Addresses Unique Contract Management Needs of Healthcare, Medical Technology, CPG & Distribution, Technology, and Professional Services Organizations
Icertis, the contract intelligence company that pushes the boundaries of what’s possible with contract lifecycle management (CLM), today launched the market’s first industry vertical CLM solutions, delivering deep industry-specific template configurations, contracting processes, provision/clause AI models, and business reports. The tailor-made solutions are built on the award-winning Icertis Contract Intelligence (ICI) platform, leverage Icertis’ decade-plus years of experience working with industry leaders and are designed to speed solution delivery by up to 30%, increasing business performance, and improving contract excellence across key sectors.
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“Organizations are racing toward digitization to better adapt to supply chain disruptions and ever-changing markets that demand agility as a new normal,” said Niranjan Umarane, Executive Vice President of Product Management, Icertis. “ICI Industry Vertical Solutions are designed for quick deployment and adoption of a comprehensive orchestration and governance layer that delivers execution agility without any trade-offs on risk and compliance. They reflect the best of our solution expertise, stemming from a trillion dollars of contracts managed by customers on the ICI platform and gleaned from the most complex vertical CLM implementations in the world.”
The CLM solutions are designed to speed delivery by up to 30%, increasing performance and improving contract excellence.
“Icertis is differentiating on a number of pathways here, potentially playing chess while many other vendors are playing checkers, when it comes to value,” said Ryan O’Leary, Research Manager, Privacy and Legal Technology, IDC.
Recognizing the need for a governance layer in contracting amid market disruptions—and that challenges and opportunities vary greatly by industry—Icertis has applied its experience with customers across sectors to deliver vertical solutions that speed the benefits of CLM to enterprise and mid-market organizations. The first Icertis industry vertical CLM solutions include:
- ICI for CPG & Distribution – Optimizes the pre-contract negotiation process by providing financial guardrails, such as ensuring a successful credit check before offering prepaid incentives or using pre-defined templates and calculations, so that sales can close deals more quickly. The solution also helps companies maximize profits, avoid revenue leakage, and track actual performance to contract terms, leveraging integrations with CRM, ERP, and other systems.
- ICI for Healthcare | Payer –Streamlines complex contract assembly, such as provider agreements and state-managed care contracts. Embedded workflows support obligation management, risk detection, regulatory requirement identification with policy and procedure associations, auditing, and mass amendments, so payers can efficiently establish, protect, and scale their networks to meet members’ needs for access to contracted services.
- ICI for IT & Professional Services – Speeds MSA, SOW, and EL workflows and approvals with self-service capabilities accessed from within CRM systems, so that service organizations can sign contracts and begin engagements faster. Organizations gain visibility into obligations and dependencies to ensure a deadline or delivery is not missed and contract potential is realized.
- ICI for Life Sciences | Medical Technology – Best-practice configurations deliver faster time to market, comprehensive pricing and rebate management, and 360-degree performance monitoring. Helps maximize revenues and reduce risk by effectively managing complex contracts and commercial models and enabling regulatory compliance at every contract stage.
- ICI for Technology – Improves customer relationships through robust contract obligation management and tracking of IP rights, non-compete covenants, and SLAs. Also leverages AI to empower sales teams to complete everyday subscription and renewal contracts, accelerate the approval process, and close deals faster to keep up with the speed of business.
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“Industry-specific CLM solutions enable organizations to tap into out-of-the-box capabilities and configurations designed specifically for their industry, offering efficiencies and insights that create competitive advantage,” explained Mickey North Rizza, Program Vice President, Enterprise Applications and Digital Commerce, IDC.
Icertis plans to release its second phase of vertical solutions—for Healthcare providers, Government, Pharmaceutical, and Retail—in early 2022.
Building on Contract Intelligence at Scale
Contracts are the single source of truth for all commercial, operational, and legal entitlements and obligations of a company. Icertis structures and connects this business data so that customers gain the transparency and agility to move faster and deliver on their commitments. ICI digitizes the contracting process, extracts the critical structured and unstructured data in contracts, connects this data to operational surround systems, and uses artificial intelligence (AI) to ensure the intent of every contract is fully realized. The platform offers integrations with SAP, Microsoft, Salesforce, Workday, and other systems, extending its benefits into other mission-critical applications.
The industry-specific functionality provided in Icertis’ vertical solutions reflect learnings and best practices gleaned from ICI use by hundreds of innovative customers across sectors over time.
“Having a single system for agreements has streamlined our contracting process, reduced compliance risk, and eliminated having multiple contracts with the same supplier.” — Henry Pulice, Senior Contract Manager, Becton, Dickinson and Company, a global technology company that manufactures and sells medical devices
“By digitizing contracting processes, we freed up human capital and streamlined processes. Now we have the visibility we need to make more informed decisions on behalf of our clients.” — Frank Marty, Global Head, Contract Lifecycle Risk Management, Cognizant
“Gateway Health uses ICI to manage a large volume of complex agreements, while maintaining strict compliance and approval standards, speeding contracting, improving visibility, and increasing efficiency across our legal and procurement teams. We are building on this success by expanding Icertis use throughout our supplier, legal, and products/services.” — Frances A. Woodward, Senior Vice President, Chief Legal Officer and Corporate Secretary, Gateway Health
“Infor is working with Icertis to greatly improve sales cycles, increase efficiency in finance and legal, and mitigate risk. By digitally transforming contract management across the enterprise we will not only speed business growth, but also improve customer service.” — Sean Wdowiak, Senior Vice President Sales and Ecosystem Operations, Infor
“Using ICI, we can usually turn our standard contracts around in less than a day, rather than the 5-7 days response times we had previously using manual processes and contracts housed across servers and desktops. People can now search and find records in a centralized system and be more assured that details are verified for profitability.” — Scott Moore, Vice President Contracts at Vallen Distribution, Inc., a leading provider of maintenance, repair, and operations solutions and products
Icertis leads the booming CLM space, a sector growing 35% YoY (MGI Research), with future-proof AI-powered solutions that are transforming the foundation of commerce. The company achieved record growth and milestones in 1H 2021, highlighted by 60% recurring revenue growth and accolades that include being named a Leader in both the 2021 Gartner Magic Quadrant for Contract Life Cycle Management and The Forrester Wave™: Contract Lifecycle Management for All Contracts, Q1 2021.