Icertis Review: Leading Enterprise Contract Management

Introduction

Managing Fortune 100 contracts worth billions across countries with spreadsheets is inadequate. Enter Icertis is a leader in enterprise contract lifecycle management (CLM) solutions. Since 2009, Icertis has managed over 10 million contracts worth over $1 trillion, as reported by Business Wire. Built on Microsoft Azure, it raises the question: Does Icertis justify its enterprise-tier price?

What Icertis Brings to Enterprise Contract Management

Icertis is tailored for enterprise CLM, serving companies like Microsoft, 3M, Daimler, Roche, and Johnson & Johnson, as highlighted in PR Newswire. These reflect the scale and complexity Icertis addresses.

With over $400 million in funding from SoftBank and SAP, Icertis shows robust integration capabilities, notably with SAP ERP, and enhances security in Microsoft’s ecosystem.

Icertis focuses on contract intelligence, not storage. With support for over 40 languages and operations in 90 countries, legal departments manage contracts effectively across jurisdictions.

Enterprise Contract Lifecycle Management Flow:

AI-Powered Contract Intelligence Capabilities

Icertis’s AI surpasses basic searches. Its machine learning algorithms analyze terms against data, offering risk assessments. Clause matching ensures compliance, routing deviations for review, reducing manual work.

“Vera Copilot,” their AI assistant, automates contract workflows, assists in drafting, querying, and extracting data. These require oversight for high-stakes contracts.

Icertis’s algorithms analyze payment and liability clauses, flagging potential risks, aiding effective resource allocation.

AI Contract Intelligence Architecture:

The Microsoft Azure Foundation and What It Means

Using Azure, Icertis integrates smoothly with Microsoft’s tools, enhancing productivity and reducing redundant data entry.

Azure’s certifications meet compliance needs in sectors like pharmaceuticals and finance, streamlining vendor due diligence.

However, using Azure exclusively may challenge firms using AWS or Google Cloud.

Pricing Reality for Enterprise CLM

Icertis pricing starts at $200,000 annually, varying with complexity. It supports Fortune 100-level management, needing setup beyond software access—business analysis, migration, and customization needed.

Fortune 100 Client Base and Use Cases

Clients like Microsoft, 3M, and Daimler show Icertis’s ability to handle enterprise needs, from supplier contracts to pharmaceutical regulatory compliance with Roche and Johnson & Johnson.

While suited for complex contracts, smaller organizations might find Icertis overly sophisticated.

Gartner Magic Quadrant Leadership and Industry Recognition

Icertis as a Gartner Magic Quadrant leader validates its legal tech investments. Icertis scores well in capabilities and future readiness, confirmed by Forrester, highlighting AI capabilities and enterprise support.

Analyst endorsements confirm Icertis’s strength in managing substantial deployments.

Implementation Considerations and Common Challenges

Deploying Icertis typically takes six months to a year for data migration, workflow configuration, and integration. Data migration from legacy systems is critical for a smooth transition.

Icertis Implementation Timeline:

Workflow configuration tailored to organizational needs is essential, demanding detailed documentation and setup.

Integration with existing systems reduces manual data risks, enhancing user adoption. Change management focus is key.

Bottom Line

Icertis suits large enterprises with extensive, multinational contract portfolios. Its Azure-based architecture, AI-driven insights, and Fortune 100 partnerships make it a strong solution for complex needs.

However, its pricing and setup complicate it for smaller firms. Legal departments with simpler needs may consider less costly CLM solutions.

Frequently Asked Questions

What types of companies should consider using Icertis?

Icertis is primarily designed for large enterprises, particularly those with complex, multinational contract portfolios. Companies in sectors such as pharmaceuticals, finance, and technology, like Microsoft and 3M, are its key users given their intricate compliance needs.

How does Icertis leverage AI in contract management?

Icertis employs advanced AI technology to enhance contract intelligence, automating workflows, analyzing contract terms, and assessing risks. Its AI assistant, Vera Copilot, aids in drafting and querying contracts while ensuring compliance through clause matching and risk assessment.

What is the typical implementation timeline for Icertis?

Implementing Icertis generally takes between six months to a year, depending on the organization's specific data migration and workflow configuration needs. Proper planning and integration with existing systems are crucial for a smooth transition to the platform.

Is Icertis suitable for smaller organizations?

While Icertis offers robust solutions, smaller organizations may find its complexity and pricing—starting at $200,000 annually—prohibitive. Smaller firms with simpler contract management needs might look for less expensive and less sophisticated alternatives.

What are the main benefits of using Icertis on Microsoft Azure?

Using Icertis on Microsoft Azure allows for seamless integration with Microsoft's existing tools, enhancing productivity and minimizing redundant data entry. Additionally, Azure's compliance certifications support industries with stringent regulatory requirements.

How does Icertis ensure security and compliance in contract management?

Icertis leverages Microsoft Azure's robust security framework, ensuring compliance across various sectors, including finance and pharmaceuticals. This infrastructure also streamlines vendor due diligence and safeguards sensitive contract information.

What kind of support does Icertis provide during implementation?

Icertis offers substantial support during implementation, focusing on data migration, workflow configuration, and system integration. They emphasize the importance of change management and provide guidance to ensure user adoption and effective use of the platform.