Using machine learning algorithms that analyze more than 1 million contracts per day, the new product helps businesses pull key insights from contracts to improve strategic decision making, risk mitigation, and operational efficiency.
Gurugram-based SirionLabs announced the release of its new analytics and contract extraction product, SirionAE. Using the AI-driven platform, organizations can easily digitize their legacy contract portfolio, and gain full visibility into risks, entitlements and obligations from a central dashboard automatically. SirionAE delivers a higher level of insights than competing products at 5-times the speed and 50% of the cost with no compromises.
SirionLabs, the SaaS leader in enterprise contract management (CLM), helps enterprises manage the complete contracting lifecycle on a single, easy-to-use platform. Founded in 2012, SirionLabs applies breakthroughs in artificial intelligence technology to meet the needs of businesses in the digital age.
Sirion’s AI-powered capabilities – from smart contract authoring to auto-contract extraction, advanced obligation management and collaboration – enable enterprises to drive business velocity and outcomes, reduce risk and enhance revenue and savings in commercial engagements. With more than 500 employees across three continents, SirionLabs enables leading companies such as Vodafone, Unilever, BP, Credit Suisse and EY to manage over 3.5 million contracts across 100+ countries.
Reduces skyrocketing cost of contract analytics and management
IACCM research shows that poor contract management costs companies 9% of their bottom line. At the heart of poor contract management is the inability of most businesses to effectively access the critical business information ‘hiding’ deep within their contracts. This creates significant risk, operational challenges, and financial leakage for businesses daily, which gets further amplified during crises such as natural disasters and pandemics and events such as regulatory changes, audit requests, and mergers & acquisitions.
According to the press release, legacy approaches have failed to address these gaps effectively. Manual extraction is slow and prone to errors, while conventional CLM and contract discovery tools prove to be expensive, cumbersome to configure and address limited use cases due to their narrow and basic extraction capabilities.
Unlike other software tools, SirionAE goes beyond basic metadata to capture out-of-the-box 100+ fields across clauses, obligations, service levels, rate tables and more to digitize the heart of legal and business promises made, and consequences if those promises are not kept, between counter-parties. The system replaces rule-based AI with neural-network-based technology that can re-train itself on new contract types within days, versus weeks and months. It helps businesses pull insights from complex contract types across procurement, sales, finance, legal, operations, and delivery.
SirionAE, while natively integrated into the Sirion CLM platform, as a stand-alone product, can accelerate the ROI on a company’s existing investments in digital contract repository, document management, P2P and ERP solutions.
“Organizations still face massive challenges in extracting valuable insights from digital contract repositories during M&A due-diligence, repapering exercises to adapt to new regulations such as GDPR, disruptions such as Covid-19 and for managing their own legal and operational obligations to customers or those of their vendors,” said Ajay Agrawal, chief executive officer and founder of SirionLabs. “SirionAE will significantly lower the barrier for companies who need a better way to manage agreements, but can’t afford the high costs and durations associated with risk analysis, diligence, and compliance.”