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).