Company: Icertis, Bellevue, WA
Nomination Submitted by: Ruder Finn
Company Description: Icertis uses AI to go beyond the capability of a single human mind to discover the intent of contracts and fully realize contract value by ensuring that obligations and entitlements are met—bringing order to contract chaos. Icertis contract intelligence digitizes and structures data, revealing unprecedented insights and speeding business.
Nomination Category: Achievement Categories
Nomination Sub Category: Achievement in Technology Innovation
 Nomination Title: Early Pioneer Icertis Excels Innovation in Contracts with Game-Changing AI and Data
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the achievements of the nominated organization since 1 January 2021, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: Briefly describe the nominated organization: its history and past performance (up to 200 words):
Total 199 words used.
A decade ago, contract lifecycle management (CLM) was only a repository of scanned documents. Icertis co-founders saw an opportunity to apply emerging technologies like AI to turn the critical business information in these static documents into strategic outcomes, effectively creating a unique software category and establishing Icertis as the pioneer of contract intelligence.
Contracts are the foundation of commerce, governing every dollar in and out of an enterprise and acting as a single source of truth for business relationships. By transforming contracts, Icertis enables its customers to increase revenue, reduce costs, improve compliance, and eliminate risk by ensuring the intent of every business relationship is correctly captured and fully realized.
Icertis rapidly rose to prominence after Microsoft became its first customer, and the company’s ARR escalated to +$1M. By 2017, Icertis reached a ‘triple-triple’ in ARR, cementing the company’s shot at growing into a unicorn. Last year, Icertis surpassed $200 million in ARR, growing at over 30% YoY. With the CLM market projected to reach $30B in the next five years, the company is uniquely positioned to capitalize on this market opportunity as it serves 30 percent of the Fortune 100, the world’s most iconic brands and disruptive innovators.
- If you are providing written answers for your submission, you must provide an answer to this second question: Outline the organization's achievements since the beginning of 2021 that you wish to bring to the judges' attention (up to 250 words):
Total 246 words used.
Innovation
Partnerships
Growth
- If you are providing written answers for your submission, you must provide an answer to this third question: Explain why the achievements you have highlighted are unique or significant. If possible compare the achievements to the performance of other players in your industry and/or to the organization's past performance (up to 250 words):
Total 250 words used.
While many cloud solution providers are experiencing the AI revolution, Icertis was the first company to grasp the potential of applying AI to contract data and recognize contracts as the fifth system of record, equally as essential to core operations as ERP, CRM, HCM, and SCM solutions. Icertis has boldly pursued the vision of organization-wide contract intelligence for over a decade, building the world's largest, most diverse contract data lake with +2 billion metadata and transactional elements.
Icertis is universally recognized by industry analysts as a leader in the CLM market, reinforcing its unique ability to drive strategic outcomes around revenue, costs, compliance, and risk for customers. And as enterprises navigate today’s volatile environment, Icertis continues to deliver value through strategic partnerships and unrivalled innovations that accelerate the pace of business.
For instance, Icertis customer Mercedes-Benz competes in a market defined by disruption. To stay on top, the automaker decided to focus on transforming its enterprise systems, beginning with contracts. The brand chose Icertis to implement a system that could provide a single source of truth for all contract data, ensuring suppliers were performing against their commitments. With Icertis, Mercedes-Benz decreased contract turnaround time by 83%, moving from an average of six weeks to one. The company also centralized contract data from +500,000 suppliers and connected that data across enterprise systems.
As CLM gains widespread adoption, Icertis is poised to help businesses move beyond CLM into contract intelligence and realize the full potential of contracts in enterprise-wide digital transformation.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 220 words used.
Icertis Announces Icertis Announces Icertis ExploreAI - the Generative, Assistive, Natural Language Contract Intelligence Partner
SAP and Icertis Expand Contract Intelligence with New SAP S/4HANA Integration for Procurement
PwC, Microsoft and Icertis Launch Strategic Collaboration to Accelerate Enterprise Digital Transformation with AI-powered Contract Intelligence
Grant Thornton and Icertis Expand Relationship to Help Shared Clients Activate Untapped Contract Data
Icertis Drives 50 Percent Year-Over-Year Increase in AI Adoption across Enterprise Contract Management
Icertis Named Winner in 2023 Artificial Intelligence Excellence Awards
Icertis Named a Leader in IDC MarketScape for Contract Lifecycle Management
The Financial Times Names Icertis One of the Fastest Growing Companies in The Americas
KPMG and Icertis Collaborate to Unlock the Value of Contract Data
Icertis Launches Industry-First Contract Intelligence Solution for Healthcare Providers
Icertis Launches Contract Intelligence Solution for Banking and Financial Services
Icertis Named a Value Leader in Spend Matters’ Fall 2022 SolutionMap for Contract Lifecycle Management
Icertis Named a Leader in 2022 Gartner ® Magic Quadrant ™ for Contract Life Cycle Management for Third Consecutive Year
Icertis Wins Microsoft 2022 Partner of the Year Award
Mercedes-Benz Drives Enterprise Transformation with Icertis Contract Intelligence
Generative AI could raise global GDP by 7%
How Icertis transforms decision making with AI
Microsoft Completes Ambitious, Global Contract Transformation With Azure-Powered Contract Intelligence
Mercedes-Benz Drives Enterprise Transformation with Icertis Contract Intelligence
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