Contract and Legal Case Management
Effective and automated contract lifecycle management is now an achievable reality
Has your organization ever suffered problems with contract lifecycle management? Perhaps opportunities have been missed simply through not being able to respond as quickly as necessary. Maybe unauthorized persons have approved contracts because compliance systems have broken down. Or human error or inconsistent language in clauses, terms and conditions across different agreements has anchored your business to unfavorable contracts.
If you have experienced any of these situations, you will know how frustrating – and expensive – poor contract management systems can be. There is nothing more important to a business than its contracts. They are the foundation stones on which an enterprise is built, shaping your relationships with key suppliers, customers and employees. So it is crucial to ensure that your contract and legal case management operates as it should.
TerraLink’s Contract and Legal Case Management solution, which is based on the OpenText Contract Center platform, brings automation, compliance and increased efficiencies together under one banner. It eliminates contracts being stored in different formats, systems and departments. It puts your business needs at the center of your contract management by introducing automation, quickening approvals and ensuring compliance at all times. However, that is just the beginning.
What are the common challenges of contract lifecycle management?
When conducted manually, contract management is a complicated and time-consuming endeavor. A significant time investment is required, while the potential for errors, inconsistencies and oversights is always present.
Common issues include heightened risks of data mismatch when contract text approval is not linked to business systems, unauthorized persons approving contracts when approval processes do not follow strict procedures and policies, and human error leading to financial penalties or even litigation when contractual obligations are manually managed.
Other difficulties can include significant time losses when all relevant information, such as power of attorney and legal case management, is not automatically integrated with contracts. Opportunities may be missed to close deals, recruit staff and even complete acquisitions due to slow contract approval processes. And the use of unapproved language in clauses, terms and conditions can increase the risk of exposure to unfavorable agreements.
What can TerraLink’s contract management solution achieve?
TerraLink’s contract and legal case management software works with all types of contracts. It ensures best practices are followed at all stages, from authoring and negotiation to execution and renewal. By implementing a holistic, strategic and flexible approach, your contract process can be elevated to best-in-class – allowing your team to focus on delivering the highest possible value from your contracts rather than losing significant time on tasks that can instead be completed by this world-leading technology.
- Contract approvals can be secured up to five times quicker and non-standard contracts and clauses can be reduced by half, thanks to a simplified contract creation process with pre-approved templates, language and clauses.
- Contracts can be found up to three times quicker via the improved search functionality that comes with housing all contracts in a centralized repository, preventing agreements from living in silos within different business departments.
- Automated contract approval paths ensure guaranteed process compliance.
- Penalties and sanctions can be reduced through assigned tasks, alerts and reminders that ensure you meet your contractual obligations.
What other benefits are available to TerraLink contract management software users?
TerraLink’s contract management solution harnesses the functionality of OpenText AppWorks and OpenText Content Server to create a uniquely powerful proposition. It can also include OpenText Capture Center, helping you to deliver a robust digital transformation across your business through paper-to-digital input and scanning capabilities.
It is built to fully automate the complete lifecycle of contract processing, ensuring contracts only use pre-approved language, meet information governance and regulatory requirements, and that key metrics can be tracked through an integrated reporting dashboard.
Your team can continue to use its existing authoring and automation tools (Contract Center fully integrates with common products such as Windows Explorer and Microsoft Office), while configurable workflows and dynamic case models allow users to leverage tasks, checklists, reminders and alerts to ensure all timeframes are met and incentives are reached across all your contracts and negotiations.
It can also:
- Accelerate cycle times, eliminate errors and drive operational efficiencies by automatically passing information to your ERP system.
- Deliver increased speed, cycle times and governance by maintaining a searchable library of approved terms and clauses.
- Save time and minimize risk through automated contract generation based on templates and ERP/CRM data.
- Provide full visibility into upcoming renewals, ensuring you are in the best possible position to negotiate your next contract.
- Deliver powerful insights and customized reports on contract performance through robust search and analytics tools.
Why choose TerraLink for your contract and legal case management system?
For more than 25 years, we have helped organizations around the world implement enterprise IT solutions focused on stability, scalability and innovation. We’ve completed more than 20 Contract and Legal Case Management projects in seven countries across three continents, giving us an international perspective and ensuring we are capable of quickly determining the optimal solution to fit your circumstances.
- More than 50,000 users benefit from our Contract Management installations
- A team of 200+ skilled professionals are ready to implement your solution
- The average TerraLink team member has 11.4 years’ experience
- TerraLink has been an OpenText Platinum partner since 2009
- Our portfolio includes both cloud and on-premise implementations
- Guaranteed stability, scalability and innovation
Talk to an expert to learn how your business could benefit from TerraLink’s world-leading Contract and Legal Case Management solution.