Icertis, an artificial intelligence-driven enterprise contract management platform, announced that its AI adoption rate grew by 50 per cent in 2022 compared to the previous year. Companies such as Cigna, HERE Technologies, PacSun, and Sunstate Equipment have used the ICI platform to unlock strategic value and accelerate digital transformation across their organizations.
The Icertis Contract Intelligence platform is designed to help companies get the most out of their contracting data by utilizing AI applications such as AI Studio, DiscoverAI, NegotiateAI, and VisualizeAI. AI Studio provides users the power to identify patterns and make decisions from the data within their contractual agreements. DiscoverAI helps organizations uncover potential savings and risks hidden within existing paper-based contracts. NegotiateAI enables faster, more consistent negotiations and ensures compliance by analyzing a high volume of clauses. VisualizeAI identifies relationships between contracts to reduce risk and generate insights.
Icertis has been pushing innovation within the CLM market since it was established in 2009. As one of the leading CLM companies, the firm has unlocked a large contract data pool that holds 2 billion metadata and transactional elements across 7,000+ contract types from 11 different industry verticals, over 40 languages, and in 90 countries.
Linda Jones, Contracts Manager of Sunstate Equipment, noted the effectiveness of Icertis in cleaning up her company’s contract data. She said, “Icertis enables Sunstate to quickly extract contract data and compare it to our standard clauses using AI to analyze potential risk. 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.”
Monish Darda, Chief Technology Officer and Co-founder of Icertis, emphasized the importance of using AI to address more strategic challenges related to revenue and compliance. He also noted that market leaders have seen AI as the key to unlocking real contract intelligence, rather than just efficiency improvements.
Icertis has risen to become one of the most iconic players in the CLM market. Their innovation and pioneering approach to the use of AI in their platform has earned them global recognition, with IDC MarketScape including Icertis in their 2023 Vendor Assessment as “industry trendsetters” with respect to advanced-level data mining capabilities.
The company is committed to making contracts easier for everyone and aims to continue to focus on development. Icertis looks forward to further exploring how AI, including generative AI, will help organizations reach the full intent of their commercial agreements.
