Icertis, the leading provider of enterprise contract management in the cloud, was named Best Application of Artificial Intelligence (AI) in Contract Management at the Ai Everything and Forbes AI Brave Awards. The acknowledgment underlines Icertis’ success in infusing AI in its category defining Icertis Contract Management (ICM) platform. ICM helps customers digitally transform how they manage their contracts worldwide and solve previously intractable contracting challenges with the transformative power of modern AI technology.
For the first time in history, contracts are being digitized. With arguably one of the largest, varied and relevant contract repositories in the world with more than 6.5 million contracts representing more than $1 trillion of managed contract value, Icertis is using AI to turn these once-unstructured documents into live, strategic assets for its customers. In addition, with Icertis’ AI applications built on the ICM platform, companies can not only quickly digitize third-party contracts without manual review, but also analyze past negotiation history to gain insights for improvement, and unleash deep data visualization capabilities that provide unprecedented visibility into contract relationships and performance.
“We’re honored to receive this award from Ai Everything, an organization dedicated to working with innovators and companies globally to uncover ground-breaking solutions employing artificial intelligence technology,” said Monish Darda, CTO and Co-founder of Icertis. “Most recent applications of AI in contract management have focused on the legal aspects of contracts and clauses – we believe that because we deeply participate in the business process through contracts, we are uniquely positioned to unleash the transformative power of AI for our customers. And with the confluence of AI with distributed ledgers/blockchain technology, this paves the way for us to redefine this space.”
The data in the millions of contracts Icertis manages represents thousands of contract types and templates, and a taxonomy curated from hundreds of thousands of clauses – all mapped to customers’ distinctive semantic structures. The ICM platform leverages AI to better understand the meaning of clauses and to identify what contract language could pose risks or opportunities to the enterprise, creating value where there was none before.
“Icertis embodies the break through innovation this award celebrates. By deeply embedding AI in their platform, Icertis is providing unprecedented visibility into contract relationships and performance,” said Trixie LohMirmand, Senior Vice President, Dubai World Trade Centre. “The calibre and quality of our entrants was impressive, but Icertis stood out as a business that is continuously striving for innovation, exemplified through its cutting-edge solutions and approach to contract management challenges, which continue to grow in complexity.”
Hosted in association with Forbes AI, the Ai Everything Brave Awards celebrate the very best in AI adoption and innovation among top global companies; recognizing exceptional lab-to-live solutions, industry applications and pilot projects in AI. This recognition is the latest success for Icertis, and follows this year’s IACCM Innovation and Excellence award for ‘Outstanding Service Provider’ in EMEA, providing further evidence that Icertis is driving innovation within contract management.
Ai Everything Brave Awards Dubai, 2019: Ai Everything is hosted by the UAE’s National Program for Artificial Intelligence with the support of global association partners International Telecommunication Union (ITU) and the World Intellectual Property Organization (WIPO), in strategic partnership with Smart Dubai.
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 Sanofi to manage 6.5 million contracts in 40+ languages across 90+ countries.
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