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.
Establish Intelligent Automated Contract Workflow
By choosing a contract management software solution that supports full contract workflow automation, your organization can keep the right users engaged at the right time - thanks to virtually unlimited automated alerts, notifications, and contract task reminders. Your team can configure a process that leverages user-defined fields, contract process management, data extraction and data mapping, advanced reporting and analytics, comprehensive audit trails, and so much more.
You can easily manage tasks pertaining to contract authoring, contract collaboration, contract negotiation, and contract approvals with an automated workflow process that helps your team keep track of every stage of the contract lifecycle. Automated alerts can help your users to easily meet key dates and milestones - up through contract renewals. Additionally, full audit trail history provides an up-to-date, easily-accessible record of contract changes. Reports related to contract tasks, contract statuses, and more can provide key stakeholders with relevant information at a glance on a scheduled basis.
It's time for your organization to reduce approval cycle times by overcoming potential delays and promoting contract task accountability with automated, intelligent contract workflow.
Transform Contract Writing With a Workflow-Initiated Process
Leading-edge contract management software can streamline and automate contract writing tasks.
A well-organized and centralized process leverages intelligent contract writing with automated merging of field data with dynamic clauses from your organization's pre-approved clause library. This dynamic clause library can equip your team with specific document templates - such as those utilized for FAR, DFAR, and GSA contracts. You can also be supported for CLIN (contract line item number) management for streamlined addition of line items within contract document templates. With the help of robust contract management software, the task of inputting new contract, request, vendor, solicitation, employee, and purchase order records can trigger the merging of that data with a previously-approved document template for swift contract writing! Your team can easily write and assemble contract documents and export them as standard file formats (MS Word and PDFs).
Experience Easy & Efficient Contract Negotiations
The best procedure for contract tasks that improves collaboration with vendors, users, and external stakeholders leverages contract negotiation automation with contract management software.
Your organization can simplify and organize document collaboration and version control with a detailed log of changes and numbered version tracking. Your team can retain control by allowing collaboration parties to easily manage up-to-date versions.
Clause ownership can offer your organization contract content control. Your team can configure robust contract management software so that clause or section changes can trigger a notification to "clause owners" and subject matter experts. If a given clause is assigned to a contract or agreement and a stakeholder tries to edit said clause, the clause owner will automatically be added to that agreement or contract's approval process and will be prompted to approve or reject the version. This helpful process assists your organization in ensuring that relevant parties are added in contract approval processes.
Your contract management software administrators can configure a rules-based process for stakeholders that must engage with a contract.
Stakeholders can be configured to receive an alert that transfers them to a contract negotiation portal, or a place where pertinent documents can be accessed for review. On this portal, necessary parties are involved in a negotiation process without the need to be granted access to software features that are not relevant to their involvement. Important documents can be isolated for only parties that need access and editing permissions - straight from a negotiation portal.
Transform contract negotiation tasks with dynamic contract management software that provides a user-friendly, organized, and efficient contract negotiation phase.
Rapid Electronic Signatures
You must have a stable electronic signing process for proper contract task management automation in an ever-changing technological landscape. An electronic signature is a digital depiction of a written signature - or so-called "wet" signature -that enables stakeholders to sign contract documents online without needing a physical copy of that document.
Signature bottlenecks can trigger delays in meeting obligations, adhering to compliance standards, and the execution of a contract. Your organization can positively transform its signing process with powerful electronic signature software that significantly alleviates such challenges and can cut send-to-sign time by up to 20%.
If you are tired of wasting time managing signatures manually and relying on email to do so, you can implement an efficient signing process with electronic signature software that allows your team to:
- Save time: Rules-based workflow automation can expedite the process and keep stakeholders in the loop and on track so that less time will be sacrificed focusing on administrative contract lifecycle task expenses involving sending out, storing, tracking, and following up upon contract documents that have been sent for signing.
- Strengthen security: Your organization can reduce processing errors and confidentiality breaches with legally binding electronic signatures that feature audit trails.
- Heighten visibility and foster better business relationships: The signing process is quicker and easier to access both in and out of the office.
Take back control of your signature processes by adopting contract task automation for signatures to transition from an antiquated, inefficient process to a rapid, hyper-efficient, and fully compliant process that leaves wasted time, tedium, breached compliance, and wasted revenue in the past.
Boost Compliance With OFAC Search
Contract management software solutions that integrate data from OFAC (the Office of Foreign Assets Control) for better risk compliance management and seamless risk mitigation can allow your organization to configure scheduled checks on vendors, employees, and other entities against OFAC Sanctions Lists.
Your contract management software administrators can take advantage of regularly scheduled checks for OFAC search and integrate the results with relevant records for unified company, vendor, and employee risk analysis. Your team can determine whether it wants to include AKA (also known as) entries to check for possible aliases and alternate names for entities in question. Furthermore, Your organization can configure a minimum percentage matched for what it classifies as a data match between the software system and OFAC.
Experience comprehensive national sanction compliance probes and risk mitigation specifics at a glance with OFAC search integration with trusted contract management software! CobbleStone Software introduced OFAC Search functionality as an optional, licensed add-on utility with the release of Contract Insight® 17.6.0., providing users with an easy way to check vendor, employee, and customer records against the database for national sanctions.
Transform Contract Tasks & Contract Administration With CobbleStone
The contract management software landscape is evolving in favor of contract automation for contract tasks. Don't get stuck in the past of contract management with an outdated contract management process that requires hours of tedious work that risks oversights, errors, wasted time, and missed revenue. Instead, implement contract management automation with CobbleStone Software.
CobbleStone's acclaimed contract management software solution - Contract Insight - proffers user-friendly and low-friction features that provide organizations with the tools they require to manage contract tasks more efficiently, centralize and secure contracts, easily collaborate, comprehensively oversee compliance, track contract costs, receive notifications and alerts, efficiently and quickly sign with proprietary IntelliSign® electronic signature software, boost productivity, and reduce needless expenses.
CobbleStone's long-celebrated contract management software solution has been trusted for over 20 years by organizations from around the globe. Book a free demo of CobbleStone's award-winning contract management, procurement, and sourcing platform today!