What is SirionLabs?
Sirion’s genesis began in 2013 when its founders realized that complex services contract governance is lagging behind in use of technology. Technology which has been used by the industry at large, to drive efficiency and productivity, has not been effectively used to apply in the area of complex services contract governance. This ineffective use of technology was not only causing ineffective governance but when it came to complex contracts was resulting in significant revenue leakage.
Ineffective use of technology in addition to revenue leakage, was also resulting in a significant drop in relationships between the buyer and supplier. This loss of relationship resulted in loss of trust and thus impacted the supplier’s ability to generate more business from the buyer. Thus, not having the right technology to perform contract governance, resulted in undesirable impact to both the buyer and the supplier.
Sirion was thus focused on creating a bridge that would get both the buyer and the supplier on a single platform that would build consensus, agreement on expectations, transparency and therefore trust on both sides of the spectrum. Sirion is therefore built to partner between both the buyer and the supplier. In doing so, for Sirion, both the buyer and the supplier in a contractual relationship are key partners, whose use of Sirion as the common platform is the key to their successful relationship. In this sense Sirion is built to be a platform that is agnostic to any particular type of partner – whether they be consumer of the services or a provider of the services.
A summary of the key differentiators for Sirion is provided below:
•Sirion is the only contract management software that truly integrates the full lifecycle management on a single platform - from contract authoring to contract, performance, financial, relationship and risk management.
•While other traditional contract management systems were designed to manage goods/commodities contracts and hence focus on the pre-signature processes, Sirion is the only CLM purpose-built for managing complex services contracts with unmatched functionality depth and automation for managing the contract after signature. Sirion’s unique approach enables enterprises to drive 15-20% higher value in their strategic services contracts.
•It performs a three-way reconciliation of performance (what actually happened) and invoice (what was invoiced) data against contracted obligations (what should have happened). This unique reconciliation is critical for complex services transactions and is not offered by any other system on the market today.
•Sirion differentiates itself from the competition by delivering a tangible ROI for its clients. Through auto-reconciliation of performance, invoices and the contract, Sirion enables clients to reduce the value of supplier invoices by ~10% in strategic services on account of invoicing errors.
•Another key differentiator for Sirion is its machine-assisted data extraction capability that enables a comprehensive capture of obligations from the contract creating unprecedented visibility into the contract portfolio at the individual obligation level.
•It reduces the manual effort involved in governance of complex contracts by 44% through automation. While other systems function primarily as reporting tools overlaying the actual work performed and therefore add significantly to the overall effort, Sirion was designed to eliminate manual effort as much as possible.
•It was designed to reduce friction with suppliers by allowing both parties access to a single set of data within the necessary levels of access control and focuses dialogues on facts rather than opinions. It is the only CLM that automates the management of governance meetings, actions, issues and disputes on the system.
•Sirion eliminates functional silos (procurement, sales, operations, legal, finance, etc.) by integrating with existing enterprise systems across these functions (e.g. P2P, GRC, ERP, etc.) thereby improving collaboration and alignment.
•It is the only contract management system on the market designed from the outset for complex, multinational environments and for environments with unique operating structures. As a result of this level of integration and flexible design, Sirion accommodates organizations that operate within unique structures such as a project orientation that other non-integrated systems do not accommodate.
•It generates advanced analytics, allowing comprehensive drill downs (vs. partial drill downs) on all reports and graphs to determine the root cause of the problem. In addition, the software was designed to provide feedback as to the effectiveness of parts of the contract by completing a feedback loop from issues/actions/performance to the relevant contract clause.