Artificial intelligence (AI) is positively impacting organizations across a vast array of industries. Developments in AI are proving incredibly valuable as they apply to contract management software systems. Contract management AI can transform static documents into dynamic assets for better contract lifecycle management. Here’s how to step into the future of contract management with powerful contract intelligence.
CobbleStone Software’s latest release – Contract Insight Enterprise Version 17.7.0 – is here, bringing with it many new features and enhancements to enrich your contract management software platform!
Process, unity, and efficiency are essential for proper vendor management. A vendor management process that relies upon disorganized documents, emails, and spreadsheets for vendor key data, contract data, certificates of insurance, and vendor performance data may not be enough. These methods may lead to failed compliance, missed deadlines, agreement breaches, overlooked volume discounts, insufficient payments, and poor vendor selection. These manual and time-consuming processes should be replaced in favor of an organized and streamlined one. Thus, here are six tips for better vendor oversight with vendor management software.
As technology evolves and organizations shift to adapt, business process changes should increase productivity rather than hamper it. Contract managers who primarily utilize manual methods with their team may encounter difficulties in efficiently managing contracts. Contract mismanagement can decrease productivity, hinder communication regarding task responsibility, and increase avoidable inefficiencies. As contract administration changes for the future, organizations can attain greater control over their contract management processes by avoiding the following pitfalls of contract mismanagement.