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Latest Icertis AI Applications Bring Static Contracts to Life

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Latest Icertis AI Applications Bring Static Contracts to Life

Cutting-Edge Apps Infuse AI Technology to Transform Contracts into Strategic Assets

Icertis, the leading provider of enterprise contract management in the cloud, today introduced two new Icertis Contract Management (ICM) applications powered by artificial intelligence (AI), expanding the company’s growing list of applications built on the ICM platform. The applications – ICM DigitizeAI and ICM DiscoverAI – transform contracts from static documents into strategic assets, enabling companies to solve previously intractable enterprise contract management challenges that are uniquely suited to an AI-powered solution.

The Icertis Approach

Every commercial relationship of any company is governed by a contract. Contracts are the foundation of commerce, and the ICM platform has become the system of record for all obligations, entitlements, and commitments of an enterprise. Now, the new ICM AI apps infuse AI into everyday contract management and bring contracts to life – redefining how enterprise contract management delivers strategic value at scale to the Global 5000.

“For the first time in history, contracts are being digitized,” said Samir Bodas, CEO and Co-founder of Icertis. “Icertis is applying AI to this new pool of digitized data that previously never existed – reimagining enterprise contract management so contracts can interact with humans, surround systems and even other contracts. We are redefining the contract management space to deliver the next quantum leap in value to our customers.”

To unleash the transformative power of AI in contract management, Icertis is leveraging its unmatched quantity, quality and variety of data that comes from 5+ million contracts, and related artifacts, in 40+ languages, from 90+ geographies and 25+ verticals in the ICM platform today. These contracts and artifacts represent thousands of contract types and templates, and a unique taxonomy curated from hundreds of thousands of clauses mapped to our customers’ distinctive semantic structures.

AI Enhancements Drive Customer Results

With features like intelligent clause identification and attribute extraction, and a powerful data validation interface, leading customers are already benefiting from Icertis’ unique approach. Customers have utilized these new applications to reduce the time to digitize legacy and third-party contracts by up to 80 percent, improve post-execution contract compliance by up to 90 percent, reduce cost of compliance by up to 60 percent and discover new revenue opportunities in legacy contracts.

Vertiv, a global manufacturer and services provider for corporate data centers, used the ICM AI apps to analyze their legacy sales contracts to enable deeper insights into risks and obligations embedded within the documents.

Daimler, who deployed the ICM platform last year, is jointly working with Icertis to reduce cost, better manage risk and ensure compliance in the contracting process by utilizing the ICM AI apps and drive further digital transformation of buy-side contract management at the automaker.

Global tech services giant Genpact will utilize the ICM AI apps to reduce the time and effort required to extract attributes and clauses from third-party contracts and improve contract obligation management.

“Using Artificial Intelligence to improve contract obligation management will help us deliver better value to our stakeholders,” said Jyoti Ruparel, Chief Risk Officer at Genpact. “We are looking forward to Icertis AI capabilities delivering meaningful impact on Genpact’s contract management processes.”

New Applications Redefine Contract Management

Until now, it has been prohibitively expensive, time consuming and risky for an enterprise to accurately map, at scale, the attributes and clauses locked in legacy and third-party contracts to their semantic definitions. The new ICM AI apps solve this problem by automatically extracting all the attributes and clauses directly into the ICM platform where the semantics have already been defined – increasing contract velocity, reducing risk, improving compliance, and generating substantial commercial value.

  • The ICM DigitizeAI app automatically imports legacy contracts in any format and then maps attributes and clauses to the enterprise’s contract structure, making it easy to find, report on and analyze contracts.
  • The ICM DiscoverAI app lights up third-party contracts by identifying clauses and attribute data and matching them to a company’s clause library, providing instantaneous visibility into key contract components and thus speeding the contract review process.
  • And with deep integration to other commonly used applications like Microsoft Word, contract managers reap the benefits of AI-powered insights from within their application of choice.

The Icertis AI apps use Cognitive Services to stitch together several cognitive skills (Text Analytics, Bing Entity Search API, Translator Text API and others) to infuse AI within the ICM platform. Icertis also uses Azure Machine Learning Package for Text Analytics to train custom models that are part of the Icertis patent-pending algorithms pipeline.

“Our goal at Microsoft is to accelerate our customer’s digital transformation by taking advantage of the power of data, AI and cloud computing,” said Joseph Sirosh, CVP of Cloud AI Platform at Microsoft Corp. “Icertis works with many brands across key industry segments and we are working with Icertis to help our joint customers optimize their commercial foundation using Icertis’ AI-infused enterprise contract management solutions built on Microsoft Azure AI.”

