Kontrak IQ
Optimizing CLM through AI-powered Solution

The need for digital transformation has brought immense changes to the business landscape, and contract management is no exception. As organizations faced unprecedented challenges during the pandemic, it became evident that lack of visibility was a handicap that highlighted the need for comprehensive contract data management. Today, growing market complexity and volatility, combined with rising consumer expectations, are forcing organizations to seek cutting-edge solutions that can utilize the potential of AI to optimize contract productivity and proactively manage risks.

This is precisely what Kontrak IQ delivers.

The guided contract lifecycle management solution leverages AI to transform how businesses manage, execute, and extract value from contracts.

Diving deeper into the prevalent contract management challenges, co-founder Jeffery Dickerson asserts how contract lifecycle management (CLM) solutions remain a digital silo that drives substantial risks and costs to organizations. Even from a customer standpoint, these offerings fail to extract critical data and insights from contracts to make informed decisions. The key challenge is synchronizing smart contract data with other business systems infrastructure.

Typically, contracts cover 60 to 80 percent of business transactions and are often managed separately from the day-to-day operations, leading to compliance issues and counterparty risk.

Kontrak IQ introduces a new contract intelligence that optimizes contract administration and provides analytics by integrating AI across the entire contract lifecycle. This Guided CLM solution prioritizes value-added tasks, discovers business intelligence from crucial insights, and transforms the contract management process into a value-generating activity.

Kontrak IQ offers various services, including a contract gap analysis and maturity assessment, to help clients efficiently transition into a good CLM solution and make the most of their contracting process. In addition, customers see immediate value in Contract Connect, the company’s business intelligence dashboards which provide data visualizations and an overview of critical contract analytics.

“We believe that when customers get value and insight as early as possible, it motivates them to continue growing, maturing, and building a comprehensive contract management solution,” said Thaija Dickerson, Co-founder.

Since every organization has a different level of maturity and comfort regarding contracts, the leadership team built it to be simple enough for anyone to use but powerful for organizations dedicated to contract data transformation.

We believe that when customers get value and insight as early as possible, it motivates them to continue growing, maturing, and building a comprehensive contract management solution

The Kontrak IQ team is dedicated to its customer’s success and emphasizes simplifying the user experience. Recently, the company assisted a client with a spend of $4.5 billion. During the initial assessment, Kontrak IQ discovered that the customer was not negotiating their contracts on time, leading to coverage gaps as their agreements expired before renewal. They also failed to renegotiate and take advantage of preferred terms and pricing, which increased risks and losses. Overall, they had only covered 45 percent of their crucial contract spend.

This insight helped the client identify the contracts needing renegotiations 120 days before expiration or renewal. It also eliminated the consequences of being forced to continue an agreement they no longer required and allowed them to boost their contract coverage from 45 to 98 percent within a year. Within the first quarter of using Contract Connect, the client captured over $7 million in savings.

The company is gearing up Kontrak IQ for the blockchain with programmable contracts, with plans for more disruptive innovation to help companies future-proof their business.

In the ever-changing business environment, Kontrak IQ is emerging as a go-to CLM solution provider that helps companies turn their contracts into a new value center.