CLM Front-Runner Lauded for Delivering Business Value by Unleashing Power of AI on Contracts
BELLEVUE, Wash., October 1, 2019 – Icertis, the leading provider of enterprise contract management in the cloud, today announced its inclusion in the inaugural Forbes AI 50 report, the definitive list of America’s most promising companies working with artificial intelligence (AI). Icertis was selected based on its impressive customer base and ability to show demonstrated business value from the application of machine learning and natural language processing to contracting. Selected from hundreds of applicants, Icertis placed 7th on the valuation-ranked list and was the only company to be featured from the fast-growing contract lifecycle management (CLM) market.
“The inherently broad term ‘artificial intelligence’ gets bandied about so often that it can start to feel meaningless and can be trotted out by companies to gussy up even simple data analysis,” said Jillian D’Onfro, writer at Forbes. “To help cut through the noise, Forbes and our data partner Meritech Capital put together a list of private, U.S.-based companies that are wielding artificial intelligence in a meaningful way and demonstrating real business potential from doing so.”
Enterprises are waking up to the strategic value of contracts in their digital transformation journeys. For the first time in history, contracts are being digitized at massive scale in an attempt to realize this value. But to get true transformational change, companies need to look beyond bolt-on solutions and leverage AI that is embedded in a CLM platform that can deliver insights and make them actionable in the context of business.
The Icertis Contract Management (ICM) platform infuses AI into contracting processes, turning static documents into live contracts that can interact with humans, surrounding systems and, ultimately, even other contracts. With that ability, the holy grail of accelerating business and optimizing commercial relationships can be achieved without compromising on ever-increasing risk management and compliance requirements. This underscores the need to put the power of technology in the hands of the business to replace traditional manual contracting with AI-enhanced tools while still meeting all legal requirements.
“Inclusion in the Forbes AI 50 List highlights our continued momentum as we execute on our vision of transforming the foundation of commerce with enterprise-wide contract management,” said Monish Darda, Chief Technology Officer and Co-founder of Icertis. “We are honored that Forbes has recognized our efforts using AI to create business value across the enterprise – in sales, procurement, HR, compliance, risk management and legal. Because Icertis has one of the world’s largest curated contract repositories to drive machine learning and develop innovative AI models, we have been able to help our global customers accelerate their businesses, protect against risk and optimize their commercial relationships like never before.”
The award highlights Icertis’ ability to deliver truly impactful solutions for the concrete business problems that result from the unstructured nature of contracts. With 6.5 million contracts in 90 languages across all major industry verticals, the ICM platform has the quality, quantity and variety of contract data required to create more effective AI solutions for customers.
Utilizing the ICM AI applications, global companies are able to automatically discover and manage hidden contractual obligations, analyze third-party paper as efficiently as in-house contracts and improve negotiation outcomes with AI-powered insights. Icertis AI apps add value at every stage of the contract management lifecycle – from authoring and negotiation to analysis and post-execution management.
This acknowledgement follows a string of major accomplishments including the announcement of a $115 million Series E round of funding that valued Icertis at more than $1 billion and recognition as the top AI start-up in Washington by CB Insights.
For more information about Icertis, visit www.icertis.com.
Icertis, the leading enterprise contract management platform in the cloud, solves the hardest contract management problems on the easiest to use platform. With Icertis, companies accelerate their business by increasing contract velocity, protect against risk by ensuring regulatory and policy compliance, and optimize their commercial relationships by maximizing revenue and reducing costs. The AI-infused Icertis Contract Management (ICM) platform is used by companies like 3M, Airbus, Cognizant, Daimler, Microsoft and Sanofi to manage 6.5 million contracts in 40+ languages across 90+ countries.
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