Manage Your Contractual Obligations with AI-Powered Contract Management

The Challenge

Traditional Contract Obligation Management Exposes Businesses to Risks and Revenue Leakage

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.

Here are some key challenges that leaders at enterprises face when it comes to contractual obligation management

Manual discovery of obligations is cumbersome
The absence of a consolidated system for obligation management hinders timely action
Lack of visibility and insights into obligation fulfillment adversely impacts compliance and governance

The Solution

Icertis Obligation Management Application

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.

Using the Icertis Obligation Management Application, businesses can:

Leverage Icertis ExploreAI, a combination of large language AI models and Icertis proprietary AI models, to quickly discover and confirm obligations and entitlements included in a contract for both parties.
Configure customized obligation workflows to triage, fulfill, and track the obligations of various categories (e.g., SLAs, financial, governance, etc.)
Use obligation libraries to seed any regulatory & compliance obligations along with contractual obligations. E.g. GDPR, ESG, etc.
Leverage obligation performance metrics to initiate appropriate consequent actions, including renegotiating vendor contracts based on supplier obligation fulfillment or issuing rewards for SLA compliance.

“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.”

Read the Customer Story