Sirion Partners with IBM to Accelerate Enterprise Contract Management with AI-Powered Contract Lifecycle Management
17.10.2023 15:00:00 CEST | Business Wire | Press Release
Sirion, a leader in AI-powered contract lifecycle management (CLM), today announced a collaboration to embed IBM watsonx to redefine CLM for enterprises. As the first adopter of this combined offering, IBM will also deploy Sirion CLM to help streamline its own order-to-cash (O2C) and source-to-pay (S2P) processes.
Sirion’s Generative AI, embedded with IBM watsonx, is designed to make contracting accessible to everyone in an enterprise while empowering them to mine insights from across contracts, enterprise data, and other data resources. This can enable customers to establish causal connections between business processes and outcomes, unlocking new avenues of growth.
watsonx is IBM’s AI and data platform, designed to help enterprises scale and accelerate the impact of AI adoption to deliver enterprise value through an open and trusted environment. The technology is built with governance that allows customers to create responsible and explainable AI, data and workflows; supports regulatory compliance efforts; and offers visibility to help gauge fairness and transparency.
“We are excited to collaborate with Sirion to accelerate the future of AI-powered enterprise contract management and by their choice to embed watsonx as the backbone,” said Joanne Wright, SVP of Transformation and Operations, IBM. “Sirion’s platform offers a common data model across our core business applications like S/4 HANA, SAP Ariba and Salesforce, and can help operate as middleware by creating a shared data language simplifying IBM's order to cash and source-to-pay processes."
Using Sirion, IBM will be able to establish a common vein of risk and business intelligence that runs across the enterprise, enabling legal, sales, procurement, and finance operations to consume contract intelligence as a service that fuels strategic decisions with global impact.
“By embedding watsonx, Sirion's category-leading AI helps our clients transition their contracts from static documents to dynamic assets at the heart of business strategy. With watsonx embedded inside Sirion, enterprises will now be able to tap into multiple foundation models where they can train and fine-tune these models using their own data,” said Sirion's Founder and CEO, Ajay Agrawal.
With Sirion and IBM collaborating, clients will benefit from the emerging Generative AI contracting experience poised to redefine the contract management landscape for enterprises.
About Sirion:
Bringing together category-leading innovation, unrivaled Contract Lifecycle Management expertise, and a deep commitment to customer success, Sirion helps the world’s leading businesses contract smarter. Powered by intelligence uniquely connected across the complete contract lifecycle, Sirion’s easy-to-use, highly configurable Smarter Contracting platform brings legal, procurement, sales, and business teams together to author stronger contracts, improve risk management, and strengthen counterparty relationships. Sirion is trusted by over 200 of the world’s most successful organizations to manage 5 million+ contracts worth more than $450 billion across 70+ countries. For more information, visit www.sirion.ai.
About IBM:
IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. More than 4,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM's hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM's breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM's long-standing commitment to trust, transparency, responsibility, inclusivity and service.
Visit www.ibm.com for more information.
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Contact information
Media Contact:
Olivia Farber
(949) 542-9232
media.relations@sirionlabs.com
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