For more information about Icertis AI applications, visit www.icertis.com/AI.

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Exclusive: Portugal sees green hydrogen output by end-2022, $12 billion in investment lined up

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Exclusive: Portugal sees green hydrogen output by end-2022, $12 billion in investment lined up 1

By Sergio Goncalves

LISBON (Reuters) – Portugal will start producing green hydrogen by the end of 2022 and already has private investment worth around 10 billion euros ($12 billion) lined up for eight projects that are expected to move forward, Environment Minister Joao Matos Fernandes said.

He told Reuters in a telephone interview there were also several “pre-contracts for the purchase and assembly of electrolysers” to produce the zero-carbon fuel made by electrolysis out of water using renewable wind and solar energy.

Such hydrogen is more expensive to extract than the heavily polluting conventional method of using heat and chemical reactions to release hydrogen from coal or natural gas, known as brown and grey hydrogen respectively.

Hydrogen is now mostly used in the oil refining industry and to produce ammonia fertilisers, but sectors such as steelmaking, transportation and chemicals are beginning to develop large-scale hydrogen applications to gradually replace fossil fuels as countries try to reduce pollution.

The European Commission has mapped out a plan to scale up green hydrogen projects across polluting sectors to meet a net zero emissions goal by 2050 and become a leader in a market analysts expect to be worth $1.2 trillion by that date.

“By the end of 2022, there will certainly be green hydrogen production in Portugal,” Matos Fernandes said. “Green hydrogen will, over time, allow Portugal to completely change its paradigm and become an energy exporting country.”

He said seven groups had submitted applications under Europe’s IPCEI scheme for common-interest projects to make part of a planned export-oriented “hydrogen cluster” near the port of Sines, from where hydrogen could be shipped to Rotterdam. Total investment there is estimated at some 7 billion euros.

A consortium including Portugal’s main utility EDP, oil company Galp, world’s largest wind turbine maker Vestas, among others, is behind one of the projects.

In Estarreja in north Portugal, local firm Bondalti Chemicals aims to invest 2.4 billion euros in a hydrogen plant.

Altogether, these envisage an installed capacity of over 1,000 megawatts (MW).

Matos Fernandes said Portugal was also negotiating with Spain the construction of a pipeline for renewable gases, including hydrogen, from Sines to France, crossing Spain.

LITHIUM PLANS

Spain and Portugal also want to develop an ambitious cross-border lithium project taking advantage of the geographical proximity of their lithium deposits and aiming to cover the entire value chain from mining to refining, cell and battery manufacturing to battery recycling, he said.

Portugal is already a large producer of low-grade lithium mainly for the ceramics industry, but is preparing to make higher-grade metal used in electric car batteries.

A much-awaited licensing tender for lithium-bearing areas that has been delayed by the COVID-19 pandemic should take place by the year-end, Matos Fernandes said.

He promised the tender would address environmental concerns by local communities and there would be no lithium mining “at any cost”.

The minister also said Portugal would use its six-month presidency of the Council of the European Union to finalise a landmark law that would make the bloc’s climate targets irreversible and speed up emissions cuts this decade, expecting it to be approved in the first half of 2021.

(Reporting by Sergio Goncalves; Editing by Andrei Khalip and David Evans)

 

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Under fire in EU, AstraZeneca CEO says ‘hopefully’ will meet vaccine supply goals

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Under fire in EU, AstraZeneca CEO says 'hopefully' will meet vaccine supply goals 2

BRUSSELS (Reuters) – AstraZeneca boss Pascal Soriot said on Thursday he hoped to meet the European Union’s expectations on the number of COVID-19 vaccines the company can deliver to the bloc in the second quarter, after big cuts in the first three months of the year.

The Anglo-Swedish drugmaker has been under fire in the EU for its delayed supplies of shots to the 27-nation bloc, which ordered 300 million doses by the end of June.

“We are working 24/7 to improve delivery and hopefully catch up to the expectations for Q2,” Soriot told EU lawmakers in a public hearing.

Under its contract with the EU, the company has committed to delivering 180 million doses in the second quarter.

Soriot did not mention the 180 million target, but said he was confident the company will be able to increase production in the second quarter using factories outside the EU that had no production problems, including in the United States.

He confirmed the company was trying to get 40 million doses of the COVID-19 vaccine to the EU by the end of March, which is less than half the amount it promised for the quarter in its contract.

