3260: How Icertis is Transforming Contracts into AI-Powered Business Assets
What if contracts could do more than sit in a drawer gathering dust? In today's episode, I sit down with Monish Darda, CTO and Co-founder of Icertis, to explore how AI is transforming contracts into powerful, active business assets. Monish shares how Icertis has evolved from early machine learning models to leveraging large language models like GPT to extract information and true intent from contracts. This breakthrough allows organizations to optimize business relationships, enforce commitments such as sustainability goals, and significantly reduce revenue leakage, often reclaiming up to 9% of contract value. During our conversation, Monish explains how contracts become first-class enterprise objects actively participating in workflows, shaping how commerce operates at scale. We dive into real-world examples, including how a global pharmaceutical company saves over $70 million annually by optimizing supplier pricing across multiple countries and languages. Monish also highlights Humana's success in cutting operating expenses by over $125 million by embedding contract intelligence into core processes. We also unpack the importance of data quality in building trustworthy AI systems. Monish looks at how Icertis ensures clean, actionable contract data through a standard data model, human-in-the-loop verification, and hundreds of thousands of built-in validation rules. As the world rapidly embraces AI, he shares his vision for a future where AI agents are constrained by the "rules of business" defined within contracts, ensuring responsible and reliable decision-making. Monish rounds off our discussion with an inspiring nod to Isaac Asimov and the power of storytelling in shaping our understanding of technology's future. If you ever thought contracts were just static documents, this conversation will change how you see them and reveal how AI is reshaping the foundations of enterprise operations. How is your organization preparing for a future where contracts guide and drive business outcomes?