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!
CobbleStone Contract Insight 22.2.0: The Features
There are several notable user-friendly innovations and enhancements that come with version 22.2.0 to unify and simplify contracting processes. Such user-friendly CLM software tools include:
CORE SYSTEM UPDATES::
>>🤖VISDOM As a Service (VaaS): A Centralized Contract Intelligence Experience
>>📃Better Document Templates Oversight: Holistic Document Management
INTEGRATIONS & CONNECTORS:
>>🏢Advanced FAR & DFAR Clause Oversight & Control
>>📈Dun & Bradstreet: Financial Strength & Risk at a Glance
>>⚠️OFAC Integration: Lightspeed Risk & Compliance Visibility
OTHER FEATURES & ENHANCEMENTS:
>>⛔Enhanced Legal Hold Management
>>👋Single Log Out (SLO): Closing Time Made Easy!
>>❓More Centralized Bulk Survey Management
>>🤟Field Masks: YOUR Metadata, YOUR WAY
>>💲Linking Purchase Orders Together for the Better
Now, let's take a closer look at some of the innovative features CobbleStone Contract Insight 22.2.0 brings!
CORE SYSTEM UPDATES
VISDOM As a Service (VaaS): Centralized Contract Intelligence
We are thrilled to announce the launch of VISDOM As a Service (VaaS), an evolution to our already acclaimed VISDOM® AI artificial intelligence engine with machine learning. VaaS serves to centralize the contract intelligence experience while improving accuracy, performance, and ease of configuration.
VISDOM As a Service has consolidated award-winning machine learning and natural language processing functionality from individual CobbleStone Contract Insight instances into a central service. This strategic decision allows CobbleStone to maintain a unified repository of NLP training data - which can be accessed globally via CobbleStone Contract Insight. Users can easily enjoy new functionality without updating their applications.
Additionally, VaaS introduces virtual taxonomies and data points for enhanced clause recognition and reduced configuration efforts. Common and specific clauses can be more easily classified for improved oversight.
Better Document Templates Oversight: Holistic Document Management
Stay in the loop with oversight of important contract templates!
Contract templates are critical for maintaining an accurate and standardized contract drafting process. As such, a new feature within CobbleStone Contract Insight 22.2.0 makes it easy to configure how these important templates are overseen.
This functionality applies whenever a template is being created or when its settings are edited. Depending on your preferences (and according to their unique needs), you and whoever is assigned to a given template can receive alerts:
- when the template's attachments are changed 🔗.
- when the template's clauses are modified 💬.
- when the template's title is changed 📝.
It's as easy as marking any or all of these three options as "true" or "false!"
This functionality virtually ensures you and those assigned to a template are always informed about updates to those templates, enabling better management and assurance that your templates are up to date. With timely notifications, you can make necessary adjustments and stay ahead of the contract drafting game. Stay informed, stay compliant.
Additionally, system admins assigning an employee user to a document template approval process can assign those users more dynamically and easily. Instead of having to always assign employees by name, they can assign the:
- Contract Owner
- Department Lead
- The Person who Updated the Contract
- And Other Relevant Personnel.
INTEGRATIONS & CONNECTORS
Advanced FAR & DFAR Clause Oversight & Control
Need to access and include FAR & DFAR clauses and provisions for contract and procurement processes for federal agencies? Say no more; it's quick and easy with CobbleStone Contract Insight 22.2.0!
Track and manage FAR/DFAR clauses effortlessly with this integration. The data aggregator service provides a comprehensive view of available FAR/DFAR clauses at a glance, allowing you to search, select, and monitor thousands of FAR and DFAR clauses. Furthermore, you can choose to send email notifications to assigned users when a clause is updated.
For maximum centralization and consistency, these FAR and DFAR clauses can be included in your clause library and can also be included when building mergeable clauses.
Dun & Bradstreet: Financial Strength & Risk at a Glance
Easily digest vendor information and risk at a glance using our Dun & Bradstreet Integration!
Based on your inclusion of your D&B account info, you can enjoy the benefits of enhanced vendor and client awareness and risk management. Once configured, DUNS numbers and location information can be auto-populated when you add a vendor to your CobbleStone contract management system. You can see this visually-engaging widget.
