About Contract Software:
Contracts are the backbone to any business relationship and are a highly valued asset. For this reason, a proper contract monitoring plan and contract software is essential to maintain a prosperous and risk adverse business. The primary goal of contract software within a business is to ensure that the terms and conditions of an agreement are clearly displayed and that the parties involved properly carry out their agreed-upon tasks. Companies rely on their trusted contract professionals to effectively manage various types of contracts throughout their full life cycles. In the past, this process has meant creating the contract, recording it, and storing it by means of paper or PDF files. This process could be quite time-consuming and often left a higher risk of error, which would potentially cost the business more money in return. In today’s fast-paced atmosphere, there is an increasing amount of pressure placed on contract professionals to easily track their contracts, while omitting little to no data errors or security risks and saving on overhead costs. In such a demanding environment, it is crucial that the proper procedures are set in place to more efficiently monitor contracts. Many businesses are turning to Contract Software as an essential component of their contract process.
About Contract Management Software
As more and more businesses are choosing to utilize Contract Management Software within their organizations, it has become a fundamental tool for them to govern contracts amongst their clients/vendors/suppliers. One of the greatest advantages of implementing Contract Software is the elimination of a paper-trail. Manually storing paper contracts can be perceived as messy and may cause complications within the business, such as misplacing or forgetting about a record. With Contract Software, all contracts are stored electronically through a secure repository system and the chance of complication is highly decreased. Users gain full visibility to all of their agreement records through configurable, system-generated reports and email notifications for important dates. Businesses can also be comforted with knowing that their confidential records are protected through a highly secure server that only permits users with granted access to enter. With all of these beneficial features, it is easy to see why businesses are choosing to use Contract Software to administer their contracts.
Fundamental Benefits of Contract Software
There are many beneficial factors that can be noted for businesses who choose to implement Contract Software or similar legal software. However, these three advantages exhibit the greatest positive impact on an organization’s financial and operational growth.
Risk Reduction with Contract Software
Lawyers, Paralegals, Corporate Counsels and other risk management professionals have a challenging task managing contracts and other risk related documents. A concern many businesses have when managing their contracts is the absence of security. Contracts contain highly confidential information that must always be protected from any unauthorized internal/external personnel. To avoid unauthorized individuals from accessing classified records, the appropriate protection procedures must be set in place. Contract software offers businesses a safe and secure, cloud-based network that can only be accessed by authorized users. The designated System Administrators can assign certain users access to the software. From there, the Admin(s) can assign specific security permissions and restrictions to individual users or entire departments. This process allows companies to remain compliant and limits access to their private records to decrease the possibility of risks.
Increased Productivity with Contract Software
Manage legal teams, corporate legal operations, and contract administration teams need to be more productive managing contracts while monitoring risky obligations. Contracts can be extremely time-sensitive in nature and therefore it is essential that companies keep a close eye on their key dates to ensure important deadlines are met. However, due to handling such large amounts of records, important dates and obligations are often being forgotten or overlooked. This unintended mistake can end up costing companies in added time and expenses. This process becomes notably easier through the implementation of contract software. Helpful reminders and contract reporting tools allow users to schedule notifications for upcoming dates and tasks. Users can track key contract dates through customized, automated alerts that can be sent directly to their email an instant reminder. The task generator allows users to create and assign tasks to specific individuals within the software system. An email notification will be sent to the assigned employee when needed.
Advanced Visibility using Contract Software
As a company’s contract portfolio continues to expand, the need for strong organization becomes even more critical. Organizing large volumes of paper files has become a substandard method of managing records. It becomes tedious for even the most skilled contract professional to search for a specific record amongst a large abundance of hardcopy or electronic files. Implementing a Contract Software Solution provides companies with a central single-repository in which all agreement records are stored, limiting the underlying fear of accidentally misplacing any important files. It allows users to arrange records by specific fields, such as dates, so they can be located quicker and more efficiently. For even more visibility, a search option can be utilized to quickly retrieve any record previously stored within the system. Authorized users have the ability to search by contract title, counter-party, key dates and other contract data to accurately locate the record they are looking for.
The best contract software systems include features to manage contract monitoring and compliance. Companies who implement Contract Software to track and monitor their contract records and contract files will greatly reap the benefits it can offer with a reduction of contract tracking expenses, increased revenues, better contract monitoring and will ultimately notice an increase in the success of their business. More advanced contract systems include: contract drafting software using contract templates, rules-based clauses, approval work-flows, alerts, and risk monitoring. Introducing CobbleStone’s Contract Insight™ Contract Software. Contract monitoring includes tracking key contract data fields, reporting on key contract data, configurable alerts when contract data fields meet specific criteria, reports based on key metrics, and renewal expiration review. Create and manage the contract process with simplicity and a seamless software.
CobbleStone Contract Insight ™ Contract Software
CobbleStone Software is an industry leader in Contract Management Software Products, offering businesses an advanced approach to Contract Software through Contract Insight™ contract software. CobbleStone’s solutions are steadfast and built on the latest technology, which allows for a quicker deployment and easier systematic support. It offers full flexibility with a standard user interface to allow businesses to get up and running quicker and also offers a range of configurable settings to fit each business need. Contract Insight™ is a completely web-enabled application that is captured on a safe and secure cloud platform. Businesses are able to manage their contacts from beginning to end through modern web browsers via desktop, laptop, or mobile device on a real-time basis.
Contract Software Features When selecting a beneficial contract software product, it is important to select a product that has the features your legal and contract team requires. This will make your team's job easier. There is a wide array of out-of-the-box features that are all configurable to any businesses, such as reporting building and performance tracking tools, contract tracking and drafting, customized workflow software engine, advanced searching, unlimited document uploading, check-in/check-out tracking, e-mail alerts, calendar reminders, task generators, unlimited customized user-defined fields, and more. These powerful features allow for in-depth visibility for their agreements with end-to-end contract monitoring capabilities. Organizations can collaborate on contract reviews, negotiations, approvals, electronic signatures, and compliance through the system using CobbleStone contract collaboration-negotiation portal software. This software tool brings vendor, customers and business partners together to do business faster and reduce risk. In addition, the contract software product includes tracking abilities with contract task notifications for email approvals and calendar alerts. CobbleStone’s Contract Software Solution offers more efficiency by streamlining the full contract process from initial contract request to creation to expiration and more. System Administrators have the ability to control user access by assigning permissions and restrictions to employees, departments, or security groups for an added level of security. For added convenience, Contract Insight™ allows effortless integration with other critical applications such as Oracle, Sales Force, DocuSign and more leading software solutions. CobbleStone strives to provide its clients with the most cost-effective, astounding, user-friendly, secure Contract Software that will enable businesses to adopt quicker with its ease of use and increase their overall productivity. Businesses who choose CobbleStone System’s Contract Insight™ solution will reduce their overall cost of managing contracts and stimulate a real return on their investment.
For more information on CobbleStone’s Contract Software features comparison and review benefits, and system options browse CobbleStone's:
- Contract Insight ™ Enterprise Contract Management Software
- Contract Insight ™ Express Contract Management Software
- or contact a CobbleStone advisor at sales@CobbleStoneSystems.com