Contract Insights

Contract Management Software can benefit any organization that needs to manage contracts or agreements, but one of the most common objections is the cost. Understandably, budgets are a considerable factor in all business decisions, but low-cost contract management comes at a higher price.

Artificial Intelligence (AI) is the (loved and feared) buzzword around technology advancement, organizational growth, and career stability. In this article, you'll discover what the future looks like for contract managers and contract administration.

New Year Goals

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? 

The EU's new data protection laws took effect May 25, 2018. Make sure your organization is aware of the potential impact, including hefty fines, and ensures GDPR contract compliance.

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Regulation) has actually been around since 2016, replacing the old data privacy laws that have found themselves outdated.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.

Effectively managing tail spend now can save your organization headaches in the long run.

What is Tail Spend?

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.