OpenText announced the release of a new contract management solution. It will enable enterprises to automate the entire contract process and related tasks by pulling together a number of technologies from OpenText’s enterprise information management portfolio.
The new product offers contract process management — for the smallest and simplest contract to the most complex contracts for global organizations.
The release comes at an opportune time for legal departments, which we reported last week are struggling with even the simplest document management tasks.
In a statement OpenText noted that its new Contract Center solution offers automation and management of processes from the very first contact through authoring, negotiation, execution, renewal and retention.
The new solution includes a repository based on OpenText Content Server and an enterprise content management system (CMS). It also includes document composition based on OpenText Customer Communication Management solution, which enables rules-based creation of personalized documents.
Research from Workshare released last month claims the legal industry is plagued by a greater than average share of document mismanagement and chaos. The research showed about 65 percent of legal professionals need more technology to automate their processes.
OpenText thinks contract automation could stand a makeover, too. A large number of organizations still process contracts manually using including email and office tools across fragmented repositories.
With OpenText Contract Center, organizations develop a centralized and automated system to process contracts securely, cost-effectively and with fewer errors, OpenText claims. The solution includes contract processing out of the box, across the entire contract lifecycle. It is built on the enterprise class BPM and ECM platforms from OpenText.
OpenText’s Process Suite BPM enables organizations to understand and automate complex workflows, as well as sell side, buy side or general legal agreements. It comes with process modeling capabilities, business rules functionality, Master Data Management and integration capabilities.