Name: Sirion Labs
Type of App: Supplier and Vendor Management
Founders/Management: Ajay Agrawal, Claude Marais
Managing complex services and capital projects today is not just a challenging undertaking, it can also result in considerable wastage considering supplier spends that today exceed US$1 trillion globally are accompanied by leakages of around US$80-120 billion, just on the buy side.
In fact, research from outsourcing consulting firm Alsbridge indicates "anywhere from 40-70 percent of the original cost savings identified in the business case of outsourcing can be lost if an effective vendor management office (VMO) is not established."
Sirion aims to alleviate this pain by helping businesses simplify the management of key suppliers and address problems in enterprise governance by delivering critical intelligence, on demand, through its structured data approach.
The company’s software allows you to manage the key elements of the supplier management lifecycle, from contract through to risk management, with help from insights into performance data across industries, services, clients and suppliers. A dashboard helps ensure suppliers and their clients are on the same page when it comes to project minutiae.
In essence, organisations are now able to do several things at once that rein in costs, increase governance and drive efficiency. They can create a single system of record, standardize processes, and allow for a frame of reference when comparing a wide array of suppliers in disparate regions. By automating traditional governance processes and delivering real-time data-driven insights, they can re-focus on the more core aspects of their business that were taking a hit.
Sirion Labs was founded in 2012 by Ajay Agrawal (who earlier founded UnitedLex Corporation, a provider of legal process outsourcing and strategic legal technology solutions, in 2006), and Claude Marais (who developed governance solutions at General Motors and Coca-Cola). The company recently raised US$4.7M in Series A funding from Sequoia Capital.