The Information Technology (IT) service industry is one of the fastest growing industries in this age of everything digital. From consumers to businesses to governments, there is hardly any market which has not been hit with the wave of IT revolution. As digitization makes life simpler and gathers more and more sway over private data, the IT industry expectedly faces stringent compliance requirements to prevent privacy and data breaches and cyber-security violations. Lack of visibility into Service Level Agreements (SLAs) which often drives poor customer service is no more acceptable with rising competition and reduced barriers to entry. Internet of Things (IoT) has further enhanced the need to monitor newest security threats and keep up with the new compliance requirements. In such a scenario, leading finance and legal heads of the information technology industry are looking for state of the art contract management operations automation via artificial intelligence (AI) based solutions.
Ultria AI based CLM - Enterprise Contract Management Software for information technology and services enables organizations to streamline all contracting processes, reduce risks, and design a better compliance management framework:
- Manage contracts comprehensively throughout the life-cycle to ensure all IT related compliance requirements such as those for privacy and data breach laws like General Data Protection Regulation (GDPR), and cybersecurity are fulfilled.
- Introduce pre-approved clause and template libraries to author error-free contracts with customers, re-sellers, data centers, and support and implementation partners for IT.
- Author, store, e-sign, and access all contracts and SLAs within a searchable and secure repository.
- Gain visibility into contractual obligations and manage milestones to ensure adherence to the scope of work and meet delivery timelines and budgetary expectations.
- Track expiries and renewals of IT product licenses via automated alerts to concerned stakeholders.
- Maintain version records for all the changes made to a contract for future reference and audit purposes.
- Enable automation of contract approval cycle through standardized workflows with multiple if-but scenarios based on multiple parameters like contract value, contract type, and hierarchy of reviewers and approvers.
- Introduce a culture of real-time access to reports and data to encourage transparency and fact-driven decision making.