Clicking the View Report button expands on this information, allowing you to view:
- Registration Numbers
- Financial Failures
- Financial Delinquencies
- Financial Ratings
- Financial Nordics
- Financial Third Parties
Enhance risk assessment and make informed decisions effortlessly!
OFAC Integration: Lightspeed Risk & Compliance Visibility
You want that OFAC score to be zero. This easy, breezy OFAC search feature will help!
Like the Dun & Bradstreet display, you can enjoy OFAC scores at a glance. This feature integrates the Office of Foreign Asset Control's national sanctions lists to quickly check if your vendors are associated with foreign states, terrorists, those involved with WMD, those in enemy geographic locations, and others on the SDN (specially designated nationals) list. The lower and greener, the better!
If the vendor does render a higher-than-zero OFAC score with matches, you can view those matches to learn more.
OTHER FEATURES & ENHANCEMENTS
Enhanced Legal Hold Management
We are excited to provide powerful governance of legal holds management within your organization. With these enhancements to legal holds and management, your team can enjoy even more control and flexibility in handling records under legal hold.
Within an easy-to-navigate, dedicated configuration area for legal holds, your team can manage and configure changes that can be made or actions that can be taken while a record is on legal hold. This oversight and control applies to all:
- Contracts 📜
- Requests ☝️
- Vendor & Customer Records 👥
- Employee Records 👨💼
- eSourcing Records 🙋
- Purchase Orders 💰
But what are the benefits?
By configuring changes made to records under legal hold, your team can prevent unauthorized access to these numerous records. This control can help maintain compliance with legal requirements and internal policies regarding who can access contract metadata and associated files.
Additionally, contract management software system administrators can assign non-admin users permission to perform legal holds, which empowers and appropriately utilizes team members. The added effect is that admins can focus on more strategic tasks while maintaining oversight over legal holds.
Finally, by defining the scope of changes that can be made during legal holds, your team can safeguard the integrity and confidentiality of contracts and other documents and metadata.
Single Logout (SLO): Closing Time Made Easy!
Closing time (or logging out of CobbleStone Contract Insight) is easy, thanks to our single logout (SLO) feature!
You can perform a single logout action that terminates multiple user sessions across your CobbleStone Contract Insight system. No matter which device you choose, you will be prompted to log in again.
This feature virtually ensures secure logout 🔒 and peace of mind☮️. Say goodbye to the hassle of logging out from multiple applications and hello to convenience and security.
More Centralized Bulk Survey Management
Managing surveys just got easier!
With our bulk survey modifications feature, you can easily navigate to the original contract or eProcurement record from which the survey has been created. This convenience boosts efficiency and virtually ensures you can quickly identify the original contract or procurement record you are working on when responding to a bulk survey for a centralized and contextualized experience
Field Masks: YOUR Metadata, YOUR WAY
Take control of your contract management metadata with field masks!
This feature allows you to apply formatting to fields within the contract lifecycle management software features. CobbleStone Contract Insight administrators can easily create field masking formats, specifying the required format for each field. Whether it's phone numbers, dates, or any other data that requires uniform or precise formatting, field masks provide you with the flexibility to display and format input exactly as you need.
No longer does your team need to worry about something as simple yet damaging as adding an extra number or two to a phone number field, financial amount, or identification number. Say goodbye to inconsistent data and data entry errors and hello to streamlined processes.
Linking Purchase Orders Together for the Better
Link purchase orders to purchase orders: better together!
Purchase orders can now be linked to other purchase orders at the click of a button! You can also state a reason (if applicable) for increased team oversight.
This functionality can be helpful in case of amendments or similar situations.
A user can link POs to a Master PO Record in case of amendments or similar situations.
Get Going with CobbleStone Contract Insight 22.2.0!
The features and enhancements mentioned above a mere scratch at the surface of all of the transformative functionality that your team can leverage to succeed in digital contract management and eProcurement procedures.
Get started with CobbleStone Contract Insight 22.2.0 to immerse yourself in all that CobbleStone offers for contract lifecycle management success! Contact your Account Rep today to see CobbleStone Contract Insight 22.2.0's enhanced functionality for yourself and review licensing options.
Are you considering CobbleStone Software? Book your free demo today! Would you rather simply try CobbleStone out for yourself? Enjoy a free trial of CobbleStone Software today.
