Contract management AI is not something to be intimidated by. Its goal is not to eliminate jobs or replace valuable employees. Instead, it can add value to contract management software processes by transforming contracts and documents into building blocks for enhanced contract oversight, improved risk mitigation, and more proactive opportunity realization. It can lend a competitive edge by shifting the responsibility of employees from tedious data entry to valuable contract analytics. Organizations that embrace AI-based contract management can maximize growth opportunities and increase their software ROI.
Contract termination involves a contract party ending a contract before its obligations are fully performed by both parties. The cancellation of a contract should involve crucial financial analysis, contract performance data analytics, and the creation of a notice of termination. As such, organizations need a strategy to identify contracts that are not meeting contract KPIs, to write notices of contract termination, and to ensure proper contract closeout. This article will show you how to easily implement this strategy.
Data-driven contract management is the building block for contract data processing and contract analytics, providing the necessary insights for organizations to reduce contract cycle times with improved control, governance, and visibility. Organizations can turn contracts into essential, data-driven sources of business intelligence that support strategies, tactics, and goals with the help of CobbleStone’s source-to-contract software, Contract Insight®. Here’s how.
The comprehensive, organized tracking and reporting of financials are vital aspects of proper contract lifecycle management. Organizations need a contract management software solution that allows them to track transactions, establish reports on key financials, set alerts for thresholds, and analyze financial statistics pertaining to contracts. In this article you will learn how CobbleStone Software’s source-to-contract suite, Contract Insight, can help your organization with the careful management of contract financials in one centralized platform.