As General Counsel, you hold a tremendous responsibility within your organization – especially with managing internal stakeholders and maintaining efficient processes with external stakeholders. Relying on disparate and manual contract management processes such as spreadsheets, filing cabinets, emails, and shared storage drives can create an inefficient contract management process that can waste time, decrease revenue, and increase risk. Read on to learn why CobbleStone Software’s acclaimed contract management software platform – Contract Insight® - is the top choice for your processes.
With your high level of scrutiny from fellow C-suite executives, an inefficient contract management system can leave you unprepared to answer data-driven questions from your respected peers, decrease your credibility as a trusted leader, unnecessarily increase your legal team’s costs, and increase your organization’s overall risk.
Fortunately, General Counsel can rely on CobbleStone’s legal contract management software to centralize the contract lifecycle management process by helping to drive value, increase revenue, reduce costs, facilitate collaboration, improve efficiency, and reduce risk with optimal oversight.
Executive Summary
While General Counsel trust CobbleStone’s legal contract management software for various reasons, read on to learn how CobbleStone can remedy General Counsel’s most common challenges within the following areas.
- Maintaining Contract Compliance & Anticipating Key Dates
- Completing Contract Tasks & Maintaining Version Control
- Mitigating Risk & Maintaining Optimal Security
- Centralizing Contract Management With Searching & Reporting
Maintaining Contract Compliance & Anticipating Key Dates
When dealing with multiple stakeholders with disparate processes - such as email, filing cabinets, and shared drives - it can prove challenging to maintain compliance and track key dates.
Fortunately, CobbleStone allows General Counsel to track each contract through configurable contract workflows that can notify stakeholders of contract compliance tasks and breaches. Additionally, with the ability to assign clause ownership, you can virtually ensure the use of approved clause language. Rather than miss any key dates, you can receive rules-based and automated task alerts to virtually ensure timely renewals, executions, eSignatures, approvals, and other tasks.
Completing Contract Tasks & Maintaining Version Control
During the contract lifecycle, staying abreast of tasks and tracking contract versions can be tiresome and confusing without a centralized and streamlined contract management process.
Luckily, General Counsel can use CobbleStone’s intelligent workflow, eSignatures, and electronic approvals to support timely task completions. With a centralized, web-enabled contract repository, you can host a virtually unlimited number of documents and track their evolutionary processes with optimal version control - including time-stamped redlining - within each contract record. To learn more about completing contract tasks with speedy eSignatures, watch CobbleStone’s IntelliSign® video below.
There is virtually no need to worry where the contract may be within its lifecycle thanks to preconfigured task escalations and real-time status changes. General Counsel can easily manage contract negotiations and import third-party documents with the seamless integration of CobbleStone’s PC Helper App that includes MS Word and MS Outlook plugins. Say goodbye to unclear contract task expectations and contract management bottlenecks with the help of CobbleStone Software.
Mitigating Risk & Maintaining Optimal Security
As General Counsel, mitigating risk and virtually ensuring legal security internally and externally prove paramount to your leadership goals and C-suite expectations. Considering the weight of your responsibility, you cannot afford to rely on manual processes that can increase the likelihood of human error – regardless of how stellar your legal team may be.
Fortunately, VISDOM® AI, CobbleStone’s proprietary artificial intelligence engine with machine learning, can help you reduce risk by analyzing new contracts for clause language that may increase risk and examining existing contracts for risk variables that may be mitigated upon a contract’s renewal. When dealing with many contracts, proactive risk assessments can prepare you for negotiations, renewals, and contract performance reviews. With the help of CobbleStone’s OFAC search, you can also assess if your vendors comply with the Office of Foreign Asset Control's trade and economic sanctions with individualized risk scoring. To learn more about VISDOM AI, watch the video below:
Considering how General Counsel collaborate with IT to protect corporate and client data, you must work with a highly secure software provider whose organization and system configurations adhere to utmost security standards. CobbleStone, as a best-in-class CLM software provider, is SOC 1 and SOC 2 compliant. Moreover, General Counsel can configure CobbleStone Software with highly secure rules-based user permissions to virtually ensure only the proper people access specific data across ranging devices. You can also negotiate contracts with third-party stakeholders in a secure contract collaboration portal – safeguarded from other sensitive and confidential information.
Centralized Contract Management With Searching & Reporting
As aforementioned, disparate contract management processes can cause unnecessary contract lifecycle management bottlenecks. Rather than manage contract information from ranging locations such as email and shared drives, CobbleStone Software can centralize your entire contract management process from requests to renewals – supporting a low-friction contract lifecycle management solution with holistic reporting features and data analytics.
CobbleStone Software’s Contract Insight® offers General Counsel a centralized contract lifecycle management software system that unifies people, process, and technology for optimal contract governance. With CobbleStone’s contract searching and reporting, legal teams can find virtually any document and its status within its lifecycle, including who is responsible for its current or upcoming task. CobbleStone’s executive graphical dashboards allow you to create custom, visually engaging reports with mission-critical field data – empowering you with the tools to quickly assess data and answer your C-Suite’s questions with unparalleled confidence.
General Counsel Love Contract Insight
Streamline your legal contract management process with a leading-edge contract management platform. End-to-end legal contract lifecycle management begins with CobbleStone Software’s Contract Insight.
CobbleStone’s trusted, award-winning, fully integrated legal contract management software streamlines the contracting process with optimal governance, reduced friction, and high flexibility from contract requests to renewals.
CobbleStone Software has been a visionary in contract management software since the mid-1990s. CobbleStone’s user-friendly, robust, and scalable solution seamlessly integrates with mission-critical applications for unified and seamless contract management, vendor management, eProcurement, and eSourcing.
Discover why thousands of contract managers trust CobbleStone Software with their contract management needs. To learn more about CobbleStone’s unparalleled contract management software, book a free demo with a Contract Insight expert today!
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