Legacy Vendors in $36 Billion ERP Market Under Pressure from Agile Cloud-based Providers like Icertis
Bellevue, WA, February 9, 2017 – Icertis, the leading provider of enterprise contract management in the cloud, today announced the company has been recognized as a Vendor to Watch in Gartner’s latest report, “Market Opportunity Map: Enterprise Resource Planning, Worldwide.”
As enterprises continue to migrate to the cloud, customers require more agile, cost-effective solutions that ERP software suites aren’t optimized to provide. “Traditional, monolithic ERP deployments focused on stability and standardization at the expense of agility,” the report says. “Like a slow-moving oil tanker, those deployments, while vital for business operations, were expensive to maintain and slow to turn. Today, they are perceived as bloated, inflexible and unable to keep pace with rapidly shifting business requirements in the emerging digital economy.”
In response, Gartner expanded this year’s market opportunity map to include a new set of high-growth providers, which analysts conclude are shaping the new “postmodern ERP” market. Icertis is the only CLM vendor in the report.
“The world of enterprise applications is increasingly dominated by SaaS solutions built on cloud platforms like Microsoft Azure that give enterprises the flexibility to stitch together best-of-breed software from different vendors,” said Nagi Prabhu, chief product officer at Icertis. “The winners in the coming era of business software won’t be those with the broadest offering – they will be vendors with the strongest offerings that easily integrate with other applications to capture greatest value for customers.”
Gartner’s report listed six vendors to watch. As noted in the report, “Megavendors and emerging ERP providers alike have begun to understand the need to reinvent and reposition themselves.”
Icertis has designed its contract management platform to integrate and exchange data between existing enterprise applications – sourcing, procurement, customer relationship management, configure-price-quote, product lifecycle management, project management, service management, and document management solutions. With the Icertis Contract Management platform, companies can:
- Easily prepare, execute and manage contracts
- Apply contract intelligence to mitigate risk, gain efficiencies and adapt to change
- Manage any contract, anywhere in the world, on one flexible platform
The report comes on the heels of a string of successes and rapid growth for Icertis, including the expansion of its leadership team, opening of new global offices, and impressive customer wins. In September 2016, Microsoft standardized on the ICM platform to manage its global Enterprise Volume Licensing and OEM agreements – a $60 billion business for the software giant. More recently, Daimler selected the ICM platform as part of a major procurement systems overhaul spanning 400,000 supplier agreements. Daimler uses ICM to ensure agility and flexibility across its global contracting of passenger cars, commercial vehicles, and financial services divisions.
Gartner subscribers can access the full report here.
Icertis is the leading provider of enterprise contract management in the cloud. Icertis Contract Management (ICM) is an innovative, easy-to-use platform that is highly configurable and continually adapts to complex business needs. Today, ICM is used to manage 2+ million contracts, by 750,000+ users, in 90+ countries and 40+ languages. With its intelligent workflow and built-in analytics, ICM provides ongoing contractual insights and best-of-breed contract management. ICM enables customers to increase compliance, improve governance, mitigate risk and enhance user productivity, thereby maximizing ROI and accelerating time to value across the global enterprise. For more information, visit www.icertis.com.
Icertis Media Contact:
Barokas Public Relations for Icertis
Icertis is a Leader with the Highest Score in Current CLM Product Offering, According to 2019 Forrester Wave
The Icertis Contract Management (ICM) platform received the highest 5.0 score possible in 17 out of 22 current offering criteria–more than any other vendor evaluated.Read analyst report