How Icertis Leveraged Generative AI Copilots for a $250M Revenue Boost
In Brief
Driven by the global adoption of generative AI contract intelligence copilots, Icertis recently hit an annual revenue milestone of $250M.
AI-powered contract intelligence platform Icertis recently announced the launch of Icertis Copilots. The company asserts that driven by the widespread adoption of contract intelligence solutions globally, its annual recurring revenue (ARR) has propelled above $250 million.
The success of Icertis Copilots marked a significant achievement for the company, positioning it as the fastest-growing product in its history since its launch as the pioneering generative AI application for enterprise contract management in July 2023.
Leveraging the Icertis ExploreAI Service and supported by the robust infrastructure of Microsoft Azure, Icertis Copilots utilize generative AI technology and contract data to transform commercial agreements into interactive assets, empowering strategic decision-making.
The company stated that notable industry leaders such as ALPLA, Krones and Genpact have embraced Icertis Copilots to harness the potential of generative AI in contract-driven operations, resulting in enhanced efficiency, risk reduction and significant cost savings across their organizations.
“By connecting millions of contracts and infusing their data into core operations, Icertis enables enterprises to create rich pools of AI-powered insights to inform better decision-making and accelerate business. AI-powered contract intelligence also equips global enterprises with the visibility they need to support growth while combatting challenges like inflation, shifting ESG regulations, and unpredictable supply chain disruptions, making it even more essential in today’s global economy,” Monish Darda, CTO and Co-founder of Icertis told Mpost.
Recognizing contracts as pivotal enterprise data sources, Icertis integrates contract data with organizational systems to amplify cash flow, enhance financial resilience, and ensure compliance amidst evolving regulatory frameworks. Major enterprises like Mercedes-Benz, Best Buy, Cognizant, Lamb Weston, Murphy Oil, Qantas and Johnson & Johnson have leveraged Icertis solutions to drive strategic outcomes in today’s dynamic business landscape.
“The AI market will only continue to become more crowded in 2024 as new entrants join the multi-billion-dollar space, but companies with established roots in AI and experience managing complex contracting challenges,” said Icertis’ Darda. “Our focus on enterprise-grade technology, role as a launch partner for Microsoft Azure OpenAI, and deep expertise in verticals ranging from financial services and retail to government contracting and healthcare set us apart from competitors. Contracts are universal in business, but our strategy at Icertis reflects the unique challenges that each sector experiences with commercial agreements.”
Unlocking the Value of Contract Data Through Generative AI
Icertis Copilots combines the power of LLMs, Icertis proprietary generative AI models, a customer’s contract data, enterprise data, the Icertis Data Lake and ChatGPT to cut through “legal-ese” so decision-makers can more easily engage with contracts and rapidly uncover insights, rather than manually combing through thousands of contracts.
“Legal departments, in particular, spend a substantial amount of time reviewing and negotiating commercial agreements for their business. Icertis Copilots accelerate high-volume contract reviews so legal teams can free up resources for more strategic initiatives and reduce spending on outside counsel support, often the largest line item in their department’s budget,” Icertis’ Darda told Mpost.
Icertis estimates that 85 percent of legal teams will utilize generative AI by 2026, and lawyers are increasingly turning to AI solutions like Icertis Copilots as strategic partners that automate rudimentary tasks to leave more time for the aspects of law that are inherently human-to-human.
“Icertis Copilots enable decision-makers to engage with contracts easily and rapidly uncover insights via pre-defined, hierarchical prompts and free-form prompts highlighting key provisions and identifying related contract information. With role-based summaries created through a unique combination of secure data sources, leaders are equipped to increase the speed and effectiveness of negotiations while instantly gaining answers to critical questions about the business,” explained Darda.
What’s Next for Icertis?
As a pioneer in recognizing the potential of AI in contracting, Icertis asserts it is the sole enterprise-grade contract lifecycle management (CLM) solution offering the security and reliability demanded by business leaders. With over 70 percent of its customers boasting revenues exceeding $1 billion, Icertis aims to dominate the approximately $30 billion CLM market with robust support from investors such as B Capital, Eight Roads Ventures, Greycroft and Penny S. Pritzker (PSP) Partners.
World Commerce & Contracting estimates that poor contract management can cost companies up to 9 percent of their bottom line, and nearly 30 percent of the workforce touches contracts in some way. Icertis’ Darda believes that this points to contracts as one of the enterprise’s most valuable assets, primed for AI transformation.
“Contracts are often overlooked as one of the largest untapped opportunities to enable vital outcomes with AI and data,” he added. “By connecting contract data into the processes it powers, decision-makers gain the visibility to identify areas of revenue leakage in business agreements, opportunities to create cost savings across global supplier networks, and potential misalignment with the latest regulatory compliance guidelines that may lead to unnecessary risk.”
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Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master's degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends. He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.
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Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master's degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends. He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.
