Open Text Contract Management
Streamline and automate ad hoc contract processes, enforce standards, and minimize risks
Legally binding contracts and agreements underpin almost every business transaction. OpenText Contract Management lets you track and manage each contract’s clauses, terms, conditions, commitments, and milestones throughout its lifecycle to maximize business benefits and minimize associated costs or risks. With the OpenText Contract Management solution, you streamline contract management, control risks, reduce penalties and lost revenue, and gain visibility into the entire process.
- Control risk and liability: Store contracts and pre-approved terms and conditions in a centralized ECM repository with configurable security and other content management features. Ensure retention, archiving, and disposition of contracts to satisfy compliance, legal, and policy requirements. Automatically extract key contract data to back-end systems to reduce labor costs and re-keying errors.
- Recover lost revenue, reduce unnecessary expenses: Reduce revenue leakage up to 10% by enforcing negotiated prices, rebates, discounts, and penalties. Ensure suppliers comply with pre-negotiated terms and customer commitments are met. Reduce maverick spends and weed out auto-renewing contracts.
- Streamline contract process: Collaborate in a secure, online environment that includes workflow, discussion, task assignment, and version control. Standardize approval processes. Create and maintain approved contract templates, language, clauses, and terms. Reduce involvement of legal personnel in standardized, template-based contracts so they can focus on high-value negotiations.
- Gain visibility: Increase awareness of contract milestones so you can identify revenue opportunities and avoid breaking contractual obligations. Use automated alerts to remind appropriate personnel of upcoming events and responsibilities. Easily review change history and audit trail for an existing contract, know who was involved, and review negotiation process. Provide detailed reports and analysis.
All companies manage contracts in some fashion or another, but for many there is no central oversight across the organization, no way to ensure corporate standards, and few enforcement mechanisms. With little visibility in this process, it’s difficult to validate that terms of the contract are being met – or determine accountability if they’re not.Why OpenText? Leveraging the strength of OpenText ECM Suite, OpenText Contract Management is designed to manage all contract types in an enterprise-wide solution that scales as your needs grow. Because of the ECM foundation, it handles contracts in the context of a holistic information governance strategy. Our strategic partnerships with SAP, Microsoft, and Oracle ensure that you can easily integrate OpenText Contract Management with your ERP, CRM, and other enterprise and productivity applications.
- Contract Managers: Rapidly locate all contract documents, enforce use of approved contract language and processes, and manage contract requirements more efficiently.
- General Counsel: Reduce exposure to risk, improve litigation readiness, and make more efficient use of time by focusing on high-risk, high-value agreements.
- VP Procurement and VP Sales: Reduce maverick spends, weed out evergreen contracts, enforce supplier commitments to maximize contract value, and proactively manage renewals for increased revenue.