Seal Software announced today the release of its latest version of its powerful Contract Discovery and Analytics solution, V4.1, which helps companies better understand the very lifeblood of their business – their contracts.
This version introduces a new Machine Learning framework and data visualization capability that allows users to accurately review and analyze large amounts of contract data from the Seal platform in a very intuitive and dynamic way, which is critical in today’s data dependent business environment. Also, with V4.1, Seal has improved the speed and scale of the platform to greatly increase the number of contracts that Seal can process over time. Other improvements include the release of the Seal API (V2.0) to make it easier to integrate the platform with other systems, and a deeper integration with DocuSign to accurately identify which contracts have signatures attached to them and which do not.
“With businesses constantly fighting to save time and money, we focused on making significant improvements in data extraction and analytics, but also ensuring that our users have the tools they need to comprehend the critical business data and insights Seal provides in a very visual and understandable way,” said Ulf Zetterberg, CEO of Seal Software. “Our customers are continually growing the number of contracts they need processed in Seal, as well as the complexity of the searches. We’ve responded aggressively to their needs with a more powerful platform and a market-leading data visualization tool to help them remove costs and risk, and improve overall profitability.”
Fast, Faster, Fastest
As the number of Seal’s customers grows, some with contract portfolios in the hundreds of thousands of contractual documents, it brings new requirements in providing agile insights in a way that meets the needs of Seal’s largest enterprise customers. With the V4.1 release, Seal improved the processing performance of its analytics engine fivefold. This equates to the ability to ingest over 1.9 million contracts per day, which means Seal customers never miss a beat, no matter what challenges they throw at the platform. Immediate visibility into all their contractual relationships, no matter how many they have, allows Seal customers to identify unnecessary costs, decrease risk, reduce contract inefficiencies and improve contract negotiation.
New Machine Learning Framework
With V4.1, Seal has totally redesigned its Machine Learning (ML) framework, including adding new algorithms to dramatically improve the trainability of the platform, and to increase overall accuracy and speed. Prior releases of Seal’s platform utilized MaxEnt and MaxEnt with CRF, and the new V4.1 release now includes additional models utilizing Support Vector Machines, Word2Vec with CBOW, K-NN and Deep Learning within its Java framework.
To make this new framework work effectively and efficiently, Seal developed its own ensemble algorithm to optimize the results from the layers of algorithms being used together to identify contract data. The result of this work dramatically improves how the system works to extract user-defined terms and provisions, and in particular, how it identifies how different combinations of words best fit a particular type of provision within a contract.
Connecting the Dots
Seal V4.1 now includes in the platform an industry-leading data visualization and reporting tool from Qlik software. This new capability allows Seal customers to capture the “big data” coming from Seal’s analytics and present it in a way that makes the most sense to their business. Dashboards and mashups can be created and customized by business users, and data presented in a graphical way, specific to each person’s role and requirements for faster and more informed business decisions. Qlik is used to extract data from individual contracts, and also to report on the entire portfolio of contracts, such as which ones have upcoming termination dates, or provide visual reporting on the various types of contracts across the company. It can also report on specific provisions such as how many contain auto-renewals, one-off indemnifications, or strict assignment rules, just to name a few.
The enhancements with V4.1 are important across a wide variety of use cases. In particular, those associated with time-sensitive, and high-value business transactions such as M&A, where large numbers of contracts must be accurately reviewed and assessed for very specific information, but within a very short timeframe to reduce the risk of a potential acquisition while keeping the deal on track.
“Seal’s V4.1 is another example of how we continue to set the bar in our industry for speed, scalability, usability and value,” said Kevin Gidney, Chief Technology Officer of Seal Software. “We stay in close contact with our customers. The new Machine Learning framework and data visualization capabilities is an example of how we are consistently able to meet their toughest and ever-changing requirements for a system that can give them the intelligence they need, no matter the complexity of the contracts or the size of the portfolio.”
V4.1 is available now from Seal Software. Additional information can be found here, or you can contact Seal at email@example.com.
About Seal Software
Seal Software, the leading provider of contract discovery, extraction and analytics solutions, enables companies around the world to effectively manage their contract portfolio by understanding exactly where their contracts are when needed and, more importantly, what is buried within them, in order to maximize revenue opportunities, mitigate risk and reduce expenses.
Seal Contract Discovery locates contractual documents within minutes wherever they reside within an organization and is rapidly deployable; extracting key contractual terms and clauses, rendering them for easy review, and populating corporate repositories, including, Customer Relationship Management (CRM), Contract Lifecycle Management (CLM), and Enterprise Resource Planning (ERP).
Seal Contract Analytics empowers clients to analyze contracts by discovering specific language and clause combinations that are most relevant to your business. The Seal platform is used within 8 out of 10 of the top Legal Process Outsourcing (LPO) providers, legal review and advisory firms, delivering increased visibility into time-critical opportunities and risks while alleviating contract review processes and technical challenges.