Getting Insight from Insight
In the opulent surroundings of what is regarded as the first modern hotel in London (1812), representatives from the Seal ecosystem gathered in Claridge’s in Mayfair last week to share experiences.
European customers mixed with prospective customers, channel partners mixed with Seal staff, and we even had some of the Seal board members present to thank our customers for their business. This was the 3rd stop of the Seal Insight Customer Conference tour after successful sessions in New York and San Francisco in September last month.
For me there were two significant highlights worth sharing. Firstly, the breadth of application of the Seal technology: across vertical, across country and across use-case. A number of customers kindly shared their experiences. Secondly, our partner Apogee Legal announced and demonstrated their extraction packs which help to get customers a fast start on 3 key use-cases – General Data Protection Regulation (GDPR), Vendor Compliance Contracts (VCC), and Qualified Financial Contracts (QFC)
So, firstly to some of the customers:
A German multinational automotive supplier discussed how they had chosen Seal to reduce the time checking and analyzing contracts, dealing with ad-hoc requests and providing visibility into potential risks contained within thousands of sell-side contracts.
A French European Systems integrator and IT consultancy company, that has grown significantly by acquisition over the last couple of decades, described how they use Seal to accelerate the Post Merger Implementation phase following such transactions. This provides visibility into obligations, renegotiation dates, cleansing of no-spend contracts and reduces the risk profile of the acquisition.
A UK headquartered global energy company discussed how they had identified a significant need to analyze buy-side contracts as part of their move to a centralized, modern procurement system. They had chosen Seal Software and it is now a key component of their architecture moving forward. The technology is integral in the migration process of contracts from disparate systems into the centralized procurement system. They will also gain insight using the software into the payment terms within thousands of contracts. It will be employed for other significant extractions over the next months and years.
A global UK-based bank described why they had chosen Seal as their contracts analytics platform. Initially focused on getting insight into their >70,000 procurement contracts, they have plans to extend the capability of Seal into other regulated areas such as GDPR, payment terms and SRP liability reporting.
These testimonials from 4 global brands prove, I think, that machine-learning driven contract analytics has truly gone mainstream. It is no longer in the Legal AI space, beloved of law firms. It has moved into the corporate space where the volumes of contracts dwarf anything within the legal firms and the regulations and drivers are multifaceted. More and more corporations are coming to the conclusion that they need a BAU (business as usual) solution for contract analysis – it isn’t a one-time requirement (perhaps driven by a regulation) but something that is needed on an on-going basis. Many customers are coming to the conclusion that they need less reliance on external legal services and more control to self-serve, within their in-house legal function and lines-of-business.
Secondly, Apogee Legal unveiled their extraction packs – GDPR Insight, VCC Insight and QFC Insight. These are built on the Seal platform and are the result of extensive work in a number of US clients. Apogee have built extraction packs which go to the heart of the need to extract the right information from contracts to meet a relevant regulation or requirement. See the post from last week which discusses these. The audience were treated to live demonstrations of the packs and it is fair to say that the words GDPR and VCC were as likely to be heard at the post-event cocktail reception as ‘Martini’ or ‘Manhattan’. More information on the GDPR Insight pack can be found here.
Thank you to our customers who were prepared to share their experiences on stage, and to the customers who came to learn more about the possibilities within the Seal ecosystem.
Finally thank you to our partners who helped us run the events: Accenture, Baker McKenzie, Docusign and JDX. It was a privilege to see the Seal ecosystem in action!