Icertis, the leading enterprise contract lifecycle management platform in the cloud, announced that, for the second year in a row, it won a highly coveted spot on the Forbes AI 50 List of America’s most promising companies working with AI. Icertis was selected out of hundreds of companies for its track record of leveraging AI and machine learning to transform static documents into strategic business assets thereby increasing revenue, reducing costs, accelerating cash flow and minimizing risk. Icertis remains the only company from the fast-growing contract lifecycle management (CLM) market to be included on the list.
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The Forbes AI 50 award showcases Icertis’ commitment to leveraging the unmatched quantity, quality and variety of data in the more than 7.5 million contracts in the Icertis Contract Management (ICM) platform. 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 – enabling companies to unleash the transformative power of AI on these previously underutilized assets.
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“Icertis’ unique application of artificial intelligence and demonstrated business success make it stand out as one the 50 most compelling U.S.-based companies,” said Kenrick Cai, Forbes, who co-edited the list. “Firms that successfully harness the power of AI to transform not only their industry but also their customers’ businesses are the ones to watch out for. We are excited to see what Icertis has in store for the future.”
This award speaks to the growing interest companies have in applying AI to their contracts to derive quick time-to-value and rapidly improve the bottom line. Utilizing the ICM AI applications, Icertis customers have parsed huge volumes of contracts into their component parts, enabled more effective negotiations based on negotiation history, and visualized the complex relationships between all the contacts in a company’s repository.
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