NEW REPORT: The State of CLM and AI-Powered Contract Intelligence

Icertis Ranked Highest in Current Offering in Contract Lifecycle Management Evaluation by Forrester

By Samir Bodas

When Monish and I founded Icertis, we began on a journey to transform the foundation of commerce. We believed that the digitization of contracts would unleash enormous value at enterprises by allowing cloud computing and, later, artificial intelligence, to turn these static documents into strategic business assets.

So it is beyond gratifying to see the new report, Forrester Wave: Contract Life-cycle Management For All Contracts, Q1 2019, naming Icertis as a leader with the highest score in the current CLM product offering category. We believe the report validates our vision for how transformative enterprise contract management is for businesses.

According to the report, the adoption of CLM is on the rise at large enterprises as companies seek to digitally transform contracts and realize new value.

Top Score in CLM Current Offering Category

We built the ICI platform to be easy, intelligent, and enterprise-wide, and Icertis received the top score out of all vendors in the Current Offering category according to Forrester's rigorous 1.0 – 5.0 grading scale. The Icertis Contract Intelligence (ICI) platform received the highest score possible (5.0) in 17 out of 22 product categories (e.g. Contract Importing, Contract Approval, Contract Fulfilment) – more than any other vendor.

"Icertis' contract creation, contract repository, contract approval, contract fulfillment tracking, importing of existing and third-party contracts, and support for both buy-side and sell-side contracts continue to be outstanding," Forrester analysts wrote about Icertis in the report.

Icertis was also named a Leader in the 2016 Wave, the last Forrester Wave devoted to CLM. Forrester writes that our product has continued to improve since then.

"Icertis has continued to improve its CLM product since it ranked as a Leader in our 2016 Forrester Wave and has acquired a series of Fortune 100 clients as a result," the analysts write.

Indeed, since the previous Wave Report, we have joined with some of the world's leading brands to accelerate, protect, and optimize their business. This includes Airbus, Australian Unity, Daimler, Philip Morris International, Sanofi, and others.

Customer Satisfaction

It's also gratifying to see that, according to the report by Forrester, our customers gave us above-average scores, giving us the highest score possible (5.0) in the report’s customer reference criterion.

"Icertis' reference clients gave it above average scores for usability by both administrators and end users and high scores for implementation support and ongoing customer services and support," wrote Forrester.

AI a Key Differentiator

Icertis also earned the highest score possible in the artificial intelligence strategy criteria. We believe this is a significant endorsement: The report makes clear that AI is a key differentiator.

"The biggest innovations in CLM are the inclusion of AI functions to address specific areas of weakness or gaps in the contract creation and management processes," wrote Forrester.

We couldn't agree more.

We are focused on using bleeding-edge technologies to turn our contract management platform into a system that turns contracts into strategic assets and ensures contracts are created properly, executed properly, and managed properly.

To unleash the transformative power of AI for contract management, Icertis is leveraging the unmatched quantity, quality, and variety of data in the Icertis Contract Intelligence (ICI) platform. Using this data, the Icertis AI applications enable companies to solve previously intractable enterprise contract management challenges that are uniquely suited to an AI-powered solution.

This includes legacy, third-party, obligation management, and semantic analysis.

We are seeing just the tip of the iceberg when it comes to what the digitization of contracts will do.

As this Forrester Report shows, contract management software is changing how companies look at contracts, AI is extracting value from contracts never before possible, and Icertis is leading the charge.

To download a complimentary copy of the Forrester report, visit this page.