Today we announced that Wipro has chosen the Icertis Contract Management (ICM) platform to accelerate the contract creation process and better manage risk. A key reason they selected Icertis was our ability to streamline back-to-back contracting.
Back-to-back contracting involves linking the terms and obligations in your customer contracts with the contracts you have with the partner(s) you engage to complete the work. This type of contracting is common in construction, professional services, information technology, project-based manufacturing, oil and gas, and other large project-driven industries.
Historically, it has been very difficult for organizations to manage this type of contracting, especially when it involves multi-year agreements, because most companies don’t have a system that manages both buy- and sell-side contracts. If poorly handled, companies can leave themselves open to increased risk and inefficiency. Gaps in subcontractor obligations and liabilities can leave companies exposed to non-compliance claims.
ICM helps protect the entire value chain by ensuring that terms and obligations are negotiated not only in a master services agreement (MSA) but also Statements of Work (SOW or child agreements) and are seamlessly passed on to sub-contractor and partner contracts. By connecting buy- and sell-side contracting, Icertis can better enable compliance-related activities, such as the enforcement of terms and roll-ups of SLAs and financials.
Leading companies like Wipro are realizing the benefits of connecting contract relationships. They are seeking out solutions that can manage any type of contract, anywhere in the world, on a single platform, while allowing them to easily pass obligations from one contract to the next.
Icertis focuses on solving the hardest contract management problems on the easiest to use platform and both Forrester and Gartner have cited our strength in managing both buy- and sell-side contracts.
To learn more about ICM, see a demo of the product.