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Change is an imminent constant in the business landscape, driving risks and rewards to new heights. While keeping up with the pace of innovation and staying ahead of the competition is important for a business, the key factor that drives improved performances are effective business relationships. With contracts at the foundation of maintaining transparent relationships, managing them is a key focus for companies across industries. Icertis is a Bellevue, Washington-based company that provides a contract management platform to transform the traditional contract management process with modern cutting-edge technologies.
The Icertis Contract Management (ICM) platform helps procurement professionals negotiate better deals and ensure supplier compliance. It caters to global businesses and aids them in cost-control, risk management, and effectively boost their revenues. Architected on Microsoft Azure, the platform is easy and fast to deploy and works effortlessly with other enterprise tools and software hosted on the cloud network. Icertis designed this platform with a focus on simplicity and ease of use. Aided by a wizard and self-service tools, the platform allows users to create, edit, and negotiate contracts quickly in an intuitive manner. It also suggests necessary changes and facilitates the inclusion of third-party papers with intelligent character recognition and deviation analysis. The platform’s seamless adoption roots from its provision of personalized workbenchs and customizable dashboards that provides apt data and metrics. With an ability to handle contracts for different industries, the platform allows users to configure workflows and a smart search tool identifies and presents data critical to contracts.
Architected on Microsoft Azure, the platform is easy and fast to deploy and works effortlessly with other enterprise tools and software hosted on the cloud network
Icertis Contract Management has helped numerous Fortune 500 companies and multinational enterprises increase commercial compliance, enhance productivity and improve contractual governance, strengthening supplier accountability and increasing the bottom line. Apart from providing the proprietary platform, Icertis is also leveraging the data on its platform to enable Artificial Intelligence (AI) systems to aid in contract management. With a representative data of different contract types and clauses included in the data, the AI system will be capable of aiding users to frame and negotiate contract terms. With AI, Icertis is enabling users to address previously intractable contract challenges. This includes 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. The AI system eliminates errors by automating key aspects of the contract review process, processes third-party contracts swiftly, and negotiates the best possible terms on a consistent basis.
The Icertis Blockchain framework allows clients to deploy their contract solution and address business challenges like maintaining compliance with complex supplier networks. Combined with the ICM platform, clients can monitor transactions and the compliance metadata. The blockchain ledger ensures data rigidity and also hosts smart clauses that will trigger actions when the clauses are violated. This feature enables greater transparency and lowers risk in partnerships.
A secure, permissions-based collaboration-portal simplifies negotiations and speeds time to contract. All of this leads to improved efficiency and productivity, freeing companies’ teams to spend less time on paperwork and more time thinking strategically. With ample compliance and commercial risks associated with procurement, it is crucial for businesses to have a unified contracts management tool that can develop effective risk models, monitor, and mitigate risks presented by contracts on businesses. Icertis provides highly configurable tools that not only lowers risks but also saves on resources and time that would further drive revenues. The company’s intelligent solutions bring enhanced intuition and ease of integration, enabling its clients to gain the most out of their collaborations while enduring minimal risks.
Icertis Collaborates With Microsoft To Enhance Its Blockchain-Based Contractual Offering
Icertis, a major enterprise contract management service partners with Microsoft in order to expand its blockchain-based contract solution, as announced by the company on June 11.
Within the collaboration, Icertis will take Microsoft’s help in order to extend its Icertis Blockchain Framework, that is designed to enhance the transparency and efficiency of contractual frameworks by using smart contracts technology.
The framework will offer a blockchain-powered solution that can track contractual requirements and commitments. This would improve the quality of collaboration and accountability. The Icertis Blockchain Framework is aimed at solving various problems associated with contractual arrangements on the supply chain such as conflict materials, tainted food distribution, use of child labor and tracing pharmaceuticals.
Under the new partnership, the Icertis Contract Management (ICM) platform will employ the Microsoft Azure Blockchain Workbench for clients worldwide, expanding the blockchain applications to contract management. Further, it will connect Microsoft Azure Cognitive Services components and the Icertis Blockchain Framework with the ICM platform, as noted by the press release.
Icertis collaborated with German vehicle brand Mercedes-Benz Car in February 2019, wherein its blockchain framework was deployed to ensure that its global sourcing and contracting practices comply with the strict requirements of Mercedes-Benz Cars for working conditions, human rights, and environmental protection, among others.
In April this year, the German automaker, Volkswagen Group planned to employ blockchain tech in order to track its mineral supply chains. The company elaborated that in order to “responsibly source” minerals such as cobalt (used in lithium-ion batteries for electric vehicles), they have joined an open industry collaboration, which also includes Ford as a member.