The new solution helps organisations develop a centralised and fully automated system to process contracts securely, cost-effectively and with fewer errors, according to a company statement.
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It includes best practices for contract processing out of the box, across the entire contract lifecycle, and is built on an enterprise class BPM and ECM platforms from OpenText. OpenText senior vice president, engineering, Muhi Majoub, said it was a great example of the value of OpenText's complete EIM solution.
"With OpenText Contract Centre, you can manage all contract processes," he said.
"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."
OpenText Contract Centre is built on OpenText's Process Suite BPM platform, which enables businesses to rapidly understand and automate contract workflows for any sell side, buy side, or general legal agreement.
Process Suite is a platform offering process modelling capabilities, business rules functionality, Master Data Management, and integration capabilities to ensure all relevant structured data and information is accessible and automated in the contracting process.
Process Suite also includes pre-built connectors to many ERP, CRM and supply chain systems.
This platform allows organisations to confidently process and mange any contract, helping to ensure regulatory compliance, and adherence to business rules, while reducing processing costs, and increasing productivity and efficiency across the entire contracting lifecycle.