Contract Management for Finance

The Challenge

Poor visibility into contracts means poor visibility into financial obligations, financial entitlements, and critical risk management levers.

Finance leaders are under more pressure than ever to precisely measure and manage cash flows in and out of the business and manage enterprise risks to the company’s well-being.

However, for many of these leaders, contracts represent a blind spot in their enterprise outlook. 

Contracts govern every dollar in and out of the business, and contain critical financial risk management levers for contingencies around events like supplier failure, force majeure, inflation, and other disruptions.

When these contracts are managed in siloed repositories across a business, it is impossible for finance to properly track what’s being committed to across the business, meaning a nasty surprise may be hiding in the business. 

Poor contract management has been measured to cost the average enterprise 8.6% of their contract portfolio’s value, a major source of revenue leakage. Other studies have shown poor supplier contract management to increase the total cost of ownership of supplier relationships by 10-20%, according to McKinsey.

The Solution

Finance leaders are turning to AI-powered Icertis Contract Intelligence to create a single source truth for contracts and contract data across the enterprise.

To get a handle on their contractual commitments, leading finance departments are turning to Icertis Contract Intelligence. Whether the deployment is led by legal, sales, procurement, or finance itself, finance departments benefit from the enterprise-wide visibility and control that Icertis delivers. Icertis customers in the finance department say Icertis allows them to be more responsive to the needs of their stakeholders and the Street.

Key capabilities include:

Dashboards and reporting

Powerful reporting and dashboard capabilities allow companies to track obligations, contract values, renewals and expiries in a single location—allowing finance teams to optimize revenue forecasts and renewal management 

Single source of truth

A single repository of active contracts simplifies access to contracts based on parameters like company, region, or category

Obligation management

Obligation management and milestone alerts ensure the company avoids penalties for non-compliance

Entitlements tracking

Tracking of entitlements like volume discounts eliminates revenue leakage associated with overlooked commitments  

Contract settlement

Accelerated contract settlement for faster cash into the business

Faster, better business decisions

Our customers have used the Icertis platform make faster, better business decisions in the face of global pandemics, supply chain disruptions, record inflation, and more.