Seal Software takes contract discovery, analysis to next level
SAN FRANCISCO--Seal Software, a provider of solutions to discover, extract, and analyze contracts and their content, announced the availability of its new Contract Analytics solution. This next generation of its market-leading Contract Discovery and Analytics suite is designed for businesses requiring greater visibility and control of their contracts throughout the enterprise.
Built upon the success of Seal's Contract Discovery platform implemented by hundreds of leading organizations around the world, the new Contract Analytics solution is the only self-service contract abstraction and analysis solution available today. It is designed to provide an expanded level of visibility into contracts and their clauses using real-time queries that can be performed in minutes rather than hours or days when undertaken manually. Leveraging adaptive technology, Seal Contract Analytics enables organizations to create a contract policy repository that is continuously improving and providing proactive analysis to help organizations mitigate risk and drive new revenue opportunities.
"With the average Fortune 500 company managing up to tens of millions of contracts each year, contracts have become a critical asset class in their own right requiring dedicated management," said Ulf Zetterberg, founder and chief executive officer, Seal Software. "The new Seal Contract Analytics platform offers legal teams and contract professionals complete visibility into their contract portfolio with advanced control over search parameters to extract and analyze exactly what they need, when they need it. Whether it's due diligence during a merger and acquisition or updating shifting terms and conditions over time, Seal helps legal teams answer questions in literally hours instead of days or weeks through its dynamic extraction process."
Used in conjunction with Seal Contract Discovery, the dynamic Contract Analytics platform allows customers to select and/or customize search parameters – or policies – for search and extraction based on several levels, covering entire documents, paragraphs, as well as specific clauses or clause combinations within a contract. It combines Seal's Contract Discovery review functionality with advanced search, rules and Seal's assisted review technology, to go beyond the document level and analyze on a level of clauses and discrete data points including jurisdiction, right to assign, limitation of liability, and more.
Seal Contract Analytics is fully scalable with the ability to continually learn and create reusable content, improving accuracy and relevancy as it relates to an organization's specific needs. The platform offers enterprises complete control of their contract ecosystem; benefits include:
•Ensure consistency across the organization for contractual terms and clauses
•Develop a functional clause library to streamline future contract creation
•Decrease the time needed to identify problems and increase the time available for action
•Control analysis of specific text, language, and clause combinations
•Identify non-standard clauses
•Receive early warnings on known contractual issues
•Ensure the best overall terms are applied to all contracts regardless of origin
•Gain insight into divergences from approved contract templates
"At Spend Matters, we review more than 100 supply chain and procurement solutions annually, and it is rare for us to find a solution that both meets a substantial business need, and also has no direct competitor in the marketplace," said Thomas Kase, vice president, Research, Spend Matters. "Seal's Contract Discovery and Analytics solution is one of those rare products, and from direct conversations with Seal's clients we can confirm that the solution delivers on what is promised. It's well worth looking at for any firm needing to fully understand what a company is contractually committed to."
Seal Software's Contract Discovery and Analytics platform helps companies maximize revenue opportunities and reduce expenses and costs associated with contracts, and contract management systems and processes.
Seal Contract Discovery locates contractual documents within minutes wherever they reside within an organization and is rapidly deployable; extracting key contractual terms and clauses, rendering them for easy review, and populating corporate repositories, including Customer Relationship Management (CRM), Contract Lifecycle Management (CLM), and Enterprise Resource Planning (ERP).