October 01, 2013, Bellevue, WA; Pune, India: Icertis, the leading provider of enterprise solutions in the Microsoft cloud, announced today a new release of Icertis Contract Management (ICM) for customers globally. With the ICM v3.0.1 release, Icertis is introducing a broad set of market driven enhancements and increased functional support for third party paper based contracts, contract risk and compliance management, and collaboration between internal as well as external stakeholders. The new release of ICM builds on the continuing success of the platform while enabling cost reduction and compliance in a secure manner.
Highlights of the new release
- Governance and control on third party contracts: Customers will now be able to manage the lifecycle of third party paper based contracts with the same amount of control and efficiency as their own template based contracts. Enabling governance and control on third party documents through language tracking and deviation analysis will help customers reduce risk on third party paper based contracts thereby significantly improving the contracting capability for a variety of industry verticals spread across IT and ITES, pharmaceutical, life sciences, utility and services etc. This advanced capability will empower customers to not only reduce risk during contract execution but also manage them through the lifecycle by focused reporting and visibility to all contractual language and commitments embedded in the third party paper.
- Improved compliance and risk mitigation: Customers can now set up relationships between different contracts and enable seamless enforcement of terms from one type to another to not only ensure improved compliance but also improved risk mitigation capability. Customers can plug leakages that occur as a result of inconsistent terms across a set of contracts with a customer or supplier. This feature will help businesses get their sub-contractor and supplier agreements further aligned to customer contractual commitments, leading to increased profitability and reduced risk of failures.
- Greater Integration features: The Icertis Contract Management product now has enhanced integration capability to not only enforce contract terms on daily business transactions but also consolidate transaction information for compliance tracking and reporting. This will ensure holistic contract performance monitoring to get actionable insights on daily business transactions or on changing contracting strategy.
- Enhanced feature set: The release also delivers a set of enhancements in existing features, based on market feedback which significantly improves the visibility and usability of the system across the contract lifecycle management process.
Existing and new customers are already planning on using the new features to their advantage. The seamless addition of new features helps us leverage the full depth of functionality of the Icertis Contract Management product, said Mike Hricko, Finance Manager at Janney. As we use the product more, we expect to leverage new features to help our growing business.
Commenting on how the new release features will help organizations achieve greater contract compliance, Anand Veerkar, EVP Global Sales at Icertis, said, With the new ICM release, customers can enforce the control they desire no matter what the contract type and paper across the enterprise. This release brings a differentiating capability in the market place with the products ability to track and report on compliance on contracts to reduce risk. The increased depth of functionality of ICM and its cloud native architecture puts us in a unique position to address the customer needs most effectively and efficiently as well.
Icertis is one of the leading providers of enterprise solutions in the Microsoft Cloud. The company’s cloud-native products and services address specific enterprise business needs by fully leveraging the cloud’s elasticity, ubiquity, and availability. Icertis product suite includes comprehensive ERP-surround solutions for contract and compliance management, transportation management, public transport management, and fleet management. The products have flexible deployment models on-cloud, on-premises and hybrid options to ensure that diverse requirements for cost, compliance, and security are met. Icertis cloud-native services help customers build innovative, secure, and easy-to-use applications, leveraging prefabricated frameworks, adapters and modules to integrate data from multiple locations. Icertis products and solutions are deployed in multiple Fortune 500 companies and have received great reviews from both users and analysts alike. For more information, please visit www.icertis.com
Icertis Is a Leader in Gartner’s First Magic Quadrant for Contract Lifecycle Management
Icertis is proud to be named a Leader in the first ever Gartner Magic Quadrant for Contract Life Cycle Management (CLM) based on its Completeness of Vision and Ability to Execute. Gartner evaluated 12 vendors on 15 criteria and positioned Icertis furthest right for its completeness of vision.Read the Report