Icertis enables Sunstate to quickly extract contract data, says Jones
Leading enterprises have discovered that artificial intelligence (AI) is key to go beyond contract efficiency and process improvements to address more strategic challenges around revenue and compliance, says Monish Darda, Chief Technology Officer and Co-founder of Bellevue-headquartered Icertis.
“In fast-paced business environments, deviation from contract expectations – in the form of unfulfilled entitlements, purchase price discrepancies, regulatory noncompliance, or missed deliveries – are realities that pose a serious threat at a time when every dollar counts,” he pointed out.
“AI differentiates true contract intelligence delivered by the Icertis platform from traditional contract management, and that’s why Global Fortune 500 companies have turned to Icertis to accelerate AI-driven transformation across their enterprises,” he said on 28 Apr 2023.
Icertis began imagining the role AI can play in contracting when the company was founded in 2009 and continues to set the tone for the future of AI in the CLM market, exploring how innovations like generative AI will help businesses fully realize the intent of their commercial agreements throughout the contract lifecycle.
The company is recognized for its advancements in contract intelligence by leading analyst firms including IDC, who recently stated that Icertis was early to adopt and infuse AI capabilities in its platform and is viewed as an industry trendsetter with respect to advanced-level discovery and data mining capabilities.
Darda shared market trend as Icertis announced that AI was applied to nearly 50% more contracts on its platform in 2022 compared to the previous year.
This affirms continued momentum behind AI adoption in contract-driven processes as forward-looking enterprises seek to transform operations, inform strategic decision-making, and realize the full intent of their commercial agreements with contract intelligence, he said.
Contracts and the data they capture play an essential role in every company’s core operations, offering one of the largest untapped opportunities for enterprise-wide digital transformation. Industry leaders including Cigna, HERE Technologies, PacSun, and Sunstate Equipment use the Icertis Contract Intelligence Platform (ICI) and its AI applications to power transformation efforts, applying AI to integrated contract data to help their organizations discover new revenue and savings, improve negotiations with suppliers, and better manage risk by ensuring contracts contain critical clauses for compliance.
“Icertis enables Sunstate to quickly extract contract data and compare it to our standard clauses using AI to analyze potential risk,” said Linda Jones, Contracts Manager at Sunstate Equipment.
“This saves us time and ensures critical contract language is not overlooked, while giving us a single source of contract information to help eliminate disconnects between departments,” she said.
Icertis has offices in the US, India, Australia and Europe. fiinews.com
