Ironclad Launches New Capabilities to Help Enterprises Recapture Millions in Lost Contract Value

With an average of 8.6% of value "leaking" from every contract, a new approach—developed specifically for the procurement and legal partnership—ensures contractual obligations from suppliers, vendors and partners don't fall through the cracks

SAN FRANCISCO, April 10, 2025 /PRNewswire/ -- Ironclad, the leading AI-powered contract lifecycle management platform, today announced new features to help procurement and legal teams drive the most value out of their contracts by addressing the 8.6% of annual spend lost to "contract value leakage" due to poor visibility and missing supplier commitments. These new capabilities, including Obligation and Entity Management, a new unified dashboard, and custom AI data extraction capabilities, connect supplier contracts, surface contractual commitments, and streamline supplier and vendor relationship information in a single simple, intuitive new UI that acts as a single source of truth.

To learn more about these new procurement product capabilities, please visit the Ironclad blog here.

"Most supplier and vendor contracts come with obligations – like meeting service level commitments, implementation milestone payments and purchase volume discounts, or clauses dealing with global incidents like tariffs and pandemics – that carry real monetary value, yet are often overlooked after the contract is signed," said Michel Feaster, Chief Product Officer at Ironclad. "If you think about $8 out of every $100 of your contract value going out the window, this can quickly become a million-dollar issue. Connecting these dots is just one-way Ironclad is helping procurement and legal teams drive real business impact."

The new capabilities, focused on standardizing supplier information and managing those obligations, allow Ironclad users to:

• See a complete picture of every supplier relationship: With a refreshed, unified dashboard and new Entity Profile Pages, see all contracts, commitments, and history with any business partner in one unified entity profile view.
• Protect contract value and manage risks: Ironclad's latest capability, Obligation Management, allows users to systematically track critical contractual commitments by assigning clearly defined tasks and ownership, ensuring supplier accountability throughout the contract lifecycle.
• Keep contract data clean and standardized: A new centralized database of Entity Profiles automatically synchronizes supplier and customer data with existing business systems, eliminating manual data entry and ensuring counterparty information stays accurate, up-to-date, and standardized across the entire organization.
• Train AI to surface—and act quickly on—business critical insights: Customized data extraction lets teams automatically identify, extract, and surface business-specific data so they can move quickly, with more confidence, and drive business impact.

"Procurement teams are moving beyond basic contract management – they need intelligent insights that help them maximize the value of every supplier relationship," continues Feaster. "While we have a laser focus on usability and speed of implementation, Ironclad is turning what was once static documentation into actionable intelligence that gives teams the agility to drive impact and act quickly."

"Maintaining accurate supplier data across systems is critical for legal, finance, and procurement teams. Not only for efficiency; it creates better cohesion and connectivity for our business partners throughout the organization," said Elliot Mandel, VP of Legal Ops at Alnylam. "Ironclad allows our cross functional partners to work seamlessly within the systems they're already familiar with, bringing consistency to the way we collect and manage information. It enables us to collaborate more effectively, improve accuracy, and streamline processes—standardizing the way we work to drive better results for the entire organization."

These new tools build upon the existing Ironclad suite of tools for procurement and the Ironclad ecosystem, which includes best-in-class integrations with tools like Ramp, Coupa, OneTrust, and more. In addition, leveraging the Ironclad Mulesoft connector, customers can build integrations with any procurement system, delivering flexibility and allowing teams to use the tools of their choice.

For more information about how Ironclad helps procurement teams get more value from their supplier contracts, visit the Ironclad blog.

About Ironclad
Ironclad is the leading AI-powered contract lifecycle management platform, processing billions of contracts every year. Contracts power every business, yet managing them can be slow and costly. Global innovators like L'Oréal, OpenAI, and Cisco trust Ironclad to collaborate and negotiate on contracts, accelerate deals while reducing risk, and turn agreements into strategic business assets. Ironclad is the only platform powerful enough to manage contracts across any department, from sales agreements to a procurement contract or a complex NDA. The company is backed by leading investors like Accel, Sequoia, Franklin Templeton, Y Combinator, and BOND. For more information, visit www.ironcladapp.com or follow us on LinkedIn and X.

Contact:
Paul Chalker
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SOURCE Ironclad Inc.