Gartner Cites SirionLabs as a Sample Vendor in Hype Cycle Report for Procurement and Sourcing Solutions
Procurement, IT and supply chain leaders can use this Hype Cycle to understand the maturity, benefit ratings and viability of the various solutions available to help procurement and sourcing use organizations’ money wisely.
Troy, MI, 09 September 2015: SirionLabs, the leading provider of advanced supplier management technology solutions, today announced that it has been included as a sample vendor in Gartner’s Hype Cycle for Procurement and Sourcing Solutions, 2015 report. Published on 3rd August, the report is authored by Gartner analysts Magnus Bergfors and Deborah Wilson.
SirionLabs has been cited as a sample vendor in the Statement of Work (SOW) Services P2P Solutions category, defined in the report as “specialized enterprise applications configured out-of-the-box to govern the financial and SLA-performance-tracking aspects of complex services agreements.” The report states “Specialized SOW procurement solutions offer high value to organizations with $50 million or more in annual SOW services spending. Most organizations have very little control over SOW-based spending and, therefore, they routinely overpay suppliers vis-à-vis duplicate payments, payments at inflated rates, and reimbursements for noncompliant items such as first class travel arrangements.” Examples of common services procured through a statement-of-work-type service contract include outsourced application support, legal services, grounds maintenance, printing services, business consulting services and exploration services.
“SOW services such as IT Outsourcing, BPO, 3PL and Facilities Management constitute a substantial portion of the strategic sourcing portfolio for large global organizations. Specialized technology is required to address the challenges of value leakage and contract non-compliance in such complex SOW engagements”, said Ajay Agrawal, Founder and CEO, SirionLabs, adding, “Sirion’s advanced reconciliation of the contract, performance and invoice data enables Fortune 500 companies to extract the full value from their SOW services engagements. We believe this recognition by Gartner reinforces our product’s value to our customers.”
SirionLabs’ cloud-based platform, Sirion, harnesses the power of structured data to radically simplify outsourcing 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 download the full report here – https://www.gartner.com/doc/3104921/hype-cycle-procurement-sourcing-solutions
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