Contract Insights

The procurement process is a many-feathered bird that leaves a lot of opportunity for success. However – just as your organization can succeed on many fronts – so too can your team face common procurement challenges. Such challenges can result in costly pay-per-solicitation, limited outreach, redundant data entry, and association with vendors that can harm your organization with procurement fraud, scandals, product failure, and failure to deliver what was promised.

Thankfully, you can avoid these procurement pitfalls. Beware of these three procurement situations that can lead your organization down a bumpy road.

As we begin procurement month in 2023, procurement teams should maximize their goals.  An ineffective procurement strategy can lead to increased risk, dark purchasing, data inaccuracies, supplier issues, and a longer purchasing cycle. 

So stop wasting time, opportunities, and resources with an inefficient and ununified procurement process. 

Discover how you can leverage 7 procurement tools within procurement software.  Enable procurement teams to attain cost savings and eliminate time-consuming bottlenecks in 2023 and beyond for procurement process-flow success in 2023 and beyond.

CobbleStone Software is proud to present its proprietary clause metadata field recommendation feature - ConfigAI℠. A helpful feature within VISDOM^® AI (CobbleStone's proprietary contract intelligence engine with machine learning), ConfigAI can provide proactive CLM field recommendations for metadata fields for contract clauses to streamline contract management software implementations!

Readers: don't worry; we don't really think you are dummies. We merely intend to guide you along the right path if you are new to contract lifecycle management or want to learn more.

The process of managing contracts can be challenging for even the most seasoned business professional. Even well-intentioned and well-thought-out contract processes can fall flat. Sadly, your organization can incur operational and financial risk without an ironclad strategy in place.

We are here to give you tips on how to work smarter and not harder when you deal with contracts. As such, let's go over the basics of managing contracts more efficiently and effectively!