Contractual agreements have clauses, terms, conditions, commitments, milestone, and other details that must be tracked and managed throughout the entire contract lifecycle to maximize agreed-upon benefits and minimize a potential penalties and other losses.
These legal documents alire usually stored in legal offices or filing cabinets, rarely are managed, and are usually only reviewed again when a problem arises or when the agreement is about to expire.
Axyon uses contract management software that enables organizations to proactively manage contracts to better understand the associated risks, obligations, and benefits of each contract. As a result, the organizations can more effectively manage business relationships with both vendors and customers. These are just some of the benefits that can achieve in implementing the Open Text Contract Management Solutions or your organization.
The pace of global business operations is accelerating all the time. Today the key to competitiveness is keeping information secured, backed up, and easily accessible. In order to fulfill compliance guidelines, regulatory legislation requires that business-critical documents are efficiently administered and preserved throughout their entire lifecycle. Contract Management is the proactive and methodical management of a contract from initiation through fulfillment, and modification to termination.
Contract Management Software provides mitigation of many of the contracting risks that stem from non-compliance to negotiated terms and conditions of agreements and bad contract management.
Top 5 Reasons for Implementing Better Contract Management
1. Avoiding litigation where you are non-compliant with contract terms and conditions
2. Saving expenditure dollars
3. Delivering greater value to your customers
4. Reducing the cost of and speeding up the process of contract administration
5. Turning contract administrators back into contract managers
Click here to read more about the importance of Contract Management for your business.
Solutions
OpenText Contract Management ensures that people in various company departments, divisions and regions can work together to support all processes relating to a contract throughout its lifecycle—from creation through fulfillment and modification to termination.
Features
- Central Repository and Access Control: Store and manage all types of document formats, including contracts in electronic files to ensure full transparency on business transactions. Protect sensitive information from unauthorized access with a multi-level authorization model.
- File Management : Dynamic allocation of templates and assignment of metadata, roles and permissions using a wizard technology. Structured and automatic storage of transactional content such as contracts and exhibits, and correlating information in Transaction Binders and Contract Files.
- Paper Capture : Documents are scanned to ensure media consistency and guarantee record completeness. Barcode functionality allows automated capture of signed contracts and stores them in the right place.
- Follow-up Management: Management functionality allows you to monitor rights and obligations resulting from a contract, such as cancellations, deliveries or option rights.
- Information Retrieval: Search across active and archived content. Highlights key terms based on metadata, XML, and natural language queries. Information on contract partners is searchable in the Contract Partner Database.
- Process Automation: Connect people and information to integrate quality assurance activities into your review and approval processes. Reduce periods of inactivity, achieve shorter lead times, and improve quality through confidentiality principles.
- Revision-Proof Archive: Ensure contract lifecycle meets regulatory and standards provisions: secure, revision-proof, complete, compliant and reproducible without loss, and integrated with a database-assisted search engine.
- Distributed Teams: Bring contract teams together in a collaborative ECM framework. Allows for full transparency on each person and role assigned. Access to predefined contractual data can be permitted to external parties.
- Systems Integration : Seamless integration with the Microsoft Windows/Office environments. Contracts and documents held in the system can also be linked to ERP transactions, which can be displayed in the Contract Management interface.
- Client Management : Satisfy the requirements of individual departments or entities by managing multiple, independent contract management clients.
- Reporting: Make decisions faster by analyzing your contracts and export the results to Microsoft Excel (for example, contract volume, deadlines, and so on).
- Virtual Folders: Allow multi-dimensional, dynamic access to contracts with flexible configurable views on information (for example, contracts by contract partner, status, region, and so on).
 OpenText Contract Management Product Sheet |
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Call us today at 1-877-692-9966 for a demonstration or more information
Axyon welcomes the opportunity to speak to you, learn about your organization, assess your needs, and provide viable options to take your company to a new level of performance. Contact us today to get started!
