I have been advocating that the time for Contract Analytics is about to come – meaning that we (lawyers, procurement and sales people) will go FROM ”reading” the individual agreement and comment based on our experience TO ”analyzing” the contract based on rules and prior knowledge based on the total corporate contract treasury. Thus we will be able to easily find relevant risk and value provisions, detect what is standard for the company and what we have previously agreed upon. And this will be based on facts not ”experience”.
The next generation of Seal Software will not only incorporates all the advances and techniques for contract data extraction and feature detection, it will also put the power of Contract Analytics in the hands of contract, procurement, and legal professionals. As a result, the business becomes more agile in their contract governance, enabling informed decisions to be made.