AI-powered Solution for Enterprise Contracting

This case study outlines the implementation of an AI-powered solution for enterprise contracting, enhancing the contract management processes of prominent companies. By leveraging generative AI technology, companies transformed their contracts into dynamic resources, significantly improving efficiency, risk management, and compliance.

Problem Statement:

Such as companies as Accenture, Best Buy, Humana, Johnson & Johnson, Mercedes-Benz, AmerisourceBergen, Boston Consulting Group and Microsoft are striving to access profound insights derived from data within their contracts by employing a flexible and dynamic approach.

They are searching for inventive methods to effectively utilize generative AI technology to convert their business contracts into dynamic resources, thereby revolutionizing contract efficiency and insights.

Results:

• Enhanced procedures for analyzing and standardizing contracts lead to greater efficiency.
• One customer notably increased their cash reserves by $30 million through optimized contract terms.
• More efficient negotiations, risk management and compliance with company standards.

AI Solution Overview:

Icertis developed ICI Contract Intelligence (ICI) Copilots using its ExploreAI™ Service. This sophisticated setup combined Azure OpenAI Service and Icertis’s AI models, leveraging diverse data sources like existing contracts, business systems.

This approach utilized extensive contract and enterprise data from the Icertis Data Lake to transform commercial agreements into strategic assets, improving contract efficiency and insights. For example, the ICI Interactive Insights Copilot enabled deeper contract engagement, allowing decision-makers to quickly uncover insights using pre-defined prompts and free-form queries.

This tool excelled at highlighting crucial contract provisions and connecting them with relevant contract information, enhancing negotiations and providing instant answers to key business inquiries.

Simultaneously, the ICI Risk Assessment Copilot was deployed to automate and accelerate the assessment of large contract volumes. This application compared contract attributes with a company’s standard playbook and practices, aiming to bolster risk management by verifying essential clauses and approved language in each agreement. Beyond assigning a risk score, the tool utilized guided prompts to help legal teams swiftly identify and address instances of non-compliance or missing elements.

This streamlined process not only eliminated the need for time-consuming and error-prone manual reviews but also flagged agreements that didn’t require further examination. The seamless integration of these AI tools into clients’ existing systems was essential, ensuring a smooth transition to AI-enhanced contract management with minimal disruption to ongoing business operations.

References:

1. Case Study: Icertis and the AI Evolution in Enterprise Contracting. https://aiexpert.network/case-study-icertis-and-the-ai-evolution-in-enterprise-contracting/
2. Icertis introduces AI-powered contract intelligence solution for government contractors.https://www.kmworld.com/Articles/News/News/Icertis-introduces-AI-powered-contract-intelligence-solution-for-government-contractors-160568.aspx

Industry: Legal

Vendor: Icertis

Clients: Accenture, Best Buy, Humana, Johnson & Johnson, Mercedes-Benz, AmerisourceBergen, Boston Consulting Group and Microsoft