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The Silicon Review Asia

Enterprise Contract Management Made Easy: Icertis

The Silicon Review
September, 2019

thesiliconreview-samir-bodas-ceo-icertis-2019.jpg

Every business requires a means of officiating contracts. Whether it is a small family-run office, or a large corporation operating across a range of industries, drafting a contract is a crucial aspect of offering services for money. In light of this, it should come as no surprise that offering contract management software is a large industry by itself. A company named Icertis is the leading provider of contract lifecycle management in the cloud. Icertis Contract Management (ICM) is an innovative, easy-to-use platform that is highly configurable and continually adapts to complex business needs.

ICM is used in the management of 5.7 million contracts in 40+ languages across 90+ countries. With its intelligent workflow and built-in analytics, ICM provides ongoing contractual insights and best-of-breed contract management. ICM enables customers to increase compliance, improve governance, mitigate risk and enhance user productivity, thereby maximizing ROI and accelerating time to value across the global enterprise.

Icertis provides services for the following industries  

Financial Services

Today’s financial services companies are grappling with the evolving competition, heightened oversight and increasing regulation over how they interact with customers and suppliers—relationships that hinge on contracts.

Common contract challenges for firms across retail banking, commercial banking, asset management, and brokerages include:

  • Onboarding of vendors, channels and customers is fragmented and not standardized, hindering compliance with stringent vendor and “Know Your Customer” (KYC) regulations
  • A lack of automation in contract creation and execution makes contract threshold parameters (such as limits and asset quality exposure) prescribed by the ISDA, the ESMA, and FINRA very difficult to enforce, increasing the risk noncompliance with Sarbanes-Oxley 
  • Contract processes are siloed by department or geography, making it difficult to analyze high volumes of transactions across parameters like asset class, counterparty, risk, credit scores, service type, etc., for performance analysis and efficient allocation of capital
  • Risk departments do not have adequate control over variations in credit and risk thresholds enshrined in contracts
  • Labor intensive, manual contract management processes don’t allow negotiated terms to automatically flow into enterprise financial systems, hurting productivity and exposing companies to errors

If left unaddressed, these challenges can put financial services providers at a competitive disadvantage, cause contracts to underperform, and expose companies to serious regulatory risk.

Healthcare

Today’s healthcare payers and providers operate in an ever-changing, complex regulatory and commercial environment. In order to stay competitive and compliant, these organizations need to be able to react quickly to changing laws and foster close collaboration with third-party business partners. Key to responding to these imperatives are contracts.

In working with some of the world’s largest healthcare organizations—both payers and providers—Icertis has identified a number of common challenges:

  • Manual management of complex agreements between payers and providers is time-consuming and error-prone, especially for Physician Participation Agreements that contain provider details, program details, large volumes of reimbursement terms, participating locations, etc.
  • Business Associate Agreements (BAAs) required by law are cumbersome to initiate and verify, slowing the contracting process
  • Claims, disputes and change requests are impeded by a lack of self-service capabilities on agreements
  • Inability to take bulk actions like mass amendments on large volumes of contracts
  • Complex Administrative Service Agreements between providers and employers are difficult to create and maintain
  • Large volumes of procurement contracts for products and services at hospitals and clinics are difficult to assess for optimization and must support OpenRFx to push details to supplier portals

If left unaddressed, these challenges can lead to legal liability, leakage in the form of incorrect billing or reimbursement, high procurement costs, and poor patient experiences.

Manufacturing

Modern manufacturers are grappling with the rapidly evolving competition, dynamic global supply chains, and shifting regulations. In order to stay competitive, winning companies need to become more agile and stay close to both their customers and suppliers. And at the heart of each of these relationships is a contract.

In working with some of the world’s largest manufacturers, Icertis has identified a number of common challenges:

  • Contract storage is fragmented across multiple departments and systems
  • Contracts are poorly integrated with critical ERP, CRM, and P2P systems, impeding compliance
  • The source-to-contract process is often fragmented, preventing effective supplier risk assessment and performance tracking
  • Sales and sourcing happen separately, without the tools to efficiently deliver the back-to-back contracting that is essential to ensure that proposals are designed effectively for new customers
  • Lack of visibility makes it difficult to track obligations and SLAs in “product-as-a-service” scenarios

Ultimately, we find that manufacturers face a broad set of contracting challenges that span sourcing, sales, and corporate contracts. If left unaddressed, these challenges have the potential to lead to higher procurement costs, costly non-compliance, and dissatisfied customers.

Meet the stalwart CEO of Icertis, Samir Bodas

Samir began his career as a software engineer at National Instruments, followed by several years in management roles at Microsoft Corporation after receiving his MBA. He was appointed CEO of Disha Technologies in 2003, where he grew the business five-fold and managed its acquisition by Aztecsoft in 2005. In early 2007, he was appointed CEO of Aztecsoft and successfully guided the company to become the fastest-growing publicly traded mid-cap IT services company. In 2009, he helped finalize Aztecsoft’s acquisition by MindTree.

Samir received his MBA from the Wharton School of Business and a BA in Computer Science from the University of Texas at Austin.

Samir is a golf addict to the annoyance of his family. When not playing golf, he reads books about golf. And when not reading about golf, he contributes to the local community as a Board Member of the Seattle Chapter of The Indus Entrepreneurs (TiE) and as a trustee of Lakeside School.

“Icertis’ Contract Management Software is used by leading companies from every industry across every region of the world.”

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