As 2022 nears its midway point, procurement teams should maximize their goals. An ineffective procurement strategy can lead to increased risk, dark purchasing, data inaccuracies, supplier issues, and a longer purchasing cycle. So stop wasting time, opportunities, and resources with an inefficient and ununified procurement process. Discover how you can leverage 7 procurement tools within an eProcurement platform that also contains contract management software tools for procurement process-flow success in 2022 and beyond.
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 15th, 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.
Corporate compliance and risk management are critical for the success of a contract. Organizations need to be aware of potential exposure to financial risk, legal penalties, breaches of contract, and other risks while adhering to industry laws, government regulations, internal policies, and other compliance rules. Failure to do so can result in a lack of corporate compliance, contract failure, lawsuits, a compromised reputation, data leakage, and worse. Luckily, organizations can leverage leading contract management software to enhance corporate compliance and risk management. Here's how.