Leverage the power of AI to quickly turn all your legacy agreements and third-party paper into live ICM contracts, with the ICM DiscoverAI app.

Challenges in Managing Legacy and Third-Party Contracts:

Many enterprises today work with large volumes of legacy and third-party contracts that are often paper-based and potentially out of compliance with their current contracting standards. While these contracts may form the foundation of critical business relationships, they can also present serious risks, and are very difficult to manage compared to your own paper.

Common challenges with legacy and third-party contracts include:

  • Reviewing contracts without the benefit of automation is labor-intensive and time-consuming
  • Legacy and third-party contract clauses cannot be easily compared to standard clauses
  • Extracting contract attributes with the correct semantic meaning is very difficult and error-prone
  • Important clauses cannot be tracked for deviations during redlining, introducing the risk of overlooking critical changes
  • Poor visibility into the inherent contract risks and obligations due to the lack of data centralization

Benefits of the ICM DiscoverAI app:

The ICM DiscoverAI application built on the Icertis Contract Management (ICM) platform addresses these challenges by using the power of artificial intelligence to automatically digitize legacy and third-party documents and accurately extract their attributes and clauses directly into the ICM platform. With the help of this app, businesses can:

  • Quickly process legacy and third-party contracts at scale while reducing risk and improving performance
  • Improve the accuracy of attribute and clause extraction
  • Reduce cycle-time and eliminate errors by automating contract review process
  • Increase business velocity and avoid risks with better contact visibility
  • Benefit from redlining, versioning, approval rules, and workflows
  • Respond to contract queries quickly during mergers & acquisitions or throughout phased rollouts of ICM