Go Beyond Contract Management
With unmatched technology and category-defining innovation, Icertis pushes the boundaries of what’s possible with contract lifecycle management (CLM). The AI-powered, analyst-validated Icertis Contract Intelligence (ICI) platform turns contracts from static documents into strategic advantage by structuring and connecting the critical contract information that defines how an organization runs.
Myth: CLM Is Difficult
The belief that Contract Lifecycle Management (CLM) is too difficult to implement is unfounded, much like claiming that managing risk and compliance or handling finance is too complex. Businesses are inherently complex due to various factors such as global connections, innovation, and digitalization. Waiting for contracts to become simpler is not a viable…
Crawl Walk Run
For legal department operations professionals embarking on their journey of collecting contract data and improving business through contract data, it’s important to approach it with a crawl-walk-run mentality. In the crawl phase, focus on establishing a baseline landscape of contracting activity by analyzing contract volumes, types of templates used, business units involved, and…
The Intersection of Data and Technology
Technology serves as a producer of data, and data plays a crucial role in driving change, whether it’s operational or behavioral. To achieve operational improvements, it’s essential to assess how technology adoption is enhancing efficiency. On the other hand, driving behavioral change requires leveraging data to demonstrate the value derived from implementing effective…
Technology Investments From Businesses
The introduction of new technologies with the potential to transform work processes and business transactions always garners significant investment and interest from various stakeholders, including CIOs, CTOs, sales teams, procurement departments, and the overall business.
Community Generated Content
Myth: CLM Is Difficult
The belief that Contract Lifecycle Management (CLM) is too difficult to implement is unfounded, much like claiming that managing risk and compliance or handling finance is too complex. Businesses are inherently complex due to various factors such as global connections, innovation, and digitalization. Waiting for contracts to become simpler is not a viable…
Crawl Walk Run
For legal department operations professionals embarking on their journey of collecting contract data and improving business through contract data, it’s important to approach it with a crawl-walk-run mentality. In the crawl phase, focus on establishing a baseline landscape of contracting activity by analyzing contract volumes, types of templates used, business units involved, and…
The Intersection of Data and Technology
Technology serves as a producer of data, and data plays a crucial role in driving change, whether it’s operational or behavioral. To achieve operational improvements, it’s essential to assess how technology adoption is enhancing efficiency. On the other hand, driving behavioral change requires leveraging data to demonstrate the value derived from implementing effective…
Technology Investments From Businesses
The introduction of new technologies with the potential to transform work processes and business transactions always garners significant investment and interest from various stakeholders, including CIOs, CTOs, sales teams, procurement departments, and the overall business.
AI’s Role In Contract Analysis and Intent Realization
Contract management has evolved beyond the mere creation of contracts. It now encompasses activities such as contract discovery and the integration of contract data with enterprise data.
How does AI affect business objectives around revenue and risk?
Implementing an effective Contract Lifecycle Management (CLM) system has a significant impact on risk and compliance management. It allows organizations to proactively identify risks that may have gone unnoticed and ensures that contractual obligations are being met from a compliance perspective. With CLM, businesses can assess the fulfillment of contract intent, conduct appropriate…
How should legal teams approach compliance considerations and ethics with AI?
The advancement in technology, such as AI-powered databases and creative generation models like ChatGPT and DALL·E, opens up exciting possibilities for personalization and customization. These capabilities allow individuals and enterprises to generate content or create artwork in a specific style or according to their unique preferences.
Contract Data That Moves The Needle For Legal
The survey focuses on contract data and highlights three key areas that legal department ops professionals find most valuable and effective. Firstly, tracking contract value is important for demonstrating the value generated and supported by the legal department in revenue-generating activities. Secondly, monitoring turnaround times helps identify bottlenecks and improve efficiency in the…
What recent innovations are impacting the way we work?
The availability of data analytics has empowered legal departments to report and utilize legal and contract statistics for making informed decisions. The ability to generate reports on negotiated clauses, contract templates, and contract life cycle times is highly valuable. By analyzing this data, legal departments can gain insights, identify targets, and establish key performance indicators,…
Myth: CLM Belongs to Legal
While contracts are legal documents, their impact extends beyond the legal department. Contract transformation should involve other departments because contracts define relationships that belong to the entire business. Whether it’s purchasing, selling, or hiring, contractual obligations affect multiple departments. For example, security and risk teams have a vested interest in contract negotiations due to…
Role of Contracts In Managing Risk
Analyzing the role that contract management plays in risk management and discovering that CLM is your risk management, your business risk management secret weapon.
CLM: Get Intelligent With Contracting
Contract lifecycle management (CLM) should be viewed as a circular process with multiple stages. Forrester has identified six stages of the CLM process. While creating a digital repository is an important initial step, it is just the beginning and organizations need to go beyond that to fully leverage CLM. The goal is to gain intelligence…
What Is Your Why?
Contracts have often been overlooked as a valuable document throughout the entire transaction life cycle, despite being time-consuming and tedious. Recognizing the importance of leveraging contracts to track agreed-upon elements from purchase to payment and maintaining strong partnerships with their partners. By gaining insights into what was agreed upon and how it was…