In a notable advancement in the realm of artificial intelligence (AI) and its integration into the corporate sector, Icertis, a global leader renowned for its AI-powered contract intelligence solutions, has been distinguished with the 2024 Artificial Intelligence Excellence Award. This prestigious accolade, administered by the Business Intelligence Group, celebrates the significant contributions of organisations, individuals, and products in the field of AI, highlighting those that employ this groundbreaking technology to address real-world challenges effectively.

Icertis has been specifically lauded for its innovative approach to enterprise contracting through the introduction of Icertis Copilots. These pioneering generative AI applications represent a significant leap forward in the automation of high-volume contract reviews, providing businesses with the tools needed to mitigate risks and derive valuable, data-driven insights that enhance commercial relationships. As the only contract lifecycle management (CLM) vendor to be recognized, Icertis’s commitment to integrating AI into the core of business operations while ensuring the safety and security of valuable contract data has set it apart from its competitors.

At the core of Icertis Copilots is the fusion of large language AI models with Icertis’s proprietary AI models. This combination facilitates interactive insights derived from a rich dataset that includes contract information, enterprise data, and the extensive Icertis data lake, alongside integration with chat interfaces such as ChatGPT. Built upon the robust foundation of Microsoft Azure OpenAI, these applications offer the reliability demanded by large-scale enterprises embarking on the journey of responsibly incorporating generative AI into their operational fabric.

Monish Darda, Co-founder and CTO of Icertis, highlighted the importance of generative AI in today’s fast-evolving business landscape, noting the platform’s role in driving revenue growth and reducing risk through its sophisticated contract management solutions. The recognition by the Artificial Intelligence Excellence Awards not only confirms Icertis’s position as a leader in AI-driven enterprise innovation but also underscores its dedication to leveraging generative AI for enhanced platform value.

Icertis has emerged as a trailblazer in the AI transformation space, fundamentally redefining the operational significance of contracts within the enterprise sphere. The rapid adoption and success of Icertis Copilots, underscored by a surge in annual recurring revenue exceeding $250 million, attest to the growing recognition among businesses of the untapped potential within commercial agreements, which can be unlocked through the application of generative AI.

The accolade from the Business Intelligence Group, marking the second consecutive year of recognition for Icertis, adds to a series of recognitions and milestones for the company. These include consistent inclusion in the Forbes Cloud 100 list, acknowledgment by the Financial Times as one of the fastest-growing companies in the Americas, and the receipt of the Gold Stevie® Award for Achievement in Technology Innovation.

As 30% of the Fortune 100 now rely on the Icertis platform for harnessing the full intent of millions of commercial agreements across more than 90 countries, the company’s contributions are setting new standards in contract management. Through the innovative use of AI, Icertis is not only addressing the complexities of modern contract lifecycle management but is also paving the way for the future of enterprise operations, grounded in intelligence, efficiency, and comprehensive risk mitigation.