AI-Powered Contract Intelligence Drives Cost Savings, Mitigates Risk for Procurement
PUNE, India and BELLEVUE, Wash., April 19, 2023 Icertis, the contract intelligence company that pushes the boundaries of what’s possible with contract lifecycle management (CLM), was named a Leader in the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Buy-Side Contract Life-Cycle Management Applications 2023 Vendor Assessment (doc #US48785822, March 2023). The IDC MarketScape named Icertis a Leader based on its strategies and capabilities.
“Icertis was early to adopt and infuse AI capabilities in its platform and is viewed as an industry trendsetter with respect to advanced-level discovery and data mining capabilities,” said Patrick Reymann, Research Director, Procurement and Enterprise Applications, IDC. “We positioned Icertis as a Leader because they are taking contract management beyond efficiency and visibility to reimagine the impact of every commercial transaction, enabling customers to tap into contract data as one of the largest strategic resources of value for their business.”
Icertis applies artificial intelligence (AI) to structured and connected contract data to help enterprises realize critical outcomes around revenue, savings, and risk through their commercial relationships. Key capabilities of Icertis include:
• Advanced AI – Icertis manages one of the largest, most diverse collections of enterprise contract data in the world, comprised of more than 2 billion metadata and transactional elements across more than 10 million contracts. Combining this rich data lake with the power of AI, Icertis continues to drive AI innovation in the CLM market to help customers increase revenue, reduce costs, ensure compliance, and manage risk by surfacing unique insights from commercial agreements.
• Vertical Expertise – Icertis addresses specific contracting challenges for key sectors with its industry vertical CLM solutions, which are designed to enable faster time to value in comparison to horizontal solutions. According to the IDC MarketScape report, “Icertis has strength in industry-specific verticals, offering preconfigured solutions in healthcare, technology, banking and financial services, and wholesale and distribution with additional concentration in industrial manufacturing and the public sector.”
• Partnerships & Integrations – As technology and consulting leaders look to develop practices dedicated to contract intelligence, Icertis delivers deep integrations with critical business systems through its strategic alliances, including end-to-end integrations with SAP solutions to accelerate source-to-pay processes for procurement teams. The IDC MarketScape report states, “In addition to a strong ecosystem of partners, Icertis offers out-of-the-box integrations with the leading S2P providers that facilitate decision-support capabilities at the point of procurement.”
• Enterprise-Grade Capabilities – The Icertis Contract Intelligence (ICI) platform is built for the multifaceted needs of large-scale enterprises that manage thousands, if not millions, of contracts. The IDC MarketScape report notes that companies should consider Icertis when they need “a powerful, enterprise-grade contract management application that can administer complex needs and offer the full suite of CLM capabilities.”
“Enterprise leaders are challenged to identify savings while ensuring supply chain continuity and managing risk in today’s market. Digitally transforming contracts enables procurement teams to drive these strategic priorities and realize process efficiencies,” said Monish Darda, Chief Technology Officer and Co-founder at Icertis. “Applying purpose-built AI to structured and unstructured contract data unlocks unique insights to ensure the intent of every business relationship is fully realized, helping procurement decision-makers avoid revenue leakage and better control spending, even amidst concerns like inflation and price shocks that are driven by today’s macro environment.”
Icertis is widely recognized as a leader in CLM by the foremost analyst firms and was previously named a Leader in the IDC MarketScape: Worldwide Contract Life-Cycle Management Software for Corporate Legal 2021 Vendor Assessment (doc #US46965921, November 2021). Icertis is also noted as one of the Fastest Growing Companies in the Americas by the Financial Times and one of the world’s top private cloud companies on the Forbes Cloud 100 list.
About Icertis
With unmatched technology and category-defining innovation, Icertis pushes the boundaries of what’s possible with contract lifecycle management (CLM). The AI-powered, analyst-validated Contract Intelligence (ICI) platform turns contracts from static documents into strategic advantage by structuring and connecting the critical contract information that defines how an organization runs. Today, the world’s most iconic brands and disruptive innovators trust Icertis to govern the rights and commitments in their ten million+ contracts worth more than $1 trillion in 40+ languages and 90+ countries.
About the IDC MarketScape
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.
