CobbleStone Software outlines three critical functions of contract administration and details how CLM software can help streamline contract administration processes.
PRINCETON, N.J., Jan. 22, 2025 /PRNewswire-PRWeb/ -- CobbleStone Software – a recognized Leader in contract lifecycle management (CLM) according to the SPARK Matrix™ Report – is excited to share the three critical functions of contract administration along with key insights into how contract lifecycle management software plays a role in achieving contract administration excellence.
The three most important parts of contract administration include:
> contract drafting and negotiation.
> managing the contract repository.
> monitoring compliance.
These three functions of contract administration are vital aspects of pre- and post-execution contract management, setting the tone for healthy collaboration and more streamlined contract lifecycles. Collectively, if done properly, they can result in clear contract terms and conditions, simplify access, and help avoid legal issues and non-performance.
Contract management software tools can automate and simplify these three functions of contract administration by providing a single source of truth and other advanced tools for contract administration automation. By automating tasks involved in drafting, negotiation, contract repository management, and compliance, CLM software allows for better oversight, cost-effectiveness, and more efficient planning and execution.
CobbleStone's CLM software offering for contract administration meets the rising need for better legal technology solutions. In fact, according to Gartner, 66% of legal leaders report plans to accelerate their investments in legal technology as a cost-effective way to manage workloads amid rising budgetary limitations (1).
CobbleStone's contract management software - CobbleStone Contract Insight® - boasts overwhelming customer satisfaction from those who made said legal technology investment. Additionally, prospective CobbleStone users can calculate their potential ROI to see just how much contract administration software can save them from headaches associated with drafting and negotiation workflows, contract repository management, and compliance monitoring while saving time and money.
Click here to learn more about the three functions of contract administration, along with how all three can be optimized with CLM software!
"Legal operations professionals are tired of costly bottlenecks associated with contract mismanagement," says Bradford Jones, Vice President of Sales & Marketing at CobbleStone Software.
"We are excited to outline the purpose of proper contract administration along with how our contract lifecycle management solution simplifies the process while maximizing the value."
Contact CobbleStone Software for a free demo.
For more information, email [email protected] or call 866-330-0056.
About CobbleStone Software:
CobbleStone Software is a celebrated leader in contract management software solutions whose flagship CLM software solution – CobbleStone Contract Insight – expedites contract management, vendor management, eProcurement, and eSourcing processes while offering seamless integrations, ease-of-use, and high scalability. CobbleStone's contract lifecycle management solutions provide simplified contract and vendor tracking, highly configurable email alerts, user-friendly calendar notifications, intelligent contract workflow automation, highly robust security options, streamlined authoring of contract templates with dynamic clauses, centralized revenue/cost management, detailed text indexing and searching, future-minded vendor/client ratings, robust document version control, custom contract management reports, speedy IntelliSign® electronic signatures, more intelligent contracts with VISDOM® artificial intelligence and machine learning, and more.
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Media Contact
Sean Heck, CobbleStone Software, 866-330-0056, [email protected], https://www.cobblestonesoftware.com/
SOURCE CobbleStone Software
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