INTRODUCING SEAL VERSION 5
Seal Software has just unveiled a new version of its leading contract discovery and analytics solution called Version 5.0. The new version introduces two major capabilities, the first called “Analyze This Now” (ATN) and the second is User Driven Machine Learning (UDML). Both are designed to empower business users, putting more of the capabilities of Seal in their hands, and removing work from Legal Ops or other administrative resources. Version 5 will reduce the costs, and speed the time for many contract management and analysis processes.
ANALYZE THIS NOW (ATN)
Seal’s “Analyze This Now” pulls existing contracts directly into Microsoft Word, first converting all documents formats – including PDF and TIFF images – into Word format. It then analyzes the text, providing users with color-coded shading (red, yellow, green) for clear visibility into the status of clauses and provisions. Seal shows users if text matches approved legal language or if it is non-standard, and the degree of variance. With Version 5, business users can review text, update terms, change metrics, and create new versions of contracts right from their familiar Word interface, engaging Legal Ops professionals for exceptions or final approval, saving time and money.
Also with Seal Version 5, we are now exposing the layer Seal uses when it’s data scientists, developers and Legal Services teams work with clients to optimize complex data extractions. This new user interface is called User Driven Machine Learning (UDML), and allows business users to train the system’s machine learning functions – quickly, and in a way specifically designed for them.
With UDML, business users provide Seal positive and negative examples of the information they are looking for and Seal creates the optimal set of algorithms and models, applied in its “deep learning” framework, to optimize that specific data extraction process. Seal has made all this possible by abstracting away the sophistication and complexity of its ML models, effectively putting the power of Seal in the hands of the business users, resulting in increased speed and accuracy, and shorter time-to-value for the system.
The UDML is notable as it rounds out Seal’s “four pillars” of data extraction, including:
- Using search, where no examples are needed.
- Applying NLP and sentence based search, where one example is used, and formatting and NLP variables are accounted for.
- Using Latent Semantic Indexing (LSI) with NLP, which applies a single ML algorithm with one example, and paragraphs, sentences, and variables are accounted for.
- And now UDML, where user can apply 100 examples, with deep models, and selection of best combination of models in an ensemble optimizes performance.
Version 5 is the first major stepping stone for Seal in delivering its overall vision for contract management. The work Seal is doing will be disruptive to the contract management market, and be delivered in stages over the next 18 months. More detail on this can be found in the recent blog post by Seal’s CTO, Kevin Gidney, and can be found here.
COMBINATIONS OF TECHNOLOGIES
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.
KEY TECHNICAL DIFFERENTIATORS
- Seal provides a more granular and discrete entity-level extraction vs. sentence or paragraph based extraction for increased precision
- Seal has a built-in review tool for contract comparison and visualization to help shorten the time to reconcile inconsistencies
- Seal provides a strong, and patented non-standard clause detection capability – providing a more effective and intuitive way to compare clauses and documents side-by-side within the user interface
- Seal can extract entities from customized data and tables within contracts to ensure terms and obligations are not missed
- Seal’s reporting and data visualization capability provides a fast and intuitive way to capture intelligence and insight from large quantities of contract data
- Seal provides extensibility with full APIs and integrations with systems such as Salesforce.com
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