Icertis has announced Icertis ExploreAI, introducing ChatGPT into the Icertis Contract Intelligence (ICI) platform. ExploreAI offers new capabilities for Icertis customers to combine generative, assistive, natural language capabilities of ChatGPT with proprietary AI models that Icertis already has.
This new solution should see an even faster acceleration in the adoption of AI tools by Icertis customers. In 2022 Icertis saw customers using AI tools across 50% more contracts than in previous years.
Icertis ExploreAI was developed with Microsoft and used both Icertis AI services and Microsoft Azure OpenAI Service. The solution maintains the privacy and security of the contact data. With Microsoft supporting role-based access control, it offers a level of security that should satisfy most customers.
Icertis is a launch partner for the Azure OpenAI Service, which became generally available at the start of the year. Microsoft introduced GPT-4 into the Azure OpenAI Service in March 2023. The solution became generally available on April 1st.
Monish Darda, Co-Founder and CTO of Icertis commented, “Icertis was first to recognize contracts as the fifth System of Record, and over the last decade we built the most diverse and largest contracting data lake in the world, which today has more than 2 billion contract-specific metadata and transactional elements and growing.
“The current suite of Icertis AI products, built on the Icertis Data Lake, has enabled some of world’s most iconic brands and disruptive innovators to drive contracting efficiencies and derive contracting insights to power bottom-line results.
“With Icertis ExploreAI, Icertis is expanding our AI offering, applying natural language via Azure OpenAI Service to further unlock exciting new contract intelligence use cases, driving significantly higher value to customers and continuing to transform contracting – the foundation of commerce.”
What will Icertis ExploreAI bring the ICI platform and customers
The Icertis Contract intelligence platform already delivers visibility and insights around their contracts to increase revenue, reduce costs, drive compliance and manage risks. The ExploreAI gives a conversational user interface that enables users to ask questions that can surface insights faster across a wider range of factors from their contract data.
Generative AI will enable users to work more naturally with contracts, enabling business users to extract meaning from the more convoluted clauses, delivering a greater understanding of clauses and reducing the time spent on legal review cycles.
With the Icertis platform collating contract data from across ERP, SCM, CRM, and HCM systems into the Icertis Data Lake, it is easier to analyse contracts and identify anomalies and opportunities faster than ever.
Business users can interrogate contracts faster, surfacing risks faster by asking questions about contracts relating to a specific client, product or service. A process that might have historically taken many person-days of work to uncover.
With the guardrails provided by Icertis and Microsoft, users can also ensure that the generative AI is used responsibly. The Azure platform also delivers a high level of security, scalability and reliability that enterprises can trust.
Nicole Dezen, Chief Partner Officer and Corporate Vice President of Global Partner Solutions, Microsoft, commented, “Azure OpenAI Service delivers on what enterprise customers have come to expect from our Azure cloud and computing infrastructure — security, reliability, compliance, data privacy, and built-in Responsible AI capabilities — with the power of large-scale generative AI models.
“It’s great to see Icertis building on this platform with their proprietary AI and data lake to bring AI-powered contracting efficiencies and insights to enterprise customers.”
Enterprise Times: What does this mean
Icertis is not the first CLM provider to offer generative AI with its platform. Earlier this year, ContractPodAI introduced Ask Leah, Malbek.io announced new Generative AI capabilities, and Agiloft launched ConvoAI.
ExploreAI stands out because Icertis already has the Data Lake, its repository of contracts and numerous AI models specific to contracts that will bring richness to the solution. These tools will accelerate the value that ChatGPT can deliver, and Icertis already catalogues and understands the data contained in the Data Lake. The ChatGPT interface will bring customers a better and more natural way to surface those insights.
Where Icertis has been less forthcoming is the use cases to which ExploreAI is applicable to. For some users, presented with a blank screen to enter questions, it may be difficult to know where to start. It will be interesting to see case studies where customers start by asking. How can I improve revenue from my contracts, and see what ExploreAI returns?