By ET Bureau - February 03, 2021 3 Mins Read
SirionLabs, a leader in AI-powered contract lifecycle management (CLM) technology, and KPMG, the audit, tax and advisory firm today announced a strategic alliance focused on helping enterprises accelerate their business transformation journey to drive better outcomes in third party relationships.
Organizations are continuously looking to transform their business across multiple dimensions – revenue, cost, risk, compliance, agility, innovation, collaboration, and more. Central to these transformation objectives is the ability to effectively manage third-party relationships including customers and suppliers, and the underlying contracts that drive those relationships. With KPMG’s experience in solving complex business problems and Sirion’s platform for integrated management of an organization’s commercial relationships, this alliance offers enhanced possibilities for driving business performance.
“We see Contract Management as a strategic enterprise capability that delivers commercial value. All too often we find that contracting is siloed and an administrative burden on sales, procurement and legal. We challenge leaders to think about contracting in a new way. We’re excited to announce that ‘there is a better way’ to approach managing contracting with our relationship with SirionLabs,” said Nicola Brooks, Head of Contract Management Transformation for KPMG Law.
High on the transformation agenda today is digitalization, which has taken center stage during the COVID-19 pandemic. In KPMG’s 2020 Global CEO Outlook survey, 80 percent of CEOs said that more digital acceleration had occurred within the last few months than in the previous few years. A dis-jointed digital transformation strategy, however, can amplify the gaps within a business rather than bridging them.
“Sirion’s industry-leading AI technology offers significant advances. It unlocks our human potential by giving us instant access to critical data, automating non-value-added tasks, and driving behaviors that result in better contracting outcomes with your third-party relationships. The future of contracting is here and we’re ready to deliver it to our clients,” said Toby Yu, KPMG US’s Contract Management Services Leader.
The KPMG-SirionLabs alliance will help clients drive rapid digitalization of the complete lifecycle of supplier and customer engagements (including contract creation, performance management, invoice validation, relationship management, risk management and advanced analytics). At the same time, it will also help our clients deliver a more cohesive enterprise by enabling visibility, alignment and collaboration across major functions including legal, procurement, commercial, sales, delivery, and finance.
“Sirion CLM is uniquely positioned to help enterprises transform into agile, resilient, and cohesive businesses to effectively meet the threats and opportunities of the post-COVID world,” said Amol Joshi, Chief Revenue Officer, SirionLabs. “As the go-to firm for business consulting, KPMG is the trusted advisor helping organizations navigate this journey to future-proof themselves. We are excited and proud to collaborate with KPMG and bring this unprecedented combination of technology and expertise to our clients.”
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