Contract Insights

Contract administration can be a daunting process when relying on primarily manual tools - such as spreadsheets, shared drives, and disparate emails.  Without accountability, visibility, and a clearly defined contract administration plan, you can find yourself running into compliance issues, minimizing contract value, and encountering other setbacks.  Read on to learn how you can create a strong contract administration plan with the help of leading contract management software.

As a legal operations professional, you hold a tremendous responsibility within your organization – especially in managing internal and external stakeholder processes.  Relying on manual contract management processes such as spreadsheets, emails, and shared drives can create inefficient contract management processes that can decrease revenue, waste time, and increase risk.  Read on to learn how legal operations software and contract management software can empower your day-to-day legal operations.

There is an almost limitless abundance of wildlife within the animal kingdom.  And yet, some zoologists can recognize thousands of species, along with how they function within their ecosystems, how they behave, what they eat, where they obtain shelter, etc.  But how do zoologists come to know so much about the creatures around us?  The answer is through repeated exposure to and study of such beasts.

Similarly, contract artificial intelligence within contract management software can come to recognize almost countless different types of clauses within contracts - if said contract intelligence engine is fed a "nutritious diet" of various contract clauses and terms.  Such is the idea behind CobbleStone Software's million-clause initiative to nourish and enhance its proprietary contract artificial intelligence engine with machine learning - VISDOM® AI.

This blog was originally published on September 15^th, 2021.

The world of contract administration has evolved drastically in recent years.  Given the ongoing COVID-19 pandemic and the embrace of digital transformation over obsolete legal operations methods, organizations must embrace automated contract management software tools that support remote contract collaboration and intelligent workflow automation.  As such, here are the top three contract management technology tools that organizations should leverage.