Icertis, the contract intelligence company that pushes the boundaries of what’s possible with Contract Lifecycle Management (CLM), released AI Studio, a self-serve, self-learning cognitive tool.
AI Studio utilises artificial intelligence (AI) models to analyse large sets of documents and generate contract intelligence for real-time insights and decision making. AI Studio’s availability coincides with the latest release of the Icertis Contract Intelligence (ICI) platform, which includes a streamlined, highly adaptable, and efficient user experience called ACE UX.
As contract data becomes the new data pool in the enterprise, businesses should not only glean intelligence from their contracts but connect that data with systems across the enterprise to uncover growth opportunities and identify potential risks.
“CLM is emerging as the fifth system of record, unleashing a new pool of highly valuable enterprise data and driving demand for new AI tools that ensure the intent of every contract is fully realised—but this power needs to be in the hands of users, not just data scientists,” explained Monish Darda, CTO and Co-founder of Icertis.
The AI Studio add-on application democratises the power of AI, enabling end users to easily create custom machine learning models that examine business-specific attributes, clauses, tables, and obligations. The tool provides 360-degree analysis, reporting, and visualisation so that users can easily analyse multiple facets of agreements and related documents, such as risk profiles, contract performance, and obligations, across a virtually unlimited number of contracts. Users can easily drill down in reporting or initiate workstreams, speeding business and reducing time to market.
AI Studio builds on 10 years of insight from Icertis’ award-winning AI applications, DiscoverAI, VisualizeAI, and NegotiateAI, to accelerate AI use in contracting and drive business outcomes, including:
- Identify and Mitigate Risk — Analysing contractual risk and obligations across the organisation can take weeks or months and is prone to human errors. AI Studio provides 360-degree contract analysis across documents and formats and helps analyse key attributes, clauses, risks, and obligations across repositories such as SharePoint, Dropbox, or even local storage, enabling quick identification of risks and then triggering a rapid response.
- Identify Standard and Non-standard Terms to Target and Drive Negotiations — There are myriad non-standard terms and conditions spread across a contract repository, its associated documents, and in third-party originated agreements. This vast variety creates noise and increases manual effort, diminishing a business’s ability to improve contract performance at scale and reducing the effectiveness of contracting resources themselves. AI Studio helps optimise customer and supplier terms across regions, contract types, and functions, such as Procurement, Legal, and Sales, empowering users to improve cost efficiency and contract performance, and speed negotiations.
- Ensure Regulatory Compliance — Responding to regulatory changes typically takes businesses 60-90 days. This increases risk of noncompliance and can lead to steep financial or other penalties. With AI Studio, Compliance teams can quickly identify their compliance position across thousands of agreements and determine those that require amendments due to policy changes. They can then initiate amendments en masse with a click and dynamically route addendum requests.
“Using Icertis Contract Intelligence and its AI technology, Cognizant has been able to rapidly digitise thousands of sell-side contracts, helping our account operations, contracting, and finance teams to work more effectively. Perhaps most importantly, ICI provides us with new efficiencies, insights, and capabilities that directly improve client service delivery,” said Frank Marty, Global Head, Contract Lifecycle Risk Management, Cognizant.
“A centralised AI-enhanced contract data repository gives our executives a 360-degree view of contracts enterprise-wide. We can now provide the C-suite with reports on our contract risk profile, contractual obligation compliance, and other insights that help them run and protect the business.”
