SUCCESS STORYOpenTextIndustry• Information TechnologySolution• OpenText Contract Center

Results
Centralized storage andmanagement of all contracts
from a shared drive toa secure repository
Gained contract visibility
to track renewals and enableimproved business decisions
resulting in savings of morethan 20%
Enhanced productivity witha 40% increase in the volumeof contracts processed
Enabled remote employee
access to support modern work

OpenText transforms contract
management with a solution fromits own product portfolio

Leading information management company centralizes thousands of contracts
on OpenText Contract Center for enhanced visibility, efficiency, and savings“OpenText Contract Center gives us structure. We’re all using one tool,
and we can find everything in one place. When you just put everything
in a shared drive, contracts can be hard to find, and you don’t know what
the latest version is. You end up wasting a lot of time searching. OpenText
Contract Center cuts that time significantly. In fact, we have seen a 40%
increase in the volume of contracts that our staff are now able to process.”
Camille Birch

Director of Contract ManagementOpenText

OpenText transforms contract management with a solution from its own product portfolio

For nearly 30 years, OpenText has been delivering mission-critical
Information Management solutions across industries around theworld. The comprehensive OpenText Information Management
portfolio of products and services provides secure and scalable
solutions for organizations of every size. In today’s cloud-firstworld, OpenText offers a strategic platform that drives
competitive positioning, product innovation, business agility,and cost management.

Streamlining contract management to drive efficiency
Like many companies, OpenText began with a small number ofcontracts and elected to store them on a shared drive. However,as the company grew so did the number of contracts. Today,
OpenText is a multi-billion-dollar company that has thousandsof contracts with partners, suppliers, customers, and employees.
Munish Dhanker, Head of Global Sourcing and Contract Management
at OpenText, described the challenges of using a shared drive tomanage so many contracts: “We have roughly 7,500 contracts,
and our team touches thousands of new documents annually.
Imagine our shared drive—we were just putting everything in
there and trying to use Excel spreadsheets and a combinationof other tools to figure out when we needed to renew something.
Reporting was done manually, and we did not have the planningvisibility as to when a contract was coming up for renewal.”
For certain critical contracts, a missed renewal date can mean thetermination of a vital service. Apart from a spreadsheet for key
renewal dates, the team had to at times rely on stakeholders forrenewal reminders. “The stakeholders come to us, typically, when
the contract has expired, and we have to rush to try to get it done.

“With the visibility that OpenText Contract Center affords us,
we can make the right decisions whether to renew or not, do all
the negotiations, finalize the pricing, and look at alternatives.
All that legwork can only happen in an ideal state—OpenText
Contract Center gives us the capability to do it. Because
we now have more time to plan ahead of a renewal and takeactions that result in a better overall outcome, we have seen
a 23% increase in savings from $1M to $1.23M per FTE.”
Munish Dhanker

Head of Global Sourcing and Contract ManagementOpenText

Or the suppliers will come at the last minute, telling us that there’sa renewal coming up and there’s no time to react or negotiate,”
said Dhanker.
After viewing a demo of OpenText Contract Center, the team realized
the solution was exactly what they needed. OpenText Contract
Center transforms contract management by centralizing, automating,and prioritizing all contract-related activities. Combining intelligent,flexible process automation with powerful analytics and OpenText’s
industry-leading content management platform, OpenText ContentSuite, Contract Center accelerates cycle times, drives operational

OpenText transforms contract management with a solution from its own product portfolio

efficiency, and minimizes risk to allow staff to focus on delivering thehighest possible value from contracts and legal agreements.

Ensuring a single point of truth
After considering alternatives, and with a little help from the IT
department at OpenText, the new solution was implemented. Facedwith new contracts coming in daily as well as thousands of existing
contracts on the shared drive, the team decided to take a methodical
approach to migrating contracts into the new system. The solution’s
mass upload utility would have accelerated the migration process,but the team wanted to take a disciplined approach and ensure thevalidity of each contract in the new system. Camille Birch, Directorof Contract Management at OpenText, explained that the first year
was spent getting new and legacy contracts loaded: “We had about
10,000-plus legacy contract documents stored on the shared
drive and other internal storage tools. To use OpenText Contract
Center properly, we needed it to be our single source of the truth.
So, we manually loaded those older contracts into Contract Center,
which was no small task. Because we wanted to add metadata,
we had to open each contract to look at it. We had to clean up a
lot of historical files because there were incomplete documents,”
explained Birch.

