BELLEVUE, Wash., Jan. 29, 2019 /PRNewswire/ -- Icertis, the leading enterprise contract life cycle management platform in the cloud, today announced Gartner, a leading research and advisory company, recognized Icertis as a Representative Vendor in their market study on the contract life cycle management (CLM) market.
As the velocity of business increases, companies are realizing the need to digitally transform their commercial foundation to accelerate performance, protect against risk and optimize business relationships. Because every company's commercial relationships are governed by contracts, contract management has become an increasingly important part of the digital transformation efforts within the business.
"CLM solutions are evolving from operational record-keeping systems used for legal auditing purposes into enterprise-level core systems for addressing business risks, costs and the pursuit of revenue maximization," wrote Kaitlynn Sommers, Senior Principal Analyst of Gartner.1
This market shift is creating increased demand for CLM solutions. Sommers writes, "Customers' interest in CLM is stronger than ever and is a leading topic raised by users of Gartner's client inquiry service."
The Icertis Contract Management (ICM) platform, which is used by customers to manage all types of buy-side, sell-side and corporate agreements, enables companies to reimagine enterprise contract management, thereby transforming their commercial foundation.
"CLM presents a great opportunity for digital transformation, because it's practical, well-scoped and executable," wrote Sommers. "The technology is proven, as is the ROI, which companies can use to fund other initiatives on their digital business roadmap. Additionally, adoption is increasing as organizations implement their digital roadmaps to eliminate paper and improve workflows and collaboration."1
A key development in contract management has been the emergence of best of breed software solutions which challenge the traditional procurement and sales suite providers. Companies are realizing that new cloud-enabled contract management applications offer higher chances of deployment success, faster adoption and more satisfied business users.
"Historically, stand-alone CLM vendors could be characterized as buy- or sell-side vendors, based on the types of contract they supported," wrote Sommers.1 "However, over time, the dividing lines between these solutions have blurred, primarily because CLM customers don't want to have deploy and support multiple CLM solutions to handle the various contract types."
Artificial Intelligence Will Drive Increased Efficiency
With contracts being digitized for the first time in history, advances in computer science can be applied to drive increased value from a company's contract processes. Gartner reports that "by 2023, artificial intelligence will bring 30 percent more efficiency to the contract negotiation and document completion process in organizations that deploy leading contract life cycle management solutions."1
Icertis is applying AI to this new pool of digitized data to transform contracts from static documents into live contracts which can interact with humans, surrounding systems and ultimately even other contracts. Icertis recently announced two AI applications that enable companies to solve previously intractable enterprise contract management challenges.
"Leading enterprises are digitally transforming their commercial foundations – resulting in rapid expansion in the contract management industry which we believe is exemplified in Gartner's report," said Samir Bodas, CEO and Co-founder of Icertis. "By utilizing enterprise-wide, AI-Infused CLM platforms and placing contracts at the center of their efforts, companies will be able to accelerate their business, protect against risk and optimize commercial relationships."
Icertis continues to experience rapid growth worldwide and gain prominent customer wins like Airbus, Philip Morris International and Australian Unity. For more information about the ICM platform, visit here.
Readers can access the full complimentary copy of the Gartner report here.
1 Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. Gartner, Market Guide for Contract Life Cycle Management, 17 December 2018, Kaitlynn Sommers, Patrick Connaughton
Icertis, the leading enterprise contract management platform in the cloud, solves the hardest contract management problems on the easiest to use platform. With Icertis, companies accelerate their business by increasing contract velocity, protect against risk by ensuring regulatory and policy compliance, and optimize their commercial relationships by maximizing revenue and reducing costs. The AI-infused Icertis Contract Management (ICM) platform is used by companies like 3M, Airbus, Cognizant, Daimler, Microsoft and Roche to manage 5.7 million contracts in 40+ languages across 90+ countries.
Icertis Media Contact:
Manager of Corporate Communications, Icertis
+1 (425) 869-7649