Contract Insights

Digital transformation is the future of contract management – whether legal operations professionals like it or not. Organizations not leveraging contract intelligence may very well encounter a bleak contract lifecycle management future.

The age of legal operations digital transformation continues in 2023, with even more exciting digitization tools for business process automation available.  The more contract administration tools available to legal teams and contract administrators – however – the easier it is to fall behind.  With that said, let’s examine six tips for effective contract management in 2023 to get ahead with contract management software.

In April, we announced CobbleStone Software's momentous million-clause initiative to enhance and nourish VISDOM® AI - CobbleStone's proprietary contract artificial intelligence engine with machine learning.  Now, we are excited to share that - in just two months - over 330,000 clauses have been "fed" to VISDOM contract intelligence thus far!  This momentous 1,000,000 contract clause initiative is just one of many reasons that CobbleStone® has been celebrated as the leader in contract management software.

The contract analysis process is a many-feathered bird.  Between tracking and gaining insights from clauses, tracking contract status, and managing risk variables - there is ample room for mistakes and bottlenecks.  Luckily, organizations can manage contract analysis better with contract artificial intelligence within contract management software.

It remains true that general counsel and paralegals continue to encounter growing contract complexity and volume.  An ineffectual legal contract management process makes obstacles for legal departments tough to overcome.  Here’s how to leverage seven legal contract management software tools for a streamlined legal contract lifecycle, reduced risk, and minimal contract lifecycle bottlenecks and delays.

There is an almost limitless abundance of wildlife within the animal kingdom.  And yet, some zoologists can recognize thousands of species, along with how they function within their ecosystems, how they behave, what they eat, where they obtain shelter, etc.  But how do zoologists come to know so much about the creatures around us?  The answer is through repeated exposure to and study of such beasts.

Similarly, contract artificial intelligence within contract management software can come to recognize almost countless different types of clauses within contracts - if said contract intelligence engine is fed a "nutritious diet" of various contract clauses and terms.  Such is the idea behind CobbleStone Software's million-clause initiative to nourish and enhance its proprietary contract artificial intelligence engine with machine learning - VISDOM® AI.

This blog was originally published on September 15^th, 2021.

The world of contract administration has evolved drastically in recent years.  Given the ongoing COVID-19 pandemic and the embrace of digital transformation over obsolete legal operations methods, organizations must embrace automated contract management software tools that support remote contract collaboration and intelligent workflow automation.  As such, here are the top three contract management technology tools that organizations should leverage.

Corporate compliance and risk management are critical for the success of a contract.  Organizations need to be aware of potential exposure to financial risk, legal penalties, breaches of contract, and other risks while adhering to industry laws, government regulations, internal policies, and other compliance rules.  Failure to do so can result in a lack of corporate compliance, contract failure, lawsuits, a compromised reputation, data leakage, and worse.  Luckily, organizations can leverage leading contract management software to enhance corporate compliance and risk management.  Here's how.