Contract Insights

CobbleStone Software, the leader in contract management and eProcurement software, is exhibiting at NCMA's World Congress on July 28-31, 2019 at the Hynes Convention Center in Boston, MA.  This annual event is considered one of the largest industry gatherings with thousands of contract management, procurement, and acquisition professionals expected to attend.

Business continues to accelerate globally.  The resulting rapidly shifting regulatory environment generates increased risk along with more opportunities, propelling organizations to rely on contracts more heavily to protect business interests and assets.  General Counsel and legal teams have a chance to create a new perception of the legal department that moves away from the appearance of a cost center for the organization to the forefront of organizational strategy by leveraging contracts as a growth driver. 

When examining successful organizations, you’ll likely find that they have mastered vendor management.  What does vendor management mastery look like?  Effective vendor management drives value from contracts, nurtures long-term relationships, and is repeatable for organizations managing as many as thousands of different vendors.  The strategy behind sound vendor management is to evaluate vendor performance over time, in core areas, including vendor reliability, vendor quality, vendor cost structures, and more granular areas based on your industry.  This article addresses the critical need for better vendor management by outlining vendor performance management best practices.  

In early June, CobbleStone exhibited at BIO 2019 in Philadelphia, PA.  There was an abundance of amazing keynotes, super sessions, fireside chats, receptions, and educational sessions ranging from “Biofuels & Renewable Chemicals” to “Value, Patient Access & Reimbursement.”  The sessions on “Business Development & Finance,” “Emerging Opportunities in Global Markets,” and “Intellectual Property” made it clear that biotechnology and pharmaceutical industry leaders from life sciences and academic institutions are eager to face their challenges. Their strategy will beintegrating new technologies into their processes to improve operations, go-to-market efforts, R&D, profitability, and contract performance. 

CobbleStone attended NY Tech Summit 2019 on June 5^th through June 7^th as a contract management software exhibitor.  The event was focused on hot IT topics and trends and offered a collaborative experience. Our exciting days consisted of breakout sessions, roundtables, keynote speakers, and networking opportunities at the Oneida Indian Nation’s Turning Stone Resort and Casino located in the heart of upstate New York.  If you didn't have a chance to attend NY Tech Summit 2019, I’ve outlined some key takeaways in this article.

The IT Industry is facing unprecedented challenges with digital transformation.  Whether you’re an IT service provider, CIO, CTO, or work in a corporate IT department, the future state of your organization is weighing heavily on your team.  To future-proof and take control in the face of stringent compliance requirements, security threats, and privacy and data breaches, IT professionals must be able to respond effectively to organizational change, technological advances, cybersecurity demands, and behavioral, legal, and regulatory compliance requirements.

Virtually every organization in every industry has contracts to manage.  More than ever, there are increasing opportunities to drive value with the contract management process by improving communication, negotiation, conflict resolution, leadership, and technical capabilities with the right contract management tools.  Each contract manager’s challenge is to get buy-in on contract process improvement initiatives.

Organizations that make data-driven decisions position themselves for long-term success. Their culture, tools, and abilities are centered around the common goal of collecting quality data and analyzing it quickly and accurately to make informed business decisions. When managed effectively, quality contract data translates to contract analytics, providing the insights necessary for organizations to decrease contract cycle times with sharpened control, governance, and visibility. Learn how to turn contracts into a pivotal source of business intelligence that supports strategies, tactics, and goals.