendees at traditional in-person events may need to choose between breakout sessions, CobbleStone’s 2021 Virtual User Conference allows for CobbleStone user attendees to view all its contents for up to 90 days post-event. While CobbleStone’s 2021 Virtual User Conference engaged attendees live, the conference’s content on-demand post-event streaming feature allows registrants to view content at their own leisure - including those users who registered for – but could not attend - the conference. Read on to learn about key highlights from CobbleStone’s 2021 Virtual User Conference.
CobbleStone Software is proud to announce that we have finished 2020 with record-breaking growth. From expanding our client base to bringing new innovations to the forefront of contract management software and more, here are some noteworthy CobbleStone Software achievements from 2020.
As a sourcing professional, attracting diverse suppliers who meet your necessary RFx requirements can be challenging when leveraging primarily manual processes such as organizing paper-based RFPs, tracking disparate emails, filing scattered documents, and individually reviewing bids for diversity qualifications. While you might find a suitably diverse supplier base, they may lack in other crucial requirements. Without a suitable eSourcing software solution, sourcing a product or service that meets your diversity and functionality requirements can prove difficult. Read on to learn how leading-edge eSourcing tools can help you optimize supplier diversity.
Proper CLM software with built-in employee policy management tools can streamline mass acknowledgments initiated by human resources professionals for greater organization-wide awareness of crucial information. Learn how your organization’s HR personnel can efficiently send out mass acknowledgments and help employees stay aware of pertinent information with CobbleStone Software’s celebrated contract management software solution. Read this helpful blog – written by CobbleStone Software’s very own HR Administrator, Elicia Neumann.
As General Counsel, you hold a tremendous responsibility within your organization – especially with managing internal stakeholders and maintaining efficient processes with external stakeholders. Relying on disparate and manual contract management processes such as spreadsheets, filing cabinets, emails, and shared storage drives can create an inefficient contract management process that can waste time, decrease revenue, and increase risk. Read on to learn why CobbleStone Software’s acclaimed contract management software platform – Contract Insight® - is the top choice for your processes.
The health of the contract lifecycle relies upon efficient contract task management. Manual methods for completing contract tasks relating to pre-award and post-award contract lifecycle management can be error-prone, inefficient, and tedious - potentially decreasing your organization's ROI. Read this blog to learn how your organization can embrace streamlined and future-minded contract task management with AI-powered contract management software.
As a paralegal, working in a fast-paced environment with tight deadlines without the proper contract management software system can leave you stressed, disorganized, and overworked. Manually assisting lawyers with contracts – including tasks such as coordinating communications with stakeholders, gathering wet signatures, managing disparate compliance materials, and manually tracking key dates and milestones – can present time-consuming and error-prone challenges. Fortunately, CobbleStone Software can help unify people, process, and technology – streamlining contract lifecycle management. Read on to learn how CobbleStone’s legal contract management software – Contract Insight® – can help paralegals achieve contract management success.
As we step into 2021, CobbleStone Software’s Executive VP – Mark Nastasi – reexamines contract management software technology trends in the wake of the many challenges of 2020. He provides expert insight into how organizations can move forward into more future-minded, automated, and user-friendly contract management in 2021 and beyond. Read his considerations and suggestions below.
It is important for procurement professionals to successfully align vendor management and purchasing goals with a trusted solution. Luckily, CobbleStone Software - which has been preferred by procurement professionals for over 20 years - can help organizations to establish a procurement strategy, strengthen procurement processes, and commit to a future-minded and proactive approach to procurement while embracing automated eProcurement software. Read on to learn why so many procurement professionals choose CobbleStone time and time again.
If your organization is planning on leveraging contract management software, it is crucial that your team is aware of how to oversee user permissions effectively. The terms of many contracts necessitate user permissions parameters to be put in place regarding access to contract documents, files, field data, reports, and more. Manually managing user permissions with methods involving spreadsheets or unsecured folders, access that must be approved or restricted via disparate emails or other decentralized communication, or the nearly impossible task of managing different levels and stages of access as the contract lifecycle ensues can leave your organization at legal and regulatory risk. Learn how to mitigate such risk factors and more with cutting-edge contract lifecycle management software.
