Thanks to contract management software like Icertis, companies can now effectively manage their enterprise contracts.
This software is easy to use, highly configurable, adaptable, intelligent and easy to deploy. What’s better than that?
But, there is a little issue.
Locating the right contract management software can sometimes be a drag. You have to consider processes such as pricing, devices supported, integration and others.
Let’s go ahead and review one of the leading contract management software in the industry, shall we?
What is Icertis?
Icertis is a cloud-based contract lifecycle management software that manages contract lifecycle stages and solves contract management problems. The business tools and functionalities available on the platform makes this possible.
Its ease of use and intelligence allows it to transform contacts into corporate assets of high value. This user-friendly platform is very intuitive. Icertis is highly configurable and easy to deploy. As a result of this, the software can be customized to suit any business user.
Companies can manage their corporate enterprise contracts, buy-side, sell-side, and others with their open interfaced ERP, and CRM systems. Icertis also offers integration seamlessly with third-party applications such as Adobe Sign, Box, DocuSign, Cloudmoyo and others. Icertis key features include auto extraction, contract drafting, approval workflow, milestone tracking, and others.
The most contact management software offers four functional axes to their users who are authoring, boilerplate, execution and administration. Icertis brings two more axes to the table; governance (offer compliance) and risk management.
Icertis streamlines contract lifecycles and processes. Managers can stay in control of every contract management facet while efficiently enforcing contracts. Users can enforce contracts across both procure to pay and order to cash processes. With this platform, users can track all transaction processes easily.
This software provides solutions for business of all sizes from small businesses to large enterprises. Icertis comes with an analytics and reporting features which helps managers perform different functions.
These functions include monitoring contractual risk, quantifying the performance of contracts and managing negotiation intelligence. Icertis platform is scalable, interoperable and secure.
This contract management software offers APIs, proposal management and an open architecture feature. Icertis supports phone, email, and FAQs. An online support portal is also available on the platform.
Features of the Icertis Platform
Icertis offers features that address different types of contracts. You get smart contract initiation, intelligent contract authoring, negotiations & collaboration, contract visibility & search and more.
Let’s explore the features that come with this contract management software.
Smart Contract Initiation
Icertis allows users to accelerate the market speed with self-service contracts which have legally set template safeguards.
There are different facets of smart contract initiation such as self-service contracting, no-touch auto initiation, intuitive request wizard and bulk contract creation.
With self-service contracting, users can create contracts in self-service mode. This way, users achieve fast revenue time and reduction in legal operating expenses.
This platform helps users set up templates, clauses and business rules that aid in the creation of contracts.
No-Touch Auto Initiation
Users can make use of the no-touch contract creation feature within business systems like sourcing, procurement, and CRM.
On defined business rules basis, the API connects sell=side, and buy-side process to build contracts automatically.
Intuitive Request Wizard
This feature ensures that information flow between business and legal is structured. The use of simple original request forms allows structuring.
These natural forms ensure the capturing of correct information. It also uses workflow and review processes to guide requests.
Bulk Contract Creation
With this utility, users can create mass contracts using advanced Microsoft Excel Add-In or API. This feature saves time and improves productivity.
This platform is perfect for offline contract intake with their document collection.
Icertis comes with powerful analytics surface insights which provide visibility into metrics. Contract performance management, advanced analytics, and reporting are qualities associated with this feature.
Contract Performance Management
The Icertis contracts management platform is a hub for all contract related data. With this platform, you can bring lifecycle information from contract processes.
You can gain insights on all contract areas from legal, finance, procurement and sales. Icertis includes a full-featured analytics module that enables data insights.
The insights will be on data such as deviations, savings, risks, expiry, cycle times and others.
You can get operational reports on contracts and all related information. Icertis also lets users receive default reports and create customizable new reports.
Intelligent Contract Authoring
This feature enables the use of a standardized language which in turn reduces business risk. Criteria’s such as product, region and price aid in the automatic assembling of the contract.
The templates and clauses available improve consistency and self-service authoring.
There are different facets involved in intelligent contract authoring. These facets include clause management, template management, commercial terms management and third-party paper contracting.
You can reduce risk by enabling standardization across all the contracts. Icertis has an effective clause management system with approved language usage.
The approved language used is gotten from the clause library which manages dependents. This platform ensures the use of a mandatory word to individual contracts.
Contract creation can be sped up by the rules of template selection. The Icertis software possesses comprehensive lifecycle management capabilities.
The Word Add-In allows template authoring in Microsoft Word. It will enable users to pull clauses from the library into documents.
Users can also input custom text and tag metadata and other data in the document. This platform ensures that new templates go through an approval process first.
Commercial Terms Management
Icertis commercial terms management is flexible. This flexibility allows users to manage business contracts effectively.
This platform allows the configuration of data models. The flexibility of this platform enables users to assemble the relevant commercial parameters effectively.
Third-Party Paper Contracting
Icertis allows users to bring third-party paper into the system effectively. Users can make use of any identified exception to drive approval workflows.
Users can also drag and drop standard language from the library into the third-party paper.
Negotiations and Collaborations
Icertis’s contract negotiation feature allows users to achieve more speed and effectiveness. There are different facets in Negotiations and collaborations.
These facets include third-party collaboration, redlines&version management, negotiation intelligence, and collaborative contract administration.
Icertis comes with a secure collaboration portal. With this online portal, users can reduce communication overhead and achieve faster cycle times.
Vendors and third-party businesses can register to get online access to their contracts. They can also submit contract redlines, upload compliance documentation and review contracts.
Icertis platform supports Email-based collaboration.
