Contract Management for the high tech Industry

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 High tech companies change traditional markets by smashing restrictive and outdated business models that stifle innovation, restrict consumer choice, and keep prices high.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

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

EBooks
April 7, 2021

Ultria Contract Management for Legal Operations

“The need for legal departments to operate more efficiently during the pandemic accelerated the trend of corporate legal departments hiring legal operations professionals, according to Thomson Reuters’ 2021 State of…
Blog
March 17, 2021

AI Capabilities to Look for in a Contract Management Software

The contract lifecycle management (CLM) market is growing incredibly as validated by the Forrester Q1 Report 2019. But as the market is expanding, basic contract management technology is becoming outdated.…
EBooks
March 15, 2021

Ultria Contract Management for Procurement Teams

With rapidly growing complexities of the sourcing environment, expectations out of procurement teams are way beyond cost savings. A company’s operational efficiency and financial integrity depend a lot on procurement…
Whitepapers
March 2, 2021

Contract Automation Empowering In-House Legal Teams

Businesses today aim at optimizing performance while controlling costs — which is no easy job in these challenging market conditions. However, there are many ways in which enterprises can meet…

Ultria's Integrating of Natural Language Processing with Optical Character Recognition increases the quality of the conversion result and really helps the AI perform at its best.

Director of Legal Operations - F100 High Tech Manufacturer

Automatic creation of navigatable indexes and matching of agreement numbers helps us review agreements and link related agreements quickly and accurately.

VP Legal Operations - Engineering Co.

Ultria Orbit has reduced the intake time for 3rd Party Paper by more than 60%.

Director Legal Operations - F500 Professinal Services Company

Contact us

Call us at +1 609 799 5665 to get in touch with us right now or fill in this form.

Get in Touch

See it in action

See what Ultria can do to take your contract management to the next level.

Request Demo

Get Started Now

Let’s get running with contract lifecycle management and performance analytics.

Meet Orbit