Contract intelligence: Transforming TMT industry
Optimizing CLM processes for effective tech contract management
The TMT industry is fraught with unique challenges, from supply chain disruptions to regulatory pressures and margin fluctuations. In collaboration with Icertis and SAP, Deloitte is addressing these issues head-on by leveraging advanced contract life cycle management (CLM) solutions. Explore the significance of contract intelligence in the TMT industry and its potential benefits in providing a robust foundation for companies to thrive amid complexities.
Trials in the TMT terrain
The TMT industry is buzzing with innovation but also grapples with formidable challenges. Chief legal officers (CLOs) are tasked with confronting issues ranging from supply chain risks—accentuated by trade tensions—to changes in product demand and consumer spending, which underscore the need to bolster slumped margins and revenue. Macroeconomic pressures are prompting companies to seek new growth areas. The industry is also witnessing a surge in new regulations as stakeholders around the world push for greater transparency, leading to increasingly complex compliance processes. Amid these challenges, attracting and retaining skilled talent remains an uphill battle for many companies.
The necessity of contract intelligence
In this complex landscape, contract intelligence is taking center stage. There’s a growing emphasis on technology investment, data management, and a shift of focus to post-award phases of contracts. With increased digitization, contract management is emerging as a critical function to maintain operational efficiency and competitive advantage. Implementing CLM can yield substantial benefits:
Increased satisfaction among business stakeholders
- Enhanced relationships with internal clients
- Demonstrable improvement in voice-of-customer key performance indicators
- Elevated view of legal department and contracting function
Freeing up attorneys’ time to work on strategic matters
- Intelligent contract triage and delegation to alternative resources
- Self-help facilitation
Reduced risk and improved contract compliance
- Standardized and enhanced contracting process
- Potential reduction in revenue leakage
- Discounts and other financial incentives monitored and realized
- Ongoing template improvement
- Ongoing performance obligations management
Automated and intelligent data insights
- Visibility into where your contracts are and what’s in them
- Real-time management information and reporting that drive business intelligence
- Increased visibility into negotiation patterns
Reduction in contracting cycle time and cost per contract
- Process streamlining through removal of bottlenecks, automation, and speed to execution
CLM client chronicles
Companies across the globe have entrusted Deloitte to provide a broad range of technology-enabled contracting and sourcing processes. This has resulted in significant savings for scalability, increased cycle times, and improved contract compliance.
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Shaping the future of CLM with a game-changing collaboration
The end-to-end CLM process is set to revolutionize the TMT industry. Advanced CLM can also ensure it remains competitive in this dynamic sector. By transforming contracting processes into a strategic value driver, the collaboration between Deloitte, Icertis, and SAP is helping prevent or manage procurement delays, revenue leakage, and lack of insight into contractual risk. TMT enterprises are now equipped to achieve better speed and efficiency across the contract life cycle, improving governance and risk management by streamlining, automating, and transforming their CLM processes. These new capabilities can herald a promising future for the TMT industry, making it better equipped to navigate its unique challenges and seize growth opportunities.
