More Intelligent Spend: It’s In Your Contracts

October 12, 2022 John Karagozian

Imagine bottling your most effective contract writers and always bringing your best clauses and language to the negotiating table.

Couple this with a system that automatically alerts you to every expiry date, price break opportunity, compliance check, and potential breach. You have considerably reduced process time, a significantly stronger commercial operation, and a more professional approach to business.

You have no more forgotten milestones. No penalties. No need to reinvent the wheel every time you onboard a new supplier. You always get the total value from the terms you worked hard to negotiate. In short, no more leakage'.

Congratulations! You have just achieved contract intelligence.

Transforming Contracts Into Strategic Advantage

This year, Icertis is a Platinum sponsor of SAP Spend Connect Live, where we will be on hand to demonstrate how Icertis integrated with SAP Ariba, SAP Fieldglass, and SAP S/4 HANA is helping companies achieve more intelligent spend through contract intelligence.

Icertis and SAP procurement solutions go hand-in-hand because contracts and procurement go hand-in-hand.

To explore further, let’s look at a typical enterprise IT scenario. You've embarked on a digital transformation program and successfully digitized procurement with SAP. At the end of the procurement process, the resulting contract with the supplier—with all the terms you fought hard to secure—gets exported as a PDF and is filed away.

In this scenario, the transformation is not complete, because the contract has not been digitized with the rest of the processes. Without structured and connected contract data that can be managed, analyzed, and operationalized after execution, a company is exposed to the value leakage that results when the intent of a contract is not realized in practice. Contract noncompliance costs you money, creates risky compliance issues, and stops you from maximizing the benefit of your commercial relationships.

Fulfilling a universal need

At Icertis, we’ve solved this challenge through contract intelligence. Contract intelligence leverages cloud computing and AI to structure contract data and connect then it to the system contracts touch. With contract intelligence, the intent of every contact is correctly memorialized and fully realized.

The Icertis Contract Intelligence (ICI) platform not only covers the full lifecycle of contract management capabilities such as intelligent contract setup, authoring, approvals and negotiations, but also solves previously intractable contract challenges such as digitizing legacy contracts and importing third-party contracts at scale, analyzing past negotiation history to gain insights, and deep data visualization capabilities for unprecedented visibility into contract relationships and performance.

The only SAP Endorsed CLM Provider

A major advantage of contract intelligence is that it transforms the business information found in contracts into data that can be integrated into other systems. By connecting contract data into SAP products, we amplify and extend the value we and SAP can deliver.

Today we are working collaboratively through joint development efforts. Icertis’ mission of becoming the contract intelligence platform of the world is perfectly aligned with SAP’s goal of building intelligent, sustainable enterprises that consistently apply advanced technologies and best practices within agile, integrated business processes. We are committed to using our unmatched technology and category-defining innovation for enhanced contract intelligence across the entire SAP landscape.

A Smarter Approach to Contracts

The Icertis Contract Intelligence (ICI) platform has been recognized as a leader in the CLM space by leading analysts such as Gartner and Forrester.

We work in a highly collaborative, deeply integrated, long-term focused partnership with SAP to help our joint customers benefit from this global market leadership. Our solution has more capabilities and delivers more significant ROI than its competitors because it can be configured to model almost any contracting process in the enterprise.

When speaking to business leaders, I like to sum up the value of Icertis like this: Why spend millions of dollars creating watertight contracts and then waste all that effort by placing the contract onto a shared drive and forgetting about it?

Customers are often surprised at what AI can find when their information is converted into structured data and continuously analyzed. Leakages discovered may include price break opportunities based on purchased units or loopholes being exploited due to changes in circumstances. For instance, one of our joint customers, a pharmaceutical giant in the US, found $70 million in savings through improved compliance on global sourcing agreements and increased contract velocity.

Stronger Than the Sum of Our Parts

At Icertis, we help drive SAP's technology further, bringing value not just to customers but also to SAP. It's a two-way relationship.

Our one-team approach with SAP makes our partnership a cut above the rest. In fact, this was recognized by one of our joint customers Ooredoo, a telecommunications giant operating in 10 countries. “We are very happy to have selected Icertis for its telecommunications industry expertise, AI capabilities, and extensive SAP partnership and integrations, which offer us a single-team approach to enterprise-wide contract intelligence,” said Christian Friedrich Linhart, Group Chief Procurement Officer, Ooredoo Group.

Join Icertis at SAP Spend Connect Live from October 24-26 in Dallas, Texas and visit us at the SAP Store to learn more about how Icertis can help your business stay out in front.