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. 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.
The telecommunications industry is finding it challenging to cope 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). Furthermore, increased global competition, transformative applications and technologies, and growing customer demands have necessitated improved processes, quick contract turn-around times, and insight into contracts and obligations.
Contract management for telecommunications can act as a doorway to improved business processes, better compliance management, and an increase in bottom-line profitability through informed organizational decisions.
Ultria CLM Enterprise Contract Management Software for Telecommunications enables organizations to streamline all contracting processes, reduce risks, and design a better compliance management framework:
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