“CobbleStone Contract Insight leverages VISDOM, its powerful AI engine backed by machine learning that streamlines data insertion, extraction, evaluation, and risk identification. Data entry and extracting critical details like dates, monetary values, and counterparties is automated. VISDOM assesses risk by analyzing document text on a rules-based sentiment.”
The demand for contract lifecycle management solutions has never been stronger, and to meet that demand, CobbleStone Software provides a highly configurable solution called CobbleStone Contract Insight. There are many challenges to managing the contract lifecycle, including decentralized contract storage, contract language and clause limitations, a lack of version control, delays and mistakes in contract approvals and signatures, missed key dates and workflow tasks, and missed contract renewal opportunities. CobbleStone Contract Insight is a comprehensive, end-to-end CLM solution that transforms static contracts into dynamic, efficient building blocks for oversight, risk mitigation, and opportunity identification. Staff members, counterparties, employees, and other key stakeholders can leverage a user-friendly portal and simple intake forms to submit a new request. The portal also features internal reviews, streamlining the process of gathering, tracking, reviewing, and approving contract requests. Companies can assemble and configure essential contract data fields to produce consistent documents.
Drafting contracts has been simplified in CobbleStone through the power of several native AI tools. CobbleStone Contract Insight leverages VISDOM, its powerful AI engine backed by machine learning that streamlines data insertion, extraction, evaluation, and risk identification. Data entry and extracting critical details like dates, monetary values, and counterparties is automated. VISDOM assesses risk by analyzing document text on a rules-based sentiment. You can upload files and convert requests to contract records without data loss or re-keying, driving consistency and reducing potential mistakes. Users can also start from scratch, leveraging pre-approved templates and clauses. Team members will have unlimited user-defined fields to accommodate tailored contract details.
CobbleStone’s Auto-Redlining can locate and redline clauses within contract files and recommend modifications based on preferred contract clause versions to standardize terminology, improve consistency, and ensure accurate language. The contract library is entirely configurable for the company’s needs. See Figure 1.
Figure 1: CobbleStone Contract Insight offers an auto-redlining feature powered by VISDOM AI. Handle auto-redlining directly or set it up to execute whenever a contract record receives a .docx file attached. CobbleStone shows the clause menu to the right of a Word document (or within the comparable/similar CobbleStone native online editor), and a CobbleStone toolbar is available to assist with edits.
“CobbleStone’s Auto-Redlining can locate and redline clauses within contract files and recommend modifications based on preferred contract clause versions to standardize terminology, improve consistency, and ensure accurate language. The contract library is entirely customizable for the company’s needs.”
Based on request types, data fields, and rules, CobbleStone enables automated workflows for contract approval. Users can approve or reject contract requests directly within the workflow, and automated alerts and notifications ensure timely action on contract events and milestones— eliminating bottlenecks. CobbleStone features a workflow visualizer that shows contract approval expectations, ensuring a team is on the same page. CobbleStone populates key dates, making it easier for team members to meet deadlines, and users can track their obligations using tools such as My Dashboard and My Calendar. See Figure 2.
Figure 2: My Calendar helps users stay informed about critical contract milestones by displaying contract and task alerts, including expiration dates, review dates, and expiration notification dates.
“IntelliDraft.AI is a generative AI tool for real-life clause search and generation with a user-friendly chatbot interface that searches through thousands of example clauses. Contract teams input key search terms, and IntelliDraft.AI returns relevant results and generates customizable clauses based on your needs.”
CobbleStone Contract Insight provides comprehensive real-time tracking and reporting features for contract management, enhancing financial visibility and decision-making. Financial tracking assists in budget management by logging payments, income, and other financial transactions and data related to contracts. Companies can configure fields to capture specific information relevant to their business.
Graphical dashboards display key performance indicators (KPI), making the information easily accessible. Financial and KPI dashboards provide an overview, including budget details and transaction history. Because the dashboards are configurable, users can visualize critical financial metrics, identify trends, and monitor compliance. The contracts KPI dashboard compares current contract performance data to the previous year, displaying contract and budget amounts, contract diversity by department, and contracts expiring within 30 days. The contracts overview dashboard presents an executive summary of contract statistics and highlights contracts assigned to employees, upcoming expirations, and active requests. Contracts can be visualized by department, showing counts, total values, trends, and patterns. These dashboards empower users with essential insights right when they enter the system, promoting efficient contract management. See Figure 3.
Figure 3: CobbleStone Contract Insight offers executive graphic dashboards that enhance contract analytics and data-driven decision-making. Users can choose which dashboard to view via a drop-down menu. In this dashboard, users can see contracts by status, type, department, contract values, number of pending or expiring contracts, and open tasks.
CobbleStone offers multiple pricing options and works with you to review features and help determine the best edition to fit your needs. The entry-level subscription–Express Edition–starts at $59 per user per month (as of date of publication) and offers considerable features at a very reasonable price, such as configurable fields, key date notifications, unlimited contract storage, and searching and reporting. The main product–Enterprise Edition–varies in price depending on several aspects, such as the deployment strategy, which offers options for on-premises installation and SaaS/cloud deployment. CobbleStone also provides unlimited contract storage with named or concurrent user licenses.
CobbleStone’s headquarters are in New Jersey, with employees across the USA and offices in Canada, the UK, and Australia, with plans to continue expanding globally. CobbleStone has offered contract management software for more than 25 years. They serve more than 1,300 clients globally in over 25 industries, including manufacturing, government, banking, healthcare, pharmaceuticals/life sciences, and energy. The corporate legal and procurement departments of Fortune 1000 and mid-market companies comprise the majority of the user base, and the system offers department-wide benefits as well. Enterprise deployments allowing users throughout an organization to submit contracts and see their status via role-based dashboards have become considerably more widespread.
Schedule a demo to learn more about how to benefit from CobbleStone Contract Insight or sign up for a free trial. CobbleStone also attends and hosts a variety of events throughout the year.
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