Across all industries, today’s enterprises manage increasingly complex ecosystems of suppliers, partners, and customers globally. As this ecosystem expands, so does the number of business relationships – and contracts – that a company must manage.
Contracts govern every dollar in and out of the enterprise and provide a legal framework for ongoing business relationships. This makes contract data one of the most valuable assets to inform decision-making and accelerate strategic outcomes for enterprises.
According to World Commerce & Contracting estimates, poor contract management can cost companies nearly 9% of their bottom line, creating significant revenue leakage alongside the risk and compliance concerns that come with a lack of visibility into commercial agreements.
SAP understands the value of balancing risk and profitability in the contracting process. To complement our solutions and provide additional advanced contract management capabilities to our customers, we partner with Icertis in a joint development effort that includes technological integration between SAP and Icertis solutions. This innovation complements a full suite of integrations designed to help SAP customers turn contracts into strategic assets. It can enable global enterprises to realize the true intent of their commercial agreements while managing and automating core processes with their SAP solutions.
Introducing the Latest Version of Icertis Contract Intelligence for SAP S/4HANA
One outcome of our joint development efforts with Icertis is the latest version of Icertis Contract Intelligence for SAP S/4HANA (Buy Side), an SAP endorsed app available on SAP Store. Originally launched at SAP Sapphire in 2023, the solution integrates SAP S/4HANA and the Icertis contract lifecycle management (CLM) platform. It can empower procurement teams to realize more profitable and compliant sourcing processes by optimizing supplier relationships and accelerating source-to-pay cycle times.
The new iteration of Icertis Contract Intelligence for SAP S/4HANA takes the integration one step further, deepening the connection with SAP S/4HANA for enterprise contract management. This can enable greater efficiency and visibility along with the ability to create a legal transaction in SAP S/4HANA that can automatically initiate a contract in the Icertis solution. Through richer contract data pools and seamless connectivity across the agreement lifecycle, procurement decision-makers can track obligations after the contract is signed, discover clauses, and negotiate more beneficial commercial terms to mitigate revenue leakage and ultimately create cost savings for their enterprises.
Expanding Our Partnership to Benefit SAP Customers
Icertis and SAP expanded their partnership in 2022 and have continued to provide automation and analytics at scale by connecting AI and data that represents every business transaction within ERP, finance, procurement, sales, and HR solutions from SAP. Additional SAP endorsed apps available on SAP Store include Icertis Contract Intelligence for SAP Ariba, Icertis Contract Intelligence for SAP Fieldglass, and Icertis Contract Intelligence for SAP CPQ with SAP S/4HANA (Sell Side). Each solution is designed to provide enterprise leaders with a deeper understanding of what’s driving their business, as well as powerful new levers to steer future success.
To learn more about the transformative capabilities of SAP S/4HANA with Icertis Contract Intelligence, listen to this on-demand SAPInsider webinar.
Priya Wenzel is vice president and global head of Partner Ecosystem Success for Digital Supply Chain and Intelligent Spend & Business Network Solutions at SAP.
