Ironclad Reveals Innovative Solutions to Recover Lost Contract Values

Ironclad's New Tools for Contract Management

In a bold move to bolster the efficiency of procurement and legal teams, Ironclad, recognized as a top player in AI-driven contract lifecycle management, has unveiled its latest features designed to reclaim the millions lost in contractual value. On April 10, 2025, the company announced enhancements that directly address the issue of 'contract value leakage', estimated at an alarming 8.6% of every contract's worth due to insufficient visibility and missed supplier commitments.

This new suite of capabilities is particularly aimed at procurement and legal partnerships, facilitating a comprehensive understanding of supplier contracts and their associated obligations. As described by Michel Feaster, Chief Product Officer at Ironclad, this innovative approach ensures that significant value embedded within contracts is not overlooked after signing.

Key Features and Enhancements

Ironclad has introduced several compelling features that are set to transform the way organizations interact with their contracts:

1. Obligation and Entity Management

This advanced management system focuses on tracking critical contractual obligations. By defining clear tasks and ownership for each obligation, it enhances accountability throughout the contract lifecycle, safeguarding the value of each contract.

2. Unified Dashboard

The new unified interface introduces refreshed dashboards that consolidate essential supplier information. Entity Profile Pages provide a holistic view, encompassing all contracts, commitments, and history associated with every business partner. This centralization aids in better decision-making and strategic management.

3. Centralized Database of Entity Profiles

To maintain accuracy and consistency, Ironclad has developed a centralized database that synchronizes supplier and customer information seamlessly across existing business systems. This automation eliminates the need for manual data entry, ensuring that all contract-related information is kept up-to-date and standardized across the organization.

4. Customized AI Data Extraction

Taking it a step further, Ironclad offers custom AI data extraction capabilities. This feature helps teams promptly identify and surface business-critical data, allowing for swift action and informed decision-making. By transforming static documents into actionable insights, procurement teams can leverage their contracts more effectively than ever before.

Importance of Accurate Contract Management

The financial implications of failing to manage contracts effectively are substantial. As stated by Feaster, losing even $8 out of every $100 in contract value can escalate into a multi-million-dollar issue when scaled across larger agreements. Therefore, ensuring that all contractual obligations are tracked and fulfilled becomes paramount for any business's bottom line.

Elliot Mandel, VP of Legal Operations at Alnylam, highlights that maintaining precise supplier data is essential not only for efficiency but also for fostering better interdepartmental cooperation. The Ironclad platform enables cross-functional teams to operate more cohesively, allowing partners to collaborate using familiar systems, which ultimately leads to improved outcomes for the entire organization.

Integration and Flexibility

These new tools are an extension of Ironclad's existing offerings and integrate seamlessly with other procurement systems, thanks to connections with platforms like Ramp, Coupa, and OneTrust. Additionally, the use of the Mulesoft connector allows customers to design custom integrations, providing the flexibility needed to adapt to organizational requirements and preferences.

As businesses recognize the importance of intelligent contract management, Ironclad is committed to helping teams drive impactful results and maximize the value derived from every supplier relationship. To learn more about how Ironclad can transform your contract management strategies, visit their official blog.

About Ironclad

Ironclad stands as a pioneering AI-powered contract lifecycle management platform, processing billions of contracts annually. Trusted by global leaders like L'Oréal and Cisco, Ironclad enables businesses to negotiate, collaborate, and manage contracts effectively, turning them into strategic assets. Founded with an innovative spirit and backed by prominent investors, Ironclad is on a mission to revolutionize the contract management landscape.

For those looking to enhance their procurement processes and reclaim valuable contract worth, Ironclad is undoubtedly a partner worth considering.