Organizations that make data-driven decisions position themselves for long-term success. Their culture, tools, and abilities are centered around the common goal of collecting quality data and analyzing it quickly and accurately to make informed business decisions. When managed effectively, quality contract data translates to contract analytics, providing the insights necessary for organizations to decrease contract cycle times with sharpened control, governance, and visibility. Learn how to turn contracts into a pivotal source of business intelligence that supports strategies, tactics, and goals.
CobbleStone attended the 2019 NY GovBuy on April 30th and May 1st as a contract management and eSourcing software exhibitor. The event was a collaborative experience for NY state government buyers, held in Albany, NY at the Empire State Plaza and Albany Capital Center. Sessions provided conference attendees with industry news and best practices for procurement, bid management, contract management, and more. If you didn’t get a chance to attend 2019 NY GovBuy, I outlined some key takeaways from the NY state conference.
Although an essential facet of running a business, managing contracts without a contract database can be a time-consuming headache. With so many different contracts with vendors and service companies, it can be challenging to keep track of them all without reliable contract software. The right solution can help you reduce the amount of time you spend searching through spreadsheets or shared drives so that you can work on growing your business. Here are just a few of the ways that a formal contract database can help your team maximize productivity:
When reading magazines, advertisements, or even this blog post our brain begins the process of recognizing the patterns that make up the characters. Our computer is able to do the exact same thing. Image-based documents can be converted into a language the computer understands for it to be able to read the document we need it to. This is where the Optical Character Recognition (OCR) tool comes into play. An OCR tool should be simple to use within a business software system that, in the long run, can save a company time.