Redlines and Version Management
Redlining and version management improves negotiation governance. With the use of the Microsoft Word Add-In, users can review any redline version.
The Add-In also allows users to compare and combine the redline versions as well as access the clause library.
This platform equips business stakeholders with the right insights needed for negotiations. The library content and agreements are open for users to access while reviewing negotiation clauses.
Collaborative Contract Administration
The platform’s online collaboration portal allows third parties to perform self-service profile maintenance. Third parties can also receive tasks at the entrance for completion as well as receive proactive alerts on any assignment or contract.
Contract Approval and Execution
This platform enables dynamic workflow that complies with all company policies. This way, contract cycle times are improved.
Configurable rules exist to increase execution and approval flexibility. Dynamic approval workflow and contract execution are the two facets associated with this feature.
Dynamic Approval Workflow
This feature makes use of rule-based workflow definitions to leverage all contract data. Assembling workflows is automatic on this platform with subsequent approvals.
Negotiation updates are the basis on which change of workflows occurs. Business users can efficiently manage the intuitive rules, definition, and updates. Users can also manually influence workflow with ad-hoc steps.
Icertis’s integration with DocuSign, Adobe Sign, and other platforms ensure quick and secure contract execution. With these tight integrations, you can achieve signature-based workflows.
Contract Visibility and Search
This platform allows you to get visibility into events, actions, and exceptions. There are rule-based notifications that enable you to to get the right visibility at the right time. Let’s take a look at the different facets associated with this feature.
Enterprise-wide Contract Repository for All Contracts
You can consolidate all your contacts into a single repository with this feature. You can easily enable setup of all contract types and associated metadata within a single system.
This platform possesses robust security which enables multidimensional data control.
Automatic Notifications and Alerts
With notifications, this platform gives you proactive visibility. You can set notifications for events that occur throughout the lifecycle.
Icertis provides a configurable notification template that lets users choose the format for email notifications. You can set notifications for contract dates such as milestone deliverables and expiry.
Powerful Contract Search
Users have easy access to contract data. You can easily search across configured results, exports, relationships or metadata. Smart Links allows users have 360-degree visibility on all related transactions.
Usability and Productivity
This platform has full mobility support, integrates with MS applications and has configurable qualities. Contextual user experience, Microsoft office integration, personalization of the dashboard are the qualities associated with this feature.
Risk Management and Compliance
Icertis comes with compliance tracking and integration across enterprise systems. You can quickly identify and manage risks throughout the lifecycle with insights.
Cross-agreement relationship management, financial compliance, obligation, commitment management, and contract risk management are qualities associated with this feature.
Icertis allows users to manage request processes with RFx formulation and event management. Request management involves driving adoption with an intuitive request management process. This way users can create and submit requests easily.
Users can also collaborate on defining requirement specifications. Workflow ensures that users make use of the library and templates when preparing RFIs, RGPs, and RFQs.
Users can increase market speed, and proposal quality using this management platform. You can improve the quality of a deal by using the right products and terms to build the right proposal.
Proposal formulation, deal approvals, and price-lists are all qualities of this feature.
Users can have effective implementation and integration with native cloud deployment. Icertis was designed to focus on its application programming interface which allows advanced integration into different platforms.
Pros Of The Icertis Platform
Businesses and companies are attracted to Monday for its benefits. The significant points of attraction of this contract management software platform are below.
The Platform is Versatile
Icertis is a very versatile and easily configurable contract management software. This software can be adapted to suit your existing preference or workflow.
Easy to Deploy
Icertis is very easy to execute and deploy. The system is cloud-based which means the platform can be functional within weeks. The platform is also straightforward to use.
It Is Easily Configurable
To quickly adapt and execute Icertis, you can configure the platform to suit your needs. These platforms let employees of businesses personalize their workbench and dashboard.
You can put your role into consideration when customizing. This way, data and metrics for your position and functions will be provided for you.
A Stable Platform
Microsoft Azure is the stable and secure platform that is used to develop Icertis. This contract management software also works smoothly with Microsoft applications.
It easily integrates with CRM, Procurement, ERP, Sourcing, CPQ, PLM, Service Management, and others.
It Has An Intelligent Interface
Icertis has a brilliant interface and self-service tools that enable effective use of the software. It also possesses a step-by-step wizard.
You can easily edit, create and negotiate contracts. You can also make changes, suggestions and approve contracts with your smartphone.
Deployable Anywhere In The World
Icertis can be used anywhere in the world without language barrier problems. This feature is due to the multilingual support it possesses.
Cons of Icertis
Even the best products have downsides. Icertis isn’t immune to defects. Now, Let’s take a look at the disadvantages associated with this contract management software.
Constant Change At Startup
At startup, the interface continually changes. This changes might confuse new users of the platform.
Complex Configuration Settings
There are complexities associated with the configurable nature of Icertis. These complications arise despite its configurable nature.
Icertis’s pricing is only available on a quote basis. You can contact Icertis for information on pricing.
Icertis is supported on iOS, Android and Windows. This platform supports both web and mobile applications.
Icertis supports devices with browsers like IE, Chrome, Safari, and Firefox.
Icertis integrates with applications in different areas. These areas include procurement, ERP, CRM, identity management and electronic signature.
This platform integrates with Salesforce, Microsoft Dynamics CRM, PROS, D0cuSign, Adobe Sign and others.
Contacting support is very easy with Icertis’s customer service. You can contact them by emailing, calling, live support and training. They’ll respond in no time.
To Wrap It Up
Icertis is one of the best contract lifecycle management software. Its unique features make it very easy to manage contracts. It does have its drawbacks, but it remains one of the best available.