Contract management is a daunting task. Contract mismanagement can pose challenges to workflow efficiency. This is where contract management software solutions come into play. They provide necessary insight into contract data while taking care of facilitating collaborations between parties, promoting complete contract lifecycle management, and streamlining time and cost management with negligible risks. Software companies specializing in contract management must ensure factors such as expedited contract software processes, reduction in supply chain risks, compliance at all stages of the process, and more.
Thriving with efficient contract management software solutions, CobbleStone Software upholds a proven track record of services and solutions with industry-leading flexibility and features. The company’s service portfolio has been precisely designed to meet unique organizational expectations. A brainchild of Mark Nastasi (CEO and Founder), CobbleStone® was among the first and most experienced companies offering contract management software products.
An Array of Distinguished Solutions
CobbleStone provides an array of contract management software solutions with extended branches of unique services. The company’s primary roles include software development, product management, delivery, sales, CLM software, and much more. With impactful solutions, the company continues to lead with full contract lifecycle management and e-Procurement software. With abundant industry experience, CobbleStone stands as a visionary in providing successful contract lifecycle management system optimization. It caters to the needs of its clients while landscaping digital transformation with the continued development of its products per industry demand. CobbleStone’s mission entails helping organizations and industries and promoting better management of their contracts and agreements. To that end, CobbleStone has been recognized with prestigious awards for its holistic approaches.
Core Pillars of Contract Software Processes
CobbleStone Software focuses on several core pillars of contract software processes.
- The company’s primary focus is a full contract lifecycle management software solution, which features financial contract spend tracking and meets the requirements faced by enterprise and global organizations. These include legal intake request tracking, contract approval processes, contract tracking and drafting, clause assembly, and much more.
- CobbleStone CLM Software offers a configuration-first approach and flexible interface supporting factors such as configurable workflow automation tools, system and user-defined fields, a pre-approved clause language and template library, and many more.
- For financial and fiduciary aspects, CobbleStone Software offers e-sourcing and online bidding tools for procuring services and goods while ensuring factors such as best financial prices, fostering supplier competitions, leveraging contract budget and contract cost tracking, and much more.
- The company also offers supplier and employee OFAC credentialing software to ensure that vendors, customers, and employees comply with the US Treasury Department’s national sanctions lists. These tools can help financial, risk management, legal, and procurement professionals track contracts and better manage their purchase and spend pipeline.
- For readers subjected to FASB ASC 606 for contract management, there is a large impact on revenue recognition based on how a contract states product(s) is/are delivered and accepted. Moreover, FASB Lease Topic 842 has a huge impact on the revenue, expense recognition, and balance sheets of CobbleStone’s customers offering and utilizing leases.
Effective Crisis Management
Covid-19 had a severe impact on the operations of organizations, further impacting their organizational goals and generated economic impacts. For cost management, purchase management professionals, financial controllers, and risk managers sought contracts to highlight areas that could compensate for the economic losses.
To support its clients, CobbleStone increased outreach toward clients through its services—as clients used CobbleStone Contract Insight contract lifecycle management software to manage contracts, suppliers, and risk variables. The holistic management of the areas mentioned above is critical to organizations in various fields such as healthcare, banking, and others.
Its user-friendly and robust enterprise contract lifecycle management software enables organizations to avail imported contract clauses and contract terms while allowing them to automate contract authoring and contract writing processes with powerful contract drafting and legal review tools.
“Learn from the Past”
Concerning the aftermath of the global pandemic, Nastasi suggests early preparations for future crises by learning from the past. He recommends the following tips for risk management from several perspectives: maintaining redundancy with geographically separated data storage and access, from a physical work point; and maintaining redundant work locations and security to work remotely (VPNs) for remote contract management, from a human resource standpoint.
He further suggests building a pandemic plan and testing it, having systems available via secured web or cloud, and ensuring redundant and geographically separated suppliers. Maintaining insurance for business interruptions and events such as a pandemic is also key while preparing for unforeseen crises.
Envisioning Proliferative Future
Nastasi believes that over the years, the increase in regulations and changes in litigation, laws, regulations, and the costs of such have increased along with the world’s progress on the protection of personal, health, and banking data. He adds that regulations such as GDPR, CCPA, FASB, data security, and health care data protection are vital to maintaining ethics, fairness, integrity, and fiduciary responsibility.
Nastasi envisions a proliferative future for the company. He mentions that CobbleStone plans to continue improving and evolving to aid customers with leading-edge contract management software. The company also plans to enhance its primary solutions, which will include new editions, the improvement of contract artificial intelligence, contract negotiation collaboration, and more. According to Nastasi, cloud computing, platforms such as a service, data security, and artificial intelligence are key items and opportunities in the near future. He recommends beholding a solid background in any of these mentioned industries. He further suggests finding a niche and being passionate about it by – quote – “try[ing] to solve a unique challenge.”
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