SimpliContract is a Bengaluru-based start-up which offers an AI (Artificial Intelligence) and SaaS (Software-as-a-service) based Contract Lifecycle Management Platform. Simply put, the platform uses modern technologies like AI and Natural Language Processing (NLP) to make contract creation more accessible and also helps facilitate ‘post-signature contract management practices’.
The start-up recently raised $1.8 M in a seed funding round backed by Kalaari Capital, Picus Capital, Arka Ventures, and Digital Sparrow Capital.
How SimpliContract Supports Organisations
SimpliContract’s platform and services help to manage end-to-end contract lifecycles for organisations. Creating and managing contracts is a critical task since there is frequent back-and-forth between both internal as well as external stakeholders like Vendors and Customers for:
- New contract creation
- Renewal of existing contracts
The collaboration is often a tedious process which SimpliContract helps ease.
Most importantly, SimpliContract is aimed at shortening the contract lifecycle, and to make sure that compliance and regulations are adhered to. The start-up is determined to improve the decision making process for organisations with respect to contract creation and management.
Their SaaS platform’s simplified user interface is what ticks with organisations. With the help of SImpliContract’s solution, organisations can achieve higher efficiency in terms of making, enforcing and managing contracts.
How the SaaS Enterprise Technology Works
SimpliContract’s SaaS platform integrates with the organisation’s enterprise apps. It provides actionable insights for users through the contract lifecycle from procurement, sales and even across the legal functions.
The software is built on customisable and intelligent workflows which renders it highly adaptable for organisations across multiple industries.
SimpliContract’s platform and services helps manage end-to-end contract lifecycles for organisations.
What’s in it for me?
The market for CLM SaaS solutions includes mid-large sized enterprises and has a global potential. Although the CLM market has a number of well-established players, there is a good adoption rate for new entrants.
CLM is a lucrative space to venture into for enterprise tech start-ups. The global market for CLM solutions is expected to be valued at $5.2 B by 2027. Since digital transformation is a priority for most organisations during the pandemic, you can pitch your CLM solution/service from this perspective.
There is increasing demand for CLM solutions in the supply chain and manufacturing sector. Since these on-site industries are now trying to adapt to a work-from-home or hybrid business model, enterprise technology solutions like SaaS CLM are vital to them. These industries rely on contracts for a number of partners, third-party vendors that they constantly deal with. Thus, contract management technologies become a necessity.
Target manufacturing and supply chain organisations. Show them the benefits that AI insights provides into the performance of supplier/partner/customer contracts. Approach these clients from an educational standpoint since most organisations are not fully aware of how AI and SaaS work for contracts.