BELLEVUE, Wash., Dec. 2, 2021 /PRNewswire/ -- Icertis, the contract intelligence company that pushes the boundaries of what's possible with contract lifecycle management (CLM), today announced that it has been named a Leader in the IDC MarketScape: Worldwide Contract Life-Cycle Management Software for Corporate Legal 2021 Vendor Assessment (doc #US46965921, November 2021). Icertis was recognized as a Leader for both capabilities and strategies in the first IDC MarketScape to focus on CLM capabilities for legal professionals. The IDC MarketScape report excerpt is available for download here.
IDC evaluated contract lifecycle management providers based on customer satisfaction, functionality, strategy, and more.
The IDC MarketScape evaluated ten CLM providers based on a wide range of criteria, including customer satisfaction, functionality, and strategy. The assessment found Icertis to have the following strengths:
- Ease of use: Customers widely reported the intuitive and configurable user interface of Icertis was a major benefit. Legal users, in particular, noted that Icertis' integration with the Microsoft Office suite was seamless and enabled them to work where they are comfortable. Further, Icertis has a large number of out-of-the-box APIs that customers reported aiding in their embedding of the software within existing infrastructure.
- Vertical/horizontal focus: Icertis has all of the essential capabilities one would expect from a CLM tool—the flexibility of the tool to tailor the experience based on horizontals and verticals of the enterprises. Icertis gives end users everything they need and nothing that they do not. Customers noted that the partnership they experience from the Icertis team helped them enhance their expertise within specific horizontals and verticals.
According to the IDC MarketScape report, "Contract lifecycle management tools sit at the heart of digital transformation, not only for legal, but also for the organization at large. Digitally transformed enterprises are breaking down silos and creating well-oiled machines that work as one instead of an amalgamation of documents. Very few pieces of technology cut across the organization quite like CLM."
"We believe that being recognized as a leader in this important IDC MarketScape research validates the indisputable ROI that legal teams and their organizations are achieving with Icertis as they transform contract management," said Samir Bodas, CEO and Co-founder, Icertis. "Contracts are the single source of truth for a company's entitlements and obligations, driving corporate legal professionals to harness the power of Icertis Contract Intelligence to enable incredible agility for their legal department, as well as business."
Clear ROI for Legal Teams
The report recommends that legal departments find solutions that have robust functionality for legal and can connect contract data to the enterprise systems contracts touch. "With CLM, that ROI is crystal clear," states the IDC MarketScape. "Respondents to IDC's 2020 Legal Technology Buyer Survey who had already implemented a CLM tool indicated that they saved the equivalent of 9.44 full-time employees by using CLM."
Freeing up time spent on contract language enables legal teams to focus on more strategic functions, such as providing advice and counsel, reviewing new laws and regulations impacting the business, and focusing on high-impact transactions like mergers and acquisitions.
"Icertis gives end users everything they need and nothing that they do not. Customers noted that the partnership they experience from the Icertis team helped them enhance their expertise within specific horizontals and verticals," the IDC MarketScape noted.
Icertis is a recognized leader in CLM technology, helping companies to stay out in front and glean the most business value out of their investment. The IDC MarketScape follows Icertis' being named a Leader in both the 2021 Gartner Magic Quadrant for Contract Life Cycle Management (CLM) and the Forrester Wave: Contract Lifecycle Management for All Contracts, Q1 2021, among other 2021 analyst recognitions.
"Icertis is differentiating on a number of pathways here, potentially playing chess while many other vendors are playing checkers, when it comes to value," IDC recently stated in a separate report.
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 advantage by structuring and connecting the critical contract information that defines how an organization runs. Today, the world's most iconic brands and disruptive innovators trust Icertis to govern the rights and commitments in their 10 million+ contracts worth more than $1 trillion, in 40+ languages and 93+ countries.
About IDC MarketScape
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor's position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.
IDC MarketScape: Worldwide Contract Life-Cycle Management Software for Corporate Legal 2021 Vendor Assessment, Doc # US46965921, November 2021
Icertis: Bringing Vertical Solutions to Aid Businesses as they Navigate a Changing World, Doc # US48322521, October 2021
Director of Corporate Communications, Icertis
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