https://www.americancityandcounty.com/wp-content/themes/acc_child/assets/images/logo/footer-logo.png
  • Home
  • Co-op Solutions
  • Commentaries
  • News
  • In-Depth
  • Multimedia
    • Back
    • Podcast
  • Resources
    • Back
    • Resources
    • Webinars
    • White Papers
    • Events
    • How to Contribute
    • Municipal Cost Index – Archive
    • Equipment Watch Page
    • American City & County Awards
  • Magazine
    • Back
    • Digital Editions
    • Reprints & Reuse
    • Advertise
  • About Us
    • Back
    • About Us
    • Contact Us
    • Privacy Statement
    • Terms of Service
American City and County
  • NEWSLETTER
  • Home
  • Co-op Solutions
  • Commentaries
  • News
  • In-Depth
  • Multimedia
    • Back
    • Podcasts
  • Resources
    • Back
    • Webinars
    • White Papers
    • Events
    • How to Contribute
    • American City & County Awards
    • Municipal Cost Index
    • Equipment Watch Page
  • Magazine
    • Back
    • Digital Editions
    • Reprints & Reuse
    • Subscribe to GovPro
    • Manage GovPro Subscription
    • Advertise
  • About Us
    • Back
    • About Us
    • Contact Us
    • Cookie Policy
    • Privacy Stament
    • Terms of Service
  • newsletter
  • Administration
  • Economy & Finance
  • Procurement
  • Public Safety
  • Public Works & Utilities
  • Smart Cities & Technology
acc.com

Resources


Sponsored

5 Tools for Better Government Contract Management: Fiscal Year End

5 Tools for Better Government Contract Management: Fiscal Year End

  • Written by Sean Heck
  • 21st June 2020

As the end of the traditional local government fiscal year draws near, city, state, and other public agencies must make sure that they are leveraging their budgets by investing in software tools for streamlined, robust, and transparent contract management, purchasing, and sourcing for current and future needs.  Here are five tools that can be used for simple, user-friendly, and powerfully integrated government contract management, procurement, and sourcing processes.

#1 – Comprehensive Contract Lifecycle Management

Reduce costs, eliminate wasted time, and see more efficient contract administration with a one-stop source-to-contract management solution for oversight of the entire contract lifecycle.

Advanced contract lifecycle management software supports government organizations with easy-to-use features for:

  • enhanced contract data tracking and contract analytics.
  • key date notifications and alerts.
  • risk management and mitigation.
  • contract drafting and contract writing.
  • contract negotiation and review.
  • industry-specific contract type tracking for government agencies.
  • & more.

Make Your Case for Contract Lifecycle Management

Intelligent, automated workflow expedites the contract lifecycle up to and including renewal.  Remain compliant as per regulations and save time and money with advanced obligations and compliance management from initiation to close-out.

#2 – Integrated Sourcing & Bid Management

Government agencies should leverage the assistance of a scalable, enterprise solution for centralized sourcing and vendor management and faster bid creation and bid advertisement.

Electronic sourcing software used in tandem with an integrated contract management software solution supports comprehensive government sourcing and bid processes.  Organizations can establish a winning sourcing, solicitation, and acquisition process with innovative features such as:

  • purchase requisitions.
  • easy and fast document creation with RFx templates and a dynamic clause library.
  • line-item and reverse line-bid.
  • bid evaluations.
  • bid response ratings.
  • simplified contract awards.
  • comprehensive searching and reporting.
  • online vendor collaboration.
  • & more.

Say goodbye to paper-based RFP management with the help of an eSourcing software solution that simplifies vendor bid and RFP awards, provides greater control with line-item and reverse line-item bids for awarding one or multiple vendors, and allows for better communication between vendors and buyers with a Q&A portal.

#3 – Vendor & Employee OFAC Search

Leading contract management software that integrates search with OFAC (the Office of Foreign Assets Control) data for risk mitigation and compliance monitoring allow government agencies to run checks on vendors and employees against OFAC’s Sanctions Lists.

Software administrators can schedule OFAC search checks and integrate them into record details pages to promote centralized company, employee, and vendor risk analysis and mitigation.  Determine whether to include OFAC searches for Also Known As (AKA) items that run checks for potential aliases or alternate names for organizations, employees, and vendors within the OFAC database.  Furthermore, organizations can set up what the tool deems a match between their company, employee, or vendor data and OFAC search data based on a configured percentage.

