The telecommunication industry is facing various challenges to keep up with the stringent compliance requirements for Federal Communications Commission (FCC), Foreign Corrupt Practices Act (FCPA), and data privacy regulations like General Data Protection Regulation (GDPR). New technologies such as Internet of Things (IoT), augmented reality (AR), virtual reality (VR), microservices and more have further enhanced the need to modify business strategies to better deal with the cloud era and keep up with the new compliance requirements. Purchasing decisions are increasingly becoming decentralized, and financial overheads are rising to manage the flood of documentation such as orders, billing and customer care. Contract management for Telecommunications is thus an essential in this tech-driven era where errors and oversights can be too risky and have a domino effect. Thus controllers and legal heads of telecom companies are looking to invest in a cost effective, ROI-driven operations management solution which is intelligent, easy to use and collaborative, while at the same time increasing the degree of control and visibility.
Ultria CLM Enterprise Contract Management Software for Telecommunications enables organizations to streamline all contracting processes, reduce risks, and design a better compliance management framework:
- Ensure all telecommunications compliance documents such as those for GDPR, FCC, and FCPA are valid.
- Track Service Level Agreements (SLAs) and Minimum Annual Revenue Commitments (MARCs) with business clients to monitor T&Cs for service outages, revenue commitments, data usage and bandwidth, etc.
- Build a library of legal-approved and policy-compliant clauses and templates to reduce contract authoring cycle-time and errors when engaging with customers, resellers, content and media providers, etc.
- Maintain an audit trail for all the changes made to your contracts, SLAs, and MARCs.
- Create, store, e-sign, and manage all contracts within a searchable, centralized, digital and secure repository.
- Build and enable automated workflows with multiple parameters such as reviewer hierarchies, agreement value, agreement type, as required.
- Generate contract management reports and track Key Performance Indicators (KPI) to increase transparency.