WEBINAR: Turbocharging Legal Contract Transformation in the Age of Generative AI

Icertis ExploreAI Service

Bringing the power of generative AI to contract management, responsibly.

Unlocking Contract data with Artificial Intelligence

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, and the Icertis Data Lake to deliver new, powerful, material business outcomes.

Introducing Icertis ExploreAI Service

Icertis ExploreAI Service enables enterprises to safely leverage the power of generative AI to bring a new level of efficiency to contract management that will turbocharge your business. 

Icertis ExploreAI Service combines the power of large language AI models and Icertis proprietary AI models to derive insights from your contract data, your enterprise data, and the Icertis Data Lake to deliver powerful, material business outcomes not possible before.  

The new generative AI capabilities build on robust outcomes Icertis customers already experience with Icertis AI to accelerate the drafting, negotiating, and execution of commercial agreements; derive deep commercial, legal, operational insights from their contracts; and ensure the full intent of those agreements is realized in the real world. 

How it Works

With ExploreAI Service, we are infusing the Icertis platform with generative, assistive, natural language capabilities in a secure, responsible way so customers and partners can also build Icertis Copilots on the ExploreAI Service to improve contracting efficiency exponentially through natural language and summarization analyzes millions of contracts quickly to uncover contextual insights; and help realize the full intent of every aspect of your valuable commercial agreements.

Discover Copilot

Discover attributes and clauses in contracts on 3rd party paper​

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Interactive Insights Copilot

Deliver instant, easy-to-use analysis & summary of contracts​

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Risk Assessment Copilot

Optimize contract risk review and identify mitigating actions

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Obligation Management

Discover & confirm obligations & entitlements using Gen AI

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Icertis Contract Intelligence Platform

Setup, Operation, Workflows, Governance, Risk & Compliance, Reporting & Dashboards.

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Icertis ExploreAI Services

Bring the power of generative AI to contract management, responsibly

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Icertis Developer Network

Contracts Data

Enterprise Data

Contracts Data Lake

Public Data

Microsoft Azure

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Why it Matters

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

  • The C-suite

    The C-suite, including the Chief Legal Officer and Chief Financial Officer, gains enterprise insights into how the business is performing and where the next opportunity for growth lies. Comprehensive contract reporting and quick summarization of several contracts allow them to identify anomalies and risk pointing to “black swan” events before they happen. This protects billions in financial, operational and reputational damage.

  • Legal users

    Legal users can now eliminate manual effort in localizing contracts or translating global contracts; speed up the contract creation, review and negotiation cycles; and gain critical efficiencies. 

  • Sales

    Can accelerate negotiations and close deals faster while also ensuring appropriate clauses are included in their contracts—including inflation protection clauses—that protect them from external market and regulatory risks.

  • Procurement

    Procurement users can be assured the data that flows from the contracts into downstream systems are free of manual input errors, and  access  accurate  spend reporting, individual supplier spend data, etc. Further, they can track obligations listed in their contracts, identify every obligation clearly depending on the type of contract, and take appropriate action. They can also quickly search for contracts and the attributes contained, to track any data associated with contracts. 

Icertis Copilots

Accelerate your contracting with generative AI. Safely.

Icertis Copilots deliver a step-change in contract efficiency and insights by responsibly harnessing the transformational power of generative AI to turn commercial agreements into interactive assets to drive your business forward. ​

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Secure and responsible AI

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.

What the future holds and why the legacy data matters

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.

 

Next Steps

Explore the ICI Platform

DiscoverAI

Discover and Digitize All Legacy and Third-Party Contracts Automatically

DiscoverAI identifies contract attributes and clauses and semantically matches them directly to your contract type definitions and enterprise clause library in the platform. DiscoverAI seamlessly guides you through importing legacy and third-party contracts, managing clause deviations, and verifying attributes.

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NegotiateAI

Negotiate Better Outcomes with AI-Powered Insights

Optimize your contractual negotiations with NegotiateAI to easily analyze high volumes of contracts, understand their component terms and clauses, and find similar precedents from across your company’s entire contract repository.

Explore Icertis NegotiateAI

Frequently Asked Questions

Generative AI, or Gen AI, is a category of artificial intelligence that generates new, original content, using natural language processing that makes communication between people and machines more natural and intuitive. It leverages large language models and advanced algorithms to analyze and learn patterns from vast amounts of data. The recent buzz around generative AI has been driven by the simplicity of user interfaces for creating high-quality text, graphics, and videos in seconds.

Conversational AI engages in human-like interactions through natural language in both text and voice formats. It aims to make communication between humans and machines seamless and natural — understanding and responding to user inputs, answering questions, and helping with various tasks, often through chatbots or virtual assistants.

ChatGPT is a generative AI model designed to understand and generate natural language. It learns patterns, structures, and context from large amounts of text data, allowing it to generate human-like text, answer questions, or provide insights. It is designed to engage in human-like text-based conversations, answer questions, provide suggestions, and generate content. As a type of Generative AI model, ChatGPT can be used to build Conversational AI systems, such as chatbots or virtual assistants.

The adaptive prompt framework in ExploreAI is the interactive face of the contract. It’s built on Icertis ExploreAI Service and allows crafting, refining, and probing to ask questions of the contract. The framework provides a set of typically asked questions, called FAQs, which are persona-based and hierarchical in nature and have the ability to ask free-form questions.

Yes. ExploreAI is an Icertis generative AI platform that offers a natural language conversational interface for reviewers to query and ensure the contract is robust and risk-free. The interface can be used to check for specific clauses such as indemnity, liability, termination, etc., or request alternative clauses be generated based on organizational guardrails and playbooks.

ExploreAI allows users to query their contract portfolios intelligently in natural language that surfaces crucial 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 particular provision always negotiated?
  • What countries’ laws forbid you from including these provisions in a contract?
  • What ESG policies do we require suppliers to have 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?

Questions can also be pre-configured based on the contract type, the user's role, and other criteria specific to your business. 

Request a demo with an Icertis Specialist to see it in action.

Yes. ExploreAI provides a new layer of control over data integrity in contracts, ensuring that data flowing to connected systems of records is accurate and minimizing disruption to the business. Systems of record examples include Microsoft, SAP, Salesforce, Workday, and more.

Yes. Security is the key reason why we developed our AI technology on Microsoft Azure OpenAI, and not directly with OpenAI; it guarantees use of the data security and protection layer Azure provides. Icertis is a native Microsoft Azure solution, ensuring seamless compatibility, better performance, and user experience.

This means that the data used in the generative AI context remains in our subscription. Microsoft guarantees that data does not leave Azure and is never used for training the underlying foundation models.

More importantly, we do not fine-tune AI (GPT) models. We use the GPT model out-of-the-box, focusing efforts on our proprietary technology.

To reiterate, data never goes out of our subscription, and Microsoft guarantees that the data used in conversational AI is also never used for the underlying training of their models.