Smart IT chooses Manucontracts!

Innovation is essential in the technology sector, where goods and services evolve and adapt at a dizzying pace. Information technology, or IT, organisations must always work to become more adaptable and strong in order to keep up with the speed of business and maintain a competitive edge. On the other contrary, commercial models in the technology industry are very intricate. Hardware and software sales are sometimes linked with sophisticated “as-a-service” subscription packages, which are managed by channel partners and technology providers. As a result, effective contract management is required.

Due to these advancements, IT firms must move more quickly, maximise value throughout all commercial endeavours, and maintain a tight check on data privacy, client obligations, and fulfillment. However, there are hazards associated with each of these requirements. These dangers are magnified given the global digital character of the IT and software services sector. The length of a contract should typically be decided in reference to compliance with the company. Due to the growing information technology industry complexity and stretched channels of communication between several stakeholders throughout onboarding, training, and implementation, contracts are regularly delayed, lost, or incomplete. The difficulties faced by IT organisations are made more complex by compliance obligations with various data protection regimes.

The usage of manual or paper-based processes for contracting and contract administration is mostly to blame for these problems, which cause teams to take up to 5–10 days to finish a single contract lifecycle from drafting to signing. By utilising smart contract lifecycle management, smart CLM solutions enable IT companies to automate contracts and be adaptable to evolving compliance needs.

Contract-related challenges in IT

Over the past ten years, the IT sector has experienced extraordinary digital revolution and development. Despite this development, there has been a delayed uptake of contract management software in this industry, which results in long contract turnaround times and little to no post-award contract visibility. The legislative environment for preventing privacy and data breaches as well as violations of cyber-security is likewise becoming more complicated, which is affecting the IT sector. A sophisticated, comprehensive, and centralised contract management system is required since, in addition, a lack of visibility and insights into Service Level Agreements (SLAs) is having a negative impact on sales and revenue.

How Manucontract can help IT enterprises?

Organizations may expedite all contracting processes, lower risks, and create a stronger framework for compliance management using Manucontract, an AI-based CLM in the following manner:

• To guarantee that all IT-related compliance obligations, such as those for privacy and data breach regulations are met, manage contracts thoroughly throughout the lifecycle.
• To create contracts with consumers, re-sellers, data centres, and support and implementation partners for IT without error, introduce clause and template libraries with pre-approved language.
• All contracts and SLAs may be written, stored, electronically signed, and accessed from one central, secure location.
• To guarantee adherence to the scope of work, achieve delivery deadlines, and stick to budgetary commitments, improve insight into contractual commitments and manage deliverables & deadlines.
• Utilize automatic notifications to notify relevant people of the expiration and renewal of IT product licenses.
• Keep copies of any contract revisions made for future reference and audit reasons.
• Automate the contract approval process using standardised processes and a variety of if-then scenarios based on the value, kind, and hierarchical structure of the contract as well as other factors.
• To promote openness and fact-based decision-making, develop a culture of real-time access to reports and data.

Why is CLM critical for IT?

One of the sectors with the quickest growth in the Digital era is the information technology (IT) service sector. The IT sector must adhere to strict compliance regulations in order to avoid privacy and data breaches and cyber-security violations as digitalization simplify life and take control of more and more private information.

Lack of understanding of Service Level Agreements (SLAs), which frequently results in subpar customer service, is no longer acceptable, especially in light of the increased competition and lower entry barriers. The Internet of Things (IoT) has intensified the need to keep track of the most recent security risks and comply with new compliance regulations. Prominent finance and legal executives in the information technology sector are searching for cutting-edge Artificial Intelligence (AI) based solutions to automate contract management processes in such a situation.

Business teams may design contracts and negotiate clauses in real-time with Manucontract's end-to-end contract management tools. Manage all company contracts online to facilitate efficient processing. To discover more, schedule a free trial right away and find out more about how our contract lifecycle management functions and helps your company.