Icertis: Using AI to Revolutionises Contract Management
Icertis, the global leader in AI-powered contract intelligence, has received the 2024 AI Breakthrough Award for AI Platform Innovation.
Recognised for its AI-powered platform, Icertis helps to structure and connects contract data across the enterprise to deliver insights and performance that help grow revenue, cut costs, mitigate risk, and ensure compliance.
Recognised as a global leader in AI-powered contract intelligence, the Icertis platform revolutionises contract management, equipping customers with powerful insights and automation to grow revenue, control costs, mitigate risk and ensure compliance - all of which are considered the pillars of business success.
Today, 33% of the Fortune 100 trust Icertis to realise the full intent of millions of commercial agreements in 90+ countries.
Contracts: the key to business relationships
The Icertis platform liberates contracts from digital filing cabinets and transforms them into active assets to drive business execution.
Often viewed as the single source of truth for business relationships, contracts document the obligations and entitlements with customers and suppliers that are the foundation for all enterprises.
Icertis is used to extract the critical information contained within the documents, structuring it according to the common data model and connecting it seamlessly with operational systems that power finance, sales, and procurement – helping to ensure customers realise the full potential of each and every business relationship.
"Contracts are not merely documents to be processed through their lifecycle stages — from creation and negotiation to signature and renewal," says Monish Darda, CTO and Co-founder of Icertis.
"They represent the strategic blueprint for business execution. By converting contracts into dynamic entities that integrate in real-time with finance, sales, and procurement systems, Icertis has pioneered the field of contract intelligence.
“The AI Breakthrough award for the AI Platform Innovation category underscores our commitment to empower our customers — which now include a third of the Fortune 100 — to realise the full potential of their business relationships.”
Icertis building innovation and momentum
This award builds on continual AI innovation and momentum from Icertis – having surpassed US$250m in annual recurring revenue (ARR).
From its pioneering contract intelligence to delivering the market’s first generative AI applications for enterprise contract management to its unrivalled platform strategy, Icertis is uniquely positioned to deliver customer value in the age of AI and is poised to continue leading the US$30bn contract lifecycle management (CLM) market.
Enterprises can achieve strategic outcomes with Icertis’ robust core platforms, which include end-to-end CLM enhanced with generative AI Copilots for contracting, vertical solutions, business applications, and enterprise integrations that enable the realisation of value and intent in the contracts themselves.
AI Breakthrough, now in its seventh year, is a leading market intelligence organisation that recognises the top companies, technologies, and products in the global AI market today. This year’s programme attracted over 5,000 nominations from over 20 countries.
Icertis work across the procurement landscape
Anand Subbaraman, who was recently appointed as Chief Operating Officer at Icertis, spoke to Procurement Magazine to outline his aims to lead the company in transforming procurement through AI. Leveraging his experience in enterprise applications and supply chain management.
Anand plans to enhance Icertis' contract lifecycle management (CLM) with generative AI to improve contract compliance, mitigate supplier risks, and drive customer value.
Shannon Kirk, Global Director of Legal Industry Solutions at Icertis, spoke to Procurement Magazine about the value of CMS, including how AI and automation is reshaping its efficiency, keeping to sustainability conditions and focussing on strategic value.
******
Make sure you check out the latest edition of Procurement Magazine and also sign up to our global conference series - Procurement & Supply Chain LIVE 2024
******
Procurement Magazine is a BizClik brand