Icertis, the contract intelligence company that pushes the boundaries of what’s possible with contract lifecycle management (CLM), was named a Leader in the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Buy-Side Contract Life-Cycle Management Applications 2023 Vendor Assessment (doc #US48785822, March 2023).The IDC MarketScape named Icertis a Leader based on its strategies and capabilities.
“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,” said Patrick Reymann, Research Director, Procurement and Enterprise Applications, IDC. “We positioned Icertis as a Leader because they are taking contract management beyond efficiency and visibility to reimagine the impact of every commercial transaction, enabling customers to tap into contract data as one of the largest strategic resources of value for their business.”
Also Read: Agiloft Announces Annual Awards at The Agiloft Summit, its Global Contract Management Conference
Icertis applies artificial intelligence (AI) to structured and connected contract data to help enterprises realize critical outcomes around revenue, savings, and risk through their commercial relationships. Key capabilities of Icertis include:
- Advanced AI – Icertis manages one of the largest, most diverse collections of enterprise contract data in the world, comprised of more than 2 billion metadata and transactional elements across more than 10 million contracts. Combining this rich data lake with the power of AI, Icertis continues to drive AI innovation in the CLM market to help customers increase revenue, reduce costs, ensure compliance, and manage risk by surfacing unique insights from commercial agreements.
- Vertical Expertise – Icertis addresses specific contracting challenges for key sectors with its industry vertical CLM solutions, which are designed to enable faster time to value in comparison to horizontal solutions. According to the IDC MarketScape report, “Icertis has strength in industry-specific verticals, offering preconfigured solutions in healthcare, technology, banking and financial services, and wholesale and distribution with additional concentration in industrial manufacturing and the public sector.”
- Partnerships & Integrations – As technology and consulting leaders look to develop practices dedicated to contract intelligence, Icertis delivers deep integrations with critical business systems through its strategic alliances, including end-to-end integrations with SAP solutions to accelerate source-to-pay processes for procurement teams. The IDC MarketScape report states, “In addition to a strong ecosystem of partners, Icertis offers out-of-the-box integrations with the leading S2P providers that facilitate decision-support capabilities at the point of procurement.”
- Enterprise-Grade Capabilities – The Icertis Contract Intelligence (ICI) platform is built for the multifaceted needs of large-scale enterprises that manage thousands, if not millions, of contracts. The IDC MarketScape report notes that companies should consider Icertis when they need “a powerful, enterprise-grade contract management application that can administer complex needs and offer the full suite of CLM capabilities.”
SOURCE: PR Newswire