Business Challenge
Existing process for managing the initiation, review, approval and tracking of vendor contracts relied heavily on manual tasks. Due to multiple methods of communication and tracking of contract-related information, it became increasingly difficult to effectively manage these contracts and agreements.
Project
Implement a Contracts Lifecycle Management solution that provides:
- A consolidated workflow across the contract lifecycles of client’s business units
- Reporting capabilities of contract related information
- Controls as well as tracking and audit capabilities
Solution
- A Contracts Lifecycle Management (CLM) solution that is built on top of the OpenText Documentum Content Management System (CMS).
- CLM provides an end-to-end solution by automating processes throughout the contract lifecycle from creation, negotiation and approval, contract renewal, closeout, and archiving.
- Based on OpenText Documentum xCelerated Composition Platform (xCP), the CLM solution helps client make effective decisions and drive better business outcomes by managing the contracts
Solution Details
- Contracts are generated from approved templates based on answers to simple questions, saving on manual re-work and including all required clauses.
- As a contract moves through the process, negotiation and approval occur as a part of flows inside the application, with the system intelligently routing tasks and saving all comments, versions, and approvals.
- Once a contract is approved, all parties are automatically notified upon execution of the contract. All contract-related documentation is retained in a centralized repository with retention policies applied.
- When the contract is executed, the solution is configured to provide periodic email updates to processors with a list of contracts set to expire within a certain time frame.
- The CLM solution gives all relevant groups global, on-demand access to contract content, terms, and obligations central to ongoing business.
- Workers in various departments can quickly search, view, and annotate documents based on predefined permissions. All related documents that have been digitized and stored in the CMS repository are quickly accessed based on document type and captured index data (e.g. contract number).
- This access delivers powerful benefits such as improved coordination and strict corporate governance, while reducing the time and cost associated with decision making—ultimately enhancing revenue and profit.
Application Information
- Contracts Lifecycle Management (CLM)
- xCelerated Composition Platform (xCP)
- OpenText Documentum (DCTM)
Content Services Provided
- Solution Blueprint
- Application Configuration
- Application Customization & Integration
- Training
- Production Support
Results
- Client can manage all aspects of a contract lifecycle from planning to closeout through a single source
- Reduced the overall time from planning to execution of a contract
- Improved the decision-making process of current contracts and future contract negotiations
- Satisfy regulatory bodies involved in the contract lifecycle
Learn more about the Contracts Management Solution from Flatirons.
