INDUSTRY

Midstream Oil & Gas

TECHNOLOGY

OpenText

Business Challenge

  • Young midstream oil & gas organization with immature information and document management capabilities
  • Lack of transparency in third-party contract management processes for construction, services, facilities, NDAs, MSAs, SOWs, commercial agreements, real estate, and IT
  • Contracts managed in spreadsheets and file shares with no central repository for official documents
  • Difficulty locating contracts during regular maintenance activities or disputes
  • Inconsistent contract authoring processes
  • Lack of notifications of terms, rights, or obligations for regular maintenance

Solution

  • Provided a central repository for contracts by leveraging the industry-leading OpenText platform
  • Established “workspaces” to organize and secure contracts and supporting documentation
  • Modeled contract management processes by using metadata to capture key dates, obligations, and responsible parties
  • Developed reports and dashboards to facilitate contract maintenance activities
  • Established official processes for contract authoring, approval, execution, maintenance, and archiving
  • Enabled integration with ERP systems

Benefits & ROI

  • Eliminated manual contract administration and tracking tasks
  • Established a dedicated contract governance framework
  • Enhanced contract lifecycle management
  • Improved ability to assess and mitigate contractual risks
  • Reduced exposure to financial and legal risk
  • Improved transaction integrity in third-party agreements