The new year is hastily approaching, with resolutions swarming the office, and employees thinking about the months ahead. For contract and procurement managers, there are most likely processes within your organization that you and your team hope to improve. Whether your focus is compliance, communication, or overall better management processes, 2019 will be here before you know it, so why not be proactive with your new year goals and start preparing now?
If it seems there has been a flurry of privacy updates and more talk around GDPR contract compliance, it’s for good reason. GDPR (General Data Protection Regulation) has actually been around since 2016, replacing the old data privacy laws that have found themselves outdated. Once it was recognized, it became mandatory that all companies ensure that they are fully compliant and meeting standards within two years. From May 25th of this year on, the rules and regulations set forth by the GDPR law are being followed accordingly.
In an organization where there are outlined procurement procedures, roughly 80% of that organization’s total spend will be strategically managed through those guidelines. Those purchases are usually lead by an experienced purchasing professional who will thoroughly vet the potential vendors. They will ensure that the purchase is in compliance with company and industry guidelines, and, once work is awarded, the purchasing professional will continue to audit that relationship. They will make sure that the terms are being met as agreed upon and will continue to rate the vendors work to justify renewing the contract.
In our last post, we discussed two amazing benefits to switching to contract management software with CobbleStone. Manual contract management is a thing of the past. It adds unnecessary complications to your process and might even result in a loss of profits for your company. Here are three more benefits you will enjoy when you use our software to manage contracts:
Written by Chris Bejsiuk, Marketing/Sales at CobbleStone Software.
Do you remember the days when there wasn’t sufficient technology to make our jobs easier?
Everything on paper. Office floors filled entirely of documents because people ran out of space - that is something I have actually seen with my own eyes. Messy offices tend to lead to misplaced documents, which could lead to dire consequences like, say, lawsuits.
So when did a solution for all of this arise?
In 1995, CobbleStone Software was created, and came up with the answers.
Cloud-Based Contract Management benefits your company the most when talking about contracts.
Why? It is the simplest and most secure way to share data and information with one another.
This is the age of technology, and there is no choice but to go along with it. What’s the saying, “if you can’t beat ‘em, join ‘em”?
Contract Insight™ offers the simplicity every company needs.
Contract writing and authoring can be the easiest or most complex step of thecontract lifecycle management process. Whether the contract is going to contain a minimal amount of information, or if it is going to contain hundreds of different terms and clauses; writing all of these contracts can be a daunting and time-consuming process. Because of this issue, select providers of contract management software have a solution. By using contract templates, your authorized users can easily author a new contract by using rules-based text and clauses. This feature is beneficial in many ways, but a few of the key benefits can be outlined in more detail below.
Organizations across every industry are responsible for tracking, managing, and storing their contracts and agreements with vendors, clients, and partners. For many companies with contracts and committals with vendors, tracking the sourcing of those agreements is essential. Whether agreements with vendors are reached with simple or complicated procurement processes; a software suite with full procurement and contract lifecycle management can be enormously beneficial to any organization.
You’re in need of contract lifecycle management software. You’ve found a product that is a good fit for your organization. However, some of these products are offered as a SaaS deployment, some products are offered as a local deployment, and some products can be offered as both a SaaS or local deployment option; and you are unsure which option is the most beneficial for your business. Do not worry. Your questions, concerns and uncertainties about which deployment option is right for your business will be answered in the reading that follows. Before you make a decision, the benefits of both the SaaS and locally deployed option should be outlined.
Electronic signatures are a must to streamline your contract management process. They allow organizations to create efficiencies that expedite preexisting processes and reduce financial costs. However, there are still individuals and organizations that question whether or not contract electronic signatures are legal and whether eSignatures will hold up in court. The question is valid; potential litigation is a serious threat to any organization. Judicial decisions and legal precedent in the United States have left very little ambiguity on whether or not contract electronic signatures are equivalent to handwritten signatures. Organizations that use eSignatures should take comfort knowing that the courts have been on their side since 1869.
