Next Generation AI-powered Contracting Partner to Optimize Performance by Empowering Business Users with Contract Intelligence
BELLEVUE, Wash., May 10, 2023 /PRNewswire/ -- Icertis today announced Icertis ExploreAI, its next generation AI-powered contract intelligence partner, with generative, assistive, natural language capabilities that enable even greater customer value from unstructured and structured contract data, connected across the enterprise.
ExploreAI combines the power of large language AI models and Icertis proprietary AI models to derive insights from a customer's contract data, enterprise data, the Icertis Data Lake, and ChatGPT to deliver new, powerful, material business outcomes. The new AI capabilities build on the strong momentum Icertis customers already experience leveraging Icertis AI products to accelerate drafting, negotiating, and execution of commercial agreements, derive deep insights from their contracts, and ensure the full intent of those agreements is realized.
Developed in collaboration with Microsoft, Icertis ExploreAI uses both Icertis AI services and Microsoft Azure OpenAI Service so customers can trust that the valuable, unique business data inside their contracts remains secure, while responsibly leveraging generative AI technology. Icertis was a launch partner for the Azure OpenAI Service.
"Icertis was first to recognize contracts as the fifth System of Record, and over the last decade we built the most diverse and largest contracting data lake in the world, which today has more than 2 billion contract-specific metadata and transactional elements and growing. The current suite of Icertis AI products, built on the Icertis Data Lake, has enabled some of world's most iconic brands and disruptive innovators to drive contracting efficiencies and derive contracting insights to power bottom-line results," said Monish Darda, Co-Founder and CTO of Icertis. "With Icertis ExploreAI, Icertis is expanding our AI offering, applying natural language via Azure OpenAI Service to further unlock exciting new contract intelligence use cases, driving significantly higher value to customers and continuing to transform contracting - the foundation of commerce."
With the Icertis Contract Intelligence platform and Icertis ExploreAI, Icertis is helping its global customer base to:
- Drive better business performance with unprecedented visibility
- Intelligently and conversationally query their contract portfolios in new ways that surface key insights to increase revenue, reduce costs, drive compliance, and manage risk.
- Accelerate the pace of business by empowering users to "naturally" work with contracts
- Summarize and demystify contracts and provisions so business users and contracting teams can partner even more closely and reduce cumbersome and expensive legal review cycles that slow the pace of business.
- Make better business decisions faster
- Analyse contracts and contracting performance in the context of the core business processes they drive by integrating contract data and enterprise data from ERP, SCM, CRM, and HCM systems, as well as the Icertis Data Lake.
- Realize the full intent of every contract, every time
- Uncover, monitor, and ensure entitlements and obligations within every type of contract are delivered to maximize the value of all commercial agreements.
- Trust that they are using generative AI responsibly
- Responsibly integrate generative AI in everyday contracting processes with the security, scalability, reliability of Icertis AI and Microsoft Azure OpenAI Service.
"Azure OpenAI Service delivers on what enterprise customers have come to expect from our Azure cloud and computing infrastructure—security, reliability, compliance, data privacy, and built-in Responsible AI capabilities – with the power of large-scale generative AI models," said Nicole Dezen, Chief Partner Officer and Corporate Vice President, Global Partner Solutions, Microsoft. "It's great to see Icertis building on this platform with their proprietary AI and data lake to bring AI-powered contracting efficiencies and insights to enterprise customers."
"We are excited about GenAI for legal services. Based on our working relationship with Icertis, we have been engaging with their team to assess the opportunities of GenAI," said Ulrike Schwarz-Runer, Global General Counsel at Boston Consulting Group.
About Icertis
With unmatched technology and category-defining innovation, Icertis pushes the boundaries of what's possible with contract lifecycle management (CLM). The AI-powered, analyst-validated Icertis Contract Intelligence (ICI) platform turns contracts from static documents into strategic advantage by structuring and connecting the critical contract information that defines how an organization runs. Today, the world's most iconic brands and disruptive innovators trust Icertis to govern the rights and commitments in their 10 million+ contracts worth more than $1 trillion in 40+ languages and 90+ countries. For more information, visit www.icertis.com.
Media Contact
Michelle Rodriguez
Senior Manager, Corporate Communications
corpcomm@icertis.com
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