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BELLEVUE, Wash., LONDON, 9 May 2023 – PwC, Microsoft and Icertis today formally announced a new strategic collaboration that will provide C-suites with a powerful, innovative AI-driven approach to contract management that enables accelerated enterprise-level digital transformation.
The new collaboration builds on the strength of existing relationships Microsoft has with both PwC and Icertis. It offers a contract intelligence platform that provides C-suites with the ability to unlock critical business insights from data embedded in contracts and use it to automate end-to-end business processes. As a result, C-suites will realise significant cost savings and reduced revenue leakage, more visibility into the delivery of ESG commitments, better compliance and risk management, and greater transparency.
In the past, contract management could often be a burdensome and disjointed process leading to siloed and inaccessible data. AI solves this by digitising the contracting process from contract creation to realising the contract’s intent to help enterprises better navigate today’s economic climate, including inflation and supply chain disruptions. PwC, serving as the transformation partner, will integrate Icertis into Microsoft Azure powered solutions, to help clients achieve enterprise-wide transformational value.
“Contracts impact every level of an organisation, governing the entitlements and obligations of every commercial relationship – from suppliers to customers, partners and employees. The collaboration between Microsoft, PwC, and Icertis combines market-leading expertise in contract management, artificial intelligence, and business transformation to accelerate value for enterprise organisations around the world.”
Ineffective contract management can cost companies anywhere between 5-40% of the contract value, as they leave important entitlements including rebates, volume-based discounts, and inflation-triggered price adjustments on the table.1
“We know from our most recent PwC CEO Survey that 40% of CEOs think they will need to transform their organisation to be economically viable in a decade. As the world continues to increase in complexity, technology will play a critical role in creating opportunities for organisations to build trust and deliver sustained outcomes. This new collaboration offers C-suites a unique opportunity to implement and leverage an AI-powered approach to contracting that will drive efficiency, increase profitability and reduce risk.”
“Our expanded collaboration with PwC and Icertis will deliver innovative tools and solutions, built on the Icertis Contract Intelligence platform, powered by Microsoft Azure, that will transform the way global businesses approach contract intelligence and analytics. As Icertis and Microsoft further integrate generative AI into contracting, customers will realize even more increased productivity, improve bottom-line performance and drive growth.”
-ENDS-
Notes to editors:
About PwC: At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 152 countries with nearly 328,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. © 2023 PwC. All rights reserved.
About Icertis: 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 Contract Intelligence (ICI) platform turns contracts from static documents into strategic advantages by structuring and connecting the critical contract information that defines how an organisation runs. Today, the world’s most iconic brands and disruptive innovators trust Icertis to govern the rights and commitments in their ten million+ contracts worth more than $1 trillion in 40+ languages and 90+ countries.
1Beverly Rich. Harvard Business Review. How AI Is Changing Contracts. Feb. 12, 2018. https://hbr.org/2018/02/how-ai-is-changing-contracts
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