Contract Insights

As we step into 2021, CobbleStone Software’s Executive VP – Mark Nastasi – reexamines contract management software technology trends in the wake of the many challenges of 2020.  He provides expert insight into how organizations can move forward into more future-minded, automated, and user-friendly contract management in 2021 and beyond.  Read his considerations and suggestions below.

As a lawyer, you manage a variety of contracts that involve ranging stakeholders and processes.  Yes, you may have help from paralegals and legal assistants to coordinate the contract groundwork.  However, when it gets down to the nitty-gritty of negotiations, approvals, signatures, and post-award contract management processes, you need a trusted and streamlined system in place to grant you optimal control over your contact management process.  Read on to learn how you and your legal team can significantly improve legal contract management software procedures.

2021 is rapidly approaching and, with it, innovations and enhancements to contract management automation.  To that end, here is a list of user-friendly, future-minded, and industry-advancing contract management software features, processes, and best practices that organizations can empower themselves with to successfully and confidently navigate the evolving landscape of contract management through 2021 and beyond.

Vendor risk management can be daunting for risk management professionals and financial contract management teams.  In many cases, the process of sourcing a suitable vendor or partner is hard enough on its own.  However, a risk or vendor management professional must also understand a business's requirements and solicit vendors, contractors, and other partners to engage in business with to ensure they are qualified.  Add to the mix the financial responsibility of ensuring compliance under OFAC, or the Office of Foreign Assets Control, from the United States Treasury Department.  Clearly, the duties of reviewing the vendor onboarding process, agreement terms, and clauses can be a time-consuming set of tasks.  Leading contract management software, however, can streamline these processes with seamless OFAC search integration.  Read this blog by CobbleStone's Founder and Executive VP, Mark Nastasi, to learn how.

CobbleStone Software's newest release – Contract Insight® Enterprise Version 17.7.1 – has arrived, bringing forth new features and enhancements to improve your contract management software suite!

General Counsel and paralegals face growing contract volume and contract complexity.  The lack of an efficient legal contract management process can render obstacles that legal departments encounter nearly impossible to overcome.  As such, here's how to utilize legal contract management software for a shortened legal contract lifecycle.

Managing contracts can be challenging for legal, procurement, and contract management professionals, especially when primarily relying on outdated processes.  Managing the contract lifecycle from requests to renewals can prove challenging with spreadsheets, emails, filing cabinets, and other disparate tools and systems.  Without accountability, visibility, a clearly defined process, and actionable insights, organizations can find themselves running into compliance issues, not realizing contract value, and encountering other setbacks. 

The strength of an organization’s contract lifecycle hinges on a healthy contract strategy.  An ironclad contract procedure helps departments within an organization come to a universal adoption of contract processes that improve contract performance.  A contract strategy that leverages leading contract management software equips organizations with advanced tools for organized, cost-effective, and efficient contract management.  As such, here is how organizations can employ a winning contract strategy for future-minded, AI-based contract management.