Innovative, AI-infused App Transforms the Way Organizations Identify, Manage and Fulfill Obligations Hidden in Complex Contract Language
Icertis, the leading provider of enterprise contract management in the cloud, today launched the ICM Obligation Management application enabling companies to optimize business performance and protect organizations from reputational, commercial and financial risks.
Built on the Icertis Contract Management (ICM) platform and infused with artificial intelligence (AI), the new app transforms how organizations identify, create, manage and fulfill obligations previously hidden in complex contract language.
A McKinsey study estimates leakage due to unfulfilled obligations at 2 percent in large enterprises. The new application automates obligation management in new and legacy contracts to accelerate the business and optimize commercial relationships, while avoiding the risk associated with missed obligations.
“As one of the world’s leading professional services companies, it is critical we closely manage the obligations enshrined in our contracts,” said Frank Marty, Global Head of CLRM at Cognizant. “Understanding and fulfilling our commitments to customers and realizing the full value of our entitlements is critical to successfully delivering shareholder value. The ICM Obligation Management app will positively impact our bottom line.”
“The digitization of contracts is enabling companies to reimagine enterprise contract management,” said Samir Bodas, CEO and Co-founder of Icertis. “For the first time in history, computer science is being applied to surface previously hidden and hard to manage contractual obligations, increasing compliance and maximizing revenue. It is exciting to see Icertis’ data scientists once again utilize AI to unlock even more value for our customers.”
The ICM Obligation Management app delivers the following powerful capabilities for all types of contracts including:
- Automatically discover and extract obligations at scale, from any contract, through the power of artificial intelligence.
- Surface obligations in the full context of the contract, making it easy to understand and focus on obligations that are most critical to the business.
- Assign obligations to both internal and external users and automatically handle reassignments due to transfers, departures, etc. based on pre-defined rules.
- Generate and manage fulfillment processes using ICM tasks for internal and third-party users via the ICM Collaboration Portal.
- Quickly set up rules to cascade and enforce obligations across related agreements – e.g. from MSAs to SOWs.
- Measure risk and compliance to deliver rolled-up insights across the enterprise and then develop, initiate and monitor action plans for continuous improvement, and more effective renewal negotiations.
Natively built on Microsoft Azure and tightly integrated with Microsoft productivity tools such as Microsoft Office 365, Microsoft Dynamics 365 andMicrosoft Teams, Icertis continues to use Azure Cognitive Search technology to infuse the power of AI across the ICM platform and apps.
“Our goal at Microsoft is to bring AI to everyone by giving our customers the AI tools they need to drive digital transformation in their organizations,” said Joseph Sirosh, CVP & CTO of AI, World Wide Commercial Business group, Microsoft Corp. “By using our AI tools, Icertis is helping to evolve how contracts are managed, turning them from static documents to strategic assets using Icertis’ AI-infused enterprise contract management solutions built on Microsoft Azure.”
Icertis will be demoing the ICM Obligations Management app, as well as the ICM platform at booth 2 during Microsoft Envision held from Sept. 24-26 at the Orlando Hilton and booth 1825 during Microsoft Ignite held from Sept. 24-27 at the Orange County Convention Center in Orlando, Fla. For more information, visit https://www.icertis.com/ignite-envision/.
For more information about Icertis, visit www.icertis.com.