Say Goodbye to Spreadsheets for Contract Management in 2024

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    Stop managing contracts with spreadsheets - CobbleStone can help.

    Spreadsheet-driven contract management processes are error-prone, time-wasting, inefficient, disorganized, and lacking in security.  Such practices should stay in the past; contract management professionals should begin 2024 with practical, centralized, user-friendly, and scalable contract lifecycle management solutions.

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    Say Goodbye to the Spreadsheet Dilemma

    Low-cost contract management involving spreadsheets may seem like a good idea at first, given the fact that it provides a base level of control over contracts and seems cost-effective for organizations with a small number of contract records.  However, once the number of contracts managed per year reaches hundreds or more, organizations reach a point at which spreadsheet-based contract management no longer suffices – potentially leading to detrimental consequences regarding transparency, security, compliance, productivity, and accountability.


    Say Hello to Next-Level Contract Management

    Although investment in cutting-edge and advanced contract management software may initially seem substantial, the long-term positive effect on organizations makes it clear that the spreadsheet approach to contract management will be much more costly in the long run.

    Thus, organizations should step into 2024 with contract management software that reduces cost, unifies and secures contracts, streamlines operations, expedites compliance, and saves valuable time.

    Optimizing Workflow


    Say Goodbye to Spreadsheet-Based Workflow Management

    Contract workflow management involving spreadsheets is an outdated process that necessitates contract managers to oversee every stage of the contract lifecycle to verify that all involved parties are completing their assigned tasks.  Delayed task completion on the part of anyone involved brings contract lifecycle workflow to a screeching halt, forcing entire teams to wait for the fulfillment of tasks.

    Additionally, overseeing contract changes, key dates, milestones, and employee task performance on a shared spreadsheet or a cluster of spreadsheets leaves a lot of room for data entry mistakes – possibly leading to error-filled contracts and a lack of employee accountability.

    Contract managers must leave spreadsheet-driven workflow management behind and adopt a more efficient system for 2024 and beyond.


    Say Hello to Intelligent Contract Workflow Management

    Software that offers automated contract workflows reduces contract lifecycle delays because it engages the right people at the right time with features such as automatic alerts, unlimited contract notifications, and task reminders.  With intelligent workflow automation, contract managers can leverage user-defined fields, contract process management, audit trails, reporting and analytics, and more. 

    Contract management professionals can easily keep track of the entire contract lifecycle with features such as contract collaboration, negotiation, and approvals.  Automatic alerts assist contract management and legal teams in meeting key dates and milestones – up to and including contract renewals.  Moreover, documented audit trail history delivers a comprehensive, up-to-date record of contract changes.

    Reduce contract approval cycle time by overcoming bottlenecks, centralizing contract lifecycle management, and promoting accountability with intelligent automated contract workflow.


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    Enhancing Contract Tracking


    Say Goodbye to Spreadsheet-Based Contract Tracking

    Manual contract tracking involving spreadsheets obstructs an organization’s ability to achieve its financial goals, lacks proper security, and leaves organizations at operational and regulatory risk.  Such inadequate tracking is harmful to organizations hoping to get the most from their contracts because spreadsheets lack:

    • task alerts.
    • alerts on issues with contract language or terms.
    • alerts concerning up-sell, cross-sell, pricing, or discount opportunities.
    • fast approvals and routing for signatures.
    • a unified version tracking system.

    As a consequence of contract tracking based upon the use of spreadsheets, contract-to-close timelines change, contracts are left disorganized and unaccounted for, audit trails are substandard, and the need for rescheduling arises – leading to contract lifecycle bottlenecks and wasted time.


    Say Hello to Intelligent Contract Tracking

    Trusted contract management software furnishes contract management professionals with advanced contract tracking features such as approved clause libraries and templates for streamlined contract drafting, a secure contract repository, enhanced collaboration, performance insights, and complete audit trails.

    Intelligent contract management software helps contract managers close contracts faster.  Creditable systems that support end-to-end contract lifecycle management are easy-to-use - allowing mass adoption by users and stakeholders.

    If your organization is contemplating investment in contract management software for intelligent contract tracking, look for the following features:

    • version tracking
    • a secure and unified document repository with unlimited storage
    • tracking for various attachment types - including contracts, purchase orders, invoices, supporting documents, etc.
    • pre and post-award tracking
    • contract record audit tracking and logging
    • vendor compliance tracking

    Step into 2024 with contract management software that includes intelligent contract tracking tools for improving your organization’s standards and processes.


    Make Your Case for Contract Lifecycle Management Software


    Goodbye Spreadsheets, Hello Leading Contract Management Software

    It is demonstrably irresponsible to place the management of your contracts in the hands of spreadsheets.  Start 2024 with award-winning contract management software.  CobbleStone Contract Insight® is celebrated as a long-trusted contract management solution. 

    The software’s abundance of user-friendly features empowers organizations to manage contracts more efficiently, consolidate and secure contracts and documents, oversee compliance, streamline document drafting, receive alerts, track costs, easily sign with IntelliSign® electronic signatures, and reduce costs and lost productivity due to out-of-date contract administration procedures.

    CobbleStone's contract lifecycle management software is relied upon by thousands of contract, legal, risk, and sales professionals worldwide.  Book a free demo of our award-winning contract management, eSourcing, & procurement platform today!

    CobbleStone Software has been named a Leader in the SPARK Matrix for Contract Lifecycle Management (CLM) 2023, per Quadrant Knowledge Solutions.

    Legal Disclaimer: This article is not legal advice. The content of this article is for general information and educational purposes only. The information on this website may not present the most up-to-date legal information. Readers should contact their attorneys for legal advice regarding any particular legal matter.

    This blog was originally published on August 12, 2021, and updated on November 30, 2023.

    Published: 11/30/23
    Sean Heck

    Written by Sean Heck

    Sean Heck is Content Marketing Manager at CobbleStone Software

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