Icertis AI Applications Bring Static Contracts to Life
Contracts are the foundation of commerce, and for the first time in history, they are being digitized. Applying Artificial Intelligence (AI) to this new pool of digitized data transforms contracts from static documents into live contracts which can interact with humans, surrounding systems and ultimately even other contracts.
The Icertis AI apps enable companies to solve previously intractable enterprise contract management challenges that are uniquely suited to an AI-powered solution.
The Icertis Approach to AI
To unleash the transformative power of AI into contract management, Icertis is leveraging the unmatched quantity, quality and variety of data in the Icertis Contract Management (ICM) platform today:
- 5.7 million contracts and related artifacts
- 40+ languages, from 90+ countries
- 25+ industry verticals
This data represents thousands of contract types and templates, and a unique taxonomy curated from hundreds of thousands of clauses – all mapped to customers’ distinctive semantic structures within the ICM platform.
With AI, Icertis is enabling users to address previously intractable contract challenges. This includes digitizing legacy contracts and importing third-party contracts at scale, analyzing past negotiation history to gain insights for improvement, and deep data visualization capabilities that provide unprecedented visibility into contract relationships and performance.
Benefits of AI-powered Contract Management
The ICM DigitizeAI app and ICM DiscoverAI app offer intelligent clause identification, accurate attribute extraction, and a powerful data validation interface – all mapped to semantic definitions within the ICM platform. These apps reduce the time to digitize legacy and third-party contracts by up to 80%, improve post-execution contract compliance by up to 90%, reduce cost of compliance by up to 60% and enable the discovery of net new revenue opportunities in legacy contracts.
ICM DiscoverAI App
Light up your third-party contracts with the ICM DiscoverAI app. It identifies contract attributes and clauses and semantically matches them directly to your contract type definitions and your enterprise clause library. The app seamlessly guides you through importing third-party contracts, managing clause deviations, and verifying attributes. This allows you to work with third-party contracts just as easily as with your own paper.
ICM NegotiateAI App
The ICM NegotiateAI app gives businesses the AI-powered insights they need to optimize their contractual negotiations. With the help of this app, you can easily analyze high volumes of contracts, understand their component terms and clauses, and find similar precedents from across your company’s entire contract repository. The app works with Microsoft Word to seamlessly surface these insights within the familiar Office user experience.
ICM VisualizeAI App
The Icertis VisualizeAI application enables users to quickly find and load a large volume of contract data, navigate complex relationships and easily discover patterns. This app allows users to group and link contracts based on their status, risk level, or other attributes and then navigate and take action across their entire contract portfolio.
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