Contract Insights

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  Manual and outdated document editing methods often require lots of moving parts - including various emailed communications about numerous document edits, frantic scrambling for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.

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  As contract complexity and contract volume grow, the fact that manual and outdated methods of contract management will no longer suffice is quickly elucidated.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  Thus, organizations should avoid the pitfalls of contract management by ditching manual and outdated contract administration processes in favor of robust, user-friendly contract management software.

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.