CXOtoday News Desk

Full lifecycle platform and deep AI capabilities set Sirion apart from other enterprise players

CXOToday engaged in an exclusive interview with Mr. Ajay Agrawal, Founder and CEO of SirionLabs

Tell us about Sirion’s main services and products.

Sirion is the global leader in artificial intelligence (AI)-based contract lifecycle management (CLM). We help the world’s largest companies make smarter deals by bringing together cutting-edge innovation, unparalleled contract management expertise, and a deep commitment to customer success. Powered by uniquely connected intelligence across the contract lifecycle, Sirion’s easy-to-use and highly configurable CLM platform enables legal, procurement, sales and commercial teams to draft stronger contracts , improve risk management and strengthen relationships with counterparties.

What sets Sirion apart from other CLM solution providers in India?

More than 250 leading organizations trust Sirion to manage more than 5 million contracts worth more than $450 billion in more than 70 countries. What sets us apart from any other player in this industry is our full-lifecycle platform, deep AI capabilities, unified yet extensible platform capabilities, and best-in-class customer experience. These are just a few of the reasons why industry analysts recognize us as the leading provider of CLM. In fact, Sirion was recently named a Leader in the 2022 Gartner Magic Quadrant, and we ranked first in three out of five use cases, including the full lifecycle use case, in the 2022 Gartner report. Critical Capabilities for Contract Life Cycle Management.

How is contract automation changing the way we do business and why is it important for businesses?

A modern CLM system connects different teams within a company, giving them access to a central repository where they can search, retrieve and analyze valuable contract data. This single source of truth enables companies to streamline processes and focus on strategic initiatives that drive profitability and reduce revenue loss.

As businesses continue to adapt to largely remote working environments where digital contracts and workflow automation are more important than ever, Sirion’s end-to-end platform provides a powerful tool to stay connected and increase efficiency. It’s an invaluable resource at times like these, and our customers report contract cost reductions of 25% or more and 100% return on investment (ROI) since implementing Sirion.

Why is CLM a business need driving IT spending even in this global economic downturn?

Between inflation in the United States, a war in Europe and the ripple effect of lockdowns in China disrupting supply chains, companies are in a cautious mood about spending. The technologies companies are most likely to spend on are those that reduce uncertainty, mitigate risk and have a demonstrable impact on the bottom line.

CLM software, a technology that has garnered a lot of attention during the pandemic for precisely these reasons, will experience steady growth. One of the great benefits of contract management software is the ability to see every source of spend as well as contractual obligations in one place. It’s hard to slow spending without knowing where the money is going and without knowing the consequences of terminating or renegotiating a contract.

CLM also helps to quickly identify areas where companies can immediately make a difference. On the revenue side, if everyone is in cost-cutting mode, how do companies preserve their own revenue? Better contract management is an ideal starting point. Data from World Contracting & Commerce shows that poor contract management can cost companies 9% of revenue.

These are some of the reasons why spending on contract management software has skyrocketed during the pandemic and why the market size is expected to more than double, reaching $3.3 billion by 2027.

How is AI changing the game of contract analysis and how is it playing a major role in how they work?

AI completely transforms contract analysis. An AI-powered CLM solution leverages rich data from even the largest contract portfolio to provide invaluable insights that help businesses detect risk and identify opportunities. It transforms contracts from static documents into dynamic sources of in-depth analysis.

One of the key differentiators of the Sirion platform is its deep AI capabilities built on a foundation that combines machine learning and natural language processing. Our powerful in-house developed AI engine unleashes the intelligence hidden in contracts and provides deep analytics capabilities. Businesses can interrogate digitized contracts to tap into a constant flow of intelligence to manage risk, ensure compliance, uncover opportunities and enable data-driven decision-making. The system also offers insights based on past contract data, which can be leveraged to gain an advantage during negotiations.

How does SirionLabs see India as a moving market and plans for growth?

Digital transformation has become a priority for major Indian companies seeking competitive advantages in the post-pandemic business world. And the growing attention to new business technologies puts CLM at its center. A large number of companies in India are ready to trigger their digital transformation with CLM software. These organizations need a CLM provider that can support their growth as they strive to compete globally. Sirion continues to invest in India by expanding its presence with offices in major metropolitan areas such as Gurgaon, Bengaluru and Pune.

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