SirionLabs

SirionLabs provides a contract lifecycle management (CLM) platform for enterprises in a variety of industries, including energy, financial services, IT and BPS (business process services), healthcare, pharmaceutical and life sciences, public sector, telecom, and transportation industries.

SirionOne for CLM enables enterprises to perform a variety functions:

• Author smarter contracts in less time than through traditional methods

• Support negotiations with AI-assisted legal review

• Reduce time-to-approval with configurable workflows and auto-approval triggers

• Reduce CLM costs

• Ensure access from anywhere and at any time by migrating contracts to a cloud-based repository

• Monitor contractual relationships and renewal and expiration via a transparent user interface

SirionAI allows users to set up a centralized, access-controlled hub for all contracts and associated artifacts; model contractual relationships; and create a standardized library of clauses, templates, and business rules to carry out the contracting process. SirionAI's contract setup includes the following features:

• Extracting records from other enterprise IT systems such as ERP (enterprise resource planning), CRM (customer relationship management), and P2P (peer-to-peer) using integration adapters

• Employing AI to transform paper documents, PDF files, price tables, handwritten notes, and files authored in other languages into interrogable digital objects

• Storing and viewing digitized contracts and documents in a hierarchical, access-controlled, fully auditable repository with an integrated document viewer

• Creating and managing an enterprise contracting catalog comprising approved templates, clauses, and variations

• Allowing all contracts and associated communications to be accessible from anywhere with Sirion’s mobile app

• Centralizing and maintaining an audit trail of communications, change requests, and more
• Harnessing insights from the user's contract portfolio to uncover hidden risks such as missing and deviating clauses
• Leveraging role-based dashboards to keep track of renewal and expiration events and configuring threshold-based alerts and notifications to respond to opportunities

The company's AI-powered extraction engine simplifies the process of administering contract data by leveraging natural language processing (NLP) and machine learning to identify, extract, and organize unstructured contract content into actionable data.

SirionAI’s self-service capabilities leverage a combination of OCR and NLP to help convert legacy documents into searchable, digital objects, which can be accessed and analyzed easily to support business decision making and risk mitigation. SirionAI is used across industries to support a range of use cases:

• Disaster readiness and response

• Augmentation of contract intelligence

• Compliance readiness

• Simplification of procurement

• Client relationship management

• Merger and acquisition

The SirionOne platform offers a variety of features:

• Self-service contracting with a document assembly wizard and pre-built templates

• Contracts and contract packages containing a hierarchy of MSAs (master service agreements), SOWs (statements of work), and work orders

• Standardization of contract language using AI-suggested clauses drawn from an enterprise-approved clause library

• Reduction of time-to-contract with configurable workflows that can be adapted to business processes with pre-defined triggers and thresholds to automate approvals

• Reference library of accumulated contract and performance intelligence to inform ongoing and future negotiations

• Group chat, user tagging, concurrent editing, and automatic reconciliation and management of all changes to ensure version control

• Monitoring of key contract dates such as renewal and expirations with configurable alerts and notifications

The SirionOne platform also enables users to perform the following tasks:

• Visually monitor performance against contracted milestones, deliverables, and policy and regulatory requirements

• Automate obligation schedules according to preferred frequency, selecting from one-time, recurring, or triggered options

• Ensure that the financial impact of obligations, including payments and penalties, flow directly to the appropriate invoice line item

• Track performance against contractually obligated outcomes in real time

• Enable auto-validation of service levels against raw performance data, which can be supplied through integrations with third-party enterprise systems such as ERP, CRM, proprietary platforms, and file servers

The SirionOne platform has been implemented by an undisclosed global telecom provider to capture unstructured obligations and service levels (in multiple formats and languages) from over 80,000 supplier and customer contracts for risk mitigation and contract management. The platform has also been used in the following cases:

• A multinational pharmaceutical company to digitize and migrate over 50,000 contracts to the SAP Ariba platform

• A manufacturer of rail equipment to enable contract search, comparison, and aggregation for more than 10,000 contracts as part of an M&A (mergers and acquisitions) due diligence process

• An energy company to analyze thousands of customer contracts in fewer than ten days to meet a regulatory deadline