Ensuring contracts perform to their full potential requires contracting parties to fulfill all their obligations. Non-compliance not only hurts performance but also exposes businesses to substantial risks, including reputational damage, financial loss, and soured partner relationships; in extreme cases, non-compliance can even jeopardize business continuity. According to a World Commerce & Contracting study, the average company “leaks” over 9% of its revenue annually due to contractual compliance issues.
Built on top of the Icertis Contract Management (ICI) platform, Icertis Obligation Management enables full lifecycle management of all contract obligations tailored to company-specific rules, leading to better business outcomes without any code-level intervention. The application enables businesses to effectively standardize the contractual compliance process with capabilities to discover, operationalize, and track obligations.
“As one of the world’s leading professional services companies, it is critical we closely manage the obligations enshrined in our contracts,” said Frank Marty, Global Head of CLRM at Cognizant. “Understanding and fulfilling our commitments to customers and realizing the full value of our entitlements is critical to successfully delivering shareholder value. The ICI Obligation Management app will positively impact our bottom line.”
Transforming contracts into structured, connected, and on-demand data is just the beginning. Discover the power of intelligent contract creation, automation, and insights to realize the full intent and maximize the value of every contract, clause, and obligation across the enterprise.