Mercedes-Benz: An Icertis CLM success story

German automotive manufacturer Mercedes-Benz operates in an industry that is constantly evolving with new challengers, regulations and technologies.

To stay ahead of these changes, the company needed to rethink the systems that run their business and approached Icertis to digitally transform their contracts. Their primary goal was to establish a single source of truth for all contracts, obtain data insights across all agreements, and guarantee supplier compliance.

With Icertis, Mercedes-Benz decreased its contract turnaround time by 83%: from six weeks – to just one. The company also centralised data from over 500,000 suppliers, and connected that data across enterprise systems to support critical outcomes around revenue, savings and risk. The numbers speak for themselves.

“Traditional CLM is focused on presignature contract efficiency, but Icertis is uniquely positioned with contract intelligence to help businesses realise greater value by connecting contract data across the enterprise, and integrating it with major software systems.

“By incorporating contract data into the processes it powers, contract intelligence becomes the fifth system of record, equally as essential to a company’s core operations as its ERP, CRM, HCM, and SCM solutions.”

Icertis also differentiates itself with enterprise-grade capabilities, security and AI innovation backed by partners like PwC and Microsoft.

According to Patrick Reymann, Research Director of Procurement and Enterprise Applications at IDC: “Icertis was early to adopt and infuse AI capabilities in its platform and is viewed as an industry trendsetter with respect to advanced-level discovery and data mining capabilities.”

Positioned as a leader, Icertis is “taking contract management beyond efficiency and visibility to reimagine the impact of every commercial transaction, enabling customers to tap into contract data as one of the largest strategic resources of value for their business”.

Forecasts: Bernadette Bulacan’s vision of the coming CLM world

Asked about the future of CLM as she sees it, Bulacan highlights that AI is certainly having its moment as businesses consider the benefits of using large language models to change the way they work.

“Icertis was early to adopt and infuse AI capabilities in its platform, and is continuing to explore how innovations like generative AI can help businesses increase revenue, reduce costs, improve compliance and eliminate contract-related risks,” she says.

Icertis ExploreAI – a next generation AI-powered contract intelligence partner recently announced by Icertis – is just one example of how the company is leveraging its proprietary AI, enterprise data, contract data, and its own data lake to enable material value that supports business growth for customers both now and into the future.

Pharmaceuticals company Ferring uses Icertis CLM