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.
In many technology companies, the lack of self- service contract authoring techniques, slow down the functioning of the sales teams, leading to slower time-to-revenue. The workload is intense and staying on top of deadlines and renewal dates can result in delayed negotiations and eventually losses in the business.
New startups are developing advanced contract management software solutions, utilizing artificial intelligence and machine learning to enhance productivity, lower billing costs, and track compliance. Most of the new contract management technologies reduce the turnaround time by automating repetitive processes ranging from document review to drafting contracts. An advanced contract management system adds speed to the contracting process, erases the chances of manual errors, and maximizes revenue. It also enables the CEO and finance heads to reduce response time and make quick decisions.
Ultria’s AI-driven CLM – Enterprise Contract Management Software for the advanced tech industry enables organizations to streamline the management of contracts, reduce risks, and design a better compliance management framework. It helps to manage 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.
Download our latest Ebook to know more about the high tech industry and how Ultria’s AI-powered advanced contract management solutions can speed up and streamline the contracting process. This e-Book will re-imagine legal processes with contract management that will help tech firms to work efficiently, cost-effectively and drive their enterprise’s value. It will also discuss –
- Evolving Paradigm of the High Tech Industry
- Challenges Faced by Tech Companies
- Different Types of Contracts in the Tech Industry
- Benefits of Adopting CLM for Tech Firms
- Ultria’s Solutions for the High Tech Industry