OpenText Contract Center
Smarter process automation for all forms of contracts and legal agreements
Legally binding contracts and agreements touch every area of the enterprise. Too often, they are spread throughout an organization, inaccessible to the people who need the information within them. Organizations must deal with inefficient manual processes, inconsistent formats and disparate storage systems. All of these issues make it harder to work with customers and partners and generate long cycle times, high costs, less-than-optimal contract terms and increased compliance risk.
In addition, the lack of centralization makes it impossible to utilize automation to achieve better contract terms and adherence, and to identify contracts that need to be updated for business and compliance reasons. Finally, organizations risk non-compliance with internal information governance mandates and regulatory requirements.
OpenText™ Contract Center transforms contract management with smarter process automation that integrates an enterprise-wide contract portfolio into existing systems and work processes. Combining flexible digital process automation with powerful analytics and the breadth of OpenText’s industry-leading enterprise content management platform, the application accelerates cycle times and drives operational efficiency. Organizations gain the visibility needed to take advantage of contract and renewal incentives and share best practices.
OpenText Contract Center benefits
- Accelerate contract cycle times. Automate contract creation, review, approval and execution. In addition to digitizing document workflows, Contract Center offers dynamic workspaces that embed best-practice guidance and guardrails so that work gets done right the first time.
- Increase stakeholder satisfaction. Effectively access all contracts and easily collaborate with both internal and external stakeholders. In addition, users have access to contracts within relevant enterprise systems.
- Reduce risk. Standardize contracts and improve visibility throughout the contract lifecycle to more easily manage compliance and identify contracts that need to be updated as regulations change.
- Drive cost reductions and operational efficiencies. Use intelligent automation to streamline contract creation, review workflows and improve contract adherence. Automatically bring in contact details for customers, partners and other parties managed within SAP and Salesforce® and accelerate contract execution with eSignatures that are maintained in the contract record.
Centralized contract management
Leverage a centralized, secure repository to store and manage all contracts. In addition, legacy contracts typically stored on shared drives or local machines can be easily imported and stored in an OpenText repository, such as OpenText™ Content Server, to ensure integration into the centralized system. Contract Center integrates with OpenText™ Capture Center to help organizations implement powerful paper-to-digital input and scanning.
Predefined contract templates with clause versioning
Automatically create contracts with the appropriate terms for their business situation and modify their contracts with approved clauses from a clause library. As policies change and new regulations become effective, organizations can revise and version their contract clauses and templates.
Pass contracts through predefined sets of work items, reviews, updates and gates, or configure alternate contract lifecycle flows to match existing business processes, to ensure contract review and completion are efficient and that nothing drops through the cracks. Organizations can amend a contract with the click of a button.
Utilize out-of-the-box reports, dashboards and reporting tools to allow business users to ensure adherence to contractual obligations, track incentives and milestones, such as renewal dates, and analyze contract performance organization-wide.
Contract security and auditability
Meet the most comprehensive information governance policies and procedures, while saving time and money. It also provides enterprise search and discovery of contract documents and powers access control, secure distribution, version control and auditability of contracts, clauses and amendments.