Additional potential benefits include easy to understand search details and visually appealing graphs that map the data percentage matched between OFAC and their contract management software system.

CobbleStone Software offers OFAC Search options with the release of Contract Insight® 17.6.0., equipping Contract Insight users with an easy way to check vendor, customer, and employee records against the database of national sanctions.  Experience intelligent, thorough national sanction compliance checks and risk details at a glance with OFAC search integration with advanced government contract management software!

#4 – AI-Based Contract Management

Government contracting is transformed, automated, and simplified with contract management AI.  With AI-based contract management, public agencies can leverage a process that systematically analyzes contracts and converts documents into building blocks for enhanced contract oversight, proactive opportunity identification and realization, and risk identification and mitigation.  Powerful artificial intelligence that is backed by machine learning can make it easier to take advantage of smarter contracts. Learn more about contract management artificial intelligence by watching this video.

Data entry automation helps to reduce time wasted on entering new contracts into software systems.  Contract management software AI helps organizations to identify key data such as dates, locations, phone numbers, emails, monetary values, counterparty information, and more to eliminate the need for manual import of field data.

AI can help to pinpoint possible risk by analyzing the text of a newly introduced contract document and identifying both good and bad language within a contract based on configured rules-based sentiment.  An AI tool for contract management can also identify sensitive data, undergo statistical analysis, and provide helpful risk prevention recommendations based upon real-time data.

Leverage AI tools to find key terms, conditions, legal phrases, clauses, and other legal text.  Additionally, government organizations can use natural language processing tools, intelligent ranking of legal terms and phrases, fuzzy logic matching, and structured data identification.

Automate and streamline the source-to-contract lifecycle with revolutionary contract management AI that transforms static documents into dynamic assets for contract management success.

#5 – Integrated Purchase Order & Spend Management

Government organizations can use purchase order management software for full asset lifecycle management and better purchasing decisions.  Leading asset management software can help to cut administrative costs, improve accountability, enhance communication, and scale efficiently and effectively.

Purchasing is streamlined when organizations can easily request and create purchase orders from templates from a clause library.  Less time is spent on tedious data entry, and purchase orders can be unified and consolidated.  Organizations can keep track of quantities that have been received, purchase order assets, and key dates.

Purchase order management is further enhanced with the ability to select items from leading suppliers by using vendor web catalogs.  Time-wasting data entry is lessened with easy product catalog creation – the easy transference of line items from a record into a catalog.

Enjoy asset tracking and asset transparency with a solution that gives a view of orders, as well as where they are located.  Tracking request details such as requestor, vendor, line items, and status, and asset quantity and shrinkage equips organizations with game-changing purchase order oversight.

Attain the insight needed to save money, save time, and comply with a budget with robust purchase order management software.

Master Government Contracting with Leading Contract Management Software

Government agencies should have the help of a solution for contract management, sourcing, and purchasing in one.  The contract management solution they need is CobbleStone Software.

CobbleStone’s Contract Insight® has many user-friendly features that enable organizations to effectively manage contracts, purchase orders, bids, requisitions, and more.  Easily leverage tools for managing requisitions, approvals, and awards, compliance management, key dates and budget alerts, calendar alerts, simplified vendor reporting, automated intelligent workflow, proper contract closeout, and online collaboration.

Read government agency success stories:

El Paso County Case Study

County of San Diego HHSA Case Study

Marion County Case Study

CobbleStone’s long-acclaimed source-to-contract management software solution is trusted for pre-award to post-award contract management.  Request a free demo of the award-winning contract management, procurement, and sourcing platform today!

CobbleStone’s Contract Insight is conveniently available on the United States GSA Schedule 70.  You just need a PO to get started! Learn more!

A version of this article was previously published on CobbleStone’s blog.

