Some of the most critical contract management challenges that contract professionals can face are limited and decentralized contract storage, a lack of opportunity realization and reporting capabilities, and an unstructured contract task management process that results in missed key dates. CobbleStone®, an award-winning contract management software provider, can help resolve contract workflow inefficiencies and contract lifecycle management issues for organizations of various industries.
CobbleStone Contract Insight® can provide a secure contract repository so contract professionals can store virtually infinite contracts and search and report on contracts and key data. Organizations can automate the contract lifecycle using intelligent workflow automation with task alerts and notifications, task escalation, contract status updates, and more. In addition, CobbleStone can assist companies in contract drafting with simplified clause insertion and the use of templates from a pre-approved library. Organizations can sustain an accurate, automated, and user-friendly process.
CobbleStone also offers its proprietary contract artificial intelligence (AI) engine with machine learning – VISDOM® AI. CobbleStone’s VISDOM AI offers data mining and IntelliExtract™, which helps provide meaning to data by facilitating data entry, assessment, and risk identification. VISDOM is a machine learning-powered AI that systematically analyzes contracts created on internal or external paper, turning them into building blocks for better contract oversight, proactive opportunity identification, and risk mitigation.
CobbleStone is currently leading a million-clause initiative to improve VISDOM’s intelligent clause recognition. This project entails its experts introducing a million clauses from over 300 different types of real contract clauses into VISDOM. The backbones of this forward-thinking, daring project are Natural Language Processing (NLP) and named-entity recognition.
CobbleStone takes pride in putting the customer first and listening in on client conversations so it can stay on top of customer experience trends. The CobbleStone team firmly believes that artificial intelligence has almost endless promise for legal operations experts. CobbleStone’s million-clause can give contracting professionals access to an out-of-the-box contract intelligence engine that has learned from up to 1 million clauses.
Mr. Mark Nastasi, the president and founder of CobbleStone Software, elucidates the purpose of the AI-based contract management software initiative: “By feeding our contract AI engine a nutritious diet of real-life contract clauses of ranging types, we can allow our clients to enjoy an automated and more efficient contract process that allows them to focus their time on more strategic roles rather than antiquated, tedious procedures.”
CobbleStone Software’s AI-based contract lifecycle management software also includes seamlessly integrated vendor management, eProcurement, and eSourcing functionalities — all on a single centralized platform.
Both private and public sector organizations benefit from CobbleStone’s contract administration and eProcurement platform. Contracts, vendors, requests for suppliers, procurements, solicitations, bids, purchase orders, OFAC compliance, IntelliSign® eSignatures, and many other facets of contract management and procurement can be managed centrally from start to finish. Divorced contract and procurement processes are no longer a concern for businesses thanks to CobbleStone Contract Insight.
CobbleStone is constantly improving its web-enabled, flexible, and scalable solutions for future-minded contract redlining collaboration. It has added a growing number of regional data centers to extend its contract management software offerings to new areas worldwide while also boosting the trust and security of local data hosting environments and compliance needs. It has also collaborated with a number of leading companies to integrate and connect CobbleStone Contract Insight with other mission-critical processes and apps.
CobbleStone Software delivers a configuration-first solution that also includes best-of-breed contract lifecycle management tools out of the box. With the help of CobbleStone’s solutions and services, organizations can quickly get started with a feature-rich, centralized system for automating contract lifecycle management operations. CobbleStone allows organizations to simply and seamlessly adapt their strategies to meet industry and company-specific demands.