Contracts are legally binding agreements that define and govern the exchange of goods or services. A contract’s journey 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.
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As a contract manager or administrator, you assume leadership in ensuring your organization's contracts are drafted, negotiated, executed, and managed effectively. However, there may be situations where seeking outside counsel proves necessary to protect your organization's interests and mitigate potential risks. Let's discuss eight signs indicating it may be time to consider bringing in outside counsel for legal services.
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A healthy contract management process should constantly be adapting to technological advancements. As contract volume and contract complexity begin to grow, organizations must embrace digital transformation to be furnished with the right tools to streamline the contract management process. Such innovative CLM tools can be found within a trusted contract management software system. Read on to learn more.
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Contract managers, contract administrators, law firms, and legal teams can leverage legal analytics to gain a competitive advantage and make informed, strategic decisions. Whether you are new to contract data analytics or a well-seasoned user of advanced legal analytics tools, here are five common questions answered.
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To achieve and maintain compliance, it is paramount that organizations, regardless of industry, remain aware of violations committed by entities they are performing business with. Such violations include failure to adhere to economic and trade sanctions under The Office of Foreign Assets Control (OFAC). Contract management software with intelligent national sanction compliance checks and risk analysis snapshots can help organizations avoid these issues by providing a comprehensive and centralized OFAC search process.
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Contracts are a vital part of virtually all business operations, but managing them manually can be time-consuming and prone to costly errors. Additionally, contract management plays a part in many other processes, and centrally improving multiple processes at once can be a tall order. This is where cross-functional contract management software comes in to help legal teams and other relevant business professionals.
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The "lifecycle" is an archetype used to compartmentalize and understand a contract's complex evolution. The lifecycle begins with contract requests and concludes when these requests are fulfilled - with the possibility of managing contract renewal. Let's further explore the eight stages of the contract lifecycle below and how digital contract management software can help streamline your contracting processes.
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In the constantly-evolving landscape of business technology, generative artificial intelligence has emerged as an unstoppable force – positively transforming the way businesses across sizes and sectors operate. This tour-de-force of power of generative AI also applies to contract lifecycle management (CLM).
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CobbleStone® has released its latest CLM software update - CobbleStone Contract Insight® Enterprise Version 22.2.0. This exciting new release offers AI-powered contract lifecycle management software tools for continuous contract management innovation and automation! Read on to familiarize yourself with next-generation contract management software features and enhancements to centralize and streamline your contract administration and eProcurement processes!
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As a government contract manager, it's helpful to stay up-to-date with the latest government contract management, purchasing, and sourcing tools - especially as the industry keeps evolving through 2024 and beyond. Read on to discover six user-friendly government contract management software tools you can leverage to streamline your public contracting processes.
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CobbleStone Software's in-person user conference will be hosted in Las Vegas, Nevada from October 16th, through October 18th, 2024. The 2024 CobbleStone Conference will include engaging breakout sessions and dynamic speakers to enhance your contract management software experience. Read on to see what you can expect to gain from the 2024 CobbleStone Conference so you can secure your seats before registration closes! Discover Vegas beyond the neon lights!
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Now that you are caught up with our May articles be sure to keep an eye out for our June content. Never miss a blog post again, and let us notify you when new articles are published by subscribing to our blog! No time to read? Then check out CobbleStone's YouTube channel for exciting video content. Be sure to like and subscribe!
Discover why thousands of contract management professionals trust CobbleStone Software for their contract management, sourcing, and procurement needs. Book a free demo with a CobbleStone Contract Insight expert to learn more about CobbleStone's acclaimed contract management, eProcurement, and eSourcing software!