Tags: Cobblestone government contracting procurement Technology Resources Sponsored

Related


  • Discover How Public Sector Officials are Monitoring and Managing Overtime in This New White Paper
    Overtime has been out of control in some states and localities, especially with high vacancy rates in certain positions. Although overtime is necessary to ensure essential work gets done, some entities lack consistent overtime policies and monitoring practices. Considering that overtime is top of mind for many in the public sector, I thought you might […]
  • How to Assemble a Successful Government Grant Proposal
    Is there a template out there for putting together a strong government grant proposal? While no single template can address the complex and myriad types of funding opportunities, this playbook can help you get started. By reading this guide, you’ll get: 3 types of important grant programs to pursue outside of emergency funding. 6 practical […]
  • The Rise of Procurement’s Next Normal
    Public procurement’s next normal is here, and with it comes ongoing digitization; new priorities like cost-cutting, telecommuting, and process efficiency; and even new tools like AI. If all that sounds daunting, never fear—we’ve got your next normal survival guide. Key insights: What “the digital imperative” means for public procurement, and how COVID-19 accelerated it Why […]
  • How a unified HR system helps one public safety organization manage crews, payroll, and more in a single platform
    Learn about the efficiencies the East Fork Fire Protection District (EFFD) in Nevada is experiencing through the use of a single, unified platform.  In this before-and-after look at how EFFD handled payroll and scheduling, discover how the district has been able to simplify processes and save time, including: A 66% reduction in payroll processing time […]

Leave a comment Cancel reply

-or-

Log in with your American City and County account

Alternatively, post a comment by completing the form below:

Your email address will not be published. Required fields are marked *

Related Content

  • The Ultimate Guide to Inclement Weather: Critical Event Response Planning
  • TAA compliant LED Signage fit for virtually any government facility
  • How Lighting Solutions Can Safeguard Wildlife & Their Ecosystems
  • E-Guide: Everything You Need to Know About CARES Act Funding and Ways to Use It

White papers


Discover How Public Sector Officials are Monitoring and Managing Overtime in This New White Paper

22nd February 2021

How to Assemble a Successful Government Grant Proposal

5th February 2021

The Rise of Procurement’s Next Normal

5th February 2021
view all

Events


PODCAST


Young Leaders Episode 4 – Cyril Jefferson – City Councilman, High Point, North Carolina

13th October 2020

Young Leaders Episode 3 – Shannon Hardin – City Council President, Columbus, Ohio

27th July 2020

Young Leaders Episode 2 – Christian Williams – Development Services Planner, Goodyear, Ariz.

1st July 2020
view all

Twitter


AmerCityCounty

2020 Crown Communities winner: El Paso County, Texas’ pretrial justice modernization dlvr.it/Rv4GKL

6th March 2021
AmerCityCounty

A city’s innovative downtown master plan sees future in local, inclusive placemaking dlvr.it/Rv3SfM

5th March 2021
AmerCityCounty

2020 Crown Communities winner: Gainesville, Fla. closes Dignity Village and houses its homeless population dlvr.it/Rv1GS2

5th March 2021
AmerCityCounty

2020 Crown Communities Winner: South Bay Cities Council of Governments’ South Bay Fiber Network dlvr.it/Rv10b7

5th March 2021
AmerCityCounty

Senate American Rescue Plan includes more than $60 million in direct aid for counties dlvr.it/RtzvBK

4th March 2021
AmerCityCounty

ASCE releases 2021 Report Card for America’s Infrastructure dlvr.it/Rtvck5

3rd March 2021
AmerCityCounty

Updating the assessor report: A new approach dlvr.it/RttvDv

3rd March 2021
AmerCityCounty

2020 Crown Communities winner: Phases 2 and 3 of Minot, N.D.’s Mouse River Enhanced Flood Protection Plan dlvr.it/RtrWMC

3rd March 2021

Newsletters

Sign up for American City & County’s newsletters to receive regular news and information updates about local governments.

Resale Insights Dashboard

The Resale Insights Dashboard provides model-level data for the entire used equipment market to help you save time and money.

Municipal Cost Index

Updated monthly since 1978, our exclusive Municipal Cost Index shows the effects of inflation on the cost of providing municipal services

Media Kit and Advertising

Want to reach our digital audience? Learn more here.

DISCOVER MORE FROM INFORMA TECH

  • IWCE’s Urgent Communications
  • IWCE Expo

WORKING WITH US

  • About Us
  • Contact Us

FOLLOW American City and County ON SOCIAL

  • Privacy
  • CCPA: “Do Not Sell My Data”
  • Cookies Policy
  • Terms
Copyright © 2021 Informa PLC. Informa PLC is registered in England and Wales with company number 8860726 whose registered and Head office is 5 Howick Place, London, SW1P 1WG.
This website uses cookies, including third party ones, to allow for analysis of how people use our website in order to improve your experience and our services. By continuing to use our website, you agree to the use of such cookies. Click here for more information on our Cookie Policy and Privacy Policy.
X