What do you like best?
The contract authoring features and the search features to the Icertis tool suite really allow the various stakeholders to fully take advantage of the tool suite. Whether you are on the procurement team, legal team or commercial management team you will be able to search for key risk issues and deliverables. We are looking forward to seeing the impact of the AI features for vendor contract reviews.
The software is very helpful in finding and reporting on key attributes in the legacy contracts. Once the information is in the system, you will no longer have to do large "contract review" sessions to find out what was agreed to previously. You can just run a report on the areas that are concerning.
What do you dislike?
The contract approval processes can get way too granular if you are not careful. There can be a number of loops and approvals that are required if stakeholders are not willing to delegate approval authority during the negotiation process. Additionally the email communications in the tool are quite chatty especially if you leave all of them on.
The downsides of the Icertis tool is that as it stands it does not fix broken processes in the contract review and approval process. And if the implementation team does not get the authority to improve the processes. Icertis will just replicate broken and inefficient processes.
What problems are you solving with the product? What benefits have you realized?
We have first used Icertis as a searchable and functional repository for the legacy contracts that we have agreed to in the past. We have been able to search and find numerous different contracts especially if they had previously been filed or named incorrectly. We have also used Icertis a lot to ensure that our current contracts were valid and that we did not mis renewal terms or contract expiry dates.
