Transforming your contracts into strategic advantage
Imagine bottling your most effective contract writers and always bringing your best clauses and language to the negotiating table. Couple this with a system that automatically alerts you to every expiry date, price break opportunity, compliance check, and potential breach. You have considerably reduced process time, a significantly stronger commercial operation, and a more professional approach to business. You have no more forgotten milestones. No penalties. No need to reinvent the wheel every time you onboard a new supplier. You always get the total value from the terms you worked hard to negotiate. In short, no more leakage’.
Congratulations! You have just achieved contract intelligence.
Contracts are the foundation of commerce, governing the rights and obligations between parties. Traditional contract management is often manual and siloed, creating inefficiency and risk while leaving value unrealized. Early in 2022, SAP and Icertis announced an expanded SAP endorsed* partnership for enhanced contract management to help companies increase efficiency, minimize risk and realize the full intent of their agreements. Icertis Contract Intelligence (ICI) with SAP Ariba and SAP Customer Experience solutions helps structure and connect data within contracts across an enterprise, enabling businesses to increase efficiencies, identify and mitigate potential risks, and drive bottom-line value throughout the contract lifecycle.
Icertis solutions are available here on the SAP Store, the digital marketplace for solutions from SAP and its partners. SAP Store provides customers with real-time access to more than 1,800 innovative solutions from SAP as well as partner solutions that complement and extend their SAP applications. The Icertis Contract Intelligence (ICI) platform has been recognized as a leader in the CLM space by leading analysts such as Gartner and Forrester.
Transforming Contracts Into Strategic Advantage
Icertis and SAP procurement solutions go hand-in-hand because contracts and procurement go hand-in-hand. To explore further, let’s look at a typical enterprise IT scenario. You’ve embarked on a digital transformation program and successfully digitized procurement with SAP. At the end of the procurement process, the resulting contract with the supplier—with all the terms you fought hard to secure—gets exported as a PDF and is filed away.
In this scenario, the transformation is not complete, because the contract has not been digitized with the rest of the processes. Without structured and connected contract data that can be managed, analyzed, and operationalized after execution, a company is exposed to the value leakage that results when the intent of a contract is not realized in practice. Contract non-compliance costs you money, creates risky compliance issues, and stops you from maximizing the benefit of your commercial relationships.
Fulfilling a universal need
These challenges are solved with contract intelligence that leverages cloud computing and AI to structure contract data and connect then it to the system contracts touch. With contract intelligence, the intent of every contact is correctly memorialized and fully realized.
The Icertis Contract Intelligence (ICI) platform not only covers the full lifecycle of contract management capabilities such as intelligent contract setup, authoring, approvals, and negotiations, but also solves previously intractable contract challenges such as digitizing legacy contracts and importing third-party contracts at scale, analyzing past negotiation history to gain insights and deep data visualization capabilities for unprecedented visibility into contract relationships and performance.
SAP Endorsed Contract Lifecycle Management Provider
A major advantage of contract intelligence is that it transforms the business information found in contracts into data that can be integrated into other systems. By connecting contract data into SAP products, there is amplification and extension of the value SAP and Icertis can deliver. Today SAP and Icertis are working collaboratively through joint development efforts. Read more about the partnership here. Icertis’ mission of becoming the contract intelligence platform of the world is perfectly aligned with SAP’s goal of building intelligent, sustainable enterprises that consistently apply advanced technologies and best practices within agile, integrated business processes.
*SAP endorsed apps are a category of solutions from SAP’s partner ecosystem to help customers become best-run, intelligent enterprises. Endorsed apps complement and extend SAP products and are meant to deliver value with desired outcomes – quickly, easily, and with support from SAP. The solutions are tested and premium certified by SAP with added security, in-depth testing and measurements against benchmark results. SAP Endorsed Apps can be identified by their unique gold and black logo.