State governments, local governments, and special districts manage extensive systems for housing, transportation, sanitation, utilities, land use, and communication to facilitate interactions between people, governments, and businesses. Contract management software can help, and this is why state and local governments love it so much. Let's explore further.
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Healthcare organizations need to manage various types of contracts, which are rife with critical and sensitive data that are even more complex due to the regulations inherent to the industry. Winning healthcare organizations trust healthcare contract lifecycle management (CLM) software to assist with managing these contracts and data. To that end, here are four example scenarios with hypothetical organizations that elucidate challenges in contract management for healthcare, solved with an effective contract management solution!
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Contract data import and export processes can be riddled with bottlenecks, including challenges with data accuracy, format compatibility, and manual effort. Tedious input and validation processes slow down workflows, especially when handling large volumes of contracts and associated documentation, increasing the risk of human error. Luckily, it does not have to be this way.
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When managing contracts, performance monitoring is one of the most important ways to measure success. With a large variety of contracts, all with different terms, it can be difficult to know how you should assess contract performance. Luckily, you can boil down the success of each contract, no matter the complexity, to four key contract performance metrics.
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Manually managing and reviewing an ever-increasing number of contracts of varying complexity is stressful and inefficient. But it does not have to be.
Organizations can improve contract review with AI-powered contract management software.
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Procurement and supply chain professionals deal with an extensive and increasingly complex network of suppliers. These individuals can struggle with the inefficiencies of manual processes when managing contracts and tracking supplier performance. The lack of process centralization makes it difficult to keep tabs on each supplier's risk profile, delivery timelines, and quality standards. With fragmented documents and tedious spreadsheets, supplier base data can be prone to errors - delaying decision-making and risking compliance issues.
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Contract management software is instrumental in automating the drafting, negotiation, execution, and oversight of contracts. Naturally, there are some solutions that are better fitting for your organization than others. If your current contract management solution is slowing you down, it may be time to switch. But how do you know when it's time to upgrade? Well, here are three key signs that it's time to consider a superior contract lifecycle management software solution.
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If you are a new CobbleStone Contract Insight® user, we understand that learning the contract management software system can be intimidating at the outset. You may be asking yourself, "How will I learn the system?" "How will I remember everything?" "Do I need to do all of this myself?" Well, rest assured, CobbleStone® offers a myriad of contract lifecycle management training resources to ease concerns you may have!
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The potential for contract risk is everywhere in the contract lifecycle...from missed deadlines to compliance issues and costly errors. Without a structured approach to managing contracts, organizations can quickly find themselves vulnerable to various risk variables that threaten financial stability, operational efficiency, and more. Fortunately, contract management software offers a myriad of tools to identify and mitigate these risks - keeping organizations on track and compliant.
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Now that you are caught up with our October articles, keep an eye out for our November 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!