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.”
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.