With the Icertis Contract Management (ICM) platform, leading professional services companies are optimizing their projects with unprecedented control over customer obligations and supplier dependencies.
Contract Management Challenges for Professional Services Companies
Today’s professional services companies operate in a customer-focused environment in which firms must often assess customer-generated contracts for risks and obligations.
In working with some of the world’s largest professional services providers, Icertis has identified a number of common contracting challenges:
- Lack of Customer Relationship Management (CRM) integration impedes intake of customer contracts on third-party paper and slows cycle times
- Large volumes of third-party contracts require manual review to identify compliance
- A wide distribution of Statement-of-Work (SOW) and Work Order (WO) operations that lack proper governance under Master Service Agreements (MSAs)
- Supplier contracts are disconnected from customer contracts, raising the risk of missed deadlines/deliveries due to unforeseen dependencies, especially in situations where work is outsourced
- Critical project obligations and commitments are difficult to track, and work may deviate from contract rate cards, billing milestones, etc.
- Insufficient agreement-relationship management for complex contract hierarchies makes it difficult to flow-up and flow-down terms, obligations and financials across the hierarchy
If left unaddressed, these challenges have the potential to lead to slower time-to-revenue, dissatisfied customers, and possible legal liability.
Icertis Solutions for Professional Services
Icertis has implemented Contract Lifecycle Management (CLM) solutions for some of the world’s largest professional services providers, leveraging the ICM platform combined with our powerful suite of applications.
While the ICM solution is ultimately configured for each customer, our CLM for professional services capabilities include:
- Deep visibility into third-party contracts with AI-enabled auto-extraction of data, clauses and obligations for better risk management
- Relationship-driven child agreement creation for improved governance
- Integration with CRM systems to drive better adoption by the field, sales ops, legal, and risk and compliance teams
- Full obligation lifecycle management, enabling companies to identify, set up, assign, fulfill and track all commitments, including through integration with external systems that assign obligations to vendors
- Ability to assign obligation compliance scores across projects, contracts and third parties
- AI tools to digitize legacy contracts at scale and execute bulk extraction of data, clauses and obligations into the ICM platform
- AI tools to process third-party contracts at scale and compare third-party contracts to internal, approved clauses
- Ability to model and manage complex contract hierarchies from MSA to SOW, and then down to any necessary subcontracts
- Relationship-driven supplier contract management to capture key data automatically from customer contracts including terms, deliverables, rates and obligations to ensure no dependencies are missed
Icertis’ professional services solutions offer unmatched benefits across the entire enterprise. We handle all contract types, have integration adapters for other enterprise systems, and can ensure that companies continue to maximize the value of their contracts long after each one is signed.
Learn from the Industry Experts
Featured Solutions for Managing Professional Services Contracts
Within the ICM product portfolio, these solutions enable professional services companies to drive even more value from their contracts.
ICM Obligations Management app
Significantly reduce risks by improving visibility into, and compliance with, all obligations.
Process third-party contracts faster, while reducing risk and improving performance.