2839: AI Trailblazers: Icertis's Vision for the Future of CLM

[00:00:00] Is imitation truly the sincerest form of flattery?

[00:00:06] Or does it actually highlight a lack of innovation in today's fast-paced digital economy?

[00:00:11] Well, in a world where the race to lead the AI revolution intensifies.

[00:00:16] The question I asked today is how do companies distinguish themselves not just as participants, but as pioneers?

[00:00:24] Well, today I've got the privilege of exploring these thought-provoking questions with the chief strategy officer at I-Sertis.

[00:00:31] Her name's Diana and she's going to talk more about a company that's at the forefront of AI innovation

[00:00:37] and the first contract life cycle management entity to be valued at more than a billion dollars.

[00:00:43] Yet we're talking a huge unicorn here.

[00:00:45] So I-Sertis over the years though has carved a niche for itself by managing more than ten million contracts

[00:00:51] with over one trillion across 40 plus languages and more than 93 countries.

[00:00:57] And it's their collaborations with giants like Microsoft SAP and Salesforce that have not only underscored their industry leadership,

[00:01:05] but also positioned them as a beacon of innovation in this AI landscape.

[00:01:09] So today I want to learn more about AI trends that enterprises should brace for this year, maybe dissect the dynamics between AI innovators and imitators,

[00:01:20] and articulate why developing unique AI strategies is imperative for setting new standards and pushing boundaries in the digital domain.

[00:01:29] Especially considering that nearly half of C-suite leaders acknowledge the fact that AI's impending impact on their bottom lines within the next year

[00:01:39] combined with an additional 36% predicting the effects to last for two to five years,

[00:01:45] this dialogue promises to be both timely and transformative.

[00:01:50] Now before I get today's guest on, quick shout out to the sponsors of Tech Talks daily

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[00:02:47] But now let's get today's guest on.

[00:02:50] So buckle up and hold on tight as I beam your ears all the way to Seattle where Diana is waiting to share her story.

[00:02:59] So a massive warm welcome to the show. Can you tell everyone listening a little about who you are and what you do?

[00:03:06] Sure, well thank you so much for the opportunity. Diana Leneer, I'm Chief Strategy Officer at Icertis.

[00:03:13] Icertis is a leader in contract intelligence. And my specific role is helping the company expand its operations,

[00:03:21] Rod and its footprint, and accelerate the customer outcomes that we want to deliver.

[00:03:26] And my second part of my role is actually managing our Microsoft 360 degree relationship as well.

[00:03:33] Microsoft is a key partner for us around co-innovation and how we enrich the customer experience.

[00:03:40] And so that's part of my remit as well.

[00:03:44] Well thank you so much for taking the time to sit down and join me today.

[00:03:47] There's so much I want to talk with you about because artificial intelligence is everywhere at the moment.

[00:03:52] There is so many different debates around the ethics around it and in particular around imitation and copyright versus AI innovation.

[00:04:00] So I've got a list just to set the same for our conversation today and anywhere where imitation is commonplace throughout the digital economy.

[00:04:08] How are you at Icertis differentiating yourself through innovation in AI, but particularly in the contract lifecycle management space?

[00:04:16] What are you doing here?

[00:04:18] Yeah great question. And I would answer that in a few ways.

[00:04:23] We're doing this in a few ways. One, we're making contracts intelligent.

[00:04:27] And so that means we're bringing purpose-built AI with contract data that reflects any and every transaction that a business does to create a contract.

[00:04:40] And two, sets contracts are the single source of truth for a relationship between two businesses including their suppliers and partners and customers.

[00:04:50] That means the contract data is one of the most valuable untapped assets in the enterprise and it's a prime resource to fuel innovation with AI.

[00:05:01] So by connecting millions of contracts and infusing their data into core operations.

[00:05:07] Enterprises can create rich pools of AI powered insights to inform better decision making and also accelerate the pace at which the business is running.

[00:05:19] And I would say the third thing is that we are uniquely positioned to deliver customer value in the age of AI.

[00:05:28] AI models are only as good as a data that they're trained on. And we have the largest rich's data set in the world.

[00:05:36] We have two billion metadata elements. We have over 10 million contracts and they're worth more than a trillion dollars.

[00:05:46] So leveraging this data enables us to deliver more powerful advanced AI that learns at a faster pace so we can accelerate the delivery of the value proposition and the assets.

[00:05:58] And the last thing I will say about this is we also were a launch partner for Microsoft Azure Open AI as I mentioned earlier, part of my role managing that Microsoft relationship.

[00:06:10] It's very key to us, especially as we continue to innovate around the AI.

