Icertis Powers Shift to Enterprise Contract Management for Leading General Contractor in Energy Sector
BELLEVUE, Wash., and ACCRA, Ghana, May 24, 2018 – Icertis, the leading provider of enterprise contract management in the cloud, today announced that MODEC, a leading specialist of floating production systems for the offshore oil and gas industry, has selected the Icertis Contract Management (ICM) platform to replace their manual contract management processes in Ghana with an enterprise-wide solution. The ICM platform will power the digital transformation of MODEC’s vendor contracting process as the company looks to excel in the capital-intensive oil and gas market.
“At MODEC, we are committed to delivering and safely operating high-quality, innovative platforms for the offshore industry,” said William Main, Operations Cost and Contract Lead at MODEC Ghana Ltd., a MODEC Group company. “Icertis will enable us to better collaborate with our partners while reducing risk and improving regulatory compliance.”
Vendor management in the oil and gas industry is highly-regulated and process-oriented. It’s critical that third parties deliver products and services in compliance with contractual commitments and regulations to ensure operational excellence and financial performance. MODEC selected Icertis because of the ICM platform’s ability to monitor regulatory compliance across the globe, with region-based variations in workflow. The platform will serve as a single source of truth for MODEC’s contracts, enabling them to proactively monitor and manage entitlements and obligations.
“MODEC tackles some of the hardest engineering challenges in the oil and gas industry, balancing client requirements, harsh environmental conditions, and global regulation,” said Samir Bodas, CEO and Co-founder of Icertis. “We are thrilled to help them digitally transform their commercial foundation to solve the complex contracting challenges of the offshore industry.”
In addition, MODEC will maximize collaboration and strengthen relationships with suppliers around the world using the ICM Collaboration Portal application, an easy-to-use, secure online environment that eliminates communication barriers between partners. With the ICM Collaboration Portal app, one of a growing list of business applications built on the ICM platform, buyers are able to reduce contract negotiation time and speed awarding decisions while vendors have real-time visibility into the entire source-to-contract process.
The ICM platform, which is natively built on Microsoft Azure, will also integrate with Adobe Sign to speed contract execution. The selection by MODEC continues Icertis’ rapid expansion in the engineering and energy sector. For more information about Icertis, visit www.icertis.com.
Icertis, the leading provider of enterprise contract management in the cloud, solves the hardest contract management problems on the easiest to use platform. Icertis helps companies transform their commercial foundation ensuring compliance, improving governance, mitigating risk and enhancing user productivity, thereby improving the bottom line. The Icertis Contract Management (ICM) platform is used to manage 5+ million contracts by 2+ million subscribers at companies like 3M, Daimler, Microsoft, Roche and Wipro in 40+ languages across 90+ countries. The AI-powered platform allows customers to increase contract velocity and agility, proactively manage entitlements and obligations as well as surface commercial insights and intelligence.
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