Tuesday, December 6, 2022

CobbleStone Software: Redefining Contract Management

Without contract artificial intelligence, organizations can face various challenges and consequences, from tedious and error-prone data extraction to exposure to deleterious risk variables. Such error-prone tasks and data leakage can put organizations at legal and reputational risk.

CobbleStone Software, a company that provides contract, vendor, and e-procurement management software, enables organizations to tackle these challenges. “Our platform hosts over 3 million contract transactions and billions of dollars in contract value. We have been providing contract software as a SaaS solution for longer than any other contract platform,” begins Mark Nastasi, President, CobbleStone.

CobbleStone Software is one of the leading innovators in legal operations digital transformation with its proprietary contract artificial intelligence engine with machine learning – VISDOM AI. CobbleStone’sAI-based contract management software also offers seamlessly integrated features for vendor management, eProcurement, and eSourcing—all on one platform! Organizations no longer need to worry about divorced contract and procurement processes. CobbleStone’s all-in-one contract management and eProcurement suite—CobbleStone Contract Insight—can be enjoyed by private- and public- sector organizations alike. Contracts, requests, vendors, suppliers, procurements, bids, solicitations, purchase orders, and more can centrally be managed from start to finish.

The CobbleStone Contract Insight platform with VISDOM AI offers intelligent contract term, clause, and data extraction and classification. While enabling robust protection of sensitive data, it also provides intelligent workflow automation. Businesses can harness the potential of this application to facilitate a comprehensive assessment of employee accountability and usage of contract artificial intelligence tools. The solution enhances risk identification and prevention with mapping and assessment tools. It also automates the classification of sensitive data such as payment card information (PCI), personally identifiable information (PII), and more. As a result, businesses could improve contract oversight and opportunity realization with AI-powered, intelligent, and automated contract management software.

In addition, CobbleStone Contract Insight supports advanced contract data fields, contract reporting tools, key date alerts, proactive risk management, contract drafting, contract review, and industry-specific contract type tracking. Moreover, the solution is uniquely designed to support task performance monitoring for exceptional contract oversight. Contract administrators can pinpoint how long employees take to complete assigned tasks – promoting department-wide accountability. Tasks can also be escalated in the event thatthere are delays – keeping the contract lifecycle moving and promoting timeliness. “Contract professionals can keep tabs on the number of days a given contract is sitting in a lifecycle stage with contract status updates and alerts. For robust visibility, organizations can leverage advanced workflow analytics, reports, and graphical dashboards,” adds Nastasi.

Increasing Confidence and Security

CobbleStone Software has received widespread critical acclaim from users and third-party analysts in various industries across the world. There are almost countless success stories of organizations using CobbleStoneContract Insight to positively transform contract lifecycle management, vendor management, eProcurement, and eSourcing processes. Not only is CobbleStone built on its proprietary VISDOM contract AI engine, but CobbleStone Contract Insight also boasts numerous convenient integrations and connectors to put the user experience above all else.

Thousands of contract management teams worldwide from a vast array of industries trust CobbleStone’s state-of-the-art contract management features. An exciting success story of CobbleStone is when the company assisted Marion County to help streamline their contracting and procurement processes and assist them with evaluating how specific work ‘moves’ through the county. CobbleStone’s Contract Management Software quickly solved Marion County’s procurement and contracting issues. Using CobbleStone’s CLM software, Marion County can now enjoy a robust, centralized, comprehensive contract and procurement process. CobbleStone’s leading implementation services have supported the smooth transition from their paper process to an automated, streamlined environment.

Today, CobbleStone is pioneering a million-clause initiative to supercharge the intelligent clause recognition of VISDOM contract intelligence. This project sees CobbleStone experts introducing 1,000,000 clauses of over 300 real-life contract types into VISDOM (including both common contract clauses and industry-specific clauses). Natural language processing (NLP) and named-entity recognition are the foundations of this momentous and bold initiative.

As part of its growth strategy, CobbleStone is constantly expanding. The company has introduced more and more regional data centers to expand the offering of CobbleStone to countries worldwide while increasing the confidence and security of local data hosting environments and compliance obligations. As part of its expansion plan, the company has partnered with numerous organizations to centralize CobbleStone with other mission-critical processes and applications. “Our million-clause initiative will perpetually augment the intelligence of our AI-based platform with machine learning. We are also consistently refining our tools for future-minded contract redlining collaboration on a web-based platform,” concludes Nastasi.

Company:
CobbleStone Software

Management:
Mark Nastasi, President

Quote:

“Our platform hosts over 3 million contract transactions and billions of dollars in contract value. We have been providing contract software as a SaaS solution for longer than any other contract platform”

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