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Contract Lifecycle Management

Streamline contract-management processes and gain insight across their entire lifecycle

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87%
efficiency can be achieved by organizations that generate contracts through a contract lifecycle management (CLM) solution[1]

Overview

A person signing an electronic document

Organizations manage many different types of contracts, including sales, procurement, IT, legal, and HR. Between growing volumes and a dispersed workforce, it is difficult to keep track of these contracts and maintain consistent approved legal language. Organizations need a way to ensure agreements are reviewed and signed on time by the right people.

OpenText™ Contract Lifecycle Management solutions provide cross-enterprise tools to manage the creation, approval and centralized storage of contracts and legal agreements.

Key benefits

Maintain consistent, approved legal language across contracts and ensure they are reviewed and signed by the right people, on time.

  • Gain a single source of truth

    Store contracts from across the business in a single repository for a single source of truth of all-contract-related information.

  • Simplify contract generation

    Use contract templates and simple document-generation workflows to create new contract drafts in seconds.

  • Streamline signature processes

    Quickly secure approvals from a dispersed approver base and get real-time updates with automated contract signature workflows and e-signature capabilities.

  • Consolidate contract management

    Manage contracts across all lines of business in a single solution, including sales, procurement, HR, IT, legal, real estate and more.

  • Break down information silos

    Connect content with leading business applications to ensure contracts stay out of silos and information is available to users.

Business impacts

  • Process standardization

    Legal teams work with Sales, Procurement, HR, IT and other departments during contract creation and review. Unique processes in each department lead to confusion and delays. Standardize processes for streamlined and consistent results.

  • Deviations

    Organizations need to ensure contracts adhere to approved business language. Individually drafting contracts can cause problems during review and introduce unintended risk. Use contract templates and clause libraries to reduce common deviations.

  • Cycle times

    Contract cycle times need to be fast to ensure deals go through quickly. Manual processes are hard to track and cause confusion and rework that slow cycle times. Leverage contract templates and review and approval workflows to accelerate processes.

  • Renewals

    Starting contract renewals early gives organizations time to work out new contract details. With a growing number of contracts, manually tracking renewal dates is difficult and risks rushed or missed deadlines. Automatically track upcoming renewals.

  • Archived contracts

    Businesses must maintain an archive for contracts that are kept for legal or regulatory reasons. Physically storing large volumes of paper means the documents’ information cannot be easily searched. Digitize historic contracts.

Leaders trust OpenText

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Heineken Slovensko streamlines invoice and contract management processes

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Explore the components of the solution

Products

OpenText offers products to manage contracts throughout their entire lifecycle:

Professional Services

OpenText Consulting Services combines end-to-end solution implementation with comprehensive technology services to help improve systems.

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Footnotes

Footnotes

  1. [1]Docusign, Contract Management Trends 2022: Best Practices for Accelerating the Contract Process, 2022