Without the ability to effectively manage contracts from start to finish, businesses are fighting a losing battle. New Jersey-based CobbleStone Systems offers a long-proven method to organizations in need of contract management through its array of web-based products. Mark Nastasi, VP, CobbleStone Systems, explains, “A number of clients express the difficulty they face in managing contracts, as they are typically using an entry-level or homegrown contract management software.” CobbleStone recognizes the gaps in these methods and provides innovative tools to enhance and simplify the contract management process. The company recognizes the need for solutions that take into consideration regulatory guidelines and organizational requirements to capture and interpret complex details throughout the contract cycle.
To achieve this end, CobbleStone offers single, enterprise-level software, Contract Insight—a fully configurable platform, which directly addresses complexities inherent to contract management head on. Nastasi explains, “Industries have seen a massive paradigm shift in doing business, and CobbleStone has leveraged our contract management experience to create systems and technologies to benefit organizations and their contract professionals.” Through Contract Insight, clients are able to stay abreast of contractual requirements, a robust set of features, including proactive e-mail alerts, monitoring systems, customizable workflows and dashboards, and cost control measures—all without the headache of outside IT integration or extended implementation timelines.
CobbleStone stands out as a leader in the contract management solution market because it takes innovation to heart. “The end-to-end contract management technology is cloud-based, meaning contract professionals can access critical contract data anytime, anywhere,” says Nastasi. The company was the first of its kind to develop a system with configurable user-designed fields, allowing full customization at any point in the contract management process.
The end-to-end contract management technology is cloud-based, meaning contract professionals can access critical contract data anytime, anywhere
Users are able to design, monitor, and deliver on committals as it best suits their unique business.
Contract management is not simply about creating a way to meet obligations on time and in budget; is also plays a critical role in reducing exposure to liabilities that threaten the viability of the business. A large, multinational retailer came to CobbleStone after the organization ran into an issue with software licensing infringement—a common contract dispute across business sectors. After that lawsuit was settled out of court for $2m, the retailer quickly implemented CobbleStone’s Contract Insight to avoid costly mistakes in the future. Within three months, the client experienced monthly savings of $60,000 by using Contract Insight to be proactive in terms of their contract renewal deadlines and cancellation management.
CobbleStone has had the opportunity to work with the state of Colorado to ease its contract management processes. Managing nearly $48bn in spend each year, the need for monitoring of vendor performance and deliverables is pertinent. CobbleStone was selected as the contract management solution for Colorado because of its ability to provide access to cloud-based contract data, metrics, and user-friendly configurable fields to contract professionals throughout the region.
Nastasi shares, “The roadmap for the company includes ongoing innovation to address the rising complexities of contract management, including full lifecycle management from requisition to close out.” The company continues to invest human and financial capital to solve the ongoing issues of contract-heavy businesses, ultimately supporting their pursuit of efficient, web-based, easy-to-implement contract management systems.