IDC Names Icertis a Leader In Contract Lifecycle Management MarketScape

(CTN News) – Icertis has been named a Leader in the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Buy-Side Contract Lifecycle Management Applications 2023 Vendor Assessment.

The report was published in March 2022 and has the document number US48785822. As per IDC MarketScape, Icertis is considered a leader in the industry.

Patrick Reymann, Research Director, Procurement and Enterprise Applications at IDC, says was an early adopter of artificial intelligence when it came to procurement.

In addition to being efficient and visible, Icertis is reimagining the impact of every commercial transaction, empowering customers to use contract data as one of the biggest strategic resources to help them drive their business forward.

Using, enterprises can get key revenue, savings, and risk results from structured contract data.

Here are some of Icertis’ key features:

• Using advanced artificial intelligence, manages one of the world’s largest, most diverse collections of enterprise contract data, with more than 2 billion metadata and transactional elements.

• Utilizing a rich data lake along with AI, Icertis continues to innovate in the CLM market by surfacing unique insights from commercial agreements to help businesses increase revenue, reduce costs, ensure compliance, and manage risk.

• Using its industry vertical CLM solutions, Icertis is able to address specific contracting challenges for key sectors with a faster time to value than what one might expect from a horizontal solution.

• recent IDC MarketScape report describes as being able to offer pre-configured solutions in healthcare, technology, banking and financial services, wholesale and distribution, with additional concentrations in industrial manufacturing and the public sector.

• Partnering & Integrating – As technology and consulting leaders develop practices devoted to contract intelligence, Icertis provides deep integrations with critical business systems through its strategic alliances, including end-to-end integrations with SAP solutions to speed procurement processes.

• Icertis offers out-of-the-box integration with the leading S2P providers to facilitate decision support, according to the IDC MarketScape report.

• In order to increase productivity and efficiency, Icertis Contract Intelligence (ICI) platform is designed for companies that manage thousands of contracts as well as millions of them.

• In cases where companies need a powerful, enterprise-grade contract management application that can administer complex needs along with a full range of contract management capabilities, they should consider Icertis.

Enterprise leaders are required to identify savings in today’s market, while also ensuring continuity of the supply chain as well as managing risk at the same time.

By digitizing contracts, procurement teams are able to drive these strategic priorities and optimize processes,” said Monish Darda, CEO and Co-Founder at Icertis.

By applying artificial intelligence to structured and unstructured contract data, procurement decision-makers can gain unique insights that ensure the intent of every business relationship is fully realized, reducing revenue leakage and improving spending control, despite concerns such as inflation and price shocks that result from today’s macro environment.”

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