Contract Lifecycle Management Leader is the Only CLM Vendor Recognized for Harnessing the Power of AI to Drive Digital Transformation
BELLEVUE, Wash., July 8, 2020 – Icertis, the leading enterprise contract lifecycle management platform in the cloud, today announced that, for the second year in a row, it won a highly coveted spot on the Forbes AI 50 List of America's most promising companies working with AI. Icertis was selected out of hundreds of companies for its track record of leveraging AI and machine learning to transform static documents into strategic business assets thereby increasing revenue, reducing costs, accelerating cash flow and minimizing risk. Icertis remains the only company from the fast-growing contract lifecycle management (CLM) market to be included on the list.
The Forbes AI 50 award showcases Icertis' commitment to leveraging the unmatched quantity, quality and variety of data in the more than 7.5 million contracts in the Icertis Contract Management (ICM) platform. The data in the millions of contracts Icertis manages represents thousands of contract types and templates, and a taxonomy curated from hundreds of thousands of clauses – all mapped to customers' distinctive semantic structures – enabling companies to unleash the transformative power of AI on these previously underutilized assets.
"Icertis' unique application of artificial intelligence and demonstrated business success make it stand out as one the 50 most compelling U.S.-based companies," said Kenrick Cai, Forbes, who co-edited the list. "Firms that successfully harness the power of AI to transform not only their industry but also their customers businesses are the ones to watch out for. We are excited to see what Icertis has in store for the future."
This award speaks to the growing interest companies have in applying AI to their contracts to derive quick time-to-value and rapidly improve the bottom line. Utilizing the ICM AI applications, Icertis customers have parsed huge volumes of contracts into their component parts, enabled more effective negotiations based on negotiation history, and visualized the complex relationships between all the contacts in a company's repository.
"We needed a way to quickly access our agreements so that we could optimize our commercial relationships," said Simon Anolick, Director Legal Counsel, HERE Technologies. "ICM's DiscoverAI app rapidly digitized and analyzed more than 70,000 legacy HERE and third-party contracts allowing us to unlock critical contractual terms to improve our business. Icertis' AI and machine learning lets our lawyers focus on supporting our business partners across the enterprise instead of telling them we could not provide them the information they needed to do their jobs."
Every dollar that flows into and out of a business is linked to a contract, making contracts the foundation of commerce. As a result, more and more leading companies are choosing the AI-infused ICM platform to bring together siloed information from sales, procurement, legal and HR. This allows organizations to enhance collaboration and coordination with all stakeholders while simultaneously reducing risk, increasing efficiency and ensuring compliance.
"Being selected for the Forbes AI 50 list for two years in a row is a testament to Icertis' leadership in harnessing the power of AI to unleash real business value from a company's contracts," said Monish Darda, Chief Technology Officer and Co-founder of Icertis. "We are honored that Forbes has recognized the power of our solution to transform one of the most critical systems in the digital transformation journey of an enterprise – its contract management system. Our AI-infused CLM continues to help our customers accelerate their businesses, protect against risk and optimize their commercial relationships."
This latest accomplishment comes on the heels of Icertis' recognition as a leader in the inaugural 2020 Gartner Magic Quadrant for Contract Lifecycle Management as well as being named the undisputed leader in the CLM market by Quadrant Knowledge Solutions in its recent report, "Market Outlook: Contract Lifecycle Management, 2019-2024, Worldwide."
For more information about Icertis, visit www.icertis.com.
Icertis, the leading enterprise contract management platform in the cloud, helps companies unlock the full business value of their contracts to increase revenue, reduce cost, accelerate cash flow and minimize risk. The adaptable, AI-infused Icertis Contract Management (ICM) platform quickly turns contracts from static documents into strategic assets. Today, Icertis, the analyst-validated industry leader, is used by innovative companies like Airbus, Cognizant, Daimler, Johnson & Johnson, Microsoft and Sanofi across 90+ countries to manage 7.5 million contracts governing more than $1 trillion.
Icertis Media Contact:
Manager of Corporate Communications, Icertis