Leading analysts recognize dSilo for its approach to using generative AI to transform contract management and procurement; with the addition of Niul Burton as dSilo's new Chief Growth Officer, the dSilo team is poised to usher in transformative changes and a dramatic shift in procurement across all industries
NEW YORK, Oct. 18, 2023 /PRNewswire-PRWeb/ -- dSilo, an innovative artificial intelligence company specializing in generative AI which transforms how businesses extract insights from contracts and procurement systems, announced today that it has been included in Spend Matters' prestigious "Future 5" list. The list highlights five startups that are on track for next year's "50 Procurement Providers to Watch" list. dSilo, along with the other companies on the "Future 5" list, are taking technology to the next level, addressing procurement challenges that have not previously been solved.
This year marks the fifth annual release of the Spend Matters Future 5 list. Throughout the year, Spend Matters analysts conduct research on newcomers to the procurement technology space, and compile their favorites that meet specific criteria, including an innovative, interesting application of technology, clear momentum and sustainability, and is less than five years old. The Future 5 will be announced at the Sourcing Industry Group (SIG) Global Executive Summit in Scottsdale, Arizona, on October 17.
"The procurement technology market has continued to evolve in 2023," said Nikhil Gaur, Research Analyst & Project Associate, Spend Matters. "The progression of existing macroeconomic trends, combined with the proliferation of new technologies such as generative AI, have forced software providers to make crucial product development and resource allocation decisions."
"We are delighted to be chosen as a Future 5," said dSilo co-founder Sharad Malhautra. "We have a tremendous opportunity to innovate through the power of AI, and redesign how procurement and contract management systems deliver value." As an established startup with cutting-edge technology, dSilo's greatest strength is that it was founded by experts in the procurement space who recognize the true potential of AI throughout the procurement journey.
dSilo takes the next step in generative AI
dSilo, a generative artificial intelligence company, is rapidly transforming the procurement space. The company's technology enables dramatic cost reduction and improves contract performance and compliance by automatically and non-invasively extracting data from invoices, contracts, and other procurement documents and unstructured data. The resulting generative AI can establish links between multiple data sources and intelligence, leading to greater insights, better decision making, and more value.
Already dSilo has been transforming its clients procurement operations through AI, and the company was recently featured in US Venture News in their profile of New York's leading natural language processing startups which are using advanced language processing to solve complex problems across many different industries.
"I and the rest of my team are thrilled with this recognition," said Malhautra. "Our goal in creating dSilo was to break down silos that exist too often in the procurement space, and use a disruptive approach to deliver more value to procurement organizations, overcome the distinct challenges they face, and use artificial intelligence, Large Language Models, and Natural Language Programming to transform the procurement paradigm."
dSilo Continues to drive innovation and growth with addition of Niul Burton as Chief Growth Officer
dSilo technology can have impact across all industries. Niul Burton, who recently joined dSilo as Chief Growth Officer, has worked across multiple industries as an advisor, and he will team with dSilo's co-founders to drive rapid growth, awareness, and adoption of dSilo technology. Burton brings over 40 years of procurement experience to the table. As a practitioner and consultant, he spent over 20 years at the partner level with Kearney, Accenture, and at EY, where he led the global procurement practice helping global clients transform their procurement functions in the oil and gas, aerospace, consumer products, media, and high-technology industries. "Generative AI will be the biggest game changer in the procurement space for our time," said Burton.
"And it's not only in Procurement. We're seeing interest from Legal departments in our Contract Intelligence capabilities. Too often, contracts are being held in an electronic filing cabinet but it's extremely difficult or impossible to analyze contracts collectively. For example, one General Counsel would like to understand the aggregate liability (when considering caps) across their sales contracts for insurance purposes, but the only way to answer the question is to look at all the contracts, which is not realistic. Or, a Legal department wants to know how many US-based contracts require a GDPR clause that's missing – our solution can not only identify those deficient contracts, but can send an alert to the contract manager, and draft an appropriate amendment for approval."
Burton has been part of the dSilo team since its founding in 2020, previously serving as a member of the Advisory Board, providing expert guidance on the platform's functionality and go-to-market activities.
About dSilo
dSilo's generative AI platform seamlessly automates existing compliance processes and drives performance by transforming enterprise contract management between businesses, suppliers, and customers. Operating at speed and scale with minimum human intervention, it delivers accurate extraction of contract terms, revealing valuable insights, driving automated actions to recover lost contract value, and achieving rapid reductions in cost and compliance risk. For more information, visit www.dsilo.ai.
Media Contact
Sharad Malhautra, dSilo, 1 +1-513-415-9546, [email protected], https://dsilo.ai/
SOURCE dSilo
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