Procurement technology innovator Zycus isn’t slowing down its product development, and the firm is protecting those new products with patents.
According to a press release offered Wednesday (March 24), Zycus has secured one patent for its Contract Management solution, and another is almost finalized regarding its Spend Analysis tool.
The Contract Management technology, called iContract Authoring, includes a feature that allows contract producers to extract contract clauses that already exist in third party documents stemming from, for example, suppliers. According to Zycus, the technology automates the process for customizing preapproved legal templates when negotiating with suppliers.
The tool, the company said, integrates with e-signature, encryption, redlining, and versioning services already offered by Zycus.
The second innovation that has been granted a patent is the iAnalyze tool, which allows for faster spend analysis reports and real-time spend data. “We understand that the discipline of spend analytics is extremely sensitive to accuracy,” said Zycus Product Management Group Director Kanishka Ghosh. “While our patented AutoClass engine performs very well, when minor classification changes are required, there is nothing more convenient for the customer, than simply flagging transactions for re-categorization in real time.”
The technology could help to mediate procurement officials’ concerns over the validity of data obtained through innovative eProcurement tools, a fear highlighted in a recent research report commissioned by Zycus.
With the two new patents, reports said Zycus now holds four procurement innovation patents, though the company has 22 additional patents pending within the U.S. These technologies include Procure-to-Pay, eSourcing, Supplier Management, and Financial Savings Management.
The company also pointed out that officials granted the two most recent patents in an unusually short period of time, according to reports.
“This faster-than-average lead time for achieving our two latest patents attest to the uniqueness of our inventions in the procurement applications space,” Zycus CEO and founder Aatish Dedhia said.