Blog Posts Process Management

Treat Contract Management as a Strategic Business Process

Blog: OpenText


Fri, 13 Mar 2015 10:15:00 GMT-05:00



It is well accepted that contracts
are at the crux of every business, and the value delivered by
underlying contract management systems can have a direct impact on
an organization’s top-line revenues, costs and regulatory compliance
(see Brian Wick’s recent post,

Contract Center: The Hat-Trick
of Business Value

Yet organizations often treat
contracts simply as important legal documents that, once signed, are
saved away in shared folders or content repositories (or even in
filing cabinets) until a need arises to look for them. By the way,
studies show a not-so-small percentage of these “safely stored”
contracts are not found after they are stored. 

Contract management really needs to
be looked at as a broader, end-to-end, strategic business process,
rather than solely being the activity of aggregating contract
documents within a content repository.
And, like any organizational core
competency or strategic asset, this business process—also referred
to as the contract lifecycle—needs to be efficient, consistent,
flexible, and built on best practices. It needs to be monitored,
analyzed, and continuously improved.

But different departments are
concerned with their own types of contracts, and each one may have
their own policies which are often undocumented or inconsistent,
procedures which some may be manual or semi-automated, and people
which may be disconnected or disorganized for dealing with drafting,
negotiation, and renewal of contracts. A centralized and
collaborative platform to manage all contracts transparently is
desirable, but how could one fulfill the unique requirements
(policy, procedure, and people) of each type, while also ensuring
that every individual contract moves flawlessly from request through
execution, or from enforcement through renewal?

This is where a cutting-edge BPM
platform can play a critical role. The newly launched
Contract Center application fully harnesses the power of
the OpenText Process Suite to orchestrate the contracting process,
automate related workflows, execute rules, assign tasks, send
reminders, enforce deadlines, track milestones, remove bottlenecks,
and implement best practices for all contract types. 

Contractual terms and other
information entered or generated as part of a contracting process
can be used not only to build dashboards, reports, and integrations,
but also to drive and optimize the progression of this process
itself. Contract documents to be authored, negotiated, redlined, or
executed are contextually and seamlessly integrated into each stage
of the contract lifecycle, and securely governed in the OpenText
Content Server which provides best-in-class ECM
So with Contract
Center, contract managers and legal staff can quickly locate (or be
alerted) and stay on top of their active or in-progress contracts at
all times, and can rest assured that no contract will ever go out of sight.

more information on Contract Lifecycle Management (CLM) and OpenText
Contract Center, don’t forget to register 
for the
upcoming webinar

Three Pitfalls of Poor Contract Lifecycle Management—and How to
Overcome Them

Leave a Comment

Get the BPI Web Feed

Using the HTML code below, you can display this Business Process Incubator page content with the current filter and sorting inside your web site for FREE.

Copy/Paste this code in your website html code:

<iframe src="" frameborder="0" scrolling="auto" width="100%" height="700">

Customizing your BPI Web Feed

You can click on the Get the BPI Web Feed link on any of our page to create the best possible feed for your site. Here are a few tips to customize your BPI Web Feed.

Customizing the Content Filter
On any page, you can add filter criteria using the MORE FILTERS interface:

Customizing the Content Filter

Customizing the Content Sorting
Clicking on the sorting options will also change the way your BPI Web Feed will be ordered on your site:

Get the BPI Web Feed

Some integration examples