What is CLM MTN Nigeria? What does it mean and what is it about? For readers of AfricaStatus who are not aware, MTN Nigeria Communications Plc is one of the biggest telecommunication giants in Africa and has been in the business of building and operating Global System for Mobiles (GSM) network and other services in Nigeria and beyond.
The MTN network offers broadband fixed wireless access service telecommunication services and makes use of CLM.
If this is your first time hearing about the CLM MTN Nigeria, or want to learn more about the MTN CLM Nigeria, continue reading this article to get a deeper understanding of this topic.
The CLM stands for Contract Lifecycle Management (CLM) solutions, which is an automated and streamlined contract that helps you to process every key stage like:
- Execution of ongoing management for renewals.
The CLM provides viable solutions for the ease of management of the client’s contracts, supplier contracts, M&A/ corporate agreements or employment contracts.
In addition, numerous law firms have been equipped with enhanced technology for a long time, and artificial intelligence (AI) making their lives easier.
The world is evolving, things are changing, technology is taking over, newer tools, and machines are developed at the speed of light, and there is a new generation of cloud CLM that are coming and the digital contract in the future for the in-house legal departments.
For businesses that use the cloud CLM, it makes it so much easier for their legal team to do more. This helps in relieving them from tedious and repetitive work, giving them ample time to focus more on the business’s critical issues to become essential partners in the business.
Who Is Involved in CLM MTN Process?
If you’re not aware, stakeholders play a vital role in this. Stakeholders play a significant role in various stages of contract lifecycle management. Each stakeholder including legal, finance, sales, and supplier, has the priority to manage the contract lifecycle.
The capacity and ability to work together approach is extremely vital and important for the effect of the contract management process which requires a well-designed solution.
Various Stages Of Contract Lifecycle Management.
When it comes to the MTN CLM, you should be aware that there are no certain frameworks for the stages in contract management, and the lifecycle is usually different, according to the organizational challenges and procedures.
For you to have effective contract management, you need to understand the various stages of the contract lifecycle.
Contract Request and Initiation.
Before requesting, there is a need for you to be able to identify the business objectives and gauge the risk appetite of every parties involved. One of the setbacks or hardwork when it comes to CLM contract request and initiations is the difficult when it comes to locating the correct contract template. This task alone makes the contract initiation a more time-consuming.
The slow cycle time pushes the revenue from the deal to the new future making procurement a roadblock.
Second on this list is Authoring. One task you should not overlook is this. Drafting a contract is a very critical step that is important for both parties.
Drafting a contract and not fully understanding its context may likely leads to revenue losses which it become a loophole for the other party or people involved to suck money out of the contract.
The MTN CLM software offers you a standardized and approved legal language. The solution for the library contract clauses and terms has to be chosen.
A good negotiation between both parties involved is always good, because it requires good communication between the two parties.
Approval & Execution.
After the contract has been negotiated, approved and agreed on by both parties, the next step is to commence the approval and execution. There should be various approvals from different functions in the organization. This chain of approvals consumes time and makes the contract cycle longer.
The CLM solution gives you dynamic approval functionality. Of which is based on various criteria like the dollar value, contract type, and industry.
When you get approvals for the contract, then it’s imperative that execution can commence without any delay.
There are certain obligations that come with contract agreement and signatures. The contract lifecycle management will not be concluded without first, a contract execution. For the post-execution, there is a need to make sure that all stakeholders meet their deliverables and fulfil their obligations.
One of the most important factors when it comes to Contract obligation is Contract tracking. Contract tracking is essential for post-execution, as it increases the contract agreement. The tool offers you visibility and control features like milestone tracking, dynamic workflows and analytics.
Benefits of Clm MTN Nigeria.
- It allows you to have a self-service contract creation.
- Easy to make use of the templates and clauses libraries.
- It helps to safeguard your emails and attachments.
- There is an integration of E-signature tools.