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Artificial Intelligence (Established Enterprises)



Managing contracts is an important yet tedious procedure for any organisation. From creation to negotiation, execution and auditing, contract management is a key step in any business process as it maximises profits and minimises financial risks.

Before getting on board with Icertis, a global healthcare company that oversees pharmaceutical, consumer, and medical device businesses, has long been using a homegrown contract management system that documents contracts. The problem? The creation process was not fully automated, making it difficult to quickly access and track contract statuses.

Enter cloud-based contract lifecycle management provider Icertis, which leveraged its Icertis Contract Management (ICM) platform to make their contract management process more efficient. ICM provides an end-to-end process with innovative features, which has since been integrated with the healthcare company’s existing IT infrastructure.

The platform uses artificial intelligence (AI) apps that apply cognitive services to recognize semantics in contracts – reducing the time taken between negotiating and closing one. Since using ICM, they have created contracts four times faster, which has helped the company save hundreds of millions of dollars. It has also reduced partner onboarding time by 65 percent and contract negotiation time by 35 to 40 percent.

Icertis’ AI apps have also integrated healthcare company’s existing global sourcing and facilities agreements with its current IT ecosystem. This has enabled the company to meet shifting business needs without worrying about digital compatibility issues or shelling out for an upgrade. Now they can quickly identify, assess, and manage all of its contracts – as well as ensure that its contractual obligations are fulfilled – on one single platform.

“The Icertis Contract Management platform helps customers digitally transform how they manage their contracts worldwide and solve previously intractable contracting challenges with the transformative power of modern AI technology.”

— Glen Francis, Chief Technology Officer,
Singapore Press Holdings Limited

Icertis is conferred the Artificial Intelligence (Established Enterprises) award for developing a smart product that is easy to use and configure, to transform companies’ business processes most efficiently. With the power of AI, Icertis is digitizing legacy contracts and importing third-party contracts at scale, analyzing past negotiation history to gain insights for improvement, and deep data visualization capabilities that provide unprecedented visibility into contract relationships and performance.