NEW YORK and BELLEVUE, Wash., – March 22, 2023 – KPMG LLP and Icertis today announced an alliance relationship to help more businesses unlock the value of their contract data with contract intelligence. Together, the collaboration will deliver Icertis Contract Intelligence (ICI) through KPMG’s established contracting practice, enabling shared customers to connect contract data across the enterprise and surface unique insights to help increase revenue, reduce costs, manage risks and ensure compliance.
“Contracts play a central role in enterprise-wide digital transformation and establishing this relationship with Icertis is a tremendous opportunity to help our clients modernize this essential part of their business,” said Dipan Karumsi, Principal, Procurement and Outsourcing Advisory Practice Leader, KPMG Consulting, KPMG LLP. “KPMG and Icertis bring a vertical industry lens to contract intelligence to address unique contract needs across key sectors, utilizing contract data to help businesses better manage obligations, reduce costs, and improve compliance while increasing top-line revenues. These objectives are critical for all decision-makers in the current economic climate.”
Leveraging the ICI platform, KPMG and Icertis will enable customers to manage all contracts within a holistic solution while integrating contract data into ERP, CRM, HCM, and procurement systems to establish a fifth system of record for core operations. Both within its commercial and public sector advisory groups and through its contract intelligence practice, KPMG will be positioned to speed time to value through verticalized functionality designed to address industry-specific contract challenges and deliver outcomes that support business growth in a dynamic environment.
KPMG LLP also plans to implement the ICI platform internally to help reduce costs and mitigate risks. The platform will help automate contract operations and create visibility for KPMG’s legal and procurement teams to help ensure the intent of every agreement is correctly captured and fully realized.
“KPMG selected Icertis because we see the value in our shared customer base and the opportunity contract intelligence offers to accelerate revenue, reduce costs and bolster compliance,” said Toby Yu, Principal, Procurement and Outsourcing Advisory at KPMG LLP. “Icertis is recognized as a leader by multiple analysts and demonstrates a deep understanding of contracting differences across industries. In collaboration, we can help more organizations realize the strategic benefits of contract intelligence as they look to overcome new challenges in the years ahead.”
“In today’s competitive and fast paced world, leaders are looking for new ways to help their companies stay ahead of macro challenges and rapidly changing market dynamics. They need insights they can trust, and contracts provide that on a significant scale because they offer a wealth of untapped structured and unstructured data, right at your fingertips,” said Deanna Lanier, Chief Strategy Officer at Icertis. “Contracts offer a pool of vital data, which has never been digitized or mined. This offers new ways for businesses to increase revenue, reduce costs, manage risks, and ensure compliance, making contract intelligence a must-have in an unpredictable and dynamic economy. KPMG’s industry expertise will complement our unmatched ability to deliver these outcomes for enterprises as Icertis transforms the foundation of commerce through contract intelligence.”
MGI Research estimates that the total addressable market for contract lifecycle management (CLM) will increase to $30 billion in the next five years as more businesses look to incorporate CLM into their enterprise technology stack. Icertis is recognized as a leader in CLM and will partner with KPMG to accelerate the global digital transformation of contracts to build trust in business relationships and shape the future of commerce.