The momentum around contract management continues to grow as conferences such as SAP Ariba Live garner thousands of attendees worldwide, all looking to optimize their Contract Lifecycle Management (CLM) implementations. For enterprises looking to digitally transform, the effective management of contracts across functions such as procurement, legal, and sales is paramount. Ask yourself:
- How many contracts do you actually have?
- Where are the contracts located?
- What high-risk or revenue-impacting terms and clauses are in those contracts?
If you are not able to answer all three of those questions with confidence, read on. Contracts are the cornerstone of business and having a detailed understanding of the risks and opportunities contained within them will position you for success and allow you to navigate risk and exposure.
When organizations start the CLM journey, oftentimes they start by importing legacy contracts. The problem, however, is that the legacy contracts imported are typically those considered “most important” with a minimal set of relevant data points. Given the nature of CLM implementations, contract imports can be siloed and migrating legacy contracts at the volume and breadth that organizations require is a challenge. In addition, CLM systems rarely migrate contract language at the depth needed to provide insight to stakeholders. In summary, these organizations will never fully be able to answer the questions above. This means that organizations have no visibility into the unstructured data contained within their contracts, leaving them vulnerable to critical situations in the future.
Imagine that a new regulatory requirement goes into effect and your GC needs to know which contracts are affected. Or, in the event of a breach, you need to know your responsibilities versus your third-party providers’ and how to prioritize your course of action. These are the scenarios that organizations must think about in order to drive digital transformation and streamline productivity across their contract corpus. These are the insights that Seal extracts every day.
Seal complements contract management systems by giving users an added layer of intelligence to gain insight and operationalize the data within their contracts. Seal’s transformative Contract Discovery and Analytics platform not only fills the gaps left by CLM tools but also helps facilitate contract optimization throughout the process. Seal does this by providing a centralized and searchable contract repository with the ability to extract more than 2000 contractual terms and clauses with out-of-the-box extractions and pre-built accelerators for common use-cases. In addition, our analytics capabilities take this a step further by using machine learning (ML) to teach the system, which allows stakeholders to find new contract terms and conditions buried within the contractual data. This insight is invaluable to customers, giving them the analytics needed to save money and reduce risk.
Here’s what our customers are saying:
“Seal found a payment term mismatch on ~75 suppliers that, when we synch them up, will result in $400k working capital savings and a $4M dollar balance sheet impact – great stuff!”
VP Procurement, Fortune 50 Life Sciences Company
“With Seal, we quickly transitioned our library of image files to text-searchable documents, extracted nearly 20 important metadata terms and clauses into the correct Ariba format, and loaded the documents and metadata into Ariba using Seal’s powerful migration utility. We could not have achieved this herculean effort without Seal, and this work has been critical to the overall adoption of our Ariba implementation.”
Ariba Lean, Multinational Oilfield Services Company
So, whether you are contemplating a CLM system, have a newly implemented CLM system, or are a mature CLM customer, the Seal platform is a must-have complementary technology, delivering unparalleled insights and significant ROI. To learn more about the Seal platform, download our Contract Lifecycle Management datasheet today.