SAP and Icertis Expand Contract Intelligence with New SAP S/4HANA Integration for Procurement

Icertis announced a new integration that connects AI-driven contract intelligence with SAP S/4HANA to enable more profitable and compliant procurement operations. Icertis Contract Intelligence (ICI) for SAP S/4HANA (Buy Side) is now available as a premium certified SAP Endorsed App, marking the next milestone on the SAP and Icertis joint product roadmap as the companies continue to transform contract-driven processes by integrating contract intelligence with SAP solutions.

Icertis empowers procurement teams using SAP S/4HANA to streamline sourcing, negotiate better commercial terms, and improve adherence to regulatory and corporate policies. The ICI platform accelerates value and increases savings both pre- and post-signature by automatically recommending clauses based on historical business relationships and tracking obligations to ensure the intent of all agreements is fully realized. AI embedded in the ICI platform also minimizes risk by pinpointing deviations from standard terms, while pre-defined rules and templates further reduce liability through contract self-generation capabilities that enable procurement teams to play a more strategic role in driving business performance.

Read More: The Practical Applications of AI in Workplace

“SAP’s continued co-innovation with Icertis continues at a rapid pace, catalysed by the appetite we’re seeing from customers who recognize that contracts play a critical role in core business processes. SAP is focused on helping enterprises future proof their operations, and applying AI to contract data presents a prime opportunity to impact nearly every procurement process that’s tied to revenue, savings, and risk,” said Eric van Rossum, Chief Marketing & Solutions Officer, SAP S/4HANA. “Integrating Icertis Contract Intelligence with SAP solutions enables more efficiency, automation, and insights for our mutual customers, enriching their enterprise data lakes with critical information around commercial relationships to better support scalability and growth long term.”

In addition to ICI for SAP S/4HANA (Buy Side), Icertis delivers integrations with SAP solutions across both buy and sell-side contracts, including:

• ICI for SAP Ariba – A flexible contracting solution that mitigates risk and streamlines procurement processes by tracking agreement deviations and commitments while offering self-service, rule-based authoring for contract creation.
• ICI for SAP Fieldglass – A statement of work (SoW)-focused solution that optimizes indirect spending and enables greater efficiency by capturing services milestones and allowing users to directly manage SoWs in SAP Fieldglass.
• ICI for SAP CPQ – A sell-side solution that supports more informed decision making and faster sales cycle times for customer contracts through AI-powered search and negotiation and automation of quotes and b****** schedules.

Latest Insights: What Techniques Will Deliver for Measuring Attention in 2023?

“In today’s business environment, inefficiencies and data silos throughout the contract lifecycle lead to revenue leakage and regulatory compliance challenges that detract from strategic business objectives,” said Niranjan Umarane, Executive Vice President of Product Management at Icertis. “Contract intelligence becomes a critical fifth system of record in the enterprise technology stack when integrated with SAP solutions, enabling value far beyond pre-signature efficiencies to increase revenue, reduce costs, ensure compliance, and manage risk. Icertis was the first SAP partner in the contract lifecycle management market to offer deep process integrations jointly designed and developed with SAP, creating a seamless experience for enterprise leaders looking to modernize and transform core operations with contract intelligence.”

Icertis and SAP demonstrated a record year of momentum in 2022 following the announcement of their expanded partnership as enterprises look to contract intelligence to solve significant business challenges through digital transformation. Icertis was recently named a finalist in the SAP Pinnacle Awards, awarded the SAP EMEA North Award for Partner Excellence, and received the SAP Diamond Award in Germany.

AiThority: How Generative AI is Transforming Audio Content

[To share your insights with us, please write to sghosh@martechseries.com]