In the real-world legal ops resources are limited and the only realistic way to address GDPR requirements is with technology. Artificial intelligence technologies can help ensure risks are identified and minimized. AI is already impacting many aspects of the legal profession. With its ability to analyze words and sentiment and inference, AI can be pointed at various places where contracts are suspected to reside and then automatically search for and locate language related to GDPR obligations.
In May 2014, the FASB and IASB issued a new standard on revenue recognition called IFRS 15 -Revenue from Contracts with Customers. IFRS 15 supersedes IAS 18, IAS 11, and all other IASB, FASB, and US GAAP rules on reporting of payments received in customer transactions. Download this whitepaper to find out what steps your compliance program should include, the alternatives available for completing those steps, and the best practices to achieve an optimal outcome.
This whitepaper details the various AI technologies used to create Seal's high performing data extraction and analytics platform to help organizations achieve greater efficiencies and value due to the reduction in time, effort, cost, and resources for data extraction.
In this report, IDC takes a hard look at the growing field of Contract Discovery and Analytics (CDA), and describes:
This IDC report is a great way to learn more about Contract Discovery and Analytics.
Perhaps your organization is being subject to an audit of existing contractual commitments, or is planning the introduction of a new Contracts Management System, or is in the midst of an M&A process. Within each of these processes, potentially many thousands of contracts will require review and abstraction, which will be time Consuming and expensive.
Every field organization needs to make most of their service contracts. Besides, optimizing these contracts provides speed and efficiency, both of which are critical to gaining a competitive edge. Download this whitepaper to know more about the challenges involved in contract optimization and how Seal-ServiceMax can help you navigate these challenges successfully.
Within today’s enterprise are many different document types held within many differing information sources. One such information type is contracts, with differing document formats such as scanned images, office files and PDFs
At any one time, an organization can typically have 20,000-40,000 contracts, perhaps more, yet very few organizations will have overall visibility of these. Does this matter? Yes, because the truth is that this lack of oversight to existing contractual data and milestones means exposure to risk and missed opportunities. This is not just theory: at Seal, we have heard numerous anecdotes of how poor visibility of legacy contracts has directly caused organizational problems.
Organizations are increasingly aware of the importance of their legacy contract corpus. Oftentimes, they become painfully aware of the lack of visibility they have into their ‘executed’ agreements after an expiration date was missed, revenue was not recognized, discounts were not applied, or a rule or regulation was changed forcing the updating of part of the contract portfolio. In this scenario, overall risk was not captured and categorized.
Today's business world is complex and filled with contracts — newly drawn contracts plus existing contracts that have been amended, updated, and changed. It's difficult for enterprises to know where all of their contracts are: Some may be in CLM applications, but others may be:
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