Contract Intelligence Pioneer Innovates with AI to Unlock Strategic Value for Customers
PUNE, India and BELLEVUE, Wash., April 28, 2023 /PRNewswire/ — Icertis today announced that artificial intelligence (AI) was applied to nearly 50 percent more contracts on its platform in 2022 compared to the previous year. This affirms continued momentum behind AI adoption in contract-driven processes as forward-looking enterprises seek to transform operations, inform strategic decision-making, and realize the full intent of their commercial agreements with contract intelligence.
Contracts and the data they capture play an essential role in every company’s core operations, offering one of the largest untapped opportunities for enterprise-wide digital transformation. Industry leaders including Cigna, HERE Technologies, PacSun, and Sunstate Equipment use the Icertis Contract Intelligence Platform (ICI) and its AI applications to power transformation efforts, applying AI to integrated contract data to help their organizations discover new revenue and savings, improve negotiations with suppliers, and better manage risk by ensuring contracts contain critical clauses for compliance.
“Icertis enables Sunstate to quickly extract contract data and compare it to our standard clauses using AI to analyze potential risk,” said Linda Jones, Contracts Manager at Sunstate Equipment. “This saves us time and ensures critical contract language is not overlooked, while giving us a single source of contract information to help eliminate disconnects between departments.”
The ICI platform is designed to accelerate strategic outcomes by combining purpose-built AI with the industry’s largest and richest enterprise contract data lake of 2 billion metadata and transactional elements. Icertis AI applications include:
AI Studio – Democratizes the power of AI by enabling users to identify patterns, discover hidden insights and revenue opportunities, and recommend actions across their contract portfolio directly from a customized dashboard.DiscoverAI – Digitizes legacy contracts – including agreements on third party paper – to pinpoint potential savings and risk, enabling users to mitigate liability and reduce costs by comparing legacy contract language to established clauses and attributes.NegotiateAI – Supports faster, more consistent contract negotiations and improves negotiation outcomes by analyzing high volumes of contract terms and clauses to identify deviations and ensure compliance.VisualizeAI – Reduces risk by mapping complex relationships across a company’s full contract portfolio to uncover hidden dependencies and actionable information.
“In fast-paced business environments, deviation from contract expectations – in the form of unfulfilled entitlements, purchase price discrepancies, regulatory noncompliance, or missed deliveries – are realities that pose a serious threat at a time when every dollar counts,” said Monish Darda, Chief Technology Officer and Co-founder of Icertis. “Leading enterprises have discovered that AI is key to go beyond contract efficiency and process improvements to address more strategic challenges around revenue and compliance. AI differentiates true contract intelligence delivered by the Icertis platform from traditional contract management, and that’s why Global Fortune 500 companies have turned to Icertis to accelerate AI-driven transformation across their enterprises.”
Icertis began imagining the role AI can play in contracting when the company was founded in 2009 and continues to set the tone for the future of AI in the CLM market, exploring how innovations like generative AI will help businesses fully realize the intent of their commercial agreements throughout the contract lifecycle. The company is recognized for its advancements in contract intelligence by leading analyst firms including IDC, who recently stated that “Icertis was early to adopt and infuse AI capabilities in its platform and is viewed as an industry trendsetter with respect to advanced-level discovery and data mining capabilities,” in its IDC MarketScape: Worldwide SaaS and Cloud-Enabled Buy-Side Contract Life-Cycle Management Applications 2023 Vendor Assessment (doc #US48785822, March 2023).
By structuring and integrating contract data directly into the business processes it powers, Icertis has established contract intelligence as the fifth system of record for the enterprise, equally as essential to a company’s core operations as its ERP, CRM, HCM, and SCM solutions. Icertis applies AI to 7,000+ contract types across 11 verticals, with 100,000+ contracting attributes, clauses, and obligations, effectively curating one of the largest, most advanced collections of contract data in the world.
With unmatched technology and category-defining innovation, Icertis pushes the boundaries of what’s possible with contract lifecycle management (CLM). The AI-powered, analyst-validated Icertis Contract Intelligence (ICI) platform turns contracts from static documents into strategic advantage by structuring and connecting the critical contract information that defines how an organization runs. Today, the world’s most iconic brands and disruptive innovators trust Icertis to govern the rights and commitments in their 10 million+ contracts worth more than $1 trillion in 40+ languages and 90+ countries. For more information, visit www.icertis.com.