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Who's Afraid Of A Contract Management Solution?

Does your company hoard a rain forest's worth of documents in filing cabinets and boxes? Do these boxes stack higher than you? Online digital document management has been around long enough to be considered very old news, however a surprising number of businesses have yet to make the transition to cloud based document storage.

It's not that we think you should sign up for one service or another, and then run out and throw out your hardcopy files. The inherent benefits of digitized document and contract management should be self-evident; however I encourage you to read more about why no business should be run without a contract lifecycle management system.

Contracts dictate every aspect of key business strategies and relationships with people within and outside the organization. Many contractual parties spend a considerable amount of time and resources finalizing contracts to their satisfaction. A solid contract lifecycle management solution assists in managing and controlling commitments in an effective manner; it saves significant time and effort and provides benefits in terms of business strategies and procedures.

Once the contract is finalized and services are procured, many parties fail to better monitor and oversee the implementation of these contracts and fail to fulfill their contractual obligations. Failure to meet these obligations can result in missed savings, heavy fines, costly litigation, and broken relationships all of which constitute decreased public benefits and value for money. An effective CLM application not only ensures better relationships between contractual parties, but also enforces compliance and mitigates risk.

opensourceCM is a cloud-based SaaS (software-as-a-service) solution. When uploading a text or MS Excel document the application performs OCR, indexing and then recreates each document as an HTML document allowing easy document comparisons (e.g., between MS Word and scanned PDF docs). It also provides the ability to find words, values, phrases, terms of art or specific legal language within documents that are hyperlinked to the actual highlighted location in each document. This can be accomplished across document data sets that may comprise tens of thousands of documents.

Furthermore, opensourceCM provides a contract authoring workflow, calendar and notifications workflow, support SSO (single sign on) and encrypted secured access. The application offers the ability to simply create Negotiation Deal-Rooms and Users Data-Rooms (internal/External) or Flexible Bidding System with Advance Q&A. We offer an API (Application Processes Interface) Library with office365, BOX.COM, SalesForce, MS-Dynamics, NetSuite, OKTA, Dropbox, DocuSign to mention just a few.

Please contact us to schedule a demo and find more about opensourceCM.

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