Where Enterprise Contract Lifecycle Management makes all the difference.
The only thing changing faster than the technology, media, and telecommunications (TMT) industry are the regulations that govern it. As companies mature and further branch out in their offerings — technology companies producing media content, media companies acquiring technology — the legal ramifications are also growing more complex, complicated and specialized. The TMT industry is a high-stakes field with a wide array of major players; when there’s that much money, risk and opportunity in play, legal teams need the most sophisticated technology to stay ahead of the curve .
The Facebook/Cambridge Analytics debacle, the implementation of GDPR, the Equifax hack are headline examples of technology/data/content issues at their worst. But the challenges are just as often very behind the scenes, day-to-day types of things. Or, so new that the rules are still being written (in-flight connectivity – who governs that jurisdiction?).
Regardless, where cutting-edge technology is involved it requires experienced legal teams to handle consequential disputes and complex deals. TMT in-house counsels tend to be extremely specialized in their industry, and demand specific, configurable technology tools to address their unique issues. Some of the legal departments responsibilities may include:
- Securing, defending, and monetizing a company’s intellectual assets. This is one of the most important functions of a legal department in the TMT industry. It demands keeping track of licensing contracts and ensuring that they are consistent by maintaining a customized library of approved clauses. Contracts should be searchable so terms not being met or that could be more favorable can be addressed.
- Getting in front of the rising tide of privacy and cybersecurity issues. Beyond a secure data cloud to make sure your data is protected, data needs to be accessible and fully visible to everyone in your company. High-profile data breaches are a common occurrence, and not just online: one victimized company was keeping its contract data in spreadsheets, with virtually no way to track down who had access to it. With the General Data Protection Regulation (GDPR) in full force, today’s enterprises need to strike the balance between privacy, security and visibility within the company — and their third parties.
- Developing and implementing a bulletproof global antitrust compliance strategy. As industries globalize, laws and regulations increase in complexity. In order for enterprises to follow the letter of the law, they need full visibility and control. Every new venture, office location, and license should be subject to automated controls based on the correct laws, and any issues should become apparent before the deal is completed.
- Sorting through complex licensing and cross-licensing issues. At the heart of joint ventures and other deals, licensing information for software or other intellectual property can feel like a maze. Automated tools can help you navigate a database full of clauses and contract versions and search for non-standard language. Keeping licensing agreements consistent will simplify the process of creating and managing them.
A secure, configurable contract management system allows corporate counsel to maintain complete control over all of the contracts. An Enterprise Contract Lifecycle Management (ECLM) strategy makes contracts and contractual data visible and actionable, enabling legal department teams to manage regulatory and compliance information, antitrust/competition laws, and intellectual property issues to proactively seek out and mitigate risks and revenue leaks.
Given their area of specialization, legal departments in the TMT industry appreciate tools tailored to their needs. Tools that help them ensure effective corporate governance and avoid litigation in their highly complex — and rapidly changing — field.
Whether your company is looking to proactively mitigate risk, control cost, or improve revenue, Enterprise CLM (ECLM) strategy can help you achieve those objectives. Read more, or schedule a personalized demonstration of ECLM on the Determine Cloud Platform.