Contract writing - also known as contract authoring - is a critical stage of the contract lifecycle. The contract writing process involves contract parties putting into written copy the terms of a contract. One extremely important facet of contract writing is contract clause management. Insufficient contract authoring procedures as they pertain to contract clause management often rely upon disorganized tracking of versions, a lack of unified contracts and subcontracts, and - unfortunately - scattered clauses. Such processes can leave your organization with contracts that are missing clauses, an overlooked mass of key dates and milestones, and unified contract lifecycle management.
In the wake of unpredictable circumstances such as the ongoing COVID-19 pandemic, your organization is more than likely allowing employees to work remotely. No matter which relevant industry you are working in, you must be supported with a sufficient system in place for contract management, sourcing, and procurement operations. To that end, we've assembled a list of five tips for maintaining remote contract management software process efficacy during the COVID crisis.
As a lawyer, you manage a variety of contracts that involve ranging stakeholders and processes. Yes, you may have help from paralegals and legal assistants to coordinate the contract groundwork. However, when it gets down to the nitty-gritty of negotiations, approvals, signatures, and post-award contract management processes, you need a trusted and streamlined system in place to grant you optimal control over your contact management process. Read on to learn how you and your legal team can significantly improve legal contract management software procedures.
Are you a small business owner? Do you manage contracts in a small business? Regardless of the position or size of the small business you are a part of, contracts are integral to your organizational processes. From client contracts to employee contracts - among many others - small business contract management KPIs can be hindered by contract non-compliance, disorganized pre-award contract processes, missed contract renewal opportunities, and more – without the proper contract management system in place. Read this blog to learn how to transform your process for streamlined, user-friend, and success-driven small business contract management.
2021 is rapidly approaching and, with it, innovations and enhancements to contract management automation. To that end, here is a list of user-friendly, future-minded, and industry-advancing contract management software features, processes, and best practices that organizations can empower themselves with to successfully and confidently navigate the evolving landscape of contract management through 2021 and beyond.
Managing various types of entertainment and media contracts from varying locations, often internationally, with multiple departments and roles can be an arduous process - especially when relying on disparate methods such as postal mail, wet-signatures, filing cabinets, emails, shared network drives, and lengthy paper-based negotiations. Dealing with and tracking a high volume of contracts – from intellectual property contracts to option agreements, among many others - can be tremendously challenging without the right contract management system in place.
Vendor risk management can be daunting for risk management professionals and financial contract management teams. In many cases, the process of sourcing a suitable vendor or partner is hard enough on its own. However, a risk or vendor management professional must also understand a business's requirements and solicit vendors, contractors, and other partners to engage in business with to ensure they are qualified. Add to the mix the financial responsibility of ensuring compliance under OFAC, or the Office of Foreign Assets Control, from the United States Treasury Department. Clearly, the duties of reviewing the vendor onboarding process, agreement terms, and clauses can be a time-consuming set of tasks. Leading contract management software, however, can streamline these processes with seamless OFAC search integration. Read this blog by CobbleStone's Founder and Executive VP, Mark Nastasi, to learn how.
Is your current vendor COI tracking (certificate of insurance tracking) process time-consuming? Ununified? Tedious? Error-prone? Well, you can leave tiresome and detrimental COI tracking methods in the past by leveraging leading vendor management software to easily track and manage vendor data and vendor contract data on a centralized, user-friendly, and organized platform. Read on to learn how.
Why do you trust your software provider? Is there any specific criteria by which you measure a software system’s trustworthiness in protecting sensitive and confidential data such as PCI (payment card information), PII (personally identifiable information), employee information, client details, vendor data, and vital contract data? With increased risk of data and security breaches, especially during such uncertain times as these, you should be confident that your information is stored on a trusted platform. Read on to learn how to use such a trusted platform, along with the importance of SOC compliance.
Organizations of all sizes face the need to juggle multiple contracts at a time, with each contract being at a different stage of the contract lifecycle. Leading contract lifecycle management software is crucial in reducing risk, improving productivity, and maximizing a contract’s value.
