71% of CEOs plan to radically transform their organizations’ operating model – and more than half say that acting with agility is the new currency of business. Although necessary, business agility is not easily achieved without putting the right people, process, and technology into place. When evaluating business processes, an important factor to consider is your contracts and current technical capabilities. Legal contracts are the cornerstone of business; however, an overwhelming majority of organizations lack the necessary access and visibility into their agreements to support effective transformation. But what if I told you these challenges and the outdated process could be easily automated – reducing time to information and speeding transactions.
As momentum picks up around digitization, manual contract review and analysis will not keep pace or scale. Business teams must find alternatives to efficiently mine the data within their contracts. Optimizing key business processes and accelerating customer transactions means taking a strategic look at your current business model and roadmap for the future. Old legacy systems are giving way to artificial intelligence (AI) technology which poses a profound opportunity for the enterprise. With AI-powered contract analytics, the unstructured data within contracts is able to provide insights without the delay of manual legal reviews. In addition, select AI-technology can turn the unstructured legal data into structured data enabling the digital transformation of more processes.
Let’s take a look at procurement and sourcing functions specifically. The role of global procurement and sourcing continues to shift as teams take proactive responsibility for managing risk and compliance. In addition, CPOs have a pivotal role to play in how the organization and its suppliers respond to organizational change. What was once a cost reduction-focused function is now a driver for enablement and transformation. By acting as a strategic partner to the line-of-business (LOB), procurement functions have a fundamental responsibility in driving digital transformation across the organization. Procurement teams must rise to the occasion and be deliberate as LOB expectations evolve. This agility requires the right technology.
How Seal Can Help
Seal understands the multi-faceted digital transformation process. With our award-winning legal AI technology, we empower enterprise companies to embrace progressive change, while aligning technology transformation with industry best practices.
Seal 7.2 released in July 2019 continues to raise the bar for AI-optimized, pre-built solutions. Seal’s contract discovery capabilities drive business value by significantly simplifying the consolidation, cleansing, and indexing of legacy contract files, minimizing the challenge of silos, non-searchable file formats and other barriers to access. Our search and analytics capabilities go a step further by supporting common use cases such as procurement, mergers and acquisitions, and data privacy by extracting more than 2000 contractual terms, which allows stakeholders to quickly find data buried within their contracts.
As we have seen time and time again, emerging technology is vital to transformation and business success. Seal Software’s AI-powered technology presents procurement teams with the opportunity to expand their strategic partnership with their LOB. By leveraging Seal to automate contract review and democratize legal data throughout other procurement processes, procurement groups can also become the breakout leader among their peers. With a 360-degree view into contract information, the supply management operations are better informed and, in a position, to proactively anticipate risk and forecast business opportunities. This insight offers organizations a significant advantage by enabling them to maximize the value from their existing vendor relationships and future contracting processes.
 KPMG CEO Outlook Survey, KPMG International, 2018