BELLEVUE, Wash., April 3, 2023 – Icertis, the contract intelligence company that pushes the boundaries of what’s possible with contract lifecycle management (CLM), today announced it was named a winner in the 2023 Artificial Intelligence Excellence Awards program led by the Business Intelligence Group. Icertis was selected for its ability to harness the power of AI and contract data to deliver the only contract intelligence solution built to meet the complex needs of the enterprise. This honor is a testament to the company’s innovation and impact as Icertis enables strategic outcomes with AI to help businesses maximize value from their commercial agreements.
The Artificial Intelligence Excellence Awards recognize organizations, products, and people who bring AI to life and apply it to solve real problems. Icertis stood out from fellow nominees for its ability to help companies rapidly digitize contracts, structure the information within them into data, and leverage AI to surface new insights to support strategic decision-making and drive process automation. Overlaying AI with its rich enterprise data lake of more than two billion metadata and transactional elements positions Icertis to create exponential value for customers, enabling enterprises to increase revenue, reduce costs, ensure compliance, and manage risk by transforming contract-driven operations.
The Icertis Contract Intelligence (ICI) platform is built for every type of contract and connects contract data to the surrounding ERP, SCM, CRM, and HCM systems across the business to create enterprise-wide visibility for finance, legal, and procurement teams. Icertis applies AI to 7,000+ contract types in 11 verticals, with 100,000+ contracting attributes, clauses, and obligations, effectively curating the largest, most advanced collection of contract data in the world.
“Contracts are the foundation of commerce, acting as the single source of truth for relationships between companies and their suppliers, customers, partners, and employees. Transforming contracts into structured, connected data is just the beginning as we pioneer contract intelligence and explore how innovations like generative AI will transform the way businesses fully realize the intent of their commercial agreements,” said Monish Darda, Chief Technology Officer and Co-founder of Icertis. “Icertis is honored to receive the Artificial Intelligence Excellence Award because it affirms the impact of our continued AI innovation and how we are differentiating true contract intelligence from traditional contract management, which is critical to help enterprises address more strategic revenue and compliance challenges in today’s market.”
Icertis was the first company to grasp the true potential of applying AI to contract data and has boldly pursued the vision of organization-wide contract intelligence for over a decade. The company continues to build momentum as global enterprises, and the most disruptive innovators choose to turn their commercial agreements into strategic advantage.
“We are so proud to name Icertis as a winner in our inaugural Artificial Intelligence Excellence Awards program,” said Maria Jimenez, Chief Nominations Officer for Business Intelligence Group. “It was clear to our judges that Icertis is using AI to improve the lives of its customers and transform business operations. Congratulations to the entire team!”
The Artificial Intelligence Excellence Award builds on the company’s continued innovation and momentum. Icertis was recently honored by the Financial Times as one of the fastest growing companies in the Americas and received the LegalTech Breakthrough award for “Contract Management Innovation of the Year” and the FinTech Breakthrough award for “Best Contract Management Solution.” Icertis was also recognized as a leader in the 2022 Gartner® Magic Quadrant™ for Contract Life Cycle Management for the third consecutive year.
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 Icertis 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 10 million+ contracts worth more than $1 trillion, in 40+ languages and 93+ countries.
About Business Intelligence Group
The Business Intelligence Group was founded with the mission of recognizing true talent and superior performance in the business world. Unlike other industry award programs, these programs are judged by business executives having experience and knowledge. The organization’s proprietary and unique scoring system selectively measures performance across multiple business domains and then rewards those companies whose achievements stand above those of their peers.
Senior Manager, Corporate Communications