CobbleStone Software's newest release – Contract Insight® Enterprise Version 17.7.1 – has arrived, bringing forth new features and enhancements to improve your contract management software suite!
Purchasing teams can find it challenging to maintain clear communication and manage purchase orders using primarily disparate and manual processes – such as paper-based filing systems, phone calls, emails, and spreadsheets. Without a streamlined electronic process with end-to-end purchase order management oversight, purchasing strategies can be challenged by unnecessary workflow bottlenecks that can undermine productivity and frustrate purchasing teams. Thankfully, leading purchase order management software can streamline the purchasing process, expedite and improve purchase order workflow, and offer full asset lifecycle management with holistic oversight.
Manual healthcare contract management processes can increase cost and liability, leak and decrease revenue, and bring about negative patient and personnel experiences. Outdated strategies can prevent a seamless contract lifecycle, compliance, the best use of time and resources, unified and secured documents, efficiently and accurately entered data, and the management of contracts of varying value and complexity. Luckily, future-minded contract lifecycle management software can help. Here’s how.
The COVID-19 pandemic has left educational institutions in a state of disarray. In such unprecedented times, education contract managers - especially when overseeing contract management teams remotely - cannot rely on antiquated education contract management procedures. Amidst such unforeseen circumstances caused by the COVID-19 pandemic, education contract managers can learn how to leverage the following key digital contract management processes within a scalable and centralized contract lifecycle management system to maximize their contracts’ value and optimize their workflow.
As was detailed in our recent blog on CobbleStone’s PC Helper App for MS Outlook, contract generation is a multi-faceted process. A unified procedure for contract collaboration, contract writing, and contract negotiation can be hard to come by. The “track changes” feature that comes with MS Word out of the box can help make the contract negotiation process easier with redlining. However, version control issues can arise when contract stakeholders work on different computers in disparate locations. In turn, documents that are saved locally can easily get lost – potentially resulting in more work for involved contract stakeholders.
To avoid issues such as lost document versions and contract lifecycle bottlenecks, CobbleStone Software’s latest release of its celebrated contract management software – Contract Insight® 17.7.0 – offers a PC Helper App that seamlessly integrates with MS Word. Here’s how to use that functionality.
Many times, contract managers work in a fast-paced environment with short deadlines. When dealing with an influx of emails containing a plethora of documents, the lack of integration between an email platform and a contract management system can cause important documents to fall through the cracks - thus increasing contract workflow inefficiencies. Thankfully, a user-friendly contract lifecycle management software system integrated with MS Outlook can streamline the contract lifecycle. This, in turn, helps contract managers, legal teams, procurement professionals, and sourcing professionals save more time and reduce contract workflow bottlenecks.
Due to unforeseen challenges caused by the COVID-19 pandemic - and in the interest of CobbleStone's partners', clients', and employees' safety - CobbleStone has postponed its in-person Austin, TX user conference tentatively until late 2021 and will now be hosting a virtual user conference on January 20th and 21st from 1 pm to 5 pm ET on each day.
General Counsel and paralegals face growing contract volume and contract complexity. The lack of an efficient legal contract management process can render obstacles that legal departments encounter nearly impossible to overcome. As such, here's how to utilize legal contract management software for a shortened legal contract lifecycle.
As 2021 quickly approaches, procurement teams must realign their purchasing goals. An ineffectual vendor management and payment processing strategy can lead to increased risk, dark purchasing, data inaccuracies, supplier issues, and a longer purchasing cycle. So stop wasting time, opportunities, and resources with an inefficient and ununified procurement process. Use these top 7 procurement tools for 2021 and beyond.
2021 is quickly approaching. As such, city, state, federal, and other public agencies need to ensure that they make the most of their budgets by investing in the most up-to-date software tools for robust, streamlined, and transparent government contract management, purchasing, and sourcing for evolving industry needs. To that end, here are six tools that can be leveraged for user-friendly, timesaving, cost-effective, and powerfully integrated government contract management, sourcing, and purchasing processes.
