Ironclad, the leading AI-powered contract lifecycle management platform, has officially announced the launch of several new features, each one designed to help procurement and legal teams extract as much value from their contracts as possible.
According to certain reports, the behind doing so is to address that 8.6% of average annual spend, which has been historically lost to “contract value leakage.” As for what factors would lead to this leakage, the answer includes poor visibility, missing supplier commitments, and more.
More on how Ironclad’s latest development will solve the given problem would reveal its bid to leverage Obligation and Entity Management, a new unified dashboard, and custom AI data extraction capabilities. Basically, the company will bank upon these features to connect supplier contracts, surface contractual commitments, as well as streamline supplier and vendor relationship information into a single simple, intuitive new UI.
“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.”
Talk about what these new features will try and achieve from an actionable standpoint, we begin from their promise to present a complete picture of every supplier relationship. Leveraging a refreshed, unified dashboard and new Entity Profile Pages, Ironclad will make it possible for users to view all contracts, commitments, and history with any business partner using one unified entity profile view.
Next up, there is the potential for protecting contract value and managing risks. Here, Ironclad’s Obligation Management facility will empower users to systematically track critical contractual commitments through clearly defined tasks and ownership, ensuring supplier accountability throughout the contract lifecycle.
“Procurement teams are moving beyond basic contract management – they need intelligent insights that help them maximize the value of every supplier relationship,” said Michel Feaster, Chief Product Officer at Ironclad. “While we have a laser focus on usability and speed of implementation, Ironclad is turning what was once static documentation into actionable intelligence that gives teams the agility to drive impact and act quickly.”
Another detail worth a mention is rooted in the prospect of keeping contract data clean and standardized. User can come expecting, in essence, a new centralized database of Entity Profiles, something which should come in handy to automatically synchronize supplier and customer data with existing business systems.
The idea behind doing so is to eliminate manual data entry and let users access counterparty information which is accurate, up-to-date, and standardized across the entire organization.
Rounding up highlights would be a facility to train AI to surface, and act quickly on, business critical insights. This involves customized data extraction allowing teams to automatically identify, extract, and surface business-specific data, helping them move quickly, with more confidence, and drive business impact.
Among other things, we ought to mention how the stated assortment of tools actually build upon Ironclad’s existing suite of tools for procurement and the wider Ironclad ecosystem, which happens to include best-in-class integrations with tools like Ramp, Coupa, OneTrust, and more.
“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 Feaster. “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.”
