AI-powered contract lifecycle management (CLM), Sirion 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.
Giving more information about the collaboration, a release said that the company’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, it added.
“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, the company added.