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Open Text is getting defensive about its enterprise content management system.

The company has descended on this week's 45th annual Aerospace and Defense Contract Management Conference in Garden Grove, Calif., and is using the show to announce the latest version of Livelink ECM - Contract Lifecycle Management. The solution focuses on tools for contract creation, negotiation, contract fulfillment, and renewals. It's designed to help businesses reduce operating costs and enable compliance with internal and external policies and regulations.

Open Text calls itself the largest independent provider of enterprise content management software and solutions. Lately it's been focusing more on compliance, eDiscovery, and archiving matters.

With ongoing legal and regulatory concerns, and new internal governance rules, companies now place a greater focus on the management of contracts. Livelink ECM - Contract Lifecycle Management lets you automate and manage contract processes from creation of individual clauses to secure collaboration during the negotiation process; proactive alerts for contracts that require review and tracking of clauses, renewal dates and terms; and retention, archival, and disposition of contracts to satisfy compliance requirements.

The solution also integrates with a variety of enterprises systems so that contract content can be viewed in other environments.

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"Open Text understands the mission-critical nature of contract lifecycle management for an organization's ability to comply with regulations … and mitigate risk," said Brett Shellhammer, vice president of Open Text's Global 2000 and Government Solutions. "(The product) allows contracts and related information to be generated and managed electronically, streamlining contract creation, reporting and administration.

"With increasingly stringent legislation and regulations surrounding the disclosure of corporate information, it is no longer satisfactory to produce an archived paper contract to a regulator or auditor when requested," Shellhammer said. "Corporate governance legislation, such as the Sarbanes Oxley Act or the European Union's Directive on Corporate Governance, now requires that organizations provide evidence that they are in control of the entire contract process, including the contract creation, storage, and ongoing management."

The newest version of Livelink ECM - Contract Lifecycle Management includes:

Template driven contract creation: The reusable template approach allows companies to create contracts and construct complex agreements within pre-planned and pre-approved parameters. By automating repetitive tasks associated with contract creation, organizations minimize errors and streamline the approval processes. This enables resource-constrained groups, such as legal and procurement, to focus on other things.

Integration with back-office applications: When building contracts, users can pull information from a clause library maintained within Livelink ECM and can also interact with line-of-business systems, such as CRM and ERP applications, in particular SAP solutions, ensuring accurate, up-to-date data is selected.

Proactive report and alert management: Companies can take advantage of proactive alerts and management reports to maximize the value of supplier relationships and to encourage compliance to committed contract terms.

For more info on the 45th Annual Aerospace and Defense Contract Management Conference, click here.

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