Contract Insights

Many legal professionals face the daunting task of managing a growing volume of contracts efficiently and securely. The manual handling of such important documents is not only time-consuming but also prone to errors - leading to potential compliance issues and operational inefficiencies. Enter contract management software; among many other things, it is a document management solution designed to streamline the organization, access, and management of various types of documents.

While contract complexity and volume grow, navigating the contract lifecycle can feel like an evermore steep, uphill battle as organizations juggle inefficiencies, risks, and costly disputes. In the face of these challenges, understanding the landscape of contract lifecycle management becomes essential for driving strategic decisions and operational improvements. To that end, here are 20+ of the latest statistics, trends, and informed predictions in the contract management space.

The process of redlining contracts for contract negotiation can be challenging if done improperly.

Organizations that edit documents manually in Microsoft Word can increase the chances of human errors. What’s more, constant back-and-forth edits via emailed documents can result in version control mistakes and broken formats. Mission-critical clauses and sections can either be left out of a legal document or improperly positioned. Additionally, the amount of time spent on tedious, outdated redlining processes can result in lost revenue and opportunities.

Thankfully, your legal team can start saving time on the contract negotiation process with CobbleStone’s user-friendly auto-redlining tool - powered by VISDOM® artificial intelligence. Here’s how to leverage auto-redlining within CobbleStone Contract Insight® contract management software.

Did you miss any of our blog posts from January?  Don't worry; we have outlined each of them for you.  Stay up-to-date with industry topics, real-world case studies, and contract management software and procurement best practices in February by reading the latest CobbleStone® content.