Accelerating productivity and the contract
management cycle
Centralizing and securing all contracts in one repository has unlocked
time savings and productivity as staff can now quickly and easily
access, share, control, and manage contracts. Birch explained thebenefit of the platform over the previous shared drive method:“OpenText Contract Center gives us structure. We’re all using one

tool, and we can find everything in one place. When you just put
everything in a shared drive, contracts can be hard to find, andyou don’t know what the latest version is. You end up wasting a
lot of time searching. OpenText Contract Center cuts that time
significantly. In fact, we have seen a 40% increase in the volume ofcontracts that our staff are now able to process.”

Delivering visibility for better decisions
Now, with all contracts stored in the centralized repository, the teamhas gained far greater visibility into contracts. The solution’sout-of-the-box reports, dashboards, and reporting tools give better
insight into contractual obligations, incentives, and milestones. Birch
noted, “Now we are seeing the real power of a tool like OpenText
Contract Center. Every quarter, we can look at a report to see
which contracts are coming up for renewal. For the first time inOpenText history, we can show that to our stakeholders. We canplan ahead instead of fighting fires. We can decide ahead of time
whether we want to renew a contract, and then go through theproper process of a renewal.”
Dhanker added that the OpenText Contract Center solution allows
the department to make decisions under much better circumstances:“With the visibility that OpenText Contract Center affords us, wecan make the right decisions whether to renew or not, we can do
all the negotiations and finalize the pricing, and we can look atalternatives. All that legwork can only happen in an ideal state—
OpenText Contract Center gives us the capability to do it. I would
say that’s the single most important thing that Contract Center
does for us. Because we have more time to plan ahead of a renewal
and take actions that result in a better overall outcome, we haveseen a 23% increase in savings.”

OpenText transforms contract management with a solution from its own product portfolio

Working remotely in the cloud
When the pandemic sent OpenText employees around the world
to home offices, the cloud-based OpenText Contract Center madethe transition easy. Dhanker reported that the remote experiencehas been smooth: “OpenText Contract Center is easy to accessremotely. It definitely was quite seamless—there was no impact
from COVID-19, and the team has been using the tool quite
effectively throughout the pandemic.”

An exciting new chapter for contracts
As the team continues to explore the different functionality that
OpenText Contract Center has to offer, opportunities for additional
efficiency and savings await. Their plans include leveraging
workflows to move more processes into the solution, including
email. Birch noted, “Right now, we operate mostly out of email tocommunicate internally and externally. We want to put that all
into the solution because we can send email from within Contract
Center. This creates greater transparency as all communication
relating to a contract can be found in the tool and not sitting insomeone’s mailbox. We also want to get all our contract templates
into Contract Center so we can generate all contracts fromapproved templates.”

As he contemplates the road ahead, Dhanker reflected on thesuccess of the solution so far: “I’m really happy with the solution.
It solved some major issues for us. Without OpenText Contract
Center, I don’t know how I would be able to run our department.”
He added, “Every business has relationships that are connected
through legal contracts, and you need a place to store them, aplace with easy access, that can help you plan for renewals.
OpenText Contract Center is a critical piece of technology for anycompany in today’s world.”

About OpenText
OpenText, The Information Company,
enables organizations to gain insight
through market leading information
management solutions, on-premises orin the cloud. For more information about
OpenText (NASDAQ: OTEX, TSX: OTEX)
visit opentext.com.
Customer stories
opentext.com/contact
Twitter | LinkedIn
Copyright © 2021 Open Text. All Rights Reserved. Trademarks owned by Open Text.
For more information, visit: https://www.opentext.com/about/copyright-information
10/21 SKU19092