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Infrastructure financing corporation digitizes their contract process and reduces the time to contract from six months to five days
WATERLOO, ON, June 24, 2021 /PRNewswire/ -- OpenTextTM (NASDAQ: OTEX), (TSX: OTEX), today announced Financiera de Desarrollo Nacional (FDN), an infrastructure financing corporation in Colombia, is leveraging OpenText™ Extended ECM for SAP® Solutions to help dramatically accelerate contracting and invoicing processes, while also improving risk management, compliance, and operational efficiency.
"The drafting of supplier contracts involving many stakeholders, multiple versions, and several rounds of review used to take up to six months to complete," said Roberto Sanz de Santamaria Vice-President of Operations Financiera de Desarrollo Nacional. "With OpenText, we streamlined the process down to five days – a massive efficiency gain for us. Since automating our processes, we have seen a 45% reduction in the time it takes to create a request."
Financiera de Desarrollo Nacional finances Colombia's road, air, coastal, maritime, and energy infrastructure, as well as social infrastructure for education and health. To meet an increase in financing demands for major projects, FDN needed an information management solution with intelligent automation to integrate into its existing SAP® ERP system and strengthen compliance. OpenText Extended ECM for SAP Solutions met the company's requirements.
"With all loan processing and contractual documentation handled by OpenText and accessible from within SAP, staff can easily find the information they need when and where they need it," Santamaria added. "Requests for physical folders decreased by 53%, helping us move towards becoming a digital organization and transition our employees to remote work when the pandemic struck."
OpenText Extended ECM for SAP Solutions helps organizations reduce the time and effort spent managing, organizing, and sharing information across business processes. The solution strengthens information governance for organizations operating in highly regulated industries required to comply with data privacy, retention, and documentation requirements.
"The work FDN is doing is incredibly important," said Muhi Majzoub, Chief Product Officer at OpenText. "By investing in the right information management tools from OpenText, FDN established a more efficient way to work so they can focus on their mission – developing the infrastructure to support Colombia's economic growth and well-being."
To learn more about OpenText Extended ECM for SAP Solutions, please click here.
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OpenText, The Information Company™, enables organizations to gain insight through market leading information management solutions, powered by OpenText Cloud Editions. For more information about OpenText (NASDAQ: OTEX, TSX: OTEX) visit opentext.com
Certain statements in this press release may contain words considered forward-looking statements or information under applicable securities laws. These statements are based on OpenText's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which the company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. OpenText's assumptions, although considered reasonable by the company at the date of this press release, may prove to be inaccurate and consequently its actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors which could occur, see OpenText's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Unless otherwise required by applicable securities laws, OpenText disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Open Text Corporation