Sirma Contracts Rated by CIO Review Magazine for One of the 20 Most Promising Enterprise Contract Management Solutions
Modern businesses create and manage a vast array of contracts with increasing complexities in following the laws and regulations. Managing or deciphering contracts involves using too many different applications on an everyday basis to execute simple business decisions. Sirma Enterprise Systems, the U.S. division of Sirma Group, has constructed a simple framework for contract lifecycle management with their Sirma Contracts solution. The solution simplifies contract lifecycle management and maximizes the possibilities for its clients to work at a faster pace and access the information, relating to contracts seamlessly. Sirma Contracts leverages semantic technology to aggregate contract data from disparate sources and creates a business relationship between the various parties in one place, allowing users to instantly gather all relevant information pertaining to one employee, client, vendor, etc.
Shamit Patel, Director of Sales and Daniel Scott Shiels, Director of Business Development
Sirma Contracts comes forth with a plan to overcome the challenges of contract management by defining business objects involved such as contract parties and vendors. This gives each user powerful searching capabilities whether it is searching for one document or every agreement that is expiring in the next twelve months with a contract value over $10,000, for example.
Our solution was created to streamline contract management by leveraging artificial intelligence and semantic technology to reduce human error
Elaborating on the features and functionalities of the solution, Shamit Patel, Director of Sales of Sirma Group says, “Our solution was created to streamline contract management by leveraging artificial intelligence and semantic technology to reduce human error.” One of the key distinctions of the solution is how metadata is extracted automatically from agreements to analyze data and create meaningful reports. Furthermore, Sirma staff work with their clients to customize the environment and workflow processes to create a solution that addresses each organization’s unique needs and challenges.
Sirma Contracts can also be integrated seamlessly with third party applications with the help of Sirma’s development team.
Some other key features that are found in Sirma Contracts include a workflow approval process allowing clients to approve and execute agreements in the solution and a Microsoft Office integration allowing clients to edit documents offline, upload documents into Sirma Contracts and track changes between different versions of an agreement with ease.
Sirma Group is in its 25th year of building success stories. In one instance, prior to using Sirma Contracts, a pharmaceutical company was conducting all of their contract management processes manually. With increasing new types of medications sourced by distributors, the company faced challenges in managing products and keeping track of the distributors. With the help of Sirma Contracts, the pharmaceutical company was able to meet their demanding needs to manage contracts with their distributors. The company can now easily track the record of drugs with the number of units sold, determining how far it has been distributed and how successful it has been in the marketplace. The solution has also benefitted the company in analyzing distributors’ perspective towards which drug shall be purchased and developed, also which drug need less investment. This gave an entirely new level of business intelligence when it came to analyzing data for meaningful information.
Sirma Group is looking forward to creating valuable partnerships and unveiling itself to key opportunities in the contract management arena. Explaining the importance of how businesses need to evolve over a period, Daniel Shiels, Director of Business Development of Sirma Group states,
“Our solution is designed to change, modify and adapt to the growing needs of our clients in the contract management landscape.”
The company is successfully utilizing its client feedback to continue improving their solution, such as working towards releasing a mobile application in the immediate future.