Counselytics: Vendor Snapshot (Part 1) — Background and Solution Overview [PRO]

AdobeStock/Bruce Shippee

The burgeoning contract search, discovery and analytics sector is distinct from established source-to-pay and contract lifecycle management (CLM) solution areas. This separate sector, pioneered by incumbent Seal Software, among others, is becoming increasingly validated as a standalone market as alternative providers — including recently funded upstarts such as LawGeex, LegalSifter and others — enter the mix.

Within this list of new entrants, we can also include upstart Counselytics. Like its peers, Counselytics applies semantic-based artificial intelligence (AI) approaches to contract data after ingesting third-party (or internal) contract paper to help organizations understand previously unknown contract exposure and ensure that contract clause requirements are in line with internal requirements. In addition, these providers offer varying degrees of contract search, discovery, analytics, and associated managed services capabilities and partnerships to create additional business value from the core extraction, structuring and reporting capabilities they provide.

This Spend Matters PRO analysis provides an introduction to Counselytics, a specialized provider in this market, offering facts and expert analysis to help procurement and legal organizations make informed decisions about whether they should explore either (or both) Counselytics and semantic AI technology further. Part 1 of our analysis provides a company background and detailed solution overview, as well as a summary recommended fit suggestion for when organizations should consider Counselytics as a complement to other contract lifecycle management (CLM) investments. The remaining parts of this research brief will cover product strengths and weaknesses, competitor and SWOT analyses, and insider evaluation and selection considerations.

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