Managing contracts can be challenging for legal, procurement, and contract management professionals, especially when primarily relying on outdated processes. Managing the contract lifecycle from requests to renewals can prove challenging with spreadsheets, emails, filing cabinets, and other disparate tools and systems. Without accountability, visibility, a clearly defined process, and actionable insights, organizations can find themselves running into compliance issues, not realizing contract value, and encountering other setbacks.
The strength of an organization’s contract lifecycle hinges on a healthy contract strategy. An ironclad contract procedure helps departments within an organization come to a universal adoption of contract processes that improve contract performance. A contract strategy that leverages leading contract management software equips organizations with advanced tools for organized, cost-effective, and efficient contract management. As such, here is how organizations can employ a winning contract strategy for future-minded, AI-based contract management.
Organizations utilizing manual sourcing methods - such as gathering item prices in spreadsheets, corresponding with prospective bidders individually via email, and collecting numerous data separately from prospective suppliers - can face a time-consuming challenge to the sourcing of the most cost-effective and quality items. Without the proper tools, sourcing professionals cannot determine formal bids, RFPs, budget allowances, stock levels, current contracts, and contingencies in purchase order releases. Thankfully, sourcing professionals can utilize the following tools for seamless vendor management and requests to generate long-term sourcing success.
The Financial Accounting Standards Board's – or FASB's – current ruling and guidance on revenue recognition - ASC 606 - may be important from both accounting and legal contract management standpoints. The legislation applies to organizations required to report revenue as per FASB standards, organizations that have earned revenue over time, and organizations that have earned revenue when goods and services are delivered or performed. Discover how leading contract management software – which assists many legal and accounting professionals - can help organizations remain compliant according to the FASB's Accounting Standards Codification (ASC).
Due to the COVID-19 global pandemic, and in consideration of the health of CobbleStone clients, partners, and employees, CobbleStone’s user conference will transition to a virtual, fully-digital two-day event.
The COVID-19 pandemic has left supply chains all over the world in a state of disarray. Now more than ever, antiquated supply chain contract management procedures can prevent efficiency and growth, decrease ROI, and damage organizational reputation in the face of unforeseen and vulnerable circumstances. Don’t let outdated supply chain management methods leave your organization exposed to the potentially detrimental effects of uncontrollable events; establish an ironclad supply chain contract management process for supply chain success.
Artificial intelligence (AI) is positively impacting organizations across a vast array of industries. Developments in AI are proving incredibly valuable as they apply to contract management software systems. Contract management AI can transform static documents into dynamic assets for better contract lifecycle management. Here’s how to step into the future of contract management with powerful contract intelligence.
CobbleStone Software’s latest release – Contract Insight® Enterprise Version 17.7.0 – is here, bringing with it many new features and enhancements to enrich your contract management software platform!
A disjointed procurement management process can lead to procurement workflow bottlenecks. The manual management of contracts, vendors, purchase orders, and bids can prove challenging and ineffective. Processes that involve paying per solicitation can grow expensive. Don’t waste time, resources, and opportunities with a decentralized and inefficient procurement process. Leverage leading eProcurement software for procurement management success “from cradle to grave.”
Systematically tracking and reporting contract financials is a crucial strategy for healthy contract lifecycle management. Organizations must have a contract management software platform that permits them to keep track of transactions, run reports on key financials data, establish alerts for thresholds, and perform financial statistics analytics for contracts. This blog will demonstrate how leading source-to-contract management software can help organizations to manage contract financials carefully and proactively in one centralized solution to maximize spend and increase ROI.
Antiquated procurement processes can prove cumbersome, and may, unfortunately, reduce the value, efficiency, and innovation of procurement. In addition to being ineffectual, the manual management of vendors, bids, contracts, and purchase orders may prove challenging and damaging. It's time to change the perception of procurement from a tedious function to a beneficial process that is reimagined, value-adding, and streamlined. Here's how to leverage eProcurement software for a winning procurement process!
