Today, we at Icertis launched the CLM market’s first generative AI Copilots: The Icertis Contract Intelligence Interactive Insights Copilot and the Icertis Contract Intelligence Risk Assessment Copilot built on the Icertis ExploreAI Service.
With these offerings, Icertis is ushering in a new era not only in enterprise contracting but commerce itself.
Contracts govern every dollar in and out of an enterprise and are imperative to any and all commerce as we know it. For well over a decade, Icertis has been applying cutting-edge technology to these documents—cloud computing at first, then SaaS, then AI/ML and blockchain— to ensure the intent of every contract is correctly memorialized and fully realized in the real world. We call this contract intelligence, and our customers have long recognized its potential to transform the value they get from their commercial relationships.
Iconic brands like Accenture, Best Buy, Humana, Johnson & Johnson, Microsoft, and Mercedes-Benz have leveraged Icertis Contract Intelligence to power core performance outcomes: increased revenue, bigger savings, improved compliance, and reduced risk.
Yet, nothing we’ve done so far will compare to what we will do in the coming years with generative AI.
Nothing we’ve done so far will compare to what we will do in the coming years with generative AI.
I agree with the analyst who opined that in three years, there will be two types of enterprise SaaS companies: generative AI-based companies and dead companies.
As demonstrated by today’s release, we are leaning into the AI moment and leading the category into this new and exciting future.
Our new Copilots take the enterprise-grade generative AI capabilities offered by Microsoft through Azure OpenAI Service, supercharge them with our own proprietary assets —Icertis ExploreAI Service and our anonymized contract data lake—and join it all with the customer’s own contracts and integrated enterprise data to deliver unmatched value.
And our AI is better because our data is better. Icertis has the largest, most diverse, and cleanest contract data lake in the world, with 2 billion metadata and transactional elements, which are used by our customers to manage over $2 trillion in total contract value.
Our customers eagerly participate in the success of our customer community by contributing their data in training our propriety AI models. They trust Icertis’ commitment to the confidentiality and security of their data and know a large, anonymized data lake can deliver more powerful, relevant, and accurate insights to users than individual, unconnected data pools.
The ExploreAI Service and ICI Copilots will allow our customers to hit the ground running with deep insights and analytics from day one, at not only enterprise scale but enterprise-tested scale.
Thanks to this data and the AI it powers, the ExploreAI Service and ICI Copilots will allow our customers to hit the ground running with deep insights and analytics from day one, at not only enterprise scale but enterprise-tested scale.
And we’re just getting started. We will push toward enabling our partners to build ICI Copilots on Icertis ExploreAI; we will enable autonomous contracting so ICI Copilots can do some of the simpler negotiation work before expensive contract negotiations begin; and we will usher in the internet of contracts, where Copilots will monitor contract performance and compliance at the clause and commercial line item levels to ensure the intent of every contract is fully realized.
The foundation of commerce – contracts – is about to be transformed again, and if you let me venture my own prediction: In a few years, there will be two types of enterprises—companies with contract intelligence and dead companies!
Welcome to the New Era of Commerce with Generative AI and Contract Intelligence!
Samir Bodas is Co-founder and CEO of Icertis.