Following on from part 1 of Thomas Kase’s article on Seal Contract Discovery, part 2 takes a look at more examples of the application of this unique technology. Whether it’s a straight discovery exercise, an audit, due diligence or to locate, identify and abstract contract metadata in order to populate a contract management system, Seal has it covered. Read part 2 below (catch up on part 1 here):
We recently met with Thomas Kase, Principal Analyst at Spend Matters, a respected online source of information around supply management and procurement, and were able to brief them on Seal’s Contract Discovery solution. We were rather pleased with Thomas’ objective write up – read part 1 of his article below (part 2 coming soon):
Increasingly complex compliance requirements, strict industry regulation and multi-jurisdictional legislation are driving the need for corporate legal departments to extract an expanding array of key information from large numbers of contracts – Contract Abstraction.
Many corporate legal departments lack the necessary tools, resources and time to undertake such an exercise themselves, so are increasingly driven to outsource these tasks to Legal Process Outsource (LPO) providers. But how do they achieve the end result sought? LPOs typically employ low cost, off-shore resource to undertake the process manually. Allowing sensitive documents off-site is not something many are keen to consider, nor does the process actually happen any quicker.
The business need for an on-premise, technology-driven, automated solution has long been recognised; until now it has not existed.
Introducing Contract Discovery
Before contracts can be managed, the key terms and milestones, or metadata, contained within them must first be identified and understood. And even before this, there is another critical step – Contract Discovery. You cannot manage what you don’t know about.
Most organisations, when undertaking a Contract Discovery project, soon realise that they have far more contracts than they first thought. Finding these manually means a laborious, time consuming and costly exercise; first, checking each document to see if it is contractual in nature; second, abstracting key contract metadata.
Contract Discovery (cDiscovery) automates both the contract location process, searching multiple locations, and metadata abstraction. This all takes place from within the organisation; there’s no need to send electronic or paper documents offsite for processing, with the inherent security risks.
By processing automatically, on premise, this significantly improves the speed, accuracy and efficiency of Contract Abstraction. Abstracted data is made available as it is processed, without the delay necessarily associated with off-site processing. This rapid availability can be critical in time sensitive environments, such as Merger and Acquisition.
Through the use of Contract Discovery and Abstraction technology, the benefits of automation are quickly realised, and are repeatable:
- Fast, automated, predictable levels of performance
- Reduce impact and delays caused by human error
- Repeatable, small changes processed immediately
- Provides comprehensive, searchable database of contracts
- Optionally populate corporate Contract Lifecycle Management Platform
- Highly scalable to meet demand, driven by data volume and a compressed timeframe
- Increase Return on Investment (RoI) with repeated abstraction iterations
Seal Contract Discovery and Contract Abstraction provide the first solution to automate such processes. Find out more at the Seal website: www.seal-software.com
Partnerships have been around a long time. Two people working together to achieve something that, alone, neither of them could – perhaps something as simple as lifting and moving a heavy object. Scaling this up, two villages, towns, or even two countries getting together, can achieve something they couldn’t do alone, such as defending their borders.
The same is very true for companies. Perhaps they could go it alone and achieve their goals over time, but do they have the appetite to wait? For many, the answer is no, and so identifying another organisation that has complementary skills, knowledge or a market presence is an extremely attractive prospect.
At Seal we recognise that there are many complementary areas to our core strengths around contract management and contract discovery, but do we have all the expertise in house? Of course not, and we’re the first to admit it.
So that’s why we partner, where together we can achieve more than if we go it alone. We recently announced two partnerships that are classic examples of how two companies can achieve more together. Nuix are experts in eDiscovery, electronic investigation and information governance technology. Bringing Nuix and Seal together enables organisations, lawyers and advisory firms to gain better business insights and take control of their contracts. The partnership delivers a complete, scalable contract discovery solution, deployable in as little as one day – the expertise is built in. Read the full announcement here.
LexisNexis are a leading global provider of content and technology solutions that enable professionals in legal, corporate, tax, government, academic and non-profit organisations to make informed decisions and achieve better business outcomes. The Lexis Contract Finder service, powered by the automated search engine of Seal Contract Discovery, makes it easy for organisations to quickly locate, categorise and manage all their contracts. LexisNexis provide additional services including scanning and digitisation of paper contracts, thus enabling legal teams to digitise and manage their entire contract universe. The Contract Finder service helps make managing contract risk more efficient for legal teams and their commercial colleagues. Read the full announcement here.
For us, the relationship we have with our customers is yet another prime example of effective partnerships – we need customers, that’s a given, and our customers need solutions to their business challenges. Together we achieve our goals through partnership.