Icertis has significantly deepened its collaboration with SAP by embedding its contract intelligence platform into SAP solutions, a move that culminates in the launch of SAP Ariba Contract Intelligence by Icertis. This strategic partnership aims to enhance businesses’ ability to derive real-time, actionable insights from their contracts, ultimately boosting productivity and improving financial outcomes through the power of AI-driven analysis.
According to Icertis, this new integration will be offered as a solution extension that has successfully passed SAP’s rigorous premium qualification process. Ongoing support from SAP’s service teams is also promised, reinforcing the commitment to delivering a superior experience to end users. The partnership is designed to facilitate faster deployment and better value realization for enterprises, particularly through streamlined licensing and deeper preconfigured integrations. This development is noteworthy within the context of SAP’s vast partner ecosystem, consisting of over 25,000 partners worldwide, of which only about 40 hold the exclusive status necessary to offer a SAP Solution Extension.
Contracts, often described as foundational to business relationships, outline the essential terms under which companies operate. Traditionally viewed as static documents, Icertis’s platform transforms these contracts into actionable business rules seamlessly integrated within the SAP user interface. This innovation empowers businesses to drive revenue, manage costs, mitigate risk, and ensure compliance by linking structured contract data directly to their operational processes.
Manoj Swaminathan, General Manager and Chief Product Officer at SAP, underscored the importance of this expansion, stating that “Contract intelligence plays an increasingly critical role in enterprise operations.” He emphasized that the evolved partnership is aimed at helping businesses reimagine the pivotal role that contracts can play within their long-term growth strategies.
The potential financial impact of this collaboration cannot be overstated. Anand Subbaraman, Chief Operating Officer of Icertis, pointed out that a staggering 90 percent of CEOs believe they are losing money during contract negotiations, with over 9 percent of a contract’s value often lost post-signature, translating to billions in potential lost revenue. He highlighted how the integration of AI-driven contract intelligence changes contract management from a daunting task into a significant opportunity for businesses, thereby reinforcing the necessity for contracts in a comprehensive technology strategy aimed at generating measurable outcomes.
The implications of this partnership are particularly significant for procurement operations. Recent integrations between Icertis and SAP, including AI-driven enhancements to SAP S/4HANA, have given rise to improved sourcing procedures, enabling procurement teams to negotiate more favourable terms and bolster compliance. The Icertis Contract Intelligence platform now offers features such as automatic clause recommendations and obligation tracking, designed to enhance operational efficiency while safeguarding against various risks. This collective effort reflects a broader trend in which enterprises are increasingly seeking to digitalise and streamline their contract management practices.
With the introduction of SAP Ariba Contract Intelligence, Icertis and SAP stand poised to offer businesses more sophisticated tools for managing their contractual obligations. This partnership not only extends the capabilities of both companies but also reinforces the strategic value of contracts in driving enterprise growth and efficiency in a rapidly digitising business landscape.
Reference Map:
- Paragraph 1 – [1], [5]
- Paragraph 2 – [1], [2], [6]
- Paragraph 3 – [1], [4], [7]
- Paragraph 4 – [1], [3], [4]
- Paragraph 5 – [1], [2], [5]
- Paragraph 6 – [1], [6]
Source: Noah Wire Services
Subscribe to Industry Updates
