Generative AI’s untapped potential in procurement contracts

Procurement contracts are an untapped opportunity for the application of generative AI, discover how Icertis is harnessing the technology

Founded in 2009, Icertis has a history of delivering unmatched technology and artificial intelligence (AI) innovations. The software company was one of the first to embed AI into the contract lifecycle management (CLM) process to enable true contract intelligence. 

What is Generative AI?

Generative AI is the use of algorithms to create ‘content’ including audio, code, images, text, simulations, and videos. While experimentations in generative AI have been carried out for many years, prior to recent developments, building generative AI models has been a major undertaking with only a few well-resourced, technology giants have attempted to make such investments. 

However, recent developments of the likes of ChatGPT have created a boom in this particular field. The potential to drastically change the way we approach content creation is on the horizon. 

Discover how 10 of the leading companies in procurement are innovating with generative AI

How is Icertis harnessing this technology? 

Building on its AI-powered contract intelligence (ICI) platform that turns contracts from static documents into ‘strategic advantages’, the software company is tapping into the opportunities generative AI can provide procurement contracts. 

“Contracts are a massive untapped opportunity for the application of large language models because they are universal across industries, geographies, and businesses of all sizes, and imperative to any and all commerce as we know it,” said Samir Bodas, Co-founder and CEO of Icertis. 

Icertis Contract Intelligence (ICI) Copilots

Developing the first generative AI applications for enterprise contract management, Icertis has developed Icertis Contract Intelligence (ICI) Copilots. Built on Icertis ExploreAI ICI Interactive Insights Copilot and ICI Risk Assessment Copilot enable executives, legal teams, and business users to responsibly harness generative AI to turn their commercial agreements into interactive assets. 

  • ICI Interactive Insights Copilot: easily engage with contracts and rapidly uncover insights via pre-defined, hierarchical prompts as well as free-form prompts that highlight key provisions and identify related contract information. 
  • Risk Assessment Copilot: automates and accelerates high-volume contract reviews by comparing contract attributes with a company’s standard playbook and practices to more effectively manage risk.

The technology is backed by the security of Microsoft Azure, leverages both Azure OpenAI and Icertis proprietary AI models, and harnesses rich data to accelerate the pace of business, galvanise profits, and safeguard enterprise from risk. 

“Icertis has delivered the first generative AI Copilots in the market to lead the next era of transformation in enterprise contracting, balancing innovation with the trust and responsibility that comes with recognizing that regardless of industry – contracts are one of the most confidential and valuable assets in an enterprise,” added Bodas.

The new technology signals the next generation of CLM, and a milestone for the company, adding generative AI to its portfolio which includes Icertis AI Studio, Icertis NegotiateAI, Icertis DiscoverAI, and Icertis VisualizeAI. 

ICI Interactive Insights Copilot enables decision-makers to easily engage with contracts and rapidly uncover insights via pre-defined, hierarchical prompts as well as free-form prompts that highlight key provisions and identify related contract information. With role-based summaries created through a unique combination of secure data sources, including the company’s contract portfolio, integrated business systems, and the Icertis Data Lake, leaders are equipped to increase the speed and effectiveness of negotiations while instantly gaining answers to critical questions about the business.    

Risk Assessment Copilot automates and accelerates high-volume contract reviews by comparing contract attributes with a company’s standard playbook and practices, enabling enterprises to more effectively manage risk by ensuring required clauses and approved language are present in every agreement. In addition to providing a risk score, guided prompts allow legal teams to quickly identify and address missing or noncompliant attributes, while also eliminating time-consuming, error-prone processes by earmarking agreements that do not require further review.   

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Other magazines that may be of interest: Supply Chain Digital, Manufacturing Digital

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