A typical global organization can have between 15,000 to 40,000 contracts in place with little to no visibility or control over their legacy contracts. Non-fulfillment of contract milestones and obligations is a costly process ending in penalty payments and missed commercial opportunities. This can have severe repercussions and can impair any business decisions related to contracts.
For many organizations, their legal, procurement and commercial teams, spend a significant amount of time and resources negotiating the terms and conditions of a contract. An average procurement or commercial contract will contain a mixture of critical dates and obligations or commitments. These need to be tracked and managed effectively in order to maximize the value from the business relationship.
Seal Contract Discovery and Analytics (cDiscovery) was developed specifically to help businesses gain visibility, control, mitigate risk and manage their contracts. Seal cDiscovery is an out of-the-box solution providing an intuitive user experience. This empowers the users responsible for contract review and analysis, to effectively and efficiently discover, control and manage contracts.
Seal cDiscovery provides organizations with the unique ability to:
- Discover contract documents in file shares and Document Management Systems (DMS)
- Process image files and embedded images to automatically extract key contract milestone data
- Identify signed and entered into contracts
- Provide a management dashboard with instant visibility into contract milestones and key terms
- Identify and present high risk and high value clauses
- Perform merger and acquisition, due diligence related contract processing
Using advanced identification and metadata extraction techniques, discovered contracts can be 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 Contract Discovery and Contract Analytics in a matter of minutes and producing results in just hours, processing potentially tens of thousands of contracts and related documents.