Best Contract Management for the high tech Industry

Best Contract Management Software for the high tech industry

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 High tech companies change traditional markets by smashing restrictive and outdated business models that stifle innovation, restrict consumer choice, and keep prices high.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.

Challenges faced by the high tech industry

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.

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Ultria’s Contract Management and Analytics solution for the high-tech industry

Ultria’s AI-driven CLM – Enterprise Contract Management Software for the 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.

Download our eBook for free 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.

Other Useful Resources

Case StudiesResources
August 26, 2021

A Global Financial Services Network Streamlines its Contract Operations with Ultria AI-powered CLM

A Global Financial Services Network Streamlines its Contract Operations with Ultria AI-powered CLM About the Company: A Fortune-500 company that connects institutional and individual clients to global markets through its…
July 29, 2021

How to Accelerate Sales and Revenue Forecasting with CLM

HOW TO ACCELERATE SALES AND REVENUE FORECASTING WITH CLM Sales contracts are critical for business bottom lines. According to CPO Rising, 75% of all corporate revenue is directly linked to…
July 8, 2021

CLM TRANSFORMATION – Journey, not a Destination

CLM Transformation – Journey, not a Destination Achieving digital nirvana is a priority for modern organizations. But, even as digital transformation becomes a critical part of boardroom agendas, enterprises are…
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Contract Lifecycle Management 101 Efficient Contracting with Speed and Control

CONTRACT LIFECYCLE MANAGEMENT 101 EFFICIENT CONTRACTING WITH SPEED AND CONTROL A McKinsey Global Survey of business executives found that organizations accelerated the digitization of their customer and supply chain interactions…

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