Edition #20: Telco Contract Management in 2024: Four Key Trends You Can't Miss
I am a fan of printing, filing, and storing paperwork – said no one ever! While there are telcos that print so much paper every year that it could stack up as tall as the Burj Khalifa, many operators are embracing digital contract solutions at full throttle.
Telcos are under enormous pressure to remain competitive while being cost-efficient, innovative, and sustainable. Digital contract management is smart, customer-friendly, fast, and secure - and we can't recommend it enough.
In this article, we will explore four key digital contract trends in the telco industry that you must leverage in 2024 and what they mean for your business.
Remote Signing ✍🏼
😎What's so cool about it:
Digital signature solutions have come a long way from a stylus tethered to a digital pad. Today, transactions aren't just limited to retail stores. With remote signing capability, customers can sign documents from any channel, for example, through their self-care app or a kiosk. This eliminates the need to visit a store or call customer service to finalize a transaction!
💡How it helps your business:
🟢 More sales in more channels
It's no secret that empowering customers to complete transactions from anywhere results in higher sales volumes. If customers start preferring one channel over the other in the future, you don't have to worry about potential revenue loss as remote signing ensures customers can effortlessly sign documents and finish transactions in their chosen channel!
🟢 Seamless user experience
Remote signing helps customers finalize contracts at their convenience and complete transactions without outside help. The best solutions feature controlled workflows, ensuring your customers sign in the right place and never miss a step!
🟢 Enables omnichannel
Self-service transactions where a contract is involved, are not possible without remote signing. Otherwise, your customer is left disappointed with having to call customer service. Remote signing enables true omnichannel because telco customers can start and finish transactions in the same channel.
Digital Storage 💻
😎What's so cool about it:
Contracts are not the only pieces of paper involved in your business. The best digital contract solutions eliminate all paper-based documents from your operations. Now you can store every form digitally, including plan changes, credit applications, quotes, float reports and retail store checklists. And let's not forget how good it is for the environment. Did you know if an average telco stopped printing contracts, they would save enough water to fill 10 standard-size swimming pools!
💡How it helps your business:
🟢 Big cost savings
By storing documents digitally, you can significantly reduce your paper-related costs. This includes expenses related to storing, shipping, and managing physical documents. The result is substantial financial savings - our clients have saved up to 85% of these costs, translating into millions of dollars saved annually.
🟢 Improved visibility and accessibility
Imagine losing a dispute because you can't find a paper contract that has been shipped off to a warehouse somewhere. With digital contract solutions, you can easily find information without sifting through physical files or visiting a storage facility. Search functionality makes it easy to find documents based on keywords, dates, or other criteria. This enhanced visibility leads to faster decision-making, improved customer service, and streamlined internal processes.
🟢 Less administrative load
With automated systems for storing and retrieving documents, your employees will spend less time on manual paperwork and more time on value-added tasks.
Contract Authentication 🔒
😎What's so cool about it:
A secure and transparent contract management process reduces the risk of disputes and fosters trust among telco customers. Tamper-resistant features and audit trails protect the integrity and legal validity of your contracts, avoiding any future embarrassments. That's quite a weight off the shoulders, right?
💡How it helps your business:
🟢 Improved legal enforceability
Digital signatures include timestamps, identity verification, and audit logging, granting your contracts a robust framework for legal enforceability. This level of authenticity and traceability helps you ensure your contracts can be upheld in a court of law, reducing the risk of disputes.
🟢 Enhanced security and compliance
By offering controlled access and secure storage in cloud repositories, digital contract solutions guarantee that only authorized personnel can view documents. The best solutions maintain a high level of security by automatically logging all actions users take. You can see who accessed the system, and when, what they searched for, and what actions they took.
🟢 Signature enforcement
Imagine the frustration if a transaction or deal gets stuck because of a missed initial or signature. You will never have to worry about it again when your digital contracts have enforced signature workflows. The best solutions trigger contract signing automatically, whether in-store or remotely, and guide all parties involved through multiple signing stages. This ensures each person signs the contract in the correct order and there is no way they will ever forget or miss a step.
Contract Analytics 📊
😎What's so cool about it:
Well, it's quite simple – analytics makes you smarter! With advanced analytics tools, you can analyze contract terms, identify trends, catch discrepancies, and proactively mitigate risks. You also get better insights into your customers’ preferences to create targeted and personalized campaigns.
💡How it helps your business:
🟢 Data extraction and monitoring
With AI-powered analytics, telcos can automatically extract key information from contracts without manual intervention. Advanced tools can monitor key metrics, such as renewal dates and compliance requirements, and automatically send alerts when certain conditions are met. In this way, you can proactively address potential problems before they escalate!
🟢 Predictive analytics
Analytics bring some sweet perks, including the ability to craft personalized offers. By analyzing historical contract data, predictive analytics can identify patterns and anticipate future outcomes. How wonderful would it be to know when a contract is up for renewal and how to entice a customer to retain you as their carrier and buy additional services? For example, if a customer always maxes out on their data, here's an opportunity to upsell a larger data plan. Data-driven decisions help you get an edge over your competitors.
Wrap Up
As we look ahead to 2024, telcos that embrace paperless contract solutions will be better equipped to meet industry demands for efficiency, innovation, and sustainability. Ready to ditch the paper? Check out Maplewave's digital contract solution – it has all the features that telcos need to be successful!
