Are you looking for an AI integrated software that will read and understand complicated contracts for you? If so, then you must read this article. In this article we have talked about a upcoming company, Icertis that offers a software powered by AI model to reads complicated contracts for you and offer insights on these contracts as well.
If you are looking for a way out of reading difficult and complicated contracts then this AI-enabled software is prefect for you. Keep reading to learn more about Icertis and what they offer.
What is Icertis?
Icertis is a private company found by Samir Bodas and Monish Darda in 2009 that offers contract management software to businesses and companies using software-as-a-service models. Icertis has its headquartered in Bellevue, Washington while it has its offices in India, Europe and Northern America as well.
It is company fund by venture capital with minor stakes held by SAP and Softbank. The company has 1,700 employees as of 2021. Icertis cofounder, Samir Bodas previously was the CEO of Aztecsoft and worked at Microsoft for seven years, even giving presentation to Steve Ballmer and Bill Gates, directly.
While Monish Darda was an executive at BlageLogic before starting the company together in 2009.
Icertis offers cloud-based software that revolutionized the contract lifecycle management by optimizing companies and businesses contractual process globally.
Icertis, cloud-based software digitalize, centralize and organize business contracts for companies which makes the process easier and efficient. This cloud-based software service is provided to companies or business through their software-as-a-service model.
As of 2021, Icertis is value at 2.8 billion after fresh funding of 80 million dollars. Icertis customer base includes well-known companies like Google, Apple, Hanes, BestBuy, Microsoft and Johnson & Johnson.
It is also one of the ten unicorn companies with an estimated valuation of more that one billion dollars.
Icertis Contract Intelligence
Icertis flagship product is a contract lifecycle management (CLM) platform call Icertis Contract Intelligence, using which companies can store their contracts in the cloud and digitize their contracts. This CLM platform uses artificial intelligence technology to flag potential compliance issues in a contract and identify problematic clauses in the contract.
The software has machine learning capabilities which offers insights about a contract by reading the contract.
How Is Icertis CLM Software Useful To You?
Icertis contract lifecycle management software was design to create, sign, renew, negotiate and analyze enterprises contracts digitally. So If you are looking for a tool that can help you digitalize your complicated contracts and understand them as well then definitely use this Icertis software.
This software is similar to Google Workspace or Dropbox or Microsoft Office with a slight variation of being a cloud-based workspace unlike previously mention workspaces. Here’s how you can use this software to simplify contract lifecycle management for your business.
- You can create contracts from scratch using this Icertis CLM software.
- You can coordinate with your teammates by offering edits and negotiating contract terms.
- Using Icertis cloud-based software you can integrate third-party apps like Salesforce, Workday and Coupa to speed up the contract creation process with rule-based workflows.
- You can use this Icertis CLM software to sign, send and share contracts or documents via. smartphones or desktops.
- You can create contract workflows automatically including right decision maker at ever stage of the lifecycle of contract.
- Using Icertis CLM software you can track changes in contracts using features like alerts, viewer tracking and version history.
Reviews On Icertis CLM Software
Here are some reviews on Icertis CLM software by customers you have used this cloud-based software.
Verified User in Biotechnology says, “Icertis is a good platform for tracking and maintaining repository of bulky agreements.”
| What do you like best about Icertis Contract Management Software? Cloud based platform with good security. What do you dislike about Icertis Contract Management Software? It can be made a bit more user-friendly by increasing feasibility to search for old contracts with ease. What problems is Icertis Contract Management Software solving and how is that benefiting you? Giving one stop solution for agreement storage and tracking progress while multiple review cycle. |
Benedikt R. says, “Icertis -A love story?” Sharing likes and dislikes about this CLM platform.
| What do you like best about Icertis Contract Management Software? Well, I like ICertis a lot as well as the “potential” support given, but… that´s just one part of the story What do you dislike about Icertis Contract Management Software? there was/is simply too many errors, lifting the errors took quite a lot of time and sometimes I still do not know why I can´t connect to Icertis data base.. What problems is Icertis Contract Management Software solving and how is that benefiting you? documentation and standard process for contracts at BD. |
Verified User in Pharmaceuticals says, “Industry expert, tons of customization options.”
| What do you like best about Icertis Contract Management Software? Industry expert, tons of customization options. Used enterprise-wide for both buy and sell side, so it was nice to have one system across the organization and streamline updates, e-signature process, etc. things common for both sides, maintenance support, etc., and ability to maintain separate access for all different user roles. What do you dislike about Icertis Contract Management Software? Though the vendor is flexible and allowed us to customize as we want, the customizations were a pain to maintain during the upgrade process. The implementation team was very flexible – which is a negative in this case as they didn’t advise on best practices and we ended up spending a long time undoing what we had implemented. Also, very lengthy implementation and onboarding process. The System is not intuitive and users require a lot of support. What problems is Icertis Contract Management Software solving and how is that benefiting you? We implemented this to automate our contract lifecycle management and have checks and balances in place (i.e. no contract can be created against a n expired parent agreement)etc., a searchable repository and data that can be used for reporting and metrics. |
Conclusion
Now that you have learned all about Icertis CLM software and Icertis Contract Intelligence, let us know which software you would like to use.
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