[00:06:15] And last year I spent a lot of time in the US on the tech conference scene and the circuit there and obviously AI at the beginning of the year was quite new thing.

[00:06:25] Well, obviously AI has been around it absolutely years but the people going crazy for the mainstream adoption for it really kicked off in the first six months and everyone from Adobe to Cisco were getting involved and implementing it into their products.

[00:06:38] And as we look ahead though now as businesses are some are sat on the sidelines a little bit cautious on what they can do next.

[00:06:46] Others are going head first in I'm curious from your right in the call face here. What are the key AI trends that enterprises needed to be or need to be aware of here in 2024 and also how you are 30 so how you preparing to align with or maybe even lead some of these new trends too.

[00:07:04] That's and I will answer that in a couple of ways. So in 2024 which we have just started we're seeing increased demand for enterprise AI solutions and companies are also looking at well if I deploy AI I bring AI into the organization am I getting the value.

[00:07:24] And so we conducted an AI poll survey which was gave us great insights what we learned is nearly half of the C suite leaders agree AI will impact their bottom line in 2020 and an additional 36% for it's financial effects will be realized in the next two to five years.

[00:07:46] So really looking at AI as a economic game changer for their organizations we also have realized that the AR AI market will continue to become more crowded in 2024 because new interests are joining this multi billion dollar space.

[00:08:05] But we also note that companies with established roots in AI who have a rich history in agile and ethnic innovation or poised to win over the competition and going back to the AI poll survey.

[00:08:20] We learned that 56% of senior leaders are or prioritizing AI use cases that have immediate impact on the revenue or cost and 37% of those are prioritizing use cases with an immediate impact on reducing risk for their business.

[00:08:39] So contract intelligence and specifically I service contract intelligence can deliver on all those accounts in 2023 you saw the emergence of co pilots and we have really taken advantage of this opportunity in the market.

[00:08:56] And in 2023 we actually delivered I service co pilot this was the first generation AI applications for enterprise contract intelligence and we were able to deliver these two leaders in the space like P W C Hewlett Packard,

[00:09:13] conference crew, continental AG and Jin Pack. They've selected I service co pilots to responsibly harness the power of GNI in their enterprises.

[00:09:24] I know the very beginning of our conversation I kind of hide that the digital landscape is fraught with AI copy cats and I suspect that every business leader is being bombarded with vendors at the moment, stating that every blue solution has got AI inside of it even if it hasn't sometimes.

[00:09:41] But in your view what strategies are best used to enable AI innovators to out compete these emitters and how again, how are you at I service implementing some of these strategies just to bring it to life for people listening.

[00:09:55] Sure, so you know AI copy cats in the context of the tech industries are companies that imitate the AI innovations and solutions developed by pioneers in the field rather than creating original proprietary technologies.

[00:10:12] And this also extends to AI driven business models and how companies adopt similar approaches to monetization customer engagement data usage and service delivery that have proven successful for innovative companies so rather than looking toward the competitors what the competitors are offering and emulating a similar approach companies that build unique customer centric enterprise AI that set new standards push boundaries up.

[00:10:42] So I think that the goal is to hold responsible and ethical AI that's really important and drive AI conversations will not only differentiate from the industry players but emerge as industry leaders and just supporting proof point here.

[00:10:57] 56% of the C suite leaders agree that AI when site greater competition by minimizing gaps between competitors so some companies, of course innovative pioneers and AI will rise an AI has the potential to transform entire industries and ways of working.

[00:11:18] So to thrive and generative AI era business a focus on strategies that not only adapt to current marking conditions but also pioneer innovation and we're doing that so I service is implementing our own strategies on the front and one of the ways we're doing this is through deep partnerships and seamless integrations with partners as I mentioned like Microsoft and SAP.

[00:11:43] That we feel that our competitors cannot match to we continue to deliver vertical solutions to meet complex complex contracting requirements for each industry most recently the launch of I service a contract intelligence for specifically for government contractors and three.

[00:12:04] And three our enterprise grade AI innovation provides today's companies with near limitless powers of analysis and oversight at their fingertips so with AI businesses can automate the tracking of contracts look at the critical data that they contain and make business decisions from that data.

[00:12:26] And I think as the pace of technological change continues to move and break next speed is almost like a gold rush feel about what's happening at the moment. It can be very distracting for business leaders that are constantly looking over their shoulder at what everybody else is doing and I love what you're saying here about adopting your own strategy and focus on what you're you're doing right so just to expand on that why do you think it is so crucial for companies to develop that unique AI strategy that not only sets new standards.

