Bellevue (Washington) [US]/London [UK], May 9 (/PRNewswire): PwC, Microsoft and Icertis today formally announced a new strategic collaboration that will provide C-suites with a powerful, innovative AI-driven approach to contract management that enables accelerated enterprise-level digital transformation.
The new collaboration builds on the strength of existing relationships Microsoft has with both PwC and Icertis. It offers a contract intelligence platform that provides C-suites with the ability to unlock critical business insights from data embedded in contracts and use it to automate end-to-end business processes. As a result, C-suites will realise significant cost savings and reduced revenue leakage, more visibility into the delivery of ESG commitments, better compliance and risk management, and greater transparency.
In the past, contract management could often be a burdensome and disjointed process leading to siloed and inaccessible data. AI solves this by digitising the contracting process from contract creation to realising the contract's intent to help enterprises better navigate today's economic climate, including inflation and supply chain disruptions. PwC, serving as the transformation partner, will integrate Icertis into Microsoft Azure-powered solutions, to help clients achieve enterprise-wide transformational value.
"Contracts impact every level of an orgsation, governing the entitlements and obligations of every commercial relationship - from suppliers to customers, partners and employees," said Samir Bodas, Icertis Chief Executive Officer and Co-Founder. "The collaboration between Microsoft, PwC, and Icertis combines market-leading expertise in contract management, artificial intelligence, and business transformation to accelerate value for enterprise orgsations around the world."
Ineffective contract management can cost compes anywhere between 5-40% of the contract value, as they leave important entitlements including rebates, volume-based discounts, and inflation-triggered price adjustments on the table.1
"We know from our most recent PwC CEO Survey that 40 per cent of CEOs think they will need to transform their orgsation to be economically viable in a decade. As the world continues to increase in complexity, technology will play a critical role in creating opportunities for orgsations to build trust and deliver sustained outcomes," said Bob Moritz, Global Chairman, PwC. "This new collaboration offers C-suites a unique opportunity to implement and leverage an AI-powered approach to contracting that will drive efficiency, increase profitability and reduce risk."
"Our expanded collaboration with PwC and Icertis will deliver innovative tools and solutions, built on the Icertis Contract Intelligence platform, powered by Microsoft Azure, that will transform the way global businesses approach contract intelligence and analytics," said Nicole Dezen, Chief Partner Officer, Microsoft. "As Icertis and Microsoft further integrate generative AI into contracting, customers will realize even more increased productivity, improve bottom-line performance and drive growth."
Notes to editors:
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With unmatched technology and category-defining innovation, Icertis pushes the boundaries of what's possible with contract lifecycle management (CLM). The AI-powered, analyst-validated Icertis Contract Intelligence (ICI) platform turns contracts from static documents into strategic advantages by structuring and connecting the critical contract information that defines how an orgsation runs. Today, the world's most iconic brands and disruptive innovators trust Icertis to govern the rights and commitments in their ten million+ contracts worth more than $1 trillion in 40+ languages and 90+ countries.
1 Beverly Rich. Harvard Business Review. How AI Is Changing Contracts. Feb. 12, 2018. https://hbr.org/2018/02/how-ai-is-changing-contracts
Ryan Stanton: ryan.m.stanton@pwc.com
David Faggard: david.faggard@pwc.com
Chelcee Coffman: chelcee.coffman@icertis.com
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