How to Avoid the Pittfalls of Contract Management in Telecom and High-Tech

Risk Management: A Four-Pronged Approach

With their fast-paced innovation and a vast network of suppliers, the high-tech and telecom sectors face a unique challenge in contract management. Continual technological changes necessitate consistent adjustments to manufacturing and supply chain processes, leading to a staggering volume of contracts. 

In fact, telecom and high-tech industries handle a contract volume three times that of other sectors. This intense contract environment, when not managed efficiently, can lead to delays, increased costs, and potential legal issues.

In this context, managing contracts becomes a juggling act that involves keeping up with new regulations, updating contracts for risk mitigation, and ensuring that contracts are reviewed promptly to meet market demands.

Many organizations struggle with management of their commercial contracts, and highly regulated industries with large volumes exponential challenges. As an example, when launching a new product or device, legal review cannot be a bottleneck slowing market entry.

The solution lies not just in leveraging the right technologies such as contract lifecycle management (CLM) tools, but also in implementing efficient processes and conducting a thorough risk assessment.