[00:12:56] But maybe even pushes boundaries and maybe share a few examples of how you're doing this at I service to.

[00:13:03] Yes, yes happy to and I think that you know the execution of AI technology really requires agility and speed to innovation.

[00:13:12] And so agility becomes a critical asset to stay ahead of the competition and agility is what we have brought into our organization to be able to respond to our clients needs at a rapid pace.

[00:13:26] So we're developing unique AI strategies that are crucial for companies to secure the competitive edge and enable us to foster faster continued innovation.

[00:13:39] And companies will need to define their areas of differentiation and distinction to clearly showcase their unique services and features in 2024.

[00:13:48] You know, understanding that AI is a pervasive asset that can help redefine and re anchor company in a variety of ways is a crucial part of that.

[00:13:59] And then beyond differentiation, it's important for companies to cultivate AI strategies steeped and disruptive mindset that challenge conventional wisdom and break from established practices in the way that they fundamentally change the market or create entirely new markets.

[00:14:15] So embracing this mindset is crucial for sustained growth continuous advancement and market leadership.

[00:14:22] And from the early stages or I services maintain this approach constantly redefining contract life cycle management category and will continue to do so as we innovate and evolve and set new standards for this new era of Jenny.

[00:14:37] Before you came on the podcast today, I was doing a little research just trying to refresh myself on what you're doing at I service at the moment in any big news or announcements.

[00:14:46] And one of the things that really stood out to me is that you partnered with giants from Microsoft, SAP to Salesforce so many big names there.

[00:14:54] So go be curious how do these collaborations enhance I services AI could but AI capability is an offerings and anybody listening to your customers?

[00:15:04] Of course what benefits do these partnerships bring to them?

[00:15:09] Well partnerships in our ecosystem are critical to our success and critical to the innovation that I just mentioned as well.

[00:15:16] They really help share customers, they really help share the contract intelligence story with our customers helping our customers learn how to run their businesses not just for contracting but contract different driven processes for their enterprise

[00:15:32] and ultimately enable link of these companies to increase revenue, reduce cost ensure compliance and manage risk.

[00:15:39] And so we have rapidly emerged as the contract intelligence partner or choice for Microsoft, Accenture, SAP, Deloitte, KPMG and PWC to name some.

[00:15:52] And they are technology and consulting leaders themselves so we're proud to have this relationship with them.

[00:15:59] So we continue to deepen our partnership with us to deliver joint product roadmap seamless integrations that are really important to our customers that support faster negotiations greater compliance and AI powered insights and automation for the customer.

[00:16:16] So I started to explore AI service as I mentioned earlier when I talked a bit about the co pilots is built on Azure open AI so working closely with Microsoft in this partnership but really use utilizing that power of us working together to enable the security reliability that large scale scale enterprises need to responsibly integrate AI into their core business operations.

[00:16:43] So I'll say that both PWC and Microsoft are making multi-billion dollar investments to expand and scale their AI offerings and partnering with I-SERDIS is part of that roadmap.

[00:16:56] Another big stat that I read when I was doing that research was that you manage contracts in over 40 languages across 93 countries which just blew my mind completely.

[00:17:08] So I've got to ask Bernie might everything we're talking about today here. How does AI play a role in overcoming some of the challenges of scale and localization in I-SERDIS's operations and make stats like that that I just read out so much easier?

[00:17:23] Well AI significantly enhances our ability and the ability of companies like I-SERDIS to manage the complexities of operating across diverse languages, cultures and legal landscapes.

[00:17:36] And so by leveraging AI for translation automation compliance and data analysis companies can ensure that they get efficient accurate scalable contract management processes on a global scale that can deliver value to the entire enterprise.

[00:17:54] And also with I-SERDIS leading in AI and being the first client lifecycle management company valued at more than a billion dollars a unicorn in every sense of the word.

[00:18:06] What do you see as the future of contract lifecycle management? How will AI continue to transform this space because you don't have so many exciting things in this space.

[00:18:15] I look to learn more about what you see all heading as well.

[00:18:18] Yes, this is the exciting part certainly the future but the integration of AI machine learning and blockchain is poised to elevate CLM and thus the category by automating and streamlining processes with minimal human intervention.

[00:18:33] And that's a significant leap towards intelligent contracting so in the future autonomous contracting will allow systems to negotiate contracts based on historical data and real time situations.

[00:18:46] So this includes the capability for contracts to interconnect integrate an automatically update at a global scale in response to macro economic factors.

[00:18:58] So the future of transformation of AI and contracting hinges on transactions against the contracts, not just data.

