OCM™ - Contract Lifecycle Management
OCM is Alfresco based workflow centered Open Source Contact Management which provides a centralized contract repository for companies to manage the complete lifecycle of the contracts. It has features such as contract version comparison, event based notification, digital signature and specific workflows.
Written contracts play an increasingly important part in the regulation of modern business relationships and transactions. This is especially true for corporations and governments using outsourcing and partnering to find more efficient ways to do business. And with a growing focus on regulatory compliance, the number and complexity of written contracts is rising steadily. Many large enterprises can find themselves managing hundreds, thousands, and sometimes tens of thousands of contracts. These include buy-side contracts with suppliers, sell-side contracts with customers, and various other contracts with business partners, investors, employees, etc. Responsibility for these contracts can be shared between line managers, contracts professionals, lawyers (internal and external) and administrative staff. As the number of people involved in the process increase, and the volume of contracts continues to grow, managing of these contracts, following up on expirations, renewals, payments and delivery become harder.
CIGNEX Contract Lifecycle Management solution enables people in various departments within the corporation to work on contracts following Contracting Process, ensuring Contract Compliance and adherence to corporate guidelines on contract management and approval authority. It provides a centralized contract repository for companies to manage the complete lifecycle of the contracts, including Creation, Negotiation, Execution, Administration, and Analysis of Contracts. Use the legacy migration tool to quickly migrate and import all your existing already executed legacy agreements. Draft Contracts from pre-approved templates, reducing risk and increasing performance. Import other party language for drafting contracts and use them as the contracting document. Best Practices workflows on Filing and Drafting of contracts ensure compliance with review and approval policies, track negotiation timings, frequently negotiated terms. Track key contract terms with the help of term searches, full text search of contracts, and email alerts of critical dates, milestones, expirations, payments, etc. Alerts for expirations provide early, advanced warning on upcoming expirations to take effective action on expiring contracts and provide opportunities to renegotiate contracts. Monitor effective spending, performance of contracts, improve contracting process, identifying performing vendors and suppliers, resource optimization be Contract analysis. Use custom search and report capabilities to quickly find and identify key contracts, large volume contracts.
CIGNEX Datamatics’ OCM – Contract Lifecycle Management has below key features to boost productivity and ensure compliance of enterprises:
- Centralized contract authoring process - Draft, review, monitor, and execute contracts
- Built-in contract version comparison tool
- Integrations - Microsoft® Word integration to create templates, LDAP/AD integration for user management, PDF
- Search - Advanced /Faceted
- Workflow - Finance and Legal review/approval (inbuilt), Serial and Parallel review/approval (supported)
- Set Milestones, Payments and Contract Expiration behavior