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Assessing an organization's needs for Contract Management Software is a very uniquely defined process from
organization to organization. While an assessment of your organization can take on many different shapes
and sizes, there is one thing to keep in mind - You Are Not Alone.
Even with the growth and attention the Contract Management Software industry has received as of late, the
surface has barely been scratched. Many organizations are in the same precarious situation of still using
some form of a manual process or antiquated system to manage their contracts, committals and agreements.
You may have the same concerns as many of these organizations regarding the effectiveness and efficiency of
your current process. In order to maintain or improve your competitive advantage in today's fast-paced
business environment, a centralized and comprehensive contract management system is key.
Challenges for You and Your Organization
Numerous broad and/or specific reasons and issues may be steering you in the direction of considering
Contract Management Software. Even with the reasons you may currently have, there are likely others that
have yet to come to light, that could play a drastic part in improving your organization's contract management.
The questions below pertain to the more common challenges that our customers have faced prior to implementing
our Contract Insight solution. If any of these questions speak to your current contract management concerns,
then CobbleStone's Contract Management Systems could benefit your organization.
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If your contract manager(s) suddenly left, would your organization have a problem locating contract information?
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Do your sales employees present non-standard contract terms to potential or prospect clients?
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Have key contract dates, such as option renewal or automatic term rollover ever been missed by your organization?
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Can you quickly recall the number of contracts you manage that will expire in the next 3 months? 6 months?
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Has your organization ever ended up paying for something not wanted due to missing a negative option on a contract?
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When an executive asks about specific contract(s) are you able to respond while the executive is still there?
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Could risk and/or business levels be exceeded with a specific supplier due to different organizational parts
unknowingly contracting with the same supplier?
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Can you track organizational cash flow back to specific contracts?
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Do you know and can you manage the status of contracts anywhere in their lifecycle?
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Can you provide a summary of your organization's contractual liabilities for a vendor? for a department? for a time-frame?
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Can you quickly determine and account for bottlenecks in the process or flow of your contracts?
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Assessing Your Risk
The inherent challenge in assessing and quantifying organizational risk is that errors often fall through the
cracks due to omissions or failed prevention strategies. Potential risks often surface in the details of a
contract, or as an unintended consequence from merging contracts. Many of our clients have told us in confidence
that a disastrous contract management error prompted them to seek us out.
Through the use of Contract Management Software, an organization can assess and work towards mitigating risks,
by ensuring that contract details are available and visible for all necessary business users. With the use of
automated and in-depth reporting, executive and senior management can rest assured that even should risks be
present in a contract, they can be brought to the attention of decision makers, rather than slip through the cracks.
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