Icertis ExploreAI

Contracts are an untapped wealth of unique enterprise data, defining a company’s relationships with customers, suppliers, partners, and employees. For more than a decade, Icertis has been unlocking the value hidden in contracts with the Icertis Contract Intelligence Platform, powered by its proprietary AI models, to deliver powerful outcomes for the world’s leading companies – we call it contract intelligence.

Now we are combining the power of large language AI models that are signature of generative AI and Icertis proprietary AI models to help customers derive insights from their contract data, enterprise data, the Icertis Data Lake, and ChatGPT to deliver new, powerful, material business outcomes.

Icertis ExploreAI is your next-gen AI-powered Contract Intelligence Partner, with generative, assistive, natural language capabilities that enable even greater customer value from unstructured and structured contract data, connected across the enterprise.  

ExploreAI combines the power of large language AI models and Icertis proprietary AI models to derive insights from a customer’s contract data, enterprise data, the Icertis Data Lake, and ChatGPT to deliver new, powerful, material business outcomes. The new generative AI capabilities build on the strong momentum Icertis customers already experience leveraging Icertis AI products to accelerate the drafting, negotiating, and execution of commercial agreements; derive deep insights from their contracts; and ensure the full intent of those agreements is realized. 

 Icertis was a launch partner for the Azure OpenAI Service, and Icertis ExploreAI uses both Icertis AI Service and Microsoft Azure OpenAI Service so customers can trust that the valuable, unique business data inside their contracts remains secure, while responsibly leveraging generative AI technology.

With ExploreAI, we are infusing generative AI into the Icertis platform and apps to enhance current capabilities and deliver new ones. ExploreAI improves contracting efficiency exponentially through natural language and summarization; analyzes millions of contracts quickly to uncover contextual insights; and ensures you realize the full intent of your valuable commercial agreements.

ExploreAI helps create concise summaries of lengthy contracts, highlighting key terms, conditions, and obligations. This makes it easier for stakeholders to review and understand the key sections of a contract without reading the entire document, thereby reducing cumbersome and expensive legal review cycles that slow the pace of business.

ExploreAI also offers a natural language conversational interface for reviewers to query and ensure the contract is robust and risk-free. Users can use this interface to check for specific clauses such as indemnity, liability, termination, etc., or request alternative clauses be generated based on organizational guardrails and playbooks.

Finally, ExploreAI can translate specific sections of a contract from one language to another, significantly reducing the time and legal resources required for contract creation and review and increasing the efficiency of the contract management process.

ExploreAI allows users to intelligently and naturally query their contract portfolios in new ways that surface key insights to increase revenue, drive compliance, improve savings and manage risk.  Examples include:

• How long does a specific type of contract take to get executed?
• In what countries is a certain provision always negotiated?
• What countries’ laws forbid you from including these provisions in a contract?
• What ESG policies do we require suppliers to include in their contracts?
• What is the most common provision in pharmaceutical industry contracts?
• How many approval loops are there for a certain kind of contract?

ExploreAI can also be set to parse and review the manually entered attributes in all agreements and trigger alerts and interventions when a certain attribute in the contract is beyond the threshold value allowed by the business, such as contractual value or payment terms in a SoW, thereby delivering savings to enterprises, often in the tune of millions of dollars.

ExploreAI also provides a new layer of control over data integrity in contracts, ensuring data flowing to connected systems of records is accurate and minimizing disruption to the business.

With Icertis ExploreAI, the ability to digitize, extract and tag contract metadata and attributes from legacy and third-party contracts, already offered through ICI DiscoverAI, is enhanced even further. This allows organizations to analyze thousands of contracts to discover key revenue opportunity clauses and terms.

ExploreAI extends its impact well beyond the contract’s signature to monitor and ensure obligations within every type of contract are fulfilled by generating appropriate notifications and alerts to stakeholders. ExploreAI does this by extracting data from contracts and connecting it to other enterprise systems including ERP, CRM, HCM, and SCM, as well as the Icertis data lake.

While your organization focuses on its most pressing strategic initiatives, rest assured that ExploreAI is tracking you and your contractual partners’ obligations, including:

• SLAs and intermediate milestones
• Committed savings such as volume-based discounts.
• Flow down clauses and obligations
• All certification and regulatory requirements

World Commerce & Contracting reports that, on average, 25% of a company’s workforce interacts with contracts. Icertis ExploreAI will make every one of them more productive and value by giving them an always-on intelligent partner to show the way toward more revenue, bigger savings, and less risk.

ExploreAI by Icertis is built on Microsoft Azure Open AI, which offers a comprehensive approach to security, and privacy, and ensures your company’s valuable security, compliance, and privacy policies and processes remain intact. Icertis is committed to making sure AI systems are developed responsibly, that they work as intended, and are used in ways that people can trust.  Read more about the Icertis Ethical AI Policy.

Icertis launched the first set of AI applications in 2018, and customers are already reaping strong value from those investments. The recent evolution of Generative AI capabilities helps to accelerate the Contract Intelligence journey with enhancements, new capabilities and applications added to the ICI platform.

As AI technology rapidly evolves, Icertis powered by ExploreAI, and supported by a strong ecosystem of partners, will focus on connecting your contracts to your enterprise systems to autonomize the end-to-end business processes. For example, in procurement, the intent of sourcing projects can be captured from live discussions, and automatically trigger the RFP creation process, which subsequently triggers the contract execution process in ICI.

ExploreAI also paves the way to leverage critical benchmarks in contracting by analyzing data from the Icertis Data Lake, within each cohort or industry, and combine them with your own organization’s data to track and compare simple metrics such as time taken for approval or average spend by contract type to the more complex metrics of supplier diversity or tracking ESG goals.

Get more out of your contracts