Gartner acknowledges SirionLabs as a representative vendor in its ‘Market Guide for Contract Life Cycle Management’ report
The market guide signals an evolution in Contract Lifecycle Management from an operational record-keeping system, primarily used for legal audit purposes, to an enterprise-level core system addressing business risk, costs and the pursuit of revenue maximization.
Troy, MI, 11 August 2015: SirionLabs, the leading provider of advanced supplier management technology solutions, today announced that it has been included as a representative vendor for contract lifecycle management (CLM) solutions in Gartner’s new report ‘Market Guide for Contract Life Cycle Management’. Published on 16th July 2015, the report is authored by Gartner analysts Nigel Montgomery and Deborah Wilson. Through late 2014 and into 2015, Gartner gathered information from a cross-sample of 30 vendors of CLM solutions, plus a number of their customers, in order to provide a Market Guide for CIOs, IT leaders and line-of-business management to be leveraged when identifying and selecting vendors to support CLM process maturity.
The report states that the CLM market is poised for strong growth and estimates that “CLM has the potential to become a $2.8 billion+ solution market in the U.S. alone. Europe would likely equate to double that opportunity.” The report further adds “Market trends are forcing recognition that CLM is no longer a nice-to-have capability: It’s a priority. These trends include an increase in global business velocity requiring faster execution of the contracting process; increased demands on governance, risk and compliance (GRC) management; a push for legal self-service to reduce operational costs and handle increased volumes; digitization of paper contracts, embracing e-signature and so forth; the move by many companies toward more diverse sales and licensing models; companies’ expansion into new markets (including merger and acquisition activity); increased personalization of customer requirements”.
“Contract management is fast evolving out of its traditional existence within the legal function and assuming a more strategic role across the enterprise.” said Ajay Agrawal, founder and CEO, SirionLabs, adding, “We believe that Sirion’s unique approach responds to this changing reality by seamlessly integrating contract management with performance, financial, relationship and risk management throughout the lifecycle of the contract”.
Other 2015 Gartner reports that include SirionLabs are ‘Cool Vendors in Procurement and Sourcing Technology’ published in April 2015 which listed SirionLabs as a Cool Vendor and ‘Emerging Services: Contract Life Cycle Management Business Process Outsourcing’ published in January 2015 which listed SirionLabs as a prominent vendor.
SirionLabs’ cloud-based platform, Sirion, harnesses the power of structured data to radically simplify supplier governance, enabling organizations to extract maximum value out of their strategic sourcing relationships. Sirion integrates all key aspects of supplier governance – contract, performance, financial, relationship and risk management – on a single platform enabling buyer organizations to evaluate supplier performance against underlying contractual obligations, and validate invoices against actual performance data.
Gartner subscribers can read the full report here – https://www.gartner.com/doc/3096023/market-guide-contract-life-cycle.
Source: Gartner, Inc., Market Guide for Contract Life Cycle Management, Nigel Montgomery and Deborah R Wilson, 16 July 2015
Gartner, Inc., Cool Vendors in Procurement and Sourcing Technology, 2015, Deborah R. Wilson and Magnus Bergfors, 13 April 2015
Gartner, Inc., Emerging Services: Contract Life Cycle Management Business Process Outsourcing, Nigel Montgomery and Cathy Tornbohm, 30 January 2015.
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