Automated handling of all contract-related tasks is promised by OpenText with its new OpenText Contract Center solution, extending through initial concept to the authoring, negotiation, execution, renewal and retention of contracts.

Many organisations today process contracts manually using email and office tools, and fragmented document repositories, a typically slow, error prone process that is expensive and insecure. Contracts are often hard to find, and it is difficult to manage negotiated terms, discounts, and incentives.

OpenText Contract Center promises a centralised and fully automated system that includes best practices for contract processing out of the box, built on the BPM and ECM platforms from OpenText.

 “With OpenText Contract Center, you can manage all contract processes. It brings together a comprehensive process automation system, document composition, and an industry leading content management system for a high degree of process flexibility, security, compliance and collaboration that cannot be matched,” said Muhi Majoub, senior vice president of engineering, OpenText.   

OpenText’s Process Suite BPM platform is employed to enable businesses to complex contract workflows for any sell side, buy side, or general legal agreement. It offers process modeling capabilities, business rules functionality, Master Data Management, and integration capabilities.

Process Suite also includes pre-built connectors to many ERP, CRM and Supply Chain systems. OpenText Contract Center includes the repository based on the OpenText Content Server ECM system as well as document composition based on OpenText Customer Communication Management solution which enables rules-based creation of personalised documents.