Challenges with Traditional Contract Management and Analysis:
Businesses are increasingly creating and storing incredibly high volumes of data. However, the ability to discover useful relationships and interact with all this data is often very limited. This has been especially true for contracts – with traditional contract storage and management, key insights were locked away and out of reach for general counsels, compliance officers, business executives, and other key stakeholders.
This left organizations with numerous challenges preventing them from fully understanding the risks and opportunities hidden within their contract portfolio:
- Extremely difficult to discover patterns and relationships across large volumes of contracts without painstaking manual review
- Corporate contracts also tend to be dispersed across different departments – making it very difficult to achieve consistency
- This lack of visibility leads to increased risks and lower levels of compliance with corporate standards
- Missed opportunities to negotiate for better outcomes based on learnings from across the entire contract portfolio
Benefits of the ICI VisualizeAI app:
The Icertis VisualizeAI application, built on top of the Icertis Contract Intelligence (ICI) platform, enables users to quickly find and load a large volume of contract data, navigate relationships and easily discover patterns. With the help of this app, organizations can:
- Make better decisions and minimize risks by identifying hidden relationships
- Boost productivity and reduce operational costs by using fewer resources
- Improve compliance and consistency in how contracts are written and approved
- Shorten cycle times by easily identifying and addressing bottlenecks
- Negotiate better outcomes based on insights into contract relationships
Managing risk and reducing cost for an enterprise are goals at the forefront of every General Counsel’s mind these days. GCs are playing an increasingly strategic role in the C-suite and need to think proactively about how they can reduce their company’s exposure to reputational, financial, and legal risk while also improving the bottom line.