CASE STUDY:
Oil & Gas Contract Lifecycle Management
Energy company reduces contract management risks and costs using OpenText
$30
Reduced risk profile in contracts
$10
Identified and resolved non-compliance in contracts
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
