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.