Contract Management Software for the High-Tech Industry
Why contract management is critical for successful High-Tech operations
The high tech industry refers to the economic and industrial sectors, where technological innovation is emphasized. High tech industries have a higher concentration of workers belonging to the STEM domain. High tech companies change traditional markets by smashing restrictive and outdated business models that stifle innovation, restrict consumer choice, and keep prices high.
As these high tech firms expand and move beyond their core markets, they must develop appropriate contract risk management strategies to identify and create new revenue streams. These strategies should be an integral part of their business development strategy and overall corporate governance. In such a scenario, the high-tech industry’s leading finance and legal heads are looking for AI-driven contract management solutions.
CLM challenges faced by High-Tech enterprises
The high tech industry has seen a massive digital transformation and growth in the last decade. Yet the adoption of contract management software in this sector has been witnessing slow but steady growth. The turn-around time for contracts handled via traditional contract management techniques is slow, with little or no post-award contract visibility.
The high tech sector is also seeing increasing regulatory compliances to prevent privacy and data breaches and cyber-security violations. The intense workload in this industry, which is witnessing exponential growth, can make it challenging to stay on top of deadlines and renewal dates, resulting in delayed negotiations and, eventually, business losses.
The demand for an advanced, integrated, and centralized contract management solution has witnessed a massive jump to improve contract compliance management, improve the time-to-revenue, shorten contract closing times and create similar contracts simultaneously with little or no changes.
Find out how iContract can help High-Tech enterprises
Zycus iContract – Enterprise Contract Management Software for high-tech industry enables organizations to streamline contracts, reduce risks, and design a better compliance management framework:
- Tracks expiry and renewals of product licenses via automated alerts to the respective stakeholders.
- Allows the user to author, store, e-sign, and access all contracts within a searchable and secure contract repository.
- Automates the contract approval cycle by creating standardized workflows, making it easier to track obligations, renewals, and deliverables.
- Provides a separate repository of pre-approved clauses and template libraries to author error-free contracts with customers, re-sellers, data centers, and support and implementation partners.
- Manages contracts throughout their entire life-cycle, resolving all compliance requirements such as those for privacy and data breach laws like General Data Protection Regulation (GDPR) and cyber-security.
- Keeps a record of all the versions for the changes made to a contract for future reference and audit purposes.
- Allows real-time access to reports and data, leading to transparent and fact-driven decision making.
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