Every cog in a corporate machine plays an important role, and procurement is no exception. As organizations strive for operational efficiency, procurement stands as a key driver for business success.
Yet, one area in procurement often proves challenging – contract lifecycle management. That’s where Icertis comes into play. By providing an intelligent, cloud-based CLM solution, Icertis is not just navigating but revolutionizing the procurement landscape.
The Importance of Efficient Procurement
Before we dive into Icertis’s unique solutions, let’s shed some light on the integral role procurement plays in a business.
A study by Deloitte shows that organizations with excellent procurement practices have 133% greater return on investment than their counterparts. These efficient operations can often be the difference between business success and failure.
Icertis: The CLM Trailblazer
So, how does Icertis fit into this scenario? Here’s the truth: contracts are at the heart of procurement. They define obligations, responsibilities, and performance metrics, and any mismanagement in CLM can lead to wasted resources, compliance issues, and poor supplier relationships.
Enter Icertis Contract Intelligence, the platform that’s making CLM an integral part of the procurement strategy. The platform seamlessly integrates with procurement processes, thus transforming contract management from a cumbersome chore to a streamlined, value-generating function.
Mitigating Risk with Icertis
Risk is an inherent part of any contract, and a robust mechanism to identify, analyze, and manage these risks is a necessity in the modern business world. This is where Icertis truly shines.
Icertis’ risk management capabilities allow organizations to stay proactive rather than reactive. The platform enables the tracking of contractual obligations and adherence, thereby reducing the likelihood of litigation, reputational damage, and financial loss.
Indeed, Gartner reports that by 2023, more than 30% of global enterprises will have automated contract obligation tracking, thus reducing risk exposure by 50%.
Ensuring Compliance: A Central Tenet of Icertis
Ensuring compliance in today’s complex regulatory landscape is no easy feat, yet Icertis tackles this challenge head-on. The platform provides a centralized repository for all contracts and associated documents.
This ensures every transaction, and every procurement activity, adheres to relevant regulations, avoiding the potential of legal entanglements.
Enhancing Supplier Relationships
Managing supplier relationships effectively is key to procurement success. Icertis takes this to a whole new level by facilitating communication and ensuring all parties adhere to their contractual terms. Better-managed contracts lead to more productive relationships and a more efficient procurement process.
Unparalleled Visibility and Control
One of the standout features of Icertis is the visibility it provides over the entire contract lifecycle. With this feature, procurement teams are empowered to make better decisions, improve efficiency, and increase control over procurement activities.
A 2020 Forrester study found that organizations using AI-infused CLM solutions like Icertis experienced a 75% reduction in uncontrolled contractual spend.
Key Benefits of Icertis in Procurement
Icertis provides a myriad of benefits, including:
- Seamless Integration: Icertis dovetails with your procurement processes, enabling an effective and efficient CLM system.
- Robust Risk Management: Identity, analyze, and manage contractual risks like never before.
- Ensured Compliance: Centralized contract storage ensures that all your procurement activities adhere to relevant regulations and standards.
- Enhanced Supplier Management: Streamline your procurement process and bolster supplier relationships.
- Complete Visibility and Control: Make better decisions with complete transparency over your contract lifecycle.
In a world where efficiency is key, Icertis is leading the way in revolutionizing procurement. With robust risk management, compliance assurance, enhanced supplier management, and full lifecycle visibility, Icertis is delivering an efficient and effective CLM system that every procurement team needs.