We're excited to announce that Seal Software has joined Spend Matters as an Associate Sponsor. Seal Software is a provider of two distinct product lines – a contract management solution (based on Microsoft Sharepoint technology) and a Java-based contract discovery and onboarding solution. The latter product, Seal Discovery, constitutes a completely new contract management product segment. Discovery is applicable to all enterprises. It dynamically identifies contracts on a network, extracts clauses and metadata, organizes content for further reviews, and populates corporate repositories for use by other solutions (e.g. CRM, CLM, ERP, SIM) with contract data. The tool can be essential in migrating existing contracts and metadata to the full range of enterprise platforms.
Seal's roadmap is built around making their Discovery solution the sole contract vault for any enterprise. It can be used to process inbound contracts, conduct rogue contract audits, and provide a consolidated search, report and migrate tool for regulatory, transactional and strategic purposes. The Discovery tool targets more complex global enterprises, while also delivering targeted point solutions, like LPO contract abstraction, internal audits, procurement outsourcing, M&A contract due diligence, and general contract migration. Increasing governance and compliance needs, particularly in the financial sector (e.g. the Dodd-Frank Act) spurs deeper and even complete audits of enterprise contracts. This is an area where Seal enjoys a first-mover advantage, with Discovery serving as the first contract management-centric tool we've seen to effectively address this need.
As we've written previously about Seal Discovery:
With this approach, not only do you get to a nearly unprecedented level of insight, but it is done quickly in an automated manner. In two to three weeks, you get tens of thousands of contracts scanned and analyzed – we use the phrase "scanned" loosely because much of the power of the tool comes from automated scanning across a network – with full visibility into not only basic (yet critical) terms such as expiration and renewal dates, but also the type of contract, parties involved, assignability, insurance, indemnification, IP rights, discounts, start/termination dates, renewals, solicitations, value, rebates, liquidated damages and more. The standard results come back with around 40 core data points per contract (as applicable), and many more can be retrieved per specific client needs. The solution can even search on its own for contracts across a distributed desktop environment.
Exciting stuff. It impressed us tremendously when we first saw it earlier this year – so much so that we got to know the Seal team on a deeper level. Please join us in providing a warm welcome to Seal Software. We look forward to expanding our coverage of the broader contract management area with Seal and other solution vendors that provide us with briefings, demonstrations and customer references. Together, we hope to spread the word – and galvanize executive procurement support and interest – about new ways organizations are realizing value from contract discovery, contract lifecycle management, P2P/contract compliance and related solution areas.
Early-bird alert! Join us for a webinar in a couple weeks on a soon-to-be-released Spend Matters Perspective having to do with contract management: Getting to Grips with Contract Management - Managing Contract Visibility, Risk and Opportunity as a CPO