SirionLabs named a Cool Vendor in Procurement and Sourcing Technology report by Gartner

Troy, MI, USA, 23 April 2015: SirionLabs, a pioneering enterprise SaaS provider focusing on post-signature management of strategic supply engagements based on complex contracts, today announced that it has been named a Cool Vendor in Gartner, Inc.’s “Cool Vendors in Procurement and Sourcing Technology, 2015” report authored by analysts Deborah R Wilson and Magnus Bergfors, published April 13, 2015. Each year, as part of the Cool Vendors research, Gartner identifies emerging companies that offer unique and disruptive technology solutions.

This year’s Cool Vendors in Procurement and Sourcing Technology report recognizes vendors who are “tackling thorny, persistent challenges in the procurement and sourcing technology marketplace with fresh ideas and new capabilities”. The report points out that managing contracts across a wide spectrum of vendors will not be easy where poor contract management skills and practices exist. The report recommends looking beyond traditional but marginally adequate devices, such as blanket orders and frame agreements, to emerging solutions for service procurement governance and process support. This recommendation is supported with the following observations:

• By 2017, 90% of large buying organizations will abandon one-size-fits-all procure-to-pay solutions due to their inability to maximize ROI
• A number of technology start-ups are tackling inadequately solved challenges in service procurement and contract management

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. By improving trust and transparency in strategic supply engagements, Sirion drives stronger buyer-supplier relationships, reduced value leakage, and enhanced compliance.

“We are pleased to have been recognized as a Cool Vendor by Gartner” said SirionLabs’ CEO Ajay Agrawal. “Managing supplier performance and relationship in complex services engagements is a critical challenge for buyer organizations throughout the world. We believe Gartner’s recognition of this emerging category of supplier governance in the 2015 Cool Vendor Report reflects the growing global consensus on the importance of this problem and feel this further reaffirms SirionLabs’ leadership in this category,” he further added.

Gartner subscribers can read the full report here – Cool Vendors in Procurement and Sourcing Technology, 2015.

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