By ET Bureau - April 10, 2020 3 Mins Read
Icertis, the leading enterprise contract management platform in the cloud, announced it has brought the power of the Icertis Contract Management (ICM) platform together with industry-leading SAP® Ariba® solutions for spend management to help transform the source-to-contract process. By connecting ICM’s advanced contract management capability with SAP’s acclaimed spend and supplier intelligence, customers of SAP Ariba solutions will be able to streamline procurement processes, reduce supply chain risk and optimize supplier relationships.
The ICM platform is now available on SAP App Center, the digital marketplace for SAP partner offerings. ICM provides enterprises with an intelligent and flexible contracting platform, now integrated with SAP Ariba Strategic Sourcing solution, for execution in the SAP Ariba procurement workflow. The Icertis platform enables customers of SAP Ariba solutions to speed the creation, approval, negotiation, and execution of sourcing contracts while remaining tightly integrated with the end-to-end procurement process. The integration improves visibility and reduces risk by establishing a single source of truth for all supplier contracts while improving efficiency and enhancing spend management with a complete view of supplier relationships.
“We’re thrilled to work with SAP Ariba on reimagining the source-to-contract process to meet their customers’ challenges in today’s fast-moving and ever-changing markets,” said Peter Boit, Chief Alliances Officer, Icertis. “Leading companies are looking to more effectively connect their commercial opportunities with their supply chain by building speed and agility into procurement. To achieve this, companies must reinvent their commercial foundation and put contracts at the center of their supplier relationships.”
ICM’s easy-to-use, intelligent contract management software transforms the foundation of commerce by turning contracts into valuable corporate assets. ICM is the born-in-the-cloud, enterprise-wide platform that supports all contract types. Using the new Icertis integration for SAP Ariba solutions built on the ICM platform, enterprises can synchronize supplier data and contract details during a sourcing event to easily create requisitions, purchase orders and invoices, helping to ensure cash flow complies with corporate plans.
The integration of ICM with SAP Ariba solutions helps eliminate the need for duplicate data entry across multiple applications, helping to improve adoption and limit maverick contracting. ICM also helps identify and assess contract risk across supplier and sell-side agreements by automatically tracking commitments, expiries, deviations and other contract obligations.
By leveraging ICM’s embedded artificial intelligence (AI) tools and AI applications that transform contracts into strategic assets, customers can digitize legacy supplier contracts, import third-party contracts at scale and analyze past vendor negotiation history to gain insights for improvement. Once digitized, data can then flow between the two systems, allowing buyers to optimize contract performance.
The platform covers e entire enterprise technology space- including emerging technologies like RPA, AI, cloud, automation, and the entire gamut of digital transformation tools, strategies and management decisions.
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