|By PR Newswire||
|April 10, 2014 02:22 PM EDT||
SAN FRANCISCO, April 10, 2014 /PRNewswire/ -- Seal Software, the leading provider of Contract Discovery and Analytics solutions, today announced the release of a new e-book titled, "Best Practices in Contract Migration: Why You Should and How to Do It." The e-book offers an in-depth look at the process and benefits for implementing a comprehensive contract discovery and review initiative. Covering a range of topics surrounding contract creation, negotiation, execution, and analysis, the e-book offers invaluable insight for businesses to gain greater visibility and control of their contract portfolios and to successfully migrate contract data to a Contract Lifecycle Management (CLM) system.
"While contracts form the backbone of business, a majority of organizations hold thousands of contracts without knowing the status and scope of their complete portfolio," said Kevin Gidney, co-founder and chief technical officer, Seal Software. "Organizations that employ a 'file it and forget' mentality lose the ability to leverage contractual data to its fullest potential and expose their business to unnecessary risk. The new e-book provides CEOs, CFOs and general counsels looking to improve their contract management processes with a helpful resource for implementing a successful contract discovery and review process and ultimately improving the overall health of an organization."
The e-book encompasses a wide range of topics impacting contract management practices and contractual document data migration including common pitfalls with CLM implementations, best practices for finding contracts and extracting required metadata, creating rules and policies, and migrating contractual data to a CLM system for improved accuracy. Using this e-book as a guide, organizations will have a better understanding of overall cost reduction and revenue opportunities hidden within their contracts.
Poor contract management costs companies an average of nine percent of revenues each year.1 With the potential to recoup even one percent in previously 'lost' revenue through greater visibility of a contract portfolio, contracts can be a powerful asset to be managed and leveraged. "Best Practices in Contract Migration: Why You Should and How to Do It" helps legal teams and organizations looking to gain more control over their contractual data across business units and organizational processes:
- Legal Services: Integreon is a trusted, global provider of award-winning, legal, document, research and business support solutions to leading law firms, corporate law departments, financial institutions and professional services firms.
"Whether your organization plans to implement a Contract Lifecycle Management system, is in the midst of an acquisition, or is subject to an audit of existing contractual commitments - a cost-effective solution to contract review and data abstraction is of paramount importance. Historically this process has been an entirely manual one. That is, until today. Seal's new e-book provides best practices guidance on how to leverage auto-extraction and data analytics technology to significantly lower the cost and speed up the process of mass contract review and data abstraction," Mark Ross, senior vice president, Legal Process Outsourcing, Integreon.
- Contract Lifecycle Management (CLM): Selectica's new Contract Management and Contract Analytics products available under its Contract Management Solution are powered by Seal Software and allow customers to seamlessly identify, transform, and aggregate organization-wide contracts into the Selectica Contract Lifecycle Management (CLM) product to streamline contract processes, reduce risk, and drive revenue.
It is critical for organizations to harness and analyze all of their contracts, both past and present," shared Patrick Stakenas, chief strategy officer, Selectica. "A clear view of the contract portfolio directly impacts an organizations ability to manage risk, cut additional costs and penalties and drive expanded revenue opportunities. Seal's new e-book offers best practices in contract migration and helpful insight into streamlining the process of placing contractual data into a CLM system of record."
- Technology and Information Services: Mainspring Consulting Group helps organizations maximize their Return on ContractsTM - increasing profits and shareholder value for clients by targeting and continuously improving contracts and the contracting function through implementation, management and technology services.
"Efficient contract management is a vital part of any business' success and can often pay for itself. Seal Software offers our customers a powerful solution that transforms the conventional migration process from being mundane and tedious to strategic and insightful as legacy contracts are analyzed for financial and language optimization," said Mauro Caputi, partner, Mainspring Consulting Group. "Contract migration can be a daunting task, especially when incorporating thousands of documents, and Seal's new e-Book is a powerful resource for businesses implementing a new contract management solution and looking to accelerate their return on investment through contracts."
"The Best Practices in Contract Migration: Why You Should and How to Do It" e-book is available for download online. Learn more online about Seal Software's Contract Discovery and Contract Analytics solutions at www.seal-software.com.
About Seal Software
Seal Software's Contract Discovery and Analytics platform helps companies maximize revenue opportunities and reduce expenses and costs associated with contracts, and contract management systems and processes.
Seal Contract Discovery locates contractual documents within minutes wherever they reside within an organization and is rapidly deployable; extracting key contractual terms and clauses, rendering them for easy review, and populating corporate repositories, including Customer Relationship Management (CRM), Contract Lifecycle Management (CLM), and Enterprise Resource Planning (ERP).
Seal Contract Analytics empowers clients to analyze contracts by discovering specific language and clause combinations that are most relevant to your business.
For further information, visit the Seal Software website: www.seal-software.com.
1Figures based on independent market research carried out by IACCM in 2011/12; 9% represents an average which varies significantly between companies and industries
SOURCE Seal Software
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