PRINCETON, N.J.–(BUSINESS WIRE)–Zycus, a global innovator in Procurement Technology solutions across the
source-to-pay cycle, announced today that it has been granted one new
U.S. patent and one notice of allowance for patent — essentially, a
patent pending final paperwork — relating to process automation
functions embedded in its Contract Management and Spend
Analysis solutions, respectively.
The new Spend Analysis (iAnalyze) patent, titled System and Method
for Changing Categorization Data in Relation to Spend Analysis Reports
in Real Time, is an innovation that recognizes the inherently
dynamic and fast-paced nature of business in today’s global economy. “We
understand that the discipline of spend analytics is extremely sensitive
to accuracy,” says Kanishka Ghosh, Director – Product Management Group,
Zycus. “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 new Contract Management (iContract Authoring) patent, titled Identification
and Extraction of Clauses and Sections from Supplier Templates, is a
unique feature enabling contract authors to extract clauses from
documents created by outside parties such as suppliers. The feature
eliminates the need for manual workarounds when contract authors wish to
employ preapproved legal templates but also to incorporate certain
content as negotiated or required by suppliers. AES 128-bit cipher
encryption, redlining, versioning, and integration with e-signature make
Zycus iContract Authoring an extremely secure and intuitive solution,
which is a great differentiator in the contract management space.
The two new grants bring the Zycus U.S. patent total to four — three in Autoclass/
Spend
Analysis, one in Contract
Management. Zycus has 22 additional U.S. patent applications
pending across all of its solution sets and integration capabilities,
including Spend Analysis, Contract Management, Financial Savings
Management, Procure-to-Pay, eSourcing and Supplier Management. Of note
is that the new Zycus patents were granted within an atypically short
lead time of just three years.
“This faster-than-average lead time for achieving our two latest patents
attests to the uniqueness of our inventions in the procurement
applications space,” says Zycus CEO and founder Aatish Dedhia. “Our sole
focus as a company is to deliver simple, yet fast, efficient, and truly
innovative automation solutions for complex sourcing, procurement, and
supply management problems. Our development teams combine strong market
understanding with an ambition and tenacity to take on information,
automation, and integration challenges that many others would never
attempt. Zycus’ innovation pipeline is quite full at the moment, and we
have every confidence of continuing to add new patents to our expanding
portfolio.”
About Zycus
Zycus is a leading global provider of procurement software suite
comprising of modules for both the upstream and the downstream parts of
the Source-to-Pay cycle. Our product portfolio includes applications for strategic
procurement — Spend Analysis, eSourcing, Contract Management,
Supplier Management and Financial Savings Management and operational
procurement — eProcurement, eInvoicing. Our spirit of innovation and
our passion to help procurement create greater business impact is
reflected among the hundreds of procurement solution deployments that we
have undertaken over the years. We are proud to have as our clients some
of the best-of-breed companies across such verticals as Manufacturing,
Automotive, Banking and Finance, Oil and Gas, Food Processing,
Electronics, Telecommunications, Chemicals, Health and Pharma,
Education, and more.
To learn more about the Zycus, address e-mail to [email protected]
or visit http://www.zycus.com/
