SirionLabs, global leader in AI-powered contract lifecycle management (CLM), announced that it has won the Americas Innovation & Excellence Award 2022 for Strategic Achievement by World Commerce & Contracting (WorldCC), a global not-for-profit association focused on contracting and commercial relationships. One of five categories, the Strategic Achievement Award recognizes team-led initiatives that have addressed organizational challenges and led to measurable improvement in goals and objectives.
Sirion’s award was based on the outcome of its CLM implementation at BNY Mellon in 2019. BNY Mellon, the world’s largest custodian bank and securities services company, was overwhelmed with the influx of contracts and process-based challenges, which were costing the company time and resources, as well as value leakage. To address these challenges, the global bank sought out the support of Sirion’s CLM platform.
Sirion uses AI-enabled contract authoring modules to help automate contract drafting, editing and completion processes. Each contract drafted is backed up with data from previous contracts, providing optimized suggestions based on past terms, clauses, and obligations in each new contract. Once the contracts are active, Sirion takes the extra step to track executed contracts after signature to monitor obligation compliance and measure performance to avoid suboptimal results.
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Through a collaborative, customized implementation of Sirion, BNY Mellon is now able to streamline contract creation, review and approval processes across business units, comply with regulations without the need for legal review, track each contract’s success, and unlock hidden value. In so doing, Sirion has helped BNY Mellon recover millions of dollars from across the supply chain. It also allows BNY Mellon to process hundreds of new contracts per month with users across business units.
“Reduced contract cycle times as well as the ability to capture, analyze and act upon contract insights have given BNY Mellon a significant strategy boost,” said Scott Quinn, Vice President of Customer Success at Sirion. “We are pleased to have this recognized by the contracting experts at WorldCC.”
According to WorldCC, Fortune 1,000 companies manage anywhere from 20,000 to 40,000 active contracts at any given time. Without the proper infrastructure in place to take care of each contract from beginning to end, it can be too much for a corporation to ensure success for each one. SirionOne gives companies like BNY Mellon time back, while ensuring successful contracts from start to finish and returning lost value to their company.
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“With Sirion, BNY Mellon has been able to further its success with a more secure and process-based way of executing contracts,” said Joe Classen, Head of Enterprise Sourcing Operations at BNY Mellon. “Sirion has also helped us increase efficiency by reconciling contract data and extracting key legal clauses to inform and drive contract activities in an effort to reduce and mitigate risks.”
“Contract lifecycle management provides an effective path to digital transformation,” said Tim Cummins, President of WorldCC. “Sirion’s award for Strategic Achievement reflects the robust capabilities of its AI-driven CLM platform, achieved through its implementation at BNY Mellon.”
This award follows on the heels of an impressive list of analyst recognitions. Most recently, Sirion received the highest ranking for the Life Cycle Use Case in the 2022 Gartner Critical Capabilities for CLM report, was named a Leader in the 2022 Gartner Magic Quadrant for Contract Life Cycle Management, and was recognized as a Gold Medalist and Leader for CLM in 2022 SoftwareReviews.
