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 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.
·èÅÄ´«Ã½ 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 ·èÅÄ´«Ã½ and Icertis solutions. This innovation complements a full suite of integrations designed to help ·èÅÄ´«Ã½ 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 ·èÅÄ´«Ã½ solutions.
Introducing the Latest Version of Icertis Contract Intelligence for ·èÅÄ´«Ã½ S/4HANA
One outcome of our joint development efforts with Icertis is the latest version of (Buy Side), an ·èÅÄ´«Ã½ endorsed app available on ·èÅÄ´«Ã½ Store. at ·èÅÄ´«Ã½ Sapphire in 2023, the solution integrates ·èÅÄ´«Ã½ 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 ·èÅÄ´«Ã½ S/4HANA takes the integration one step further, deepening the connection with ·èÅÄ´«Ã½ S/4HANA for enterprise contract management. This can enable greater efficiency and visibility along with the ability to create a legal transaction in ·èÅÄ´«Ã½ 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.  Â
Expanding Our Partnership to Benefit ·èÅÄ´«Ã½ Customers
Icertis and ·èÅÄ´«Ã½ 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 ·èÅÄ´«Ã½. Additional ·èÅÄ´«Ã½ endorsed apps available on ·èÅÄ´«Ã½ Store include , , and . 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 ·èÅÄ´«Ã½ S/4HANA with Icertis Contract Intelligence, .
Priya Wenzel is vice president and global head of Partner Ecosystem Success for Digital Supply Chain and Intelligent Spend & Business Network Solutions at ·èÅÄ´«Ã½.
