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.
Contract Management Technology
Contract management technology can be understood as any digital tools used to automate contract lifecycle management processes. Contract management technology has become critical for organizations to maintain efficiency and control as contract complexity and contract volume grow. Organizations that fail to embrace digital transformation with contract management technology risk falling behind and losing value from their contracts.
# 1 - Web-Based Contract Management Tools for Remote Legal Operations
The capacity for organizations to support remote operations has proven essential. Organizations managing their contracts must consistently improve and evolve for ever-increasing support of remote legal operations. Efficient contract collaboration is nothing short of critical.
Luckily, leading contract management software solutions have immensely helped organizations from myriad industries in public and private sectors with remote work. To that end, trusted contract management software solutions offer:
- a secure contract repository for centrally storing and safeguarding contracts, relevant documents, and contract data.
- intelligent contract workflow automation.
- mobile contract management apps for Android and iOS devices.
- integrated contract lifecycle management, vendor management, eProcurement, and eSourcing software processes.
- rapid signing with seamless electronic signature software.
- & Much More.
The best way to support remote contract collaboration as its need becomes ever more apparent is to adopt and implement robust, web-enabled CLM software.
# 2 – Online, Web-Based Document Editing
Naturally, the need for organizations to support remote contract management operations has greatly affected contract collaboration and contract document editing. Luckily, organizations can leverage a leading-edge contract management software solution to edit contract documents online collaboratively.
Let's take CobbleStone Software, for instance. CobbleStone Contract Insight® - CobbleStone Software's acclaimed source-to-contract management software suite – supports in-system online document editing that grants organizations a low-friction and centralized document management experience. Organizations can:
- create new documents straight from one of their contract record information pages.
- import new .docx and PDF documents straight onto a contract record information page.
- and edit existing documents within a contract record information page with virtually no friction.
During the document editing process, organizations can easily insert clauses from their pre-approved clause library. Files are then automatically attached to the relevant contract record information page – while subsequent edits made to documents are automatically tracked as updated versions.
CobbleStone Software also supports seamless Google Workspace and MS Office 365 connectors for enhanced online contract collaboration. These connectors support a concurrent and web-based online document editing and document management experience. Organizations can enjoy a splendidly low-friction process - which is especially helpful for working with multiple disparate stakeholders!
# 3 – Contract AI With Machine Learning for Intelligent CLM
Even before the need for seamless support of remote work arose, organizations have needed to embrace digital transformation to automate the contract process. Thankfully, robust contract management software is built on contract artificial intelligence with machine learning.
AI-based contract management software built on a foundation of machine learning can allow organizations to "drag and drop" contract documents into their CLM system – automating and streamlining contract data extraction processes and classifying contract data.
For managing multiple documents for "drag and drop" record creation, AI-based CLM software allows users to manage multiple documents for processing via a convenient queue.
Contract intelligence can also support natural language processing (NLP) for automated data extraction, data pre-processing, and auto-fill of important information within organizations' contract records. With automated document clause detection, organizations can easily compare the similarity of newly introduced clauses to those within their pre-approved clause library. From there, clauses can easily be added to said library or training data for an ever more intelligent CLM process.
Organizations can leverage contract AI to configure rules to identify and secure sensitive contract data points for enhanced data classification and data protection. This data protection process can help organizations establish data parameters for specific data points while consolidating and classifying that data. Organizations can save time by allowing contract artificial intelligence to process such tedious tasks and data import analysis.
Organizations around the world have improved their contract management risk response plans. Contract management software users can leverage graphic-based risk rating and risk mapping features with contract artificial intelligence. Such tools provide valuable insight for assessing risk variables. For example, a visually engaging risk assessment matrix can present organizations with risk exposure and risk probability patterns at a glance. This risk visibility can help organizations enact their risk response plans quickly and effectively.
The COVID-19 pandemic has emphasized the importance of seamless contract data searching for organizations around the world. For example, the ability for organizations to find force majeure clauses has been proven essential - given the "acts of God" that organizations have beyond their control.
User-friendly contract management software powered by contract AI allows organizations to search for contract documents, contract data, contract clauses, contract counterparties, contract key dates, contract status, and so much more. Advanced solutions - such as CobbleStone Contract Insight - offer all of the aforementioned tools as well as the ability to access search history, saved searches, and more.
CobbleStone Contract Insight's contract intelligence engine with machine learning - VISDOM® AI - also allows organizations to manage contracts from their MS Outlook email interface! Organizations can create contract record information pages from email attachments, "drag and drop" contract documents attached to emails for the intelligent data extraction and classification processes mentioned above, and so much more!
Contract Management Technology Oversight With CobbleStone®
To face the evolving challenges of the COVID-19 pandemic, the evolution of digital transformation, the need for remote work, and any other changes that may come down the line, organizations must choose a CLM solution that they can trust has the right tools for 2022 and beyond. The only solution that offers all of the tools mentioned above is CobbleStone Software.
CobbleStone Software's trusted, critically acclaimed, fully integrated contract management software suite streamlines legal operations and more with optimal governance, low friction, and heightened flexibility. CobbleStone has been a visionary developer of contract lifecycle management software for over 20 years – and continues to innovate. CobbleStone's user-friendly, highly robust, and scalable solution seamlessly integrates with myriad mission-critical applications for unified and centralized contract management.