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SirionLabs: What Makes It Great (Contract Lifecycle Management SolutionMap Analysis)

08/03/2020 By

Editor’s note: This “What Makes It Great” column is normally reserved for SolutionMap Insider subscribers, but SirionLabs has generously agreed to support access for readers who are not yet members.

In a world where everything that 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.

This system of record includes not just basic facts and risk transferring mechanisms for contract parties but also cooperative elements that define how a relationship will generate value — from project milestones and contingencies to complex payment conditions.

And it extends beyond simple functional boundaries, too, putting contract management at the core of all enterprise processes, whether they begin in sales, legal, procurement or elsewhere.

This conceptual framework for contracts, which Spend Matters calls commercial value management (CVM), is an emerging ambition within organizations looking to raise their contract management maturity to new levels. But a major hurdle exists to doing so: Not all contract lifecycle management (CLM) solutions have the necessary capabilities to support such a vision.

SirionLabs, a contract lifecycle and obligation management platform, is one of a handful of firms that can play in this new CVM space — while also maintaining a highly competitive position in the traditional CLM market. The Seattle-based vendor achieves both feats by infusing strong core CLM functionality with a unique set of surrounding capabilities for post-signature obligation management and AI-based content extraction.

Customers, too, cite many strengths in SirionLabs’ solution approach, particularly its commitment to driving fast ROI and continuous innovation informed by client needs. But where does SirionLabs stand out most and help “set the bar” in CLM, and why should this matter for businesses?

Let’s delve into our SolutionMap benchmark to find out where SirionLabs is great.

“What Makes It Great” is a recurring column for SolutionMap Insider subscribers. The columns share insights from SolutionMap updates, which rank offerings from more than 65 vendors in 13 technology areas of procurement. The updates are released in the spring and fall. Based on SolutionMaps’ rigorous evaluation process by our analysts and customer reference reviews, these columns offer quick facts on the vendor, describe where it excels, provide hard data on where it beats the SolutionMap benchmark and conclude with a checklist for ideal customer scenarios in which procurement, finance and supply chain organizations should consider it.

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SolutionMap: What Makes It Great