CobbleStone® has released its latest software update - CobbleStone Contract Insight® Enterprise Version 22.3.0. This new release offers refreshing contract lifecycle management software tools for continuous legal operations success! Read on to familiarize yourself with next-generation contract management software features and innovations to centralize your contract administration processes!
There are many user-friendly innovations and enhancements that come with version 22.3.0 to unify and simplify contracting processes in an AI-powered solution. Such user-friendly CLM software tools include:
Now, let's look more closely at some of the exciting features CobbleStone Contract Insight 22.3.0 brings!
CobbleStone's next-level generative AI is here, and it's called VISDOM+!
CobbleStone has taken its powerful VISDOM® AI, backed by machine learning, to the next level with VISDOM+ generative AI, built on OpenAI, for clause generation, advanced chatbot functionality, streamlined risk and language analysis, and other helpful features.*
*VISDOM+ can be licensed separately. Please see more details here.
VISDOM Assist is your user-friendly CLM companion - with options for both VISDOM+ and VISDOM users!
Standard VISDOM users can leverage VISDOM Assist to receive swift answers to questions about users, contracts, clauses, record creation areas, reports, and other system-related queries!
BUT the real magic happens when VISDOM+ is licensed!
In addition to the functionality mentioned above, VISDOM+ users can leverage user-friendly and powerful OpenAI technology to draft clauses and ask contract-related questions - including those about applicable laws and compliance regulations such as GDPR, CCPA, and OFAC. What's more, chat history can be reviewed as needed by System Admins and within a provided time frame by standard users.
This is our inaugural rollout of VISDOM+, so keep an eye out for future releases with additional VISDOM+ and VISDOM assist features!
CobbleStone's drag-and-drop functionality is boosted with the power of VISDOM+!
Once a contract has gone through the OCR process, users can experience a new page, "Create Record with VISDOM+," which offers new VISDOM views such as Record Creation, High-Risk Findings, VISDOM Assist, and Confirmed Matches.
Furthermore, the rightside panel has two tabs: a preview of the document and Key Info. The Key Info tab offers a dropdown to effortlessly view important clauses and sections while also leveraging the options available with VISDOM Basic.
The High-Risk Findings tab brings items such as clauses with non-standard language or uncommon clauses to the user's attention in a filterable list. Users can dismiss clauses from the list that do not apply as "high risk" while restoring dismissed clauses to the list if needed. This central location is helpful in identifying if contract language is safe and preferred!
The VISDOM Assist tab of VISDOM+ contains 2 areas: Possible System Additions and Sentiment.
The "Possible System Additions" tab shows users clauses, counterparties, and locations from the uploaded contract that were not found in their system. This allows them to quickly add the newly introduced data to their system if desired with the click of a button!
On the "Sentiment" tab, users can choose to view the list of clauses as their own company or as the counterparty. This will then call out clauses that are positive (in the selected company’s favor), neutral, or negative (against the selected company's favor) so that users can enjoy risk-averse and proactive governance over contract language.
The Confirmed Matches view shows users clauses, counterparties, locations, and other data found in the uploaded contract which already exist in the system. So no unnecessary duplicates!
CobbleStone lets you send one-off approvals in the blink of an eye!
Users can send a one-off document for approval from the Files/Attachments area of a record or from the Merged Document Attachments page.
Employees, company contacts, or external approvals can be swiftly and easily selected, and invitations to approve are automatically sent via email!
Users can also centrally view and manage their past or active IntelliApprove processes with quick-to-access options in the "Negotiations" tab of the core application menu.
Enjoy a clean and seamless email manager!
Users can leverage an improved Email Manager to manage messages. Responses to emails sent from the record can be thread-based, keeping conversations from an original email conveniently grouped together! From there, users can respond directly in this central thread, send a new email, or resend a previously sent email.
Contracts, Requests, Companies, Sourcing, and Purchase Orders all host attachments. With CobbleStone, you can download them at the click of a button!
Bulk Attachment downloading has been added to the top record areas within CobbleStone Contract Insight. From a Record Details Files/Attachments area, click the 'Bulk File Download' button, confirm that you want to 'Zip All Files' and, once processed, it will provide a button to 'Download Zip' which will contain all of the attachments from that record - with duplicates excluded. See how easy that was?
If attachments cannot be included in the zip file, a table with the attachment name and notes will appear in the popup.*
*Please note that this feature can be configured by System Admins only.
Streamline your OCR!
OCR in CobbleStone Contract Insight allows users to either run on the local machine or have the process sent to a central server, which will perform the OCR and send it back to the system. System admins can set which OCR engine to use. This feature provides a more efficient use of local resources and improves system performance!
The features and enhancements mentioned above are 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 22.3.0 to immerse yourself in all that CobbleStone offers for contract lifecycle management success! Contact your Account Rep today to see CobbleStone Contract Insight 22.3.0'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.