Infrastructure financing corporation digitizes their contract process and reduces the time to contract from six months to five days
OpenText TM (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."
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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
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