CobbleStone Software – Revolutionizing contract lifecycle management and fortifying client security through strategic partnerships and cutting-edge innovations

CobbleStone Software is a global leader in enterprise contract lifecycle management (CLM) and eProcurement software. With over 20 years of expertise, its AI-enabled platform, CobbleStone Contract Insight^®, has empowered organizations of all sizes to efficiently manage contracts. Committed to exceeding customer expectations, CobbleStone^® focuses on delivering best-of-breed contract and procurement management software. The user-friendly solution is designed to streamline the entire source-to-contract process, catering to the unique needs of diverse industries, including government, healthcare, education, legal, banking, pharma, retail, and more.

Mark Nastasi, Executive VP spoke exclusively to CIO Bulletin about how his company delivers contract management software renowned for its industry-leading flexibility and features crafted to address the distinctive requirements of businesses.

Interview Highlights

Q. Can you share the story behind the founding of CobbleStone Software? What was the original vision or inspiration that led to the establishment of the company?

CobbleStone Software was founded in 1995 and was among the first and most experienced companies to offer a contract tracking and management product. The impetus for developing this contract solution arose from a scenario in which a leading company inadvertently breached an agreement, leading to a multimillion-dollar settlement. It was in response to this situation that CobbleStone Software's mission took shape – to assist organizations in preventing agreement violations while offering an improved solution for managing contracts and obligations.

Q. What sets CobbleStone Software apart from other similar solutions in the market, especially in terms of contract lifecycle management and procurement?

One noteworthy aspect is that the CobbleStone Contract Insight mobile app has been recognized as a crucial CLM differentiator by a respected and prolific business solutions analyst/firm. CobbleStone's comprehensive customer service and support options, catering to both beginner and advanced users, have also garnered repeated praise. Additionally, CobbleStone Software's VISDOM^® contract intelligence is notably robust, drawing insights from up to one million real-life, classified clauses.

Q. How would you describe the core values that drive CobbleStone Software, and how are these values reflected in the company's day-to-day operations?

CobbleStone Software is driven by a set of core values that stem from its mission – to deliver the most advanced, cost-effective, and user-friendly contract and procurement management software applications, enabling employees to excel in their work. The company's mission embodies several key principles:

• Elevating Expectations: Both our software products and staff strive to exceed not only our clients' expectations but also each other's.
• Commitment to Ethics: We uphold a dedicated Code of Conduct, ensuring integrity and ethical practices in every aspect of our work.
• Respect and Responsibility: We pledge respect towards our clients, co-workers, environment, and ourselves, fostering a culture of responsibility and mutual regard.
• Values-Driven Success: Our success is defined by our embodiment of sincerity, personal integrity, humility, courtesy, wisdom, and a spirit of giving.
• Continuous Evolution: We are committed to evolving our products and software solutions continually, adapting them to meet the evolving needs of modern businesses.

These values are ingrained in our day-to-day operations, guiding our decisions, interactions, and innovations as we strive to uphold the highest standards in our industry.

Q. What measures does CobbleStone Software take to support the well-being of its employees, both professionally and personally?

CobbleStone has consistently embraced corporate social responsibility (CSR) initiatives in line with a mission that extends beyond the broader contract management software community, aiming to contribute to making the world a better place. Some of CobbleStone's CSR initiatives include fundraising for a local animal adoption center and sponsoring a non-profit company dedicated to reducing poverty and sustainably improving human development.

Moreover, CobbleStone Software provides employees with the option for flexible schedules, as well as hybrid or remote work, to accommodate individuals' unique situations. Lastly, CobbleStone supports employees' professional growth by offering a tuition reimbursement program.

Q. You mentioned partnerships with Microsoft, Oracle, DocuSign, Adobe, and Salesforce. How do these partnerships enhance the functionality and user experience of CobbleStone's software?

CobbleStone consistently introduces tools and features to streamline the management of the contract lifecycle. Through partnerships with industry leaders such as Microsoft, Oracle, DocuSign, Adobe, Salesforce, and others, CobbleStone seamlessly integrates these platforms into its own, providing users with a centralized hub that encompasses all their essential tools. Additionally, CobbleStone offers REST API functionality to facilitate a more seamless flow of system communication.

Q. What measures are in place to protect sensitive contract information and ensure regulatory compliance for your clients?

CobbleStone Software prioritizes the safety and security of confidential user data. Earlier this year, CobbleStone announced the renewal of its Data Privacy Framework Services Compliance. Monitored by the U.S. Department of Commerce, these services offer qualifying businesses features such as dispute resolution, monitoring and reminders, compliance support, and resources and guidance.

Beyond Data Privacy Framework compliance, CobbleStone also adheres to SOC 1, SOC 2, CMMC Self-Compliance, and PCI SAQ-A standards. CobbleStone enables organizations to track compliances and regulations according to their unique needs.

CobbleStone remains up-to-date on new security protocols and consistently updates clients on related news. For a comprehensive list of CobbleStone's security compliance, please visit https://www.cobblestonesoftware.com/company/attestations.

Q. Could you share a success story or case study where CobbleStone's software significantly improved a client's contract or procurement management processes, leading to tangible benefits for their organization?

Client: El Paso County 

Challenge: Overcoming Decades of Contract Management Challenges

El Paso County, Texas faced persistent difficulties in managing contract expiration dates and grant requirements. For years, the absence of a centralized system led to missed deadlines, exacerbated by communication gaps between departments and sluggish approval processes.

Solution: CobbleStone Contract Insight^® - A Turning Point

CobbleStone Contract Insight emerged as the much-needed solution to our longstanding challenges. This powerful software not only centralized our contract management but also enabled the development of robust reporting functions. The introduction of the Contract Report Card System, with its insightful drill-down reports, allowed our Contract Management team to gain a comprehensive overview of our contract landscape at any given moment.

Result: Empowering Departments, Reducing Expired Contracts

With CobbleStone Contract Insight, our departments are now empowered with core contract knowledge and responsibilities. We implemented a contracts deliverables section, allowing each department to manage their contracts more effectively. The outcome? A significant reduction in expired contracts and a streamlined process for addressing expiring contracts promptly.

This transformative solution has not only elevated our service delivery but has also instilled a new level of accountability among our vendors. The positive impact of CobbleStone on our contract management has been nothing short of remarkable. For an in-depth look at our success story and more, explore the full case study click here.

Q. Can you provide a glimpse into any upcoming features or innovations in CobbleStone Software's contract, vendor, and e-procurement management solutions?

One exciting, upcoming event is the imminent completion of our million-clause milestone. This initiative is dedicated to advancing our VISDOM AI engine, aiming to build a library containing over one million common and situational clauses.

The overarching goal is to establish a system capable of intelligently analyzing, sorting, and providing insights into a vast number of clauses. This functionality empowers users to streamline their contract creation and overall contract lifecycle management processes. Through the integration of machine learning, natural language processing, and named-entity recognition, CobbleStone's clause recognition and library processes are simplified, complete with auto-redlining.

“CobbleStone Software is driven by a set of core values that stem from its mission – to deliver the most advanced, cost-effective, and user-friendly contract and procurement management software applications, enabling employees to excel in their work.”