Contract Insights

"Do I need a contract management system?" This is an important question to consider critically. Although contract management software is a significant investment, the high price of low-cost contract management often far outweighs this initial, carefully considered expenditure. What's more, according to Goldman Sachs, an automated contract management system can lower the cost of managing contracts by 10-30%. If managing contracts is a critical part of your organization's operations, consider the following key factors when deciding whether or not you need a dedicated contract management solution.

Managing contracts from requests to renewals can prove difficult when relying on primarily manual processes. Your organization could be sacrificing accountability, visibility, a clearly defined strategy, and actionable insights. As such, you can find yourself running into compliance issues, minimizing contract value, and encountering other setbacks. 

But it does not have to be this way. Modern advances in contract management technology can allow your organization to scale with success.

Read on to learn how to manage contracts effectively and how leading contract management software can support each of the contract management best practices below for efficient contracting processes.

Collecting, analyzing, and tracking contract management data with manual and disparate processes throughout the contract lifecycle can prove challenging. You can waste time and energy without readily accessible contract management reports for the following.

• Contract Financials
• Contract Terms
• Workflows
• Budgets
• Key Performance Indicators (KPIs)
• Vendors
• Contract Compliance Data
• & Other Essential Contract Data

Fortunately, leading contract management software can provide you with contract reports for optimizing contract performance management oversight.

Contracts are legally binding agreements that define and govern the exchange of goods or services. A contract’s journey – from creation to fulfillment and completion – is complex and leaves room for errors and oversights. As such, a process has been generally agreed upon for the handling of contracts. This process is referred to as contract management.

But what is contract management, and how can it be approached? Here’s what you need to know.

CobbleStone Software is proud to introduce the CobbleStone University Certification Program (CUCP)! The program will strengthen and verify our Partner Network’s expertise in CobbleStone Contract Insight^® Enterprise. The program is comprised of a series of live training sessions and videos with accompanying documentation, and culminates in assessments to earn your certification. Read on to learn more!

As contract management continuously evolves amidst ongoing digital transformation, it's important to pursue smart goals that can keep up with the times.  Rather than fall behind with manual contract management processes that require disparate tools - such as email, spreadsheets, and shared drives – read on to see how you can leverage future-minded contract management software tools to fulfill your contract management goals successfully.

Over the last year, our clients - legal professionals - have expressed their seemingly increased workload for reviewing contract documents, negotiating agreements, and signing contracts.  Recently, I was asked: "When do you know it is time to hire a full-time legal professional for contract management and legal review?" Considering the innumerable times I've been asked this question, I resolved to write a thorough and thoughtful response as a blog that aligns with our audience of contract management software users and prospective CLM users as well.  Discover 5 steps to determine if you need to hire a full-time legal reviewer or paralegal.

As contract management continuously evolves amidst constant digital transformation, you can find various ways to improve your processes.  Rather than fall behind with manual contract management processes that require disparate tools - such as email, spreadsheets, wet signatures, and postal mail – read on to see how you can improve your contract management processes with future-minded contract management software.