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

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.

Spring 2020 AP Automation: Provider Scoring Summary

This SolutionMap scoring summary analyzes a select group of AP Automation solution providers. It is part of our Spring 2020 SolutionMap report series, also featuring spend analytics, sourcing, supplier management, contract management and e-procurement providers. Our spring release also features a SolutionMap for invoice-to-pay and strategic procurement technology suites.

Spring 2020 Strategic Procurement Technologies (Sourcing, Analytics, CLM and SRM): Provider Scoring Summary

This Spring 2020 SolutionMap analyzes a select group of strategic procurement technology suite providers (inclusive of spend analytics, sourcing, supplier management and contract lifecycle management).

Spring 2020 Procure-to-Pay (P2P): Provider Scoring Summary

The Spend Matters SolutionMap Procure-to-Pay (P2P): Provider Scoring Summary is only available to SolutionMap Members. This SolutionMap analyzes a select group of procure-to-pay solution providers. It is part of our Spring 2020 SolutionMap report series, also featuring spend analytics, sourcing, supplier management, contract management, e-procurement and invoice-to-pay providers.

Spring 2020 Supplier Relationship Management and Risk (SRM): Provider Scoring Summary

This SolutionMap scoring summary analyzes a select group of supplier management (SXM) providers. It includes coverage of supplier information management (SIM), supplier master data management (MDM), supplier performance management and broader initiative management (e.g., risk, third-party management) capabilities. It is part of our Spring 2020 SolutionMap report series, also featuring spend analytics, sourcing, contract management, e-procurement and invoice-to-pay providers.

Spring 2020 Contract Lifecycle Management (CLM): Provider Scoring Summary

The Spend Matters SolutionMap Contract Lifecycle Management (CLM): Provider Scoring Summary is only available to SolutionMap Members. This SolutionMap analyzes a select group of Contract Lifecycle Management (CLM) providers. It is part of our Spring 2020 SolutionMap report series, also featuring spend analytics, sourcing, supplier management (including supplier information management, performance management and risk management), e-procurement and invoice-to-pay providers.

Spring 2020 Sourcing: Provider Scoring Summary

This SolutionMap analyzes a select group of sourcing providers. It is part of our Spring 2020 SolutionMap report series, also featuring spend analytics, contract management, supplier relationship management and risk (SRM), e-procurement and invoice-to-pay providers. SolutionMap also features procure-to-pay and strategic procurement technology suites.

Spring 2020 Invoice-to-Pay (I2P): Provider Scoring Summary

This SolutionMap scoring summary analyzes a select group of invoice-to-pay solution providers. It is part of our Spring 2020 SolutionMap report series, also featuring spend analytics, sourcing, supplier management, contract management and e-procurement providers. Our spring release also features a SolutionMap for procure-to-pay and strategic procurement technology suites.

Provider Scoring Summaries: E-Procurement – Spring 2020

This SolutionMap analyzes a select group of E-Procurement solution providers. It is part of our Spring 2020 SolutionMap report series, also featuring Spend Analytics, Sourcing, Supplier Management, Contract Management and Invoice-to-Pay providers. Our spring release also features SolutionMap for Procure-to-Pay and Strategic Procurement Technology suites.

Spring 2020 Source-to-Pay (S2P): Provider Scoring Summary

This SolutionMap analyzes a select group of source-to-pay solution providers. It is part of our Spring 2020 SolutionMap report series, also featuring spend analytics, sourcing, supplier management, contract management, e-procurement and invoice-to-pay providers. Our Q4 release also features SolutionMaps for Strategic Procurement Technology suites.

Spring 2020 Spend Analytics: Provider Scoring Summary

This SolutionMap analyzes a select group of spend analytics providers. It includes coverage of spend analytics capabilities that encourages subscribers to “peel the onion” beyond cleansing, classification, enrichment and reporting capabilities alone. It is part of our Spring 2020 SolutionMap report series, also featuring sourcing, supplier management contract management, e-procurement and invoice-to-pay providers.

Release note: Accounts Payable (AP) Automation is new for the Spring/Q1 2020 SolutionMap

Spend Matters is pleased to announce the debut of a new SolutionMap category — AP Automation — for today’s Spring/Q1 2020 SolutionMap release. AP Automation has been released in addition to the Invoice-to-Pay SolutionMap ranking and 11 other technology categories. This release note provides SolutionMap Insider subscription members with details about the evaluation process.

Six vendors are ranked in the category for this release, when SolutionMap is shifting from quarterly updates to spring and fall updates. This is the last quarterly release and the first spring release, so you’ll see it labeled “Spring/Q1.”

This category undergoes the same rigorous two-part process where Spend Matters’ analysts compare vendors by examining hundreds of solution capabilities and ranking vendors according to feedback from the providers' own customers.

AP Automation includes solutions and services that support the processing and payment of invoices. These solutions include e-invoicing capabilities such as invoice capture and digitization, invoice validation, invoice matching, GL coding and approvals. They also support payment-related functionality for payment file creation, mass payments (p-card, check, ACH, FX), one-time payments (v-cards, PayPal), payment reconciliations, credit memo management, trade financing (early payment and dynamic discounting) and payment transmission (including cross-border). Solution vendors may also provide some level of supplier management and supplier collaboration via supplier networks and/or portals.

AP automation is a major portion of the Invoice-to-Pay (I2P) technology market and will be harmonized with the broader I2P SolutionMap category in the future. For now, it will be considered a standalone map.

For this Spring/Q1 2020 release, three existing SolutionMap participants expanded their categories to include AP Automation, and three vendors in the AP Automation category are new to SolutionMap. If an existing provider expanding into AP Automation had previously received Invoice-to-Pay customer references, they were applied to the AP Automation category. The set of AP Automation customer references had 15 new individual customer references for this release.

The new providers are:

* SoftCo
* Tipalti
* Yooz (participated in I2P in past SolutionMap cycles)

Those providers expanding into AP Automation are:

* Basware (also participating in P2P)
* Tradeshift (also participating in P2P)
* Coupa (also participating in S2P and CW/S)

All readers can get a first look at the free Spring/Q1 2020 SolutionMap rankings here.

SolutionMap Insider members can learn more about each vendor in the Spring/Q1 2020 Provider Scoring Summary reports right here.

Read the full release note for more details on the evaluation process.