This web app uses cookies to compile statistic information of our users visits. By continuing to browse the site you are agreeing to our use of cookies. If you wish you may change your preference or read about cookies

close

Why Icertis's Business Model is so successful?

Get all the answers


Icertis’s Company Overview


Icertis, founded in 2009 by Samir Bodas and Monish Darda, is a leading contract lifecycle management (CLM) software provider. Headquartered in Bellevue, Washington, with a global presence, Icertis has established itself as a key player in transforming how businesses manage their contracts throughout their lifecycle. The company aims to enable enterprises to turn contracts into strategic business assets by providing a comprehensive and intelligent CLM platform. Icertis is the leading provider of contract lifecycle management in the cloud. Icertis Contract Management (ICM) is an innovative, easy-to-use, highly configurable platform that continually adapts to complex business needs. We're a global enterprise software company named Microsoft's Partner of the Year and a top 3 place to work. We're fanatics about our customers and employees. We reward innovation, celebrate diversity, and believe success is built on trust and the commitment to grow each other personally and professionally. ICM can manage sell-side, buy-side, and corporate enterprise contracts globally by leveraging the power of the cloud. With its easy-to-use interface, ICM can be deployed in weeks and is accessible to users across the enterprise. The business model of Icertis is centered around delivering a cloud-based contract management solution that empowers organizations to streamline and optimize their contract processes. Icertis Contract Intelligence (ICI) platform utilizes artificial intelligence and machine learning to enhance contract creation, collaboration, compliance, and analytics. Icertis caters to a diverse range of industries, including manufacturing, healthcare, financial services, and more, addressing each sector's unique contract management needs. Icertis operates on a subscription-based model, where organizations pay licensing fees to access and utilize the ICI platform. The subscription fees are typically based on factors such as the number of users, the complexity of contract management requirements, and the level of customization needed. As businesses increasingly recognize the strategic value of efficient contract management, Icertis is vital in enabling enterprises to achieve contract intelligence, reduce risks, and drive better business outcomes through its innovative and sophisticated CLM solutions.

https://www.icertis.com/

Icertis’s Customer Needs


Social impact:

Life changing: affiliation/belonging

Emotional: reduces anxiety, rewards me, nostalgia, design/aesthetics, badge value

Functional: reduces risk, organizes, integrates, reduces effort, reduces cost, quality, informs


Icertis’s Related Competitors



Icertis’s Business Operations


Digitization:

This pattern is based on the capacity to convert current goods or services into digital versions, which have several benefits over intangible products, including increased accessibility and speed of distribution. In an ideal world, the digitalization of a product or service would occur without compromising the consumer value proposition. In other words, efficiency and multiplication achieved via digitalization do not detract from the consumer's perceived value. Being digitally sustainable encompasses all aspects of sustaining the institutional framework for developing and maintaining digital objects and resources and ensuring their long-term survival.

Customer data:

It primarily offers free services to users, stores their personal information, and acts as a platform for users to interact with one another. Additional value is generated by gathering and processing consumer data in advantageous ways for internal use or transfer to interested third parties. Revenue is produced by either directly selling the data to outsiders or by leveraging it for internal reasons, such as increasing the efficacy of advertising. Thus, innovative, sustainable Big Data business models are as prevalent and desired as they are elusive (i.e., data is the new oil).

Digital transformation:

Digitalization is the systematic and accelerated transformation of company operations, processes, skills, and models to fully exploit the changes and possibilities brought about by digital technology and its effect on society. Digital transformation is a journey with many interconnected intermediate objectives, with the ultimate aim of continuous enhancement of processes, divisions, and the business ecosystem in a hyperconnected age. Therefore, establishing the appropriate bridges for the trip is critical to success.

Ecosystem:

A business ecosystem is a collection of related entities ? suppliers, distributors, customers, rivals, and government agencies ? collaborating and providing a particular product or service. The concept is that each entity in the ecosystem influences and is impacted by the others, resulting in an ever-changing connection. Therefore, each entity must be adaptive and flexible to live, much like a biological ecosystem. These connections are often backed by a shared technical platform and are based on the flow of information, resources, and artifacts in the software ecosystem.

Platform as a Service (PaaS):

Platform as a Service (PaaS) is a class of cloud computing services that enable users to create, operate, and manage apps without the burden of establishing and maintaining the infrastructure usually involved with designing and developing an app.

Software as a Service (SaaS):

Software as a Service (SaaS) is a paradigm for licensing and delivering subscription-based and centrally hosted software. Occasionally, the term on-demand software is used. SaaS is usually accessible through a web browser via a thin client. SaaS has established itself as the de facto delivery mechanism for a large number of commercial apps. SaaS has been integrated into virtually every major enterprise Software company's strategy.

Licensing:

A formal agreement in which the owner of the copyright, know-how, patent, service mark, trademark, or other intellectual property grants a licensee the right to use, manufacture, and sell copies of the original. These agreements often restrict the licensee's scope or area of operation, define whether the license is exclusive or non-exclusive, and stipulate whether the licensee will pay royalties or another kind of compensation in return. While licensing agreements are often used to commercialize the technology, franchisees also utilize them to encourage the sale of products and services.

Open innovation:

A business concept established by Henry Chesbrough that inspires firms to pursue out external sources of innovation in order to enhance product lines and reduce the time needed to bring the product to the market, as well as to industry or release developed in-house innovation that does not fit the customer's experience but could be used effectively elsewhere.

Subscription:

Subscription business models are built on the concept of providing a product or service in exchange for recurring subscription income on a monthly or annual basis. As a result, they place a higher premium on client retention than on customer acquisition. Subscription business models, in essence, concentrate on revenue generation in such a manner that a single client makes repeated payments for extended access to a product or service. Cable television, internet providers, software suppliers, websites (e.g., blogs), business solutions providers, and financial services companies utilize this approach, as do conventional newspapers, periodicals, and academic publications.

Knowledge and time:

It performs qualitative and quantitative analysis to determine the effectiveness of management choices in the public and private sectors. Widely regarded as the world's most renowned management consulting firm. Descriptive knowledge, also called declarative knowledge or propositional knowledge, is a subset of information represented in declarative sentences or indicative propositions by definition. This differentiates specific knowledge from what is usually referred to as know-how or procedural knowledge, as well as knowledge of or acquaintance knowledge.

Solution provider:

A solution provider consolidates all goods and services in a particular domain into a single point of contact. As a result, the client is supplied with a unique know-how to improve efficiency and performance. As a Solution Provider, a business may avoid revenue loss by broadening the scope of the service it offers, which adds value to the product. Additionally, close client interaction enables a better understanding of the customer's habits and requirements, enhancing goods and services.

:

Embed code:

x
Copy the code below and embed it in yours to show this business model canvas in your website.