Icertis announced Icertis Contract Intelligence for Government Contractors, an AI-powered contract intelligence solution built for enterprises that serve the U.S. Federal Government. ICI GovCon joins the growing list of transformative vertical solutions from Icertis, delivering industry-specific capabilities that enable U.S. government contractors to increase win rates, improve compliance with critical federal regulations, and drive contract optimization.
Some of the largest U.S. defense contractors, including Boeing, Lockheed Martin, and Collins Aerospace, already run on Icertis. ICI GovCon expands the Icertis solution suite to help all contractors realize more value from AI-driven contract intelligence and better address unique contracting challenges exclusive to this sector.
“Icertis Contract Intelligence for Government Contractors is a strategic addition to the company’s highly-regarded solution portfolio because it is tailor made to tackle the complex world of federal contracting,” said Patrick Reymann, Research Director, Procurement and Enterprise Applications, IDC. “Leveraging AI-powered insights and automated controls, Icertis is driving transparency, contract performance, and improved compliance for enterprises in this sector with a solution that enables greater value from advanced contract intelligence.”
Through the power of the Icertis platform and data from the more than 10 million contracts managed by Icertis, ICI GovCon enables:
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- Enterprise-wide visibility for improved supply chain performance – With an integrated, end-to-end solution that leverages proven AI to track project details down to the line item, government contractors can now gain clarity on contract intent versus obligations fulfilled and a single source of truth to proactively monitor project deliverables and milestones. Centralized subcontract data paired with advanced reporting and analytics enables insights into contract performance across the supply chain, pinpointing areas for improvement to help reduce revenue leakage and grow profit margins in every business relationship.
- Ensured compliance with federal regulations – AI-driven clause identification capabilities curate a global clause library based on Federal and Department Supplement Acquisition Regulations (FAR/DFARS) to help U.S. Federal Government contractors minimize risk. Tools including the ICI Federal Clause Adapter, automated alerts, standard government form discovery, predefined templates, and configurable workflows also safeguard compliance by confirming that essential clauses and terms are up-to-date and flow down to all subcontractor agreements.
- Greater, faster value realization– ICI GovGon enables business development teams to create more effective capture plans, track opportunity pipelines, and craft proposals that increase contract win rates using a standardized framework and real-time dashboards. The solution also integrates with critical federal financial systems such as the Procurement Integrated Enterprise Environment and Wide Area Workflow (WAWF) to reduce invoice cycle times, enabling contractors to improve business performance by ensuring payments are received accurately and on time.
- More efficient processes across contract lifecycles – U.S. Federal Government contractors will now be better equipped to navigate complex, time-intensive proposal and contract management practices through integrations with core ERP systems and Acquisition.gov, and automated workflows that accelerate processes while minimizing manual, error-prone tasks. Industry-specific modules from Capture Management through Contract Closeout deliver standardized solutions that enable all business stakeholders to work more efficiently and focus on strategic impact.
“Icertis is significantly enhancing strategic outcomes for government contractors by delivering industry-first AI capabilities, a purpose-built user experience, packaged integrations, and bundled analytics – all backed by our decades of experience transforming contract management in this vertical,” said Niranjan Umarane, Executive Vice President of Product Management, Icertis. “With ICI GovCon, U.S. Federal contractors will now be able to speed time to value, further bolster supply chain performance, and greatly improve compliance across commercial relationships to gain advantage in today’s hyper-competitive market.”
“KPMG LLP and Icertis are collaborating to reimagine contract-driven processes for enterprises across multiple industries, and the delivery of ICI GovCon will further expand our strategic collaboration as we seek to help more shared customers realize critical business outcomes from their agreements,” said Toby Yu, Advisory Principal and US Leader of Contracts Management, KPMG LLP. “KPMG leverages Icertis Contract Intelligence to optimize agreements within our own government-focused practices, and we see a benefit in applying AI capabilities to the contract lifecycle.”
SOURCE : PRNewswire