Source: prnewswire

Ironclad, the leading AI-powered contract lifecycle management platform, today announced new features to help procurement and legal teams drive the most value out of their contracts by addressing the 8.6% of annual spend lost to “contract value leakage” due to poor visibility and missing supplier commitments. These new capabilities, including Obligation and Entity Management, a new unified dashboard, and custom AI data extraction capabilities, connect supplier contracts, surface contractual commitments, and streamline supplier and vendor relationship information in a single simple, intuitive new UI that acts as a single source of truth.

“Most supplier and vendor contracts come with obligations – like meeting service level commitments, implementation milestone payments and purchase volume discounts, or clauses dealing with global incidents like tariffs and pandemics – that carry real monetary value, yet are often overlooked after the contract is signed,” said Michel Feaster, Chief Product Officer at Ironclad. “If you think about $8 out of every $100 of your contract value going out the window, this can quickly become a million-dollar issue. Connecting these dots is just one-way Ironclad is helping procurement and legal teams drive real business impact.”

The new capabilities, focused on standardizing supplier information and managing those obligations, allow Ironclad users to:

• See a complete picture of every supplier relationship: With a refreshed, unified dashboard and new Entity Profile Pages, see all contracts, commitments, and history with any business partner in one unified entity profile view.
• Protect contract value and manage risks: Ironclad’s latest capability, Obligation Management, allows users to systematically track critical contractual commitments by assigning clearly defined tasks and ownership, ensuring supplier accountability throughout the contract lifecycle.
• Keep contract data clean and standardized: A new centralized database of Entity Profiles automatically synchronizes supplier and customer data with existing business systems, eliminating manual data entry and ensuring counterparty information stays accurate, up-to-date, and standardized across the entire organization.
• Train AI to surface—and act quickly on—business critical insights: Customized data extraction lets teams automatically identify, extract, and surface business-specific data so they can move quickly, with more confidence, and drive business impact.

“Maintaining accurate supplier data across systems is critical for legal, finance, and procurement teams. Not only for efficiency; it creates better cohesion and connectivity for our business partners throughout the organization,” said Elliot Mandel, VP of Legal Ops at Alnylam. “Ironclad allows our cross functional partners to work seamlessly within the systems they’re already familiar with, bringing consistency to the way we collect and manage information. It enables us to collaborate more effectively, improve accuracy, and streamline processes—standardizing the way we work to drive better results for the entire organization.”