SAN FRANCISCO--(BUSINESS WIRE)--Seal Software today announced it has signed more than 100 market-leading organizations as customers of its powerful AI-based solution. Companies are leveraging the Seal platform to automatically locate contract documents across the organization, and use its Natural Language Processing and advanced Machine Learning to review and extract key terms, provisions, obligations and incentives buried deep within those documents. The result is Seal customers know all the relevant information about their contractual relationships, and can use that data to maximize revenue opportunities, mitigate risk and reduce expenses.
Below is a sample of real use cases from Seal’s customers, which include Fortune 500 companies within the financial services, pharmaceutical, legal services and technology industries. These examples illustrate how Seal Software is using its Contract Discovery and Analytics solution to address critical problems and deliver real business value.
The Financial Services Firm Facing New Regulatory Requirements
With $1.7 trillion in assets under management and more than 50,000 employees, one of the world’s largest custodial banks must address the Federal Reserve’s SR14-1 regulation, which requires identification of organizational risk based on contractual agreements. To ensure swift compliance, the bank engaged Seal to analyze and extract data from its portfolio of 500,000+ contracts from six sites around the globe.
The Fortune 500 Oil & Gas Company Undergoing a Multimillion-Dollar CLM Migration
A leading supplier of technology and services to the global oil and gas industry needed to migrate thousands of contracts and supporting metadata from its existing legacy system to its new Ariba contract management system. A company executive said Seal “cut the migration project by 90%,” and noted “the ability to analyze contract metadata quickly in a rapidly changing industry is a game changer that will help us pinpoint exposure and identify opportunity with our suppliers.”
A High Tech Company Divesting Its Businesses
A large technology company was dividing its organization into two separate companies to improve focus and agility. Given the short timeframe for the transaction, Seal was brought in to review the contracts of the organization, extract key data and provide the necessary information for the reassignment of the relevant contracts to the separating companies. During M&A and divestiture, contracts are critical to understand the risk and exposure of the companies, and processing with Seal can be upward of 80% faster than traditional contract-review practices.
An International Manufacturer Looking to Mitigate Risk through its Contractual Relationships
A leading player in the household appliances industry with more than 53,000 employees in nearly 50 countries worldwide, needed a complete view of its contractual commitments. The lack of visibility was leading to unmet contractual obligations, as well as an inability to react quickly to “trigger events.” The benefits of using Seal included more efficient use of employees’ time so they can focus on higher-value tasks associated with risk reduction and regulatory compliance.
“We attribute the rapid adoption of our platform to its speed, accuracy, scalability and the tangible business value it provides,” said Ulf Zetterberg, CEO of Seal Software. “Given the current business and legal landscape where we’re seeing increased M&A, increased security threats and changing regulatory requirements, Seal is proving to be a welcomed partner to companies that need immediate and clear visibility into all of their business relationships, which is achieved through a deep understanding of their contracts.”
Seal Software’s innovative artificial intelligence-based solution will be showcased at booth #10 at SAP Ariba Live, March 14-16, 2016, in Las Vegas at The Cosmopolitan.
About Seal Software
Seal Software, the leading provider of contract discovery, extraction and analytics solutions, enables companies around the world to effectively manage their contract portfolio by understanding exactly where their contracts are when needed and, more importantly, what is buried within them, in order to maximize revenue opportunities, mitigate risk and reduce expenses.
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).
Seal Contract Analytics empowers clients to analyze contracts by discovering specific language and clause combinations that are most relevant to your business. The Seal platform is used within 8 out of 10 of the top Legal Process Outsourcing (LPO) providers, legal review and advisory firms, delivering increased visibility into time-critical opportunities and risks while alleviating contract review processes and technical challenges.