NEW REPORT: The State of CLM and AI-Powered Contract Intelligence

Use Case

Fuel Transportation Giant Unifies Contract Management for Better Visibility

Contract Intelligence Objective

Unify contract visibility across nine entities to reduce risk and costs.

Solution Highlights 

  • Contracts unified across nine different systems 
  • Contracting policies extended across new entities following merger 
  • Open platform architecture enables powerful integrations with SAP and Salesforce

Business Challenge

When this large fuel transportation company embarked on a digital transformation process, its legal department identified contracts as high priority. The company was using disparate systems across nine different entities, hindering visibility and creating inefficiencies.

There was no way, other than manually, to extract payments and obligations from contracts, creating leakage and risk. In a highly regulated industry, the also company needed visibility into which suppliers were responsible for critical parts to ensure the safe transportation of fuel.

Furthermore, a merger resulted in disjointed contracting policies and approval hierarchies within the company, making it difficult to ensure all contracts were reviewed and approved by the right stakeholders.

The company needed a comprehensive, high-performing contract platform to implement its unified contracting policies across all of its entities.

The Solution

Going into the selection process, the company’s base requirements included capabilities for template authoring, reporting, review and approval workflows, and executive visibility across the body of contracts. The system also had to integrate into its ERP and CRM systems, with future needs to integrate into their Fieldglass, Workday, Vendor Master and Oil Accounting systems.

Following an extensive review process, company leaders chose the Icertis Contract Intelligence platform because Icertis best understood their business challenges. Icertis’ roster of Fortune 500 clients—33% of the Fortune 100 use Icertis—provided the vendor experience the company needed to handle the scale of its enterprise.

Icertis’ open platform and extensive APIs meant the system could integrate into its existing Microsoft Azure and SAP systems. These integrations enabled the company to improve operational efficiency by streamlining contracting policies, approval hierarchies, and risk mitigation in a highly regulated industry.

The Results

The company has empowered itself to extract greater value from its contracts by unifying and digitizing its contracting processes. It can now quickly retrieve business-critical contract information like payment terms and obligations.

This visibility means far less risk associated with its supply chain and the opportunity to find savings and efficiencies where none existed before.

Icertis Contract Intelligence for Energy

With AI-powered contract digitization and insights

Icertis has a team of over 700 research and development professionals looking at manufacturing contracts and training AI on them, so the AI can recognize language to identify inflation and price locks, milestone data, penalty clauses, rebates, incentive clauses, etc.

Explore Icertis Contract Intelligence for Energy

Icertis Contract Intelligence

Standardize, streamline, and automate every contract – everywhere

Transforming contracts into structured, connected, and on-demand data is just the beginning. Discover the power of intelligent contract creation, automation, and insights to realize the full intent and maximize the value of every contract, clause, and obligation across the enterprise.

Explore Icertis Contract Intelligence