Icertis has launched Icertis Contract Intelligence (ICI) Copilots, the first generative AI application for enterprise contract management. Powered by the Icertis ExploreAI service, the ICI Interactive Insights Copilot and ICI Risk Assessment Copilot are interactive assets that enable executives, legal teams and business users to responsibly leverage the innovative capabilities of generated AI to transform commercial contracts into incremental changes in contract performance. so that you can switch to and understanding. Backed by the security and trust of Microsoft Azure, ICI Copilots uses Azure OpenAI services and Icertis proprietary AI models, along with corporate contracts, enterprise systems, and rich data from the Icertis data lake to accelerate business, generate revenue, and protect enterprises from risk. do.
Icertis customers include 30% of the Fortune 100 and global leaders such as Accenture, Best Buy, Humana, Johnson & Johnson, Mercedes-Benz and Microsoft. Select customers who are the first to implement the Icertis ExploreAI service will accelerate the launch of ICI Copilots and provide a roadmap for developing unique generative AI capabilities designed to solve the contract challenges of the world’s largest enterprises
Icertis CEO on the launch
“Contracts are a massive untapped opportunity for the application of large language models because they are universal across industries, geographies, and businesses of all sizes, and imperative to any and all commerce as we know it,” said Samir Bodas, Co-founder and CEO of Icertis. “Icertis has delivered the first generative AI Copilots in the market to lead the next era of transformation in enterprise contracting, balancing innovation with the trust and responsibility that comes with recognizing that regardless of industry – contracts are one of the most confidential and valuable assets in an enterprise.”
The first two ICI Copilots are:
ICI Interactive Insights Copilot
ICI Interactive Insights Copilot enables decision makers to easily interact with contracts and quickly disclose information using predefined hierarchical and free-form prompts that highlight key clauses and identify contract-related information.
Role-based summaries generated from a unique combination of secure data sources, including the company’s contract portfolio, integrated business systems, and Icertis data lakes, enable leaders to instantly answer critical business questions, increasing the speed and efficiency of negotiations.
ICI Risk Assessment Copilot
Risk Assessment Copilot automates and accelerates high-volume contract analysis by comparing contract attributes to standard company schemas and practices, enabling companies to better manage risk by ensuring that all contracts have mandatory clauses and approved language.
In addition to risk assessment, guided prompts enable legal teams to quickly identify and address missing or non-compliant attributes and highlight contracts that do not require further review, eliminating a time-consuming and error-prone process. there is.
BCG’s take on it
“I am delighted for the BCG Legal Team to test Icertis ExploreAI Service and ICI Copilots as part of the Early Adopter program,” said Ulrike Schwarz-Runer, Global General Counsel at Boston Consulting Group. “We aim to unlock deep data-driven insights in our contracts through an agile approach. It’s exciting to see the early results and we’re eagerly looking forward to continuing the journey to unlock value for our clients, firm, and lawyers.”
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