Icertis has been named a Leader in the IDC MarketScape: Worldwide Contract Life-Cycle Management Software for Corporate Legal 2024 Vendor Assessment (doc# US51541124, September 2024).
According to the report, “Icertis’ Contract Intelligence platform goes beyond CLM to leverage contract data to impact core business outcomes, including revenue, savings, risk and compliance. Icertis has a deep relationship with SAP and can service customers that have deep SAP relationships on a different level.”
The IDC MarketScape evaluates vendors delivering CLM solutions tailored to the unique needs of corporate legal departments. This achievement underscores the opportunity Icertis enables to unlock value with AI-powered contract intelligence, positioning today’s legal teams to improve contracting efficiency, reduce risk, and enhance contract performance across their enterprises. Key strengths of Icertis noted in the MarketScape include:
- Vertical and horizontal focus – Icertis has all of the essential capabilities one would expect from a CLM tool — the flexibility of the tool to tailor the experience based on horizontals and verticals of the enterprises. Icertis gives end users everything they need and nothing that they do not. Customers noted that the partnership they experience from the Icertis team helped them enhance their expertise within specific horizontals and verticals.
- Breadth of platform and functionality – Icertis' platform has deep functionality to transform the contracting process within organizations. Customers indicated that the functionality across every part of the contracting process was a major decision factor. Customers also reported that if the functionality needed wasn't available, then Icertis would iterate with them to develop that functionality. Icertis has connectors with many different enterprise software systems to deepen its native functionality.
“Icertis was named as a Leader in this IDC MarketScape because of its powerful platform and comprehensive contract intelligence solutions tailored to meet both industry-specific and cross-functional needs,” said Ryan O’Leary, Research Director, Privacy and Legal Technology, IDC. “Icertis gives customers everything they need to transform contract-driven processes across their organizations, helping businesses to realize greater value from their commercial agreements and drive key strategic outcomes tied to revenue, savings, and risk.”
While historically slower to embrace new technologies, legal departments are increasingly adopting AI-powered solutions like contract intelligence to enhance efficiency and accelerate strategic value. By automating tasks such as contract review, negotiation, and management, legal teams can shift their focus to higher-impact initiatives that contribute directly to organizational goals while reducing spending on third-party legal services.
In a recent blog, Bernadette Bulacan, Chief Evangelist at Icertis stated: “Too often, the contract is reduced to a necessary evil – a tool for risk allocation in the event something should go awry between contractual parties. And yet, each humble contract, filled with its commitments and obligations, holds a company’s greatest assets and promise.”
Contracts govern every dollar in and out of the enterprise and act as the single source of truth for the relationships a business has with its suppliers, partners, and customers. Icertis empowers enterprises to realize the full potential of every business relationship with contract intelligence, turning commercial agreements into dynamic assets and powerful resources for bottom-line impact.
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 SaaS and Cloud-Enabled Buy-Side Contract Life-Cycle Management Applications 2023 Vendor Assessment (doc #US48785822, March 2023). 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 IDC MarketScape
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of technology and service suppliers in a given market. The research utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each supplier’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 technology suppliers can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective suppliers.
IDC MarketScape: Worldwide Contract Life-Cycle Management Software for Corporate Legal 2024 Vendor Assessment (doc# US51541124, September 2024)
IDC MarketScape: Worldwide SaaS and Cloud-Enabled Buy-Side Contract Life-Cycle Management Applications 2023 Vendor Assessment (doc #US48785822, March 2023)