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Managing contracts and agreements can be very challenging. CobbleStone Software has offered a solution that supports an efficient contract management process since the mid-1990s. Its user-friendly contract management, procurement, and sourcing platform is an end-toend contract lifecycle management software solution that enables contract managers to track and oversee contracts in every stage of the contract lifecycle, from requests to renewals. We had a conversation with Mark Nastasi, the Founder and Executive VP of CobbleStone, to better understand its offerings.
How does CobbleStone’s Contract Insight® Enterprise enable effective contract management?
Contract Insight Enterprise streamlines the entire contract lifecycle with a user-friendly interface with advanced contract management features, backed by machine learning and artificial intelligence. Our leading-edge software is offered as a deployed or web-based platform - based on an organization’s needs.
Contract Insight Enterprise incorporates VISDOM® AI, CobbleStone’s proprietary artificial intelligence engine, to analyze contracts for thorough contract oversight, risk mitigation, and proactive opportunity realization. VISDOM AI automates data extraction, assesses risk, offers recommendations based on real-time data, and aids in intelligent workflow creation. Moreover, VISDOM AI enables controls for data conflicts, extracts and manages clauses, and saves clauses to training data for machine learning and future contract creation.
Contract Insight Enterprise supports detailed contract reporting and contract analytics so users can create reports based on contract data fields, financials, and key dates with included email reporting. Automated alerts notify contract managers and their teams of upcoming key dates, milestones, contract renewal opportunities, risk factors, risk exposure, compliance issues, and more to enable maximum contractual opportunity realization and risk mitigation.
CIOs can seamlessly collaborate with business partners, clients, vendors, and employee non-users with Contract Insight Enterprise. Users can securely and seamlessly share documents, negotiate, retrieve electronic signatures, and send mass signature requests. Contract Insight Enterprise’s visually engaging grids and charts help users track contract performance and manage expectations. Overall, CobbleStone continues to provide a leading-edge source to- contract management solution that empowers users to manage their contracts, legal documents, purchases, and vendors most effectively.
How does CobbleStone meet different industry requirements?
CobbleStone’s user-friendly, flexible, and award-winning contract management software can be used by almost any industry. However, we most commonly serve government, healthcare, legal, pharma/life sciences, education, and financial/BFSI industries.
CobbleStone can help virtually any industry in need of contract lifecycle management, sourcing, and procurement software. CIOs trust CobbleStone’s Contract Insight to support their contract lifecycle management process from requests to renewals for increased security, ROI, and opportunity realization.
What are the benefits of your vendor management software?
Our software has helped thousands of CIOs, risk management, purchasing, and procurement professionals to manage vendors effectively. CobbleStone optimizes vendor management with intelligent analytics and reporting that are supported by flexible hosting options. Our vendor management software can help prevent common challenges, including failed compliance, missed deadlines, and insufficient payments – and is built upon Microsoft’s robust .NET framework.
CobbleStone’s software supports monitoring of sensitive information access, third-party services, and applicable internal policies. CobbleStone helps organizations considering a plethora of vendors to efficiently rate and score prospective vendors for compliance with federal and local regulations and compliance - allowing software users to confidently select the optimal vendor that will yield the most value.
What are the impressive functionalities of CobbleStone’s purchase order software?
Our software’s full asset lifecycle management allows users to create and request POs from templates quickly, track order quantities against contract budgets, reduce data entry errors, and consolidate purchase orders.
Software users can gain a comprehensive scope of orders and their location, request statuses, requestor details, vendor details, and line item information. Organizations can purchase more confidently with artificial intelligence that vets prospective assets for risk variables and compliance standards. With such unparalleled visibility, software users can better track asset locations, received dates, quantities, and shrinkage.
What training options do you offer?
We highly recommend optional virtual and in-person training options to our users so that they can gain a comprehensive understanding of how to better leverage CobbleStone Software’s various innovative functionalities.
We also offer training videos, support, group training, virtual and in-person meet-ups, and other learning opportunities. We anticipate hosting our virtual user conference in early 2021, which will include training sessions for current CobbleStone users and those interested in learning more about our software and contract management best practices.
About the Founder
Mark Nastasi is the founder and Executive VP of CobbleStone Software. In the mid-1990s, he launched the first commercial contract software named Contract Management Tracking System (CMTS). With over twenty years of professional industry experience, he has worked extensively with lawyers, paralegals, general counsel, and legal professionals to develop Contract Insight, an award-winning AI-based contract management, vendor management, sourcing, and procurement platform.
“Highly recommended to any organization requiring a highly customizable and supported solution for contract management,”
Lorena, Assistant Contract Administrator.