Icertis Brings Generative AI to Enterprise Contracting with Delivery of First Contract Intelligence Copilots
Global leaders pioneer secure use of generative AI in contracting through Icertis ExploreAI Early Adopter Program
BELLEVUE, Wash., July 31, 2023 /PRNewswire/ — Icertis has delivered Icertis Contract Intelligence (ICI) Copilots, the first generative AI applications for enterprise contract management. Built on Icertis ExploreAI™ Service, ICI Interactive Insights Copilot and ICI Risk Assessment Copilot enable executives, legal teams, and business users alike to responsibly harness the transformational power of generative AI to turn their commercial agreements into interactive assets that achieve a step-change in contract efficiency and insights. Backed by the security and trust of Microsoft Azure, ICI Copilots leverage Azure OpenAI Service and Icertis proprietary AI models with the rich data from a company’s contracts, its enterprise systems, and the Icertis Data Lake to accelerate the pace of business, galvanize profits, and safeguard enterprises from risk.
Icertis customers include 30 percent of the Fortune 100 and global leaders such as Accenture, Best Buy, Humana, Johnson & Johnson, Mercedes-Benz, and Microsoft. Select customers engaged as early adopters of Icertis ExploreAI Service, catalyzing the launch of both ICI Copilots and a development roadmap of unmatched generative AI capabilities designed to address contracting challenges for the world’s largest enterprises.
“Contracts are a massive untapped opportunity for the application of large language models because they are universal across industries, geographies, and businesses of all sizes, and imperative to any and all commerce as we know it,” said Samir Bodas, Co-founder and CEO of Icertis. “Icertis has delivered the first generative AI Copilots in the market to lead the next era of transformation in enterprise contracting, balancing innovation with the trust and responsibility that comes with recognizing that regardless of industry – contracts are one of the most confidential and valuable assets in an enterprise.”
The first two ICI Copilots are:
- ICI Interactive Insights Copilot
ICI Interactive Insights Copilot enables decision-makers to easily engage with contracts and rapidly uncover insights via pre-defined, hierarchical prompts as well as free-form prompts that highlight key provisions and identify related contract information. With role-based summaries created through a unique combination of secure data sources, including the company’s contract portfolio, integrated business systems, and the Icertis Data Lake, leaders are equipped to increase the speed and effectiveness of negotiations while instantly gaining answers to critical questions about the business.
- ICI Risk Assessment Copilot
Risk Assessment Copilot automates and accelerates high-volume contract reviews by comparing contract attributes with a company’s standard playbook and practices, enabling enterprises to more effectively manage risk by ensuring required clauses and approved language are present in every agreement. In addition to providing a risk score, guided prompts allow legal teams to quickly identify and address missing or noncompliant attributes, while also eliminating time-consuming, error-prone processes by earmarking agreements that do not require further review.
“I am delighted for the BCG Legal Team to test Icertis ExploreAI Service and ICI Copilots as part of the Early Adopter program,” said Ulrike Schwarz-Runer, Global General Counsel at Boston Consulting Group. “We aim to unlock deep data-driven insights in our contracts through an agile approach. It’s exciting to see the early results and we’re eagerly looking forward to continuing the journey to unlock value for our clients, firm, and lawyers.”
Icertis has a rich history of AI innovation and was the first to embed AI in contract lifecycle management to enable true contract intelligence and unlock the potential of AI in contracting. ICI Interactive Insights and ICI Risk Assessment Copilots signal the next transformative milestone in the company’s AI innovation journey as the first generative AI applications to join the Icertis AI portfolio, which also includes Icertis AI Studio, Icertis NegotiateAI, Icertis DiscoverAI, and Icertis VisualizeAI.
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 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. Today, the world’s most iconic brands and disruptive innovators trust Icertis to govern the rights and commitments in their ten million+ contracts worth more than $1 trillion in 40+ languages and 90+ countries.
Senior Manager, Corporate Communications
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