Contract lifecycle management innovator SirionLabs recognized for its role in transforming how enterprises engage with each other in commercial engagements
Spend Matters, one of the top analyst firms in the procurement space, publishes the annual listing of ‘50 Providers to Know’ recognizing best-in-class providers of procurement technologies and services. The list is highly regarded as a go-to resource for procurement organizations for their vendor selection decisions. This is the fifth year in a row that SirionLabs has received this recognition.
Commenting on SirionLabs’ inclusion in the list, Nick Heinzmann, Research Analyst, Spend Matters said, “In a world where everything businesses purchase is increasingly consumed “as a service,” contracts are taking on increased importance as a commercial system of record for all transactions, processes and obligations that a company must manage.
“SirionLabs is a contract lifecycle management solution uniquely positioned to address this challenge, bringing not only top-tier contract management functionality but also specialized capabilities for driving ROI from complex services projects.
“The firm’s mix of strong technical performance, consistent customer satisfaction metrics and vision for extending the reach of CLM activities make it an obvious Provider to Know — for the last four years and again for 2020,” Heinzmann said.
Ajay Agrawal, Co-founder and Chairman, SirionLabs, said, “We are pleased to be recognized yet again by Spend Matters as a best-in-class procurement technology company. For far too long, CLM has remained a peripheral technology for enterprises – offering limited value as an efficiency tool. We are changing this with Sirion CLM which was built as a front-end collaboration tool to bring businesses closer together.
“With its AI-powered functionality across the full lifecycle of buy-side and sell-side engagements, Sirion operates as a core technology for our clients enabling their business alongside other key technologies like ERP, P2P and CRM,” Agarwal said.
Gartner had named SirionLabs a Visionary in Gartner’s Inaugural Magic Quadrant for Contract Life Cycle Management.
The evaluation was based on Completeness of Vision and Ability to Execute.
As part of the research, Gartner had evaluated 12 CLM vendors across 15 criteria. SirionLabs had been positoined in the Visionary Quadrant, a position driven by Sirion’s innovative capabilities including AI-powered contract authoring, auto-extraction of obligations and granular tracking of performance and compliance against contractual obligations.
Gartner estimates that “By 2023, artificial intelligence (AI) will enable 30% faster contract negotiation and document completion processes in organizations that deploy leading CLM solutions.”
The report added: “Historically, the CLM vendor market has been highly fragmented, with vendors narrowly focused on specific groups of stakeholders (e.g., legal, procurement or sales), making it difficult to evaluate them side by side. That has begun to change, as vendors evolve into enterprise-level solutions that can be used across all contract types. Customers expect that the capabilities of any leading CLM solution, regardless of its target audience, should excel at all stages of the contract life cycle.”