June 3, 2020

Icertis Recognized for AI Leadership in Exclusive Forbes AI 50 List

Icertis Recognized for AI Leadership in Exclusive Forbes AI 50 List

CLM Front-Runner Lauded For Delivering Business Value By Unleashing Power Of AI On Contracts

 Icertis, the leading provider of enterprise contract management in the cloud, announced its inclusion in the inaugural Forbes AI 50 report, the definitive list of America’s most promising companies working with artificial intelligence (AI). Icertis was selected based on its impressive customer base and ability to show demonstrated business value from the application of machine learning and natural language processing to contracting. Selected from hundreds of applicants, Icertis placed 7th on the valuation-ranked list and was the only company to be featured from the fast-growing contract lifecycle management (CLM) market.

“The inherently broad term ‘artificial intelligence’ gets bandied about so often that it can start to feel meaningless and can be trotted out by companies to gussy up even simple data analysis,” said Jillian D’Onfro, writer at Forbes. “To help cut through the noise, Forbes and our data partner Meritech Capital put together a list of private, US-based companies that are wielding artificial intelligence in a meaningful way and demonstrating real business potential from doing so.”

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Enterprises are waking up to the strategic value of contracts in their digital transformation journeys. For the first time in history, contracts are being digitized at massive scale in an attempt to realize this value. But to get true transformational change, companies need to look beyond bolt-on solutions and leverage AI that is embedded in a CLM platform that can deliver insights and make them actionable in the context of business.

The Icertis Contract Management (ICM) platform infuses AI into contracting processes, turning static documents into live contracts that can interact with humans, surrounding systems and, ultimately, even other contracts. With that ability, the holy grail of accelerating business and optimizing commercial relationships can be achieved without compromising on ever-increasing risk management and compliance requirements. This underscores the need to put the power of technology in the hands of the business to replace traditional manual contracting with AI-enhanced tools while still meeting all legal requirements.

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“Inclusion in the Forbes AI 50 List highlights our continued momentum as we execute on our vision of transforming the foundation of commerce with enterprise-wide contract management,” said Monish Darda, Chief Technology Officer and Co-founder of Icertis. “We are honored that Forbes has recognized our efforts using AI to create business value across the enterprise – in sales, procurement, HR, compliance, risk management and legal. Because Icertis has one of the world’s largest curated contract repositories to drive machine learning and develop innovative AI models, we have been able to help our global customers accelerate their businesses, protect against risk and optimize their commercial relationships like never before.”

The award highlights Icertis’ ability to deliver truly impactful solutions for the concrete business problems that result from the unstructured nature of contracts. With 6.5 million contracts in 90 languages across all major industry verticals, the ICM platform has the quality, quantity and variety of contract data required to create more effective AI solutions for customers.

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TecHR News Desk

The TecHR News Desk represents a team of tech journalists who coordinate trending stories and breaking news on behalf of the TecHR Series newsroom.

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