Process, unity, and efficiency are essential for proper vendor management. A vendor management process that relies upon disorganized documents, emails, and spreadsheets for vendor key data, contract data, certificates of insurance, and vendor performance data may not be enough. These methods may lead to failed compliance, missed deadlines, agreement breaches, overlooked volume discounts, insufficient payments, and poor vendor selection. These manual and time-consuming processes should be replaced in favor of an organized and streamlined one. Thus, here are six tips for better vendor oversight with vendor management software.
NIGP (The Institute for Public Procurement) will be hosting its annual forum virtually August 24th – 28th, 2020. CobbleStone will be exhibiting its leading-edge government contract management, sourcing, bid management, and procurement software in NIGP’s virtual exhibit hall. CobbleStone’s software experts will answer questions from attendees and demonstrate how contract management software can help solve government purchasing challenges. NIGP’s celebratory 75th Annual Forum will feature procurement-focused sessions, a virtual exhibit hall, breakout sessions, networking opportunities, inspirational keynote speakers, a virtual happy hour, and other engagements.
As 2021 draws ever nearer, the truth remains that general counsel and paralegals continue to encounter growing contract complexity and volume. An ineffectual legal contract management process makes obstacles for legal departments tough to overcome. Here’s how to leverage seven legal contract management software tools for a streamlined legal contract lifecycle, reduced risk, and minimal contract lifecycle bottlenecks and delays.
As the end of the third fiscal quarter draws nearer, the fact remains that the manual management of contracts, vendors, bids, and purchase orders can prove difficult and ineffectual. Methods that involve paying per solicitation can grow quite costly. Here's how to unlock six key eProcurement software tools for procurement prosperity through the third fiscal quarter and beyond!
Outdated supply chain management processes can prevent organizations from navigating the supply chain contract lifecycle easily. When organizations rely upon processes that become inefficient as they evolve and grow, they may face various challenges and risks that bog them down and prevent growth, efficiency, a strong reputation, and increased ROI. Don’t let obsolete supply chain contract management processes hinder your organization’s evolution; discover 7 signs that you’ve outgrown your supply chain management process and need to upgrade!
Proper contract management is vital for the health of an organization’s contract lifecycle. Despite the importance of forming a solid foundation for contracting, most organizations do not use a contract playbook. Considering that these tools for contract procedure establishment are instrumental in helping many departments within an organization to share a universal understanding of standard contract processes and improve contract performance, this is surprising. When a contract playbook is paired with leading contract management software, organizations are equipped with powerful tools for efficient, cost-effective, and organized contract management. Given the importance and under-use of contract playbooks, here is how organizations should establish them for next-level, automated contract management.
Retail property management organizations often need to handle many different types of requests and contracts – including construction contracts, leases, rental agreements, retail management contracts, vendor contracts, maintenance agreements, property management contracts, and more. With the need to handle numerous of contracts per year and support updated lease accounting standards, manual contract management processes may prove insufficient – potentially leading to contract lifecycle delays, missed key dates, lost revenue, unsatisfactory lease accounting, and wasted time. These organizations need to leverage integrated contract management software for enhanced retail property contract management. Here’s how.
In contract lifecycle management, efficient collaboration between stakeholders is a must. Contract requests, renewals, and almost everything in between can involve many moving parts – with a high potential for inefficiency if adequate measures are not introduced. In the interest of avoiding communication delays and contract lifecycle bottlenecks, organizations should leverage robust contract collaboration tools offered by leading contract management software. Here are four steps to foster healthy and productive collaboration and expedite the contract lifecycle.
CobbleStone Software will be presenting Contract Insight®, our award-winning contract management software, at the 2020 ACC Solutions Expo on July 29th, 12:00 pm – 1:00 pm ET. This one-hour session includes a demo followed by a Q&A networking session. The Association of Corporate Counsel's Solutions Expo provides legal professionals with the chance to engage, network, and participate in legal solution presentations to better aid their organizations’ efficiency and effectiveness.
CobbleStone Software, a trusted leader in contract management and eProcurement software solutions, is exhibiting at NCMA's Virtual World Congress July 27-29, 2020. The annual event is one of the largest industry gatherings for contract management, procurement, and sourcing professionals. Learn more about World Congress and CobbleStone's virtual exhibition!
