WEBINAR: Turbocharging Legal Contract Transformation in the Age of Generative AI

Contract Management for Energy

Contract intelligence: Lower cost, reduce risks with AI-powered contract digitization and insights

Icertis has a team of over 700 research and development professionals looking at energy manufacturing contracts and training AI on them, so the AI can recognize language to identify inflation and price locks, milestone data, penalty clauses, rebates, incentive clauses, etc.

The Challenge

Leverage the Full Value From Every Commercial Relationship

Contracts are the foundation of commerce, and they support the entire energy value chain including Engineering & Technology, Supply Chain & Procurement, Production & Operations, Human Resource Management, Partner Management, and Sales & Marketing. Contracts have a direct impact on the revenue and spend of an organization. But have you ever measured how well your contracts are performing for your enterprise?

    • Suboptimal contract terms combined with suboptimal fulfillment can cause an erosion of value equal to 9% of a business’ annual revenues. (World Commerce & Contracting Association).
    • Managing large capital projects dependent upon goods and services from a global network of suppliers, manufacturers, and agencies during a time of increasing geopolitical and macroeconomic uncertainty.
    • Continued pressure on Super Majors and oilfield services companies concerning clean energy, ESG, safety & operations, regulations and more, all while increasing top-line and bottom-line revenues.
    • With contracts touching virtually every dimension of the Energy supply chain, how can companies ensure the intent of every agreement is fully realized as part of ongoing operations?

The Solution

Common Energy Business Levers Enabled by Icertis Contact Intelligence

  • Revenue Leakage

    O&G producers can link production and national entity / downstream order commitments within contracts to identify and act on order quantity variances due to macroeconomic factors. ICI enables interoperability with other systems of record.

  • Supplier Visibility

    Oil well & refinery equipment suppliers can be confident that they have visibility to contractually committed pricing, capacity, and delivery expectations – down to the clause, attribute and obligation.

  • Risk & Compliance

    All stakeholders across the energy supply chain can create a unified single source of truth for their contracts - both intracompany and external - to better govern risk and decrease time to mitigation.

  • Margin Protection

    Integrated oil companies and their suppliers / partners can compare variances between contracts and actuals to pinpoint factors that contribute to margin erosion (e.g., cost, labor, inflation).

  • Managing Flow Downs

    Super Majors can be confident that their flow down requirements – including engineering, safety and quality specifications, schedule expectations, delivery terms – are being analyzed and acted upon to increase compliance and avoid downtime.

  • Operational Productivity

    Creates a new level of contractual intelligence and data transparency for the entire energy supply chain by having a centralized platform that integrates with other systems of record.

Trusted by the world's leading energy companies

Industry experts agree

Icertis is the #1 CLM Vendor

Industry experts agree. In a recent report, MGI Research said, "Icertis achieved the highest total MGI 360 Rating™️ in CLM and demonstrates the greatest ability to handle highly complex and high-volume use cases.

Gartner-logo

Icertis has been named a Leader in the latest Gartner® Magic Quadrant™ for Contract Life Cycle Management. This is the third consecutive Gartner® Magic Quadrant™ to recognize Icertis as a Leader in the category.

Icertis received the highest 360-degree rating from MGI Research in the firm’s Contract Lifecycle Management (CLM) Buyer’s Guide, earning the top position among CLM vendors and No. 1 for mega companies.

spend-matter-logo

Icertis is proud to once again be SolutionMap Validated by Spend Matters. See why Icertis is considered above the industry benchmark on Contract Information Management, CLM Integrations, Specialty CLM Analytics, and more.

Integrate

Advanced automation and deep, native experiences

Seamlessly connect with your enterprise systems such as Microsoft, SAP and Salesforce to automate end-to-end business processes and enjoy a richer experience.

Explore Integrations

Next Steps

Explore Icertis Contract Intelligence

eBOOK

CLM 101: for Energy & Utilities Industry

Contracts touch every part of the energy and utility value chain—from upstream major capital projects, to midstream trading and transportation, to downstream product manufacturing and sales.

Get eBook

Icertis Supplier Relationship Management

The SRM application enables businesses to handle standard supplier management challenges

Optimize your business value chain for the long term while reducing risk, cycle time, and compliance burden with 360-degree supplier relationship management. The AI-powered application allows users to seamlessly manage end-to-end supplier onboarding, performance management, contract governance, compliances, and disengagement.

Explore the Icertis SRM

Icertis Risk Management

Reduce business risk enterprise-wide with intelligent contract risk management

The Risk Management application helps to mitigate business risks in their supply chain and purchasing contracts through proactive assessment, discovery, and continuous monitoring—helping protect organizations from the impact of operational, financial, and reputational risk.

Explore Icertis Risk Management

Icertis Contract Intelligence

Standardize, streamline, and automate every contract – everywhere

Transforming contracts into structured, connected, and on-demand data is just the beginning. Discover the power of intelligent contract creation, automation, and insights to realize the full intent and maximize the value of every contract, clause, and obligation across the enterprise.

Explore Icertis Contract Intelligence