The EU, which has fallen far behind the United States and former member Britain in vaccinating its public, has repeatedly urged the firm to deliver more.

Lower-than-expected yields – the amount of vaccine that can be produced from base ingredients – at its factories hurt output in the first three months.

Asked about supplies to Britain, which relies on the same factories used by the EU, Soriot said the former EU member with a population of around 66 million was smaller, and noted that most doses produced in the EU were used to serve the EU which has a population of about 450 million.

Executives from rival drugmakers that have developed or are testing COVID-19 vaccines, including Moderna Inc and CureVac NV were also part of the panel.

But most questions were directed at Soriot amid anger that the company has failed to deliver promised vaccine quantities to the bloc on schedule.

Moderna Chief Executive Officer Stephane Bancel said the company has experienced fluctuations as the U.S. biotech group ramps up output of its COVID-19 vaccine.

He said usually a company would stockpile product ahead of a launch, but it is shipping every dose it makes, leaving it without any spare inventory.

His comments came a day after the company increased its output target for this year and 2022 as it invests in additional manufacturing capacity.

(Reporting by Josephine Mason in London and Francesco Guarascio in Brussels; Editing by Susan Fenton, Bill Berkrot and Keith Weir)

 

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Shift to sun, ski and suburbs gives Airbnb advantage over hotels

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Shift to sun, ski and suburbs gives Airbnb advantage over hotels 3

By Ankit Ajmera

(Reuters) – Airbnb’s quarterly results are likely to show the pandemic may have helped the home rental company lure leisure travelers away from big hotels during the global travel collapse of 2020.

Weary of being locked up in their homes for months, travelers hit the road and booked homes and cottages on Airbnb, while avoiding flights and downtown hotels, analysts said.

Airbnb accounted for 18% of the total U.S. lodging revenue in 2020, up from 11.5% in 2019, data from hotel analytics provider STR and vacation rental data company AirDNA showed.

It outperformed the hotel industry and online travel agents such as Expedia and Booking.com thanks to its greater offer of ‘sun, ski, and suburban’ rental homes, Cowen & Co analysts said.

Shift to sun, ski and suburbs gives Airbnb advantage over hotels 4

(Graphic: Airbnb grabs bigger share of U.S. lodging market in pandemic: https://graphics.reuters.com/AIRBNB-RESULTS/yxmpjxqdopr/chart.png)

For an interactive graphic, click here: https://tmsnrt.rs/3pPbQwH

THE CONTEXT

In 2019, about 90% of Airbnb’s bookings came from leisure travels compared with about 20%-30% for large hotels chains, including Marriott and Hilton, that rely on business travel to grow their profits.

“Unfortunately, the hotel operators do not have as much supply in locations where people are willing to travel,” said Jamie Lane, vice president of research at AirDNA.

Lane said with mass vaccinations later in the year, the share of alternative accommodations including Airbnb will drop before continuing to grow at 2%-3% per year once normal travel patterns return.

Shift to sun, ski and suburbs gives Airbnb advantage over hotels 5

(Graphic: Airbnb U.S. sales against top hotels: https://graphics.reuters.com/AIRBNB-RESULTS/gjnpwzkdbvw/chart.png)

For an interactive graphic, click here: https://tmsnrt.rs/3dPKvsd

THE FUNDAMENTALS

* The San Francisco-based company is expected to report gross bookings of $23.10 billion in 2020, down from about $38 billion a year earlier, according to the mean estimate of 12 analysts according to Refinitiv; gross bookings are seen rising by 50% in 2021.

* Analysts’ mean estimate for Airbnb’s full-year net loss is $3.52 billion, bigger than a loss of $674.3 million a year earlier. Full-year revenue is expected to drop 32% to $3.27 billion.

WALL STREET SENTIMENT

* Of 34 brokerages, 20 rate Airbnb’s stock “hold”, 12 “buy” or higher and two “sell” or lower

* Wall Street’s median 12-month price target for Airbnb is $156​, about 22% below its last closing price of $200.20.

* The company’s stock has nearly tripled since listing in December

Shift to sun, ski and suburbs gives Airbnb advantage over hotels 6

(Graphic: Airbnb’s stock has nearly tripled since debut: https://graphics.reuters.com/AIRBNB-RESULTS/jznpnoqrlvl/chart.png)

For an interactive graphic, click here: https://tmsnrt.rs/3dG2lOd

(Reporting by Ankit Ajmera in Bengaluru; Editing by Sweta Singh and Saumyadeb Chakrabarty)

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