Problem
Effective business processes rely on fast, reliable access to all relevant information. A lack of visibility of contractual obligations and poor management of terms and renewals can lead to unnecessary cost, exposing an organization to risk and hindering decision making.
From unchecked, automatic contract renewals leading to unnecessary expense to unclaimed pricing benefits and discounts, poor contract management can cause untold damage.
The lifecycle of a contract begins with a request, followed by drafting, review and approval stages – and once executed, contracts all too often end up forgotten in a filing system. Without proactive monitoring, the problems of renewal, obligations, exposure to risk and lack of reporting begin.
Solution
Seal Software’s innovative Contract Discovery and Analytics solution helps organizations to streamline their contract drafting, approval and archiving processes, as well as allowing key business managers to manage key contract milestones and obligations, more effectively, through the use of advanced reporting and analytics.
Contracts can optionally be discovered using advanced identification and metadata extraction techniques and then analyzed, providing the clear and comprehensive reporting and analysis upon which informed decisions can be made. Contracts and the extracted data can be managed in Seal or migrated to another system for future use or further analysis.
Seal can then continue to monitor for new contracts, ensuring new contractual documents are also identified.
Seal can be deployed and operational for discovery in a matter of minutes and producing results in just hours, processing potentially tens of thousands of contracts and related documents. With Seal Contract Lifecycle Management deployable in days, rather than the typical weeks or months taken with other Content Management solutions, the payback can be rapid, identifying evergreen contracts and preventing automatic renewal, beneficial clauses that are not being exercised, opening up negotiations for a better deal on discounts structures and speeding up other analytics and reporting functions.
