Sirion is the industry pioneer in contract lifecycle management using artificial intelligence (AI) (CLM). By combining category-leading innovation, unmatched contract management knowledge, and a strong commitment to client success, we help the top organisations in the world contract more intelligently. Sirion’s simple-to-use, highly adaptable CLM platform empowers legal, procurement, sales, and business teams to draught stronger contracts, enhance risk management, and fortify counterparty relationships thanks to intelligence that is uniquely integrated across the entire contract lifecycle.
What distinguishes Sirion from other Indian suppliers of CLM solutions?
More than 250 prestigious enterprises have put their trust in Sirion to manage 5 million+ contracts worth more than $450 billion across 70+ countries. Their full-lifecycle platform, deep AI capabilities, unified but expandable platform capabilities, and superior customer experience set them apart from other players in this market. These are just a few of the factors that make them the leading CLM provider in the eyes of industry analysts. In fact, Sirion was recently recognised as a Leader in the 2022 Gartner Magic Quadrant report, and in the 2022 Gartner Critical Capabilities for Contract Life Cycle Management report, they rated first in three out of five use cases, including the whole lifecycle use case.
Why is contract automation important to organisations and how is it affecting how we conduct business?
A contemporary CLM system links various teams within an organisation and provides them with access to a central repository where they can search for, get hold of, and analyse valuable contract data. Businesses may streamline procedures and concentrate on strategic efforts that increase profitability and decrease revenue leakage thanks to this one source of truth.
Sirion’s end-to-end platform offers a strong tool to stay connected and boost productivity as businesses continue to adjust to largely remote work contexts where digital contracts and workflow automation are more crucial than ever. Their clients claim contract cost reductions of 25% or more and 100% return on investment (ROI) after deploying Sirion, making it a priceless resource in times like these.
How, in the midst of the global economic downturn, is CLM a business requirement that is propelling IT spending?
Businesses are hesitant to invest due to inflation in the US, a conflict in Europe, and supply chain disruptions caused by lockdowns in China. Technologies that lower uncertainty, manage risk, and clearly affect the bottom line are those that businesses are most willing to invest in.
For these reasons, CLM software, a technology that attracted a lot of interest during the epidemic, will continue to flourish. The ability to view all sources of revenue as well as contractual responsibilities in one location is one of the key benefits that contract management software provides. Without knowing where the money is going and the repercussions of contract termination or renegotiation, it is challenging to rein in spending.
Additionally, CLM aids in quickly identifying the areas in which businesses can immediately have the biggest impact. How do businesses maintain their own earnings while everyone is trying to decrease costs? An excellent place to start is with better contract management. According to data from World Contracting & Commerce, bad contract administration can cost businesses 9% of their income.
These are some of the factors that caused expenditure on contract management software to rise during the pandemic, and they also explain why it is anticipated that the market will more than quadruple by 2027, hitting $3.3 billion.
How does AI alter the contract analytics landscape and how does it significantly influence how they operate?
Analytics for contracts is being fundamentally transformed by AI. An AI-powered CLM solution extracts significant insights from even the largest contract portfolio’s extensive data to aid businesses in spotting dangers and seizing opportunities. Contracts become dynamic sources of deep analytics as opposed to static documents.
The Sirion platform’s deep AI capabilities, which are based on a foundation that integrates machine learning and natural language processing, are one of its primary differentiators. Our robust in-house AI engine provides deep analytical capabilities and reveals the intelligence concealed in contracts. To control risk, assure compliance, find opportunities, and enable data-led decision making, businesses can query digital contracts to tap into a continual stream of insight. The system also provides data-based insights that can be used to gain an advantage in negotiations.
How does SirionLabs want to increase its market in India going forward?
Major Indian companies are prioritising digital transformation in order to gain a competitive edge in the post-pandemic commercial environment. CLM is at the forefront of the growing emphasis on new business technologies. Many Indian enterprise businesses are prepared to use CLM software to kickstart their digital revolutions. These businesses require a CLM provider who can aid in their expansion as they strive to compete on a worldwide level. Sirion is increasing its investment in India by opening offices in important urban centres including Gurgaon, Bengaluru, and Pune.
