2016 award winners-KM Promise and KM Reality
The winners of the KM Promise and KM Reality awards were announced on Wed., Nov. 16, at the KMWorld 2016 Conference in Washington, D.C.
KM PROMISE AWARD winner
Seal Software develops contract discovery, data extraction and analytics solutions. With its machine learning and natural language processing technologies, companies can find contracts of any file type across their networks, quickly understand what risks or opportunities are hidden in their contracts and place them in a centralized repository.
Seal contract discovery and analytics address such pain points as how to find contracts, extract clauses, render them for easy review, and populate corporate repositories and business systems with contract data. The software automatically discovers existing contractual documents from a wide range of document and image file types. It also automatically extracts key clause metadata and provides an easy format for further review, as well as a contract management platform with a fully searchable repository and obligation management tools.
Most companies have no idea what’s lurking in the thousands of contracts floating around their offices, exposing them to unnecessary risks and costs, according to Seal Software. Its technology helps customers discover and migrate contracts into the contract lifecycle management (CLM) system and analyze contracts beyond available metadata. Through that process, customers can reduce costs, safeguard against contractual risks and decrease the amount of time they spend manually analyzing contracts. Seal reports that one customer discovered it was auto-renewing a lease it didn’t need for $400,000 a year for three years. Another reduced the time it took to review a contract by 80 percent.
DocuSign (docusign.com), a company that enables organizations to transform their decisions, approvals, workflows and signatures to digital format, selected Seal Software to help identify and corral contracts from a number of systems across the company. According to Scott Trainor, deputy general counsel at DocuSign, “With Seal we have eliminated nearly all manual searches, which makes my team and me much more efficient while increasing team morale. Bottom line, Seal helps us do our jobs better, faster and more efficiently.”
In September, Seal Software released Version 5.0 of its contract discovery and analytics solution. The new release introduces “Analyze This Now” (ATN), an add-in for Microsoft Word that allows business users to leverage Seal’s contract data extraction and review capabilities from within the familiar MS Word interface to shorten contact cycle times, reduce risk and lower processing costs. The release also extends Seal’s machine learning framework and interface so its technology can be used by business users to train the system for complex data extractions, improving extraction speed, accuracy and shortening time-to-value.