[00:19:05] So the combination of AI and blockchain that certainly creates a powerful synergy where autonomous contracting becomes not only intelligent but also adaptive.

[00:19:16] So in 2022 the integration of AI and blockchain into contract stands as a potential game changer for companies seeking a competitive advantage.

[00:19:27] And finally for any enterprise looking to innovate in AI, is there any advice that you'd give to any strategies or decision makers that might be listening to ensure that they are also building robust future proof AI strategies.

[00:19:40] I appreciate it's a big question and it covers so many different industries but any advice for AI strategies out there.

[00:19:48] I would say that you know continuous learning like being a lifelong learner is something that I certainly treasure and I put as part one of my top priorities for myself and and I would challenge other companies to think this way as well.

[00:20:04] My career has been a combination of working with technology companies like Microsoft and Adobe and others as well as management consulting.

[00:20:14] I spent some time at McKinsey and company in KPMG and I would say one of the common threads was embracing this lifelong learning mentality.

[00:20:24] And it's really the core to stay in a stay in ahead of the rapid evolving landscape of technology and business.

[00:20:31] So this journey of continuous education is fueled by curiosity and it's a vital driver of innovation and the very element that has positioned I services a leader in this field.

[00:20:43] My personal commitment to being a lifelong learner as I mentioned reflexes ethos and I think learning through others is also a

[00:20:52] a great priority to put in front of us in the vein of lifelong learning and I do that via my macro mentor groups that keep me abreast of market trends and themes that will impact the future of work.

[00:21:08] And I do this also through my micro network so networks that are helping me personally through the many ups and downs of career and personal and you know how do you bring your best self into the into the work that you do every day.

[00:21:23] So those networks are also pido our lifeline learning mantra.

[00:21:28] Absolutely love that and nearly 3000 interviews with ladies I'm often asked what is the most common traits in successful leaders and I would say the one word that keeps coming up is simply being curious and wanting to continuously learn and be interested in everything.

[00:21:45] So thank you so much for sharing how you self educate on this journey of continuous learning because it can feel quite challenging which is something we all have to deal with at the moment but.

[00:21:56] Anyone listening wanting to dig a little bit deeper on anything we talked about today maybe contact you or your team will find out more information about I service well do you like to point everyone listening.

[00:22:06] I would like to point them to my LinkedIn profile you'll see lots of information there about I service but also some of the relevant publications and articles around AI as well as mentorship that I mentioned earlier

[00:22:22] and also of course going to the I service website at I service dot com well I think the key takeaway from talking to you today is here in 2024 the most successful AI enterprises will be founded on innovation not imitation but I look at your book to live some of the AI trends that enterprises should be aware of how I copycats will be inevitable well they will be I out competed by I innovators and why companies need to build unique AI strategies set.

[00:22:51] New standards and yes push boundaries but more than anything just thank you for bringing all this to laugh today with your insights will pleasure talking to you.

[00:22:59] Thank you was such a pleasure.

[00:23:02] As we wrap up our conversation with Diana today I think it's evident that the future of AI and CLM is not just about embracing new technologies it's about pioneering them.

[00:23:13] And I think Diana's perspectives on the importance of innovation over imitation combined with that strategic differentiation that I service is offering through vertical solutions and powerful partnerships and the critical need for companies to forge their own unique strategies that transcend conventional boundaries I think all of that put it in a mountain part I think it's provided as with a comprehensive look at the evolving of landscape and what it means to enterprises.

[00:23:42] And I think the integration of AI machine learning and even blockchain technology is heralding a new era for contract life cycle management one where autonomous contracting with minimal human intervention is already become a reality.

[00:23:58] And as established innovators like I search is continued to pave that way I think the key takeaway for companies across the spectrum is clear to thrive in an AI driven future.

[00:24:09] Pushing the envelope is not just an option it's not just an allows to have. It is a necessity.

[00:24:15] But over to you what do you see as the next frontier in AI innovation what will it look like how will it further transform the ways in which you conduct your business and how will companies leverage these advancements to not only improve operational efficiencies but also drive meaningful ethical and sustainable growth.

[00:24:36] Over to you please share your thoughts and join the conversation on the future of AI and its impact on the global business landscape by emailing me tech blog writer outlook dot com twitter linked in Instagram just at Neil C Hughes.

[00:24:50] But that's it for today I'm going to sign off now remember though but remember the journey towards AI excellence will continue.

[00:24:57] So let's keep this dialogue going and explore together some of those limitless possibilities that AI innovation holds for our world.

[00:25:05] And finally thank you for listening of course hopefully you'll join me again tomorrow but until next time don't be a stranger.