Of all the critical data categories in the enterprise, companies are benefitting the most from the application of AI to contract management due to contracts' inherent unstructured nature and the value locked therein, said Monish Darda, Chief Technology Officer and Co-founder of Icertis. We are proud to lead the way in using AI to create business value where there was none before. This recognition by CB Insights highlights our continued momentum as we execute on our vision of transforming the foundation of commerce with enterprise-wide contract management.
Icertis attributes its rapid growth to its industry-leading Icertis Contract Management (ICM) platform (as recently recognized by Forrester), increased customer deployments in new verticals and strengthened senior leadership team. Icertis helps enterprises digitally transform how they manage their commercial relationships through AI-driven contract lifecycle management, a category with a total addressable market of $7 billion growing at a CAGR of 36.6% (Contract Lifecycle Management (CLM) - Total Addressable Market (TAM) Forecast 2018-2022, MGI Research, March 2019).
Artificial Intelligence will be the next big differentiator for companies looking to accelerate their contract management processes, said Igor Stenmark, Managing Director at MGI Research. Icertis' strategy of tightly integrating AI capabilities into its industry leading platform will help turn contracts from static documents into strategic assets.
For more information about Icertis, visit www.icertis.com.