The telecommunications industry has been flourishing over the years. In this digital era, the telecom industry is growing and expanding around the clock. With 5G at the doorstep, while 4G Implementation is still rolling around in many regions. Assuming the telecom industry might be overwhelmed with lots of business opportunities partnership programs, vendor associations, etc. Which will result in numerous amount of contracts that they have to deal with.
Contracts are an integral part of business opportunities, hence it is necessary to adopt the right tools and processes to manage your contract efficiently.
To compete in today’s local and global marketplace, it becomes necessary for the telecom industry to the streamline contract management process by adopting advanced Telecom Contract Management Software or Systems.
What is Contract Management Software?
Contract Management Software is a type of digital process to manage and automate the contractual process.
Contract Management Software ( CMS ) or contract lifecycle management software ( CLM) helps to keep track on end to end process of a contract, it works more like a digital contract manager with advanced features like monitoring and analysis.
Contract Lifecycle Management Software(CLM) works at every stage of contract starting from
- Compliance approval
- Contract renewal
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Telecom and Contract Management
In the current scenario, the Telecom industry is experiencing a drastic shift with multiple partners in the telecom environment. Collaborating with different vendors and partners is a need of hours as this business collaboration requires transparency and proficiency in the contract.
And in order to retain an advantage in this fiercely competitive environment it becomes necessary for telecom businesses to install contract Management software.
ODOO ERP Software Development for contract management is the one-stop shop for all questions faced in the telecom market.
This promising technology will help telecom businesses have visibility and a degree of control as slight errors or oversight in contracts can be too risky for businesses financially and legally.
Reason to Have a Telecom Contract Management Software
Telecom contract management software helps to keep the data altogether throughout the contract life cycle.
This helps to negotiate and record all the invoices, and legal documents in one digital folder.
This also helps both internal and external stakeholders to access contracts or any documents from any location
- Service providers name.
- Contract start date – expiration date, etc. can be retrieved at a glance.
Telecom operators will able to track changes made in contract easily as contract Management software enable them to keep the data in a centralized document database which help the business to keep a bird’s eye view of contracts and their life cycle, any cross-functional data if any.
Manual maintenance of contracts will always be prone to human error.
By using a telecom contract system we can reduce the risk of human errors.
Contract Management software help in giving alerts when the contract will expire. Hence this will help the business to take a decision to renew or cancellation of the contract.
Many business losses in millions, as contracts were not verified accurately as there are various hidden risks contained in the text from using unapproved terms or some missed obligations.
Here telecom contract management comes into the picture and helps in mitigating various risks by providing:
- Compliance alerts
- Amendment alerts in various contract
Contract Management life cycles software offers a wide variety of features including an audit trail.
These help in viewing the amendment history with only in few clicks.
This helps telecom operators maintain a refined contract history and help in maintaining a complete audit trail for compliance with internal business policy.
The audit trail feature also ensures that businesses can track:
- Workflow error
- Spotting errors and mistakes and correcting them
Digitization helps telecom operators to have Transparency in each contract field.
Every telecom manager or employee can log in and view the contract stored in centralized data and work them and can amend them as per the requirements of service providers.
Not only employees but stakeholders and internal compliance members can also view the contract in real time.
Whether a large organization or small business it is always impossible to track all the records manually.
Hence installing telecom contract management software enables operators to have a pre-approved contract template which helps in,
- Kickstarting a draft contract faster by 85%.
- Helps to keep all communication regarding contracts in one environment like Negotiations, amendments, etc. this will save the time of telecom contract mangers, and thus they don’t have to go back and forth in inboxes to find mail threads.
- E – signing at the final step helps to save time as it excludes the repeating process of signing, scanning, sending again signing, scanning and the thread goes on.
Growth and Stability
Business is run on trust and contract agreement works as a seed of trust between the telecom operators, service providers, and vendors.
Contracts are the driving force, this telecom contract management system enables the contract process smooth and efficient with below various features:
- Terms and conditions get captured digitally which helps to identify any negative terms
- Providing real-time reports to operators
- Payment , penalties settlement process are captured and verified
- Help in the quick onboarding process
- Helps in eliminating Intermediary
Thus Facilitating the settlement process smoothly and efficiently.
Fraud Prevention And Cyber Security
Centralization helps in keeping the data secure and confident.
It helps in maintaining standardized processes and controlling contract development by enabling a two-factor authentication process for access to centralized data, but the picture is much bigger than this.
There are particularly 3 broad scams running in the telecom industry.
- Defraud Subscribers
- Phone Fraud
- Fraud telecom service providers
Telecom management system help in
- Analysis of fraud
- Protect the data spamming
- Identify hacking
ODOO ERP software is the right solution for the telecom industry and this service is only limited to contract management systems but it has more in store for telecom businesses like:
- Sales order management
- Installation and support
- CRM feature
- Integration of operations
- Asset management etc
The ODOO ERP helps in identifying
- Subscription strategies for different customer
- Help in providing reminders and alerts for contract expiration or renewal
The contract management software can be easily integrated with newer software tools within a few clicks.
This doesn’t only make service cost-effective but also boosts business operations.
This one software will be working as a weapon to identify all the errors and Discrepancy in
- Payment receipt
Also, help in generating contract management report which will help to track key performance indicators which will increase transparency
This software helps in tracking discrepancies in
- Agreement value.
- Agreement type.
- It also checks if the workflow has been done with an approved hierarchy.
AI-Powered Telecom Contract Management
The company has a huge volume of data and contracts that are required to be handled on daily basis.
It includes a variety of contracts like
- Customer contract
- Suppliers contract
- Merger and acquisition contract
- Vendor contract
- Communication service provider contract
- Real estate contracts and deeds
- And the list goes on
This contract needs a different template and negotiation process. Also, each region has its variety of laws to which it has to adhere to while framing the template.
In such cases, it becomes necessary for telecom operators to use advanced software with AI capabilities to boost productivity and efficiency in contracting.
AI contract management can help the telecom industry in the following ways:
- Help in identifying, classifying, and extracting key causes and terms
- AI tool helps in recommending or swapping out the terms from the clause which has been pre-approved for use
- Help in identifying terms and key clauses that would introduce risk and replace them. with a suggested amendment or words or clause which has been designed to protect business
- AI software help in evaluating the volume of contract business is able to negotiate or execute.
Configuration Of IoT
Industries are rapidly adopting smart devices to streamline the process and improve productivity
With the help of ODOO ERP, you can now integrate the ERP system with IoT.
IoT has been providing revolutionary benefits to various industries like Retail, agriculture, and automotive.
For the telecom business, IoT has been a game changer. Telecom industries have tremendous growth with help of IoT.
Below are the touch points where IoT is changing telecom for the better:
- Higher speed
- Minimize downtime
- Increase efficiency
- Help in tracing all data and information which eventually will help in identifying any glitch in the network
- IOT-installed sensors will help telecom operators to monitor the performance of varieties installed at various locations like factories, workstations, warehouses, etc.
Digitization buzz is around the ecosystem, with AI being the future. The telecommunications industry has to adopt modern tools and technology software to maintain its position in the market.
The Telecom industry operates with large no data and numerous contracts, processing and analysing data with a contract management software powered by ERP sounds practical .
ORDOO ERP has all the ingredients which are beneficial for the telecom business, Contact us now and make your business up and run.