Contract intelligence is smarter and more powerful than contract management. While contract management systems standardize, store, and automate the creation and execution of your agreements, they still rely on human input to monitor the contract after signing and evaluate performance. Contract intelligence replaces those manual processes, eliminating errors and freeing up resources.
With contracts connected to key business systems, companies can connect dots across departments to minimize risk to protect and strengthen the organization’s reputation. The intent of every contract can be fully realized, giving companies a single source of truth to ensure they and their partners fulfill their obligations and maximize the impact of agreements with advanced analytics. The more it’s put to use, the more it adds value to the organization.
The proven value of contract intelligence
In contrast to less robust systems, contract intelligence technology pushes the boundaries of what’s possible in speed, performance, scalability, and visibility to offer unmatched value for an organization’s initial investment.
Speed: When it comes to managing complex contract portfolios, speed matters. Contract intelligence streamlines and automates every step of the process, allowing organizations to get up and running quickly, take advantage of faster onboarding and RFX administration, and connect seamlessly with existing tools to accelerate organization-wide adoption.
Performance: Intelligent systems enhance the performance of every agreement, increasing cash flow by ensuring all entitlements are realized, minimizing time and money spent on management and legal fees, empowering sales teams to close deals faster by shortening negotiation cycles, improving every new contract by automatically suggesting optimal terms, and preventing leakage from unwanted renewals or expired agreements.
Scale: AI-powered CLM tools are trained on millions of contracts and continue to learn as the organization grows. It protects brands by proactively monitoring contractual obligations, ensuring compliance with all terms and requirements, responding in real-time to regulatory changes anywhere in the world, building up-to-date regulatory language into every contract while flagging exceptions for proper review, and guaranteeing agreements are honored even as conditions evolve.
Visibility: Intelligent management tools offer unsurpassed visibility into an ever-changing marketplace, empowering leaders to be agile and make informed decisions at the drop of a hat with on-demand data and powerful new insights to strengthen key relationships and meet changing customer expectations.
Artificial intelligence and machine learning amplify contract intelligence
Artificial intelligence can amplify the power of contract intelligence from start to finish. And machine learning ensures that the whole system grows increasingly smarter and faster as it absorbs new information.
Contract setup: Artificial intelligence speeds up the contract setup process by modeling your contract relationship and leveraging a library of hundreds of thousands of clauses sourced from millions of existing contracts. By combining insights from your contracts and thousands of similar documents, AI structures new contracts to bring static contracts to life. All the while, machine learning continually improves the platform by integrating new data and optimizing workflows.
Contract negotiation: In today’s fast-paced business environment, organizations must create and evaluate large volumes of contracts. Artificial intelligence tools enable users to consistently negotiate the best possible terms and outcomes, reduce time spent manually reviewing lengthy contracts, avoid repeating past mistakes, and optimize the process by implementing best practices across their organization.
Obligation management: When a company enters into a contract, they’re making a set of promises. These promises may take the form of obligations, commitments, SLAs, and entitlements and may go unfulfilled if left to error-prone manual management. Contract intelligence uses artificial intelligence to discover and elevate obligations hidden in complex contract language, ensure compliance, and strengthen customer and supplier relationships.
Analytics: Your contracts contain a wealth of valuable data waiting to be uncovered. Powerful contract intelligence AI helps you analyze and gain unprecedented insights from your agreements. Artificial intelligence helps businesses make better decisions by recognizing patterns and identifying hidden relationships in contract data, anticipating potential bottlenecks, and providing transparent reporting for key stakeholders.
Icertis Contract Intelligence: The only contract intelligence platform companies can trust to keep them out in front, now and into the future
The Icertis Contract Intelligence (ICI) platform streamlines processes for every stage of the life of a business’s agreements, making it easy to manage every facet of their contract portfolio, from monitoring the performance of a single contract to performing bulk actions for amendments and regulatory changes. Plus, robust workflow processes allow users to search and access all of their contract data on-demand.
The platform makes it easy to analyze and review your contracts at any stage of the contract lifecycle. AI-based tools can recognize contract language and attributes and then build algorithms to automatically choose the right approach based on the content of the contract. This can help mitigate risk and uncover potential opportunities.
Ready to learn more about contract intelligence?
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 a strategic advantage by structuring and connecting the mission-critical contract information that defines how an organization runs. Today, industry leaders trust Icertis to fully realize the intent of their combined 10 million+ contracts worth more than $1 trillion, in 40+ languages across 90+ countries.
Are you ready to improve your business in ways you never imagined? Schedule a call with one of our platform specialists or join an upcoming demo to discover how Icertis can help you go beyond contract management to find your new strategic advantage.