Seal Software has just unveiled Version 5.3, the newest release of its industry-leading Contract Discovery and Analytics platform. This new version builds on a primary theme for Seal technology—to get more power and value into the hands of business users. When business users can take an active role in both training and tuning the machine learning system for specific data extraction, and also being able to use Seal right from their familiar MS Word® interface, they are less dependent on hard-to-find data scientists, and expensive legal or IT resources. This increases efficiency for the users, lowers overall costs, and creates more agile organizations.
With Seal Version 5.0, announced in September of 2016, we extended our existing machine learning (ML) system with User-Defined Machine Learning (UDML), to help end users easily train the systems themselves for specific extractions.
With Version 5.3, we’ve introduced a new concept called Active Learning, to extend the UDML capability, and significantly speed learning and creation of ML models. Instead of users finding example text across various documents to present as examples, users are now presented with a document preview which highlights a particular set of text, chosen by Seal, for evaluation. They can then respond to the system with a positive or negative response, depending on if the example is appropriate for what they are looking for.
Version 5.3 is a major step in our path to what we call “one-shot learning.” By combining all ML methods with a set of proprietary processes and function, our platform is now able to quickly and effectively generate a highly performant model with minimal review and examples.
Version 5.3 also extends the “Analyze This Now” feature introduced in Version 5.0 with easy access to approved clauses from within the MS Word® interface. With ATN, users work on contracts from within Word and the system informs them with color highlighting, whether or not their clauses or provisions use approved language. With the new Clause Library in Version 5.3, if Seal indicates there is a clause or clauses that don’t contain approved language, the user can go to the secure Clause Library and substitute the unapproved language with approved language.
This capability also puts more power in the hands of users, as they won’t need legal resources, either in-house or third-party counsel, to evaluate the language and provide them with appropriate text every time they find non-standard text. This results in dramatic cost and time savings, and better utilization of legal resources to higher-value activities. With Version 5.3, Web Services are also available for any external application to use Seal for insertion, tracking, and reporting on clause use.
Beyond the features mentioned above, Version 5.3 now includes out-of-the-box German-language extraction models for critical contract components such as assignability, auto-renewals, contracting parties, governing law, limitations of liabilities and more.
Seal Software is a comprehensive platform which includes technologies for contract discovery and contract analytics. These capabilities are provided as an integrated solution so Seal users have control of all their contracts and have in-depth knowledge of all they contain.
Unlike keyword searches that require the system to identify specific words or strings of words, Seal can identify themes and clauses using various combinations of words. This makes the platform powerful in identifying non-standard clauses or provisions that may be written in abstract or confusing ways.
It is the combination of various technologies to increase performance and accuracy that Seal is known for. The Seal platform is built on a unique combination of Natural Language Processing (NLP), Machine Learning (ML) technologies and Latent Semantic Indexing (LSI) to identify relationships between terms and concepts. The platform uses patented technologies – specially for non-standard clause detection - and has been trained and tuned through the analysis of hundreds of thousands of contracts to provide the highest degrees of accuracy and speed.
Our system uses a set of approximately 15 different algorithms working together to maximize the power of contract discovery, data extraction and deep analytics. This set includes what are considered “state of the art” algorithmic methods, alongside well-proven ones such as MaxEnt, LSI, JAPE and SVM, just to name a few.
Seal’s Discovery functionality is specifically designed to locate contractual documents across the network, extract and present key contractual information related to contractual language, clauses, clause combinations, and the key contextual metadata held within them. Once contracts within an organization are located by Seal, they are placed into a centralized database with advanced search engine functionality for review and further processing. Seal extracts over 50 key contractual terms right out of the box, providing a contract abstract for speedy review, and mean far fewer contracts require costly manual review.
Seal can also perform Entity Extraction across portfolios of contracts, even across languages. This means organizations can quickly extract discrete data points such as dates, durations, percentages, etc., and insert them into our reporting tool or load them into other business applications to get a very clear and precise picture of contract “hot spots.”
Seal’s Analytics capabilities empower customers to teach and refine the seal platform based on language, specialized terms, business-specific provisions and contextual rules from their own contract portfolios. Users can create custom extraction policies that discover, extract and warn on contractual terms and clause combinations of specific interest to their business, and Seal retains that intelligence for ongoing contract analysis.
Seal is also unique in its extensibility. We provide pre-built modules to exchange contract data with Contract Lifecycle Management (CLM) systems and leading Client Relationship Management (CRM) systems.
This means organizations can maximize the value of those systems that consume and utilize contract information during an initial migration and for ongoing analysis.
In our recent release of the Seal Platform, V4.0, we announced the introduction of a new reporting and data visualization capability powered by Qlik, a leading platform for data analysis. Seal extracts large amounts of data from volumes of contracts, and our customers can now drill into that data through a drag and drop interface, creating intuitive dashboards, mashups, and visualizations across numerous data elements, for fast and well-informed decision making.
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Tel: +1 650 938 SEAL (7325)
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Tel: +44 203 735 9898