Why CLM Is Must-Have Technology for the C-Suite

By Penny Pritzker

From my experience building and leading businesses, and in my capacity serving as U.S. Secretary of Commerce, I have a deep appreciation for how an accelerating pace of commerce, regulatory changes, and market disruptions have created extraordinary challenges and opportunities for every organization—from multinational corporations to startups.

When I joined Icertis as a board advisor in 2018, I recognized the enormous strategic value contract lifecycle management (CLM) software could deliver to every organization. Contracts, ranging in substance and complexity, are the foundation of every business transaction, every day. By digitally transforming how contracts are managed, and applying Icertis’ unmatched contract intelligence technology, companies have the opportunity to substantially improve business outcomes and simultaneously reduce risk.

Now, as I join the Icertis Board of Directors, I’m more bullish than ever on Icertis' position as the clear leader in the next big enterprise software category.

The acceleration of digital transformation due to COVID-19 has shifted CLM (and more specifically Icertis Contract Intelligence) from a “nice to have” to a “must have”—especially for CxOs who need a complete view of every dollar in and out of the organization to respond immediately to challenges and opportunities. Companies can no longer afford the risk, delays, and leakage that come with poor contract management, nor can they afford to forego the substantial value-creation opportunities presented by leveraging the robust data, insights and applications provided by Icertis.

To meet this demand, Icertis is delivering unmatched technology that has been recognized by every leading analyst firm. Most recently, Icertis was named a Leader by Forrester, with both the strongest offering and strategy.

And they’re just getting started.

Icertis was the first company to grasp the transformative potential of organization-wide CLM and has boldly pursued this vision for more than a decade, putting them at the forefront of driving enterprise-grade contract intelligence across the globe. This is an approach that the rest of the market is playing catchup on as CLM becomes the go-to system of record for the C-suite.

The Icertis Contract Intelligence (ICI) platform helps companies turn contracts into strategic advantage by connecting them to the systems and processes they touch. ICI helps companies ensure that the intent of every contract is fully realized, delivering value across the entire lifecycle of the agreement. Think about it – this powerful Icertis technology can unlock new insights and data that were previously stored away or gathering dust in boxes and file cabinets. In doing so, we can create untold opportunity for businesses and our workers across the board.

What makes me even more excited about Icertis’ future is the amazing company and culture co-founders Samir Bodas and Monish Darda have built. Samir and Monish have assembled a high-caliber team that shares a common passion for the business and has what it takes to win this growing category. We have incredible confidence in this team.

More importantly, Icertis takes culture seriously. At PSP Partners, we believe that culture eats strategy for lunch. Icertis’ incredibly strong culture is built around its core FORTE values: Fairness, Openness, Respect, Teamwork and Execution. Samir and Monish bake FORTE into everything they do as leaders, and it shows with every interaction we have with the Icertis team.

We at PSP Partners are incredibly passionate about building market-leading businesses of the future – and we believe Icertis to be that type of business. We are honored to be on this journey with the Icertis team as they become the contract intelligence platform for the world.

Penny Pritzker is the founder and Chairman of PSP Partners and its affiliates PSP Capital, PSP Growth and Pritzker Realty Group. From June 2013 through January 2017, she served as U.S. Secretary of Commerce in the Obama Administration. Read her full bio here.