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 Icertis AI applications offer intelligent clause identification, accurate attribute extraction, and a powerful data validation interface–all mapped to semantic definitions within the ICM platform. This enables companies to:
- Reduce cycle-time and eliminate errors by automating key aspects of the contract review process.
- Process third-party contracts faster while reducing risk and improving contract performance.
- Consistently negotiate the best possible terms and outcomes with a given counterparty.
- Ensure compliance with all required terms and clauses, even for third-party contracts.
- Make better decisions by identifying the relationships between common entities hidden in contract data.
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.
Smart Contracts are Transforming the Way We Do Business – a Newsletter Featuring Gartner Research
In the midst of a digital transformation, and at a time when data breaches and security concerns are on the rise, blockchain technologies have the potential to drastically reduce the cost of transactions and enable faster, more secure business. Smart…
AI Will Change the Way We
Look at Contracts Forever
For the first time in the history of commerce, contracts are being completely digitized. This development, combined with the rapid evolution of artificial intelligence (AI), has business leaders entirely rethinking the role contracts can play in their…
From Static to Strategic,
Using AI to bring Contracts to Life
For the first time in the history of commerce, contracts are being completely digitized. This development, combined with the rapid evolution of artificial intelligence (AI), has business leaders entirely rethinking the role contracts can play in their enterprise.
The Future of Procurement:
Data Driving AI
Historically, it has been prohibitively expensive, time consuming and risky for an enterprise to map accurately and at scale the attributes and clauses in legacy and third-party contracts to their semantic definitions. But today, artificial intelligence (AI) enables…