One of the biggest challenges businesses face is contract failure; telecommunication companies are no exception. But with the coming of agile contract management solutions, businesses can now streamline the contract lifecycle processes to get the most out of their contracts.
About Contract Management Software
For starters, contract lifecycle management (CLM) software are digital contract management systems with several tools for enhancing the lifecycle of contracts through all the stages. These software address many of the challenges that could cause contract failure in the telecommunications industry, for example, lack of proper communication, collaboration, and information asymmetry, among other critical aspects of the contract.
How Telecom Companies Can Leverage CLM Software to Avoid Contract Failures
The statistics on contract failure are worrying as some suggest that businesses, including telecommunication companies, lose up to 10% of revenue because of contract failures. That said, the management of telecommunication businesses needs to adopt agile contract management solutions.
Contract Lifecycle Management software can help telecommunication companies to enhance contract approvals. These software come with compliant contract and Service Level Agreement (SLA) templates that legal teams can customize to create compliant contracts and Service Level Agreements (SLAs).
Besides the easy contract drafting process, CLM software feature automation tools to keep the cycle moving without human intervention. This eliminates chances of human error, which is among the causes of contract failure. Some advanced CLM software even have smart reminders and alerts on upcoming events, so you won’t have to worry about missed deadlines.
Contract management software can help the telecom industry solve the contract failure crisis by enhancing collaboration, communication, and involvement. These software are cloud-based, so the parties can easily collaborate without necessarily having physical meetings. Interestingly, this digital contracting solution does away with paperwork. Telecommunication companies can save on storage space for the thousands of bulky contract documents. All the contract documents are stored securely on the cloud.
Another great benefit of contract lifecycle management software is the online signatures. Most of them come with e-Signatures, while others allow for the integration of e-SIgnature extensions or plugins. Electronic signatures are an asset to telecommunication companies, especially during the ongoing Covid- 19 pandemic where social distancing is the norm. Telecom legal teams can have all the contracts signed online, as simple as that!
Indeed, legal teams at telecommunication companies have a lot to gain from agile contract management solutions. These software ensure compliance and boost contract lifecycle efficiencies. In the long run, telecommunication businesses can execute contracts up to 80% faster and yield more revenue.