As technology evolves and organizations shift to adapt, business process changes should increase productivity rather than hamper it. Contract managers who primarily utilize manual methods with their team may encounter difficulties in efficiently managing contracts. Contract mismanagement can decrease productivity, hinder communication regarding task responsibility, and increase avoidable inefficiencies. As contract administration changes for the future, organizations can attain greater control over their contract management processes by avoiding the following pitfalls of contract mismanagement.
U.S. Federal Contractors - no matter which government agency or department they are contractually involved with - can face several challenges throughout the contract lifecycle. With many different tasks to perform, there is a lot of room for errors or missteps that may lead to contract lifecycle bottlenecks, compliance challenges, regulatory violations, wasted time, and lost revenue. Luckily, government contract management software can help. Here’s how.
Legal departments face ever-increasing pressure to deliver contract value and streamline legal ops with shorter contract lifecycle times and improved contract performance. Legal departments that regularly measure the efficacy of their contracts against KPIs can proactively calibrate their legal contract management process to improve organizational impact through goal alignment and goal attainment. Discover four crucial legal department KPIs in this article.
Nursing home networks face a unique set of challenges around healthcare contract management. Since they are subject to strict laws and regulations, nursing homes need to be vigilant when establishing and maintaining contracts - as to avoid litigation costs, witness depositions, and the frantic retrieval of mismanaged contracts. With disorganized or manual processes, nursing homes increase the risk of lawsuits, misplaced documents, data entry errors, contract lifecycle bottlenecks, damaged reputation, wasted time, and revenue loss. Luckily, contract management software can help nursing home networks establish a seamless contract lifecycle, remain compliant, reduce wasted time, unify and secure documents, efficiently and accurately enter data, and manage contracts with varying complexity and volume. Here’s how.
Organizations should be equipped with contract management software that is easy-to-use, reasonably priced, and whose features are aligned to their needs. When these criteria are not being met, organizations risk encountering issues such as contract lifecycle bottlenecks, wasted time, increased costs, and lost revenue. These are issues that require making a switch to a better solution. With that said, here are three things to consider when making the switch to a leading contract lifecycle management software platform.
Establishing a bid process with which you can regularly receive optimal bid responses may seem like a daunting task. However, it is quite achievable with the right steps and tools. There are numerous simple ways to leverage scalable, cloud-based source-to-contract management software for streamlined RFP, RFI, and RFQ management, and better bid responses. Here are six ways to get more quality bid responses from vendors.
Contract management AI is not something to be intimidated by. Its goal is not to eliminate jobs or replace valuable employees. Instead, it can add value to contract management software processes by transforming contracts and documents into building blocks for enhanced contract oversight, improved risk mitigation, and more proactive opportunity realization. It can lend a competitive edge by shifting the responsibility of employees from tedious data entry to valuable contract analytics. Organizations that embrace AI-based contract management can maximize growth opportunities and increase their software ROI.
Government supply chain management is a multi-faceted, involved process – including the handling of RFIs, RFPs, and RFQs. Supply chain RFx management responsibilities may include accumulating vendor proposals, collecting quotes to compare vendors and contractors, establishing a database of vendors and contractors, signing off on approvals before selecting them, managing contracts, and much more. Handling these different tasks with separate manual processes can make for a disorganized approach that can potentially lead to lost opportunities, supply chain lifecycle bottlenecks, improper vendor and contractor selection, wasted time, and revenue loss. Luckily, integrated contract management software solutions can help. Here are three ways to improve government supply chain RFPs.
When it comes to vendor management, efficiency and process unity are key. A vendor management process that relies on disparate documents, spreadsheets, and emails for vendor key data, contract information, certificates of insurance, and performance data for vendor comparison may not cut it. Such methods can leave organizations with a disorganized process that might lead to missed deadlines, failed compliance, insufficient payments, agreement breaches, and poor vendor selection. Eliminate manual, time-consuming processes by successfully keeping track of what’s essential with vendor management software. Here are three critical aspects of vendor management to track.
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.