Seal Software’s Annual Customer Conference – Key Takeaways
The historic reluctance of organizations to share their transactional contract data—including negotiation positioning—is slowly giving way to participation in “data pooling” of non-sensitive or anonymized information was one of the key takeaways at Seal Software’s Insight 2019 in London in September. This allows businesses to align more closely with the market and reduce time to contract.
“Some of that reluctance is predicated on a mistaken belief among companies that such data is already completely protected from unstructured sharing,” Sylvain Magdinier, UnitedLex vice president of Enterprise Legal Services shared. “The reality is that many businesses develop a reasonably accurate understanding of their major customers’ and suppliers’ negotiation positioning simply through doing deals repeatedly with them. Also, employees in certain industries move around from time to time, carrying the institutional knowledge of their previous employers with them.”
In another discussion on technology-augmented negotiation and how businesses can apply Seal’s artificial intelligence platform to transactional support functions, participants shared their experience of building a client use case that enables legal departments to run counterparty contracts through Seal for a fast, initial risk rating based on the client’s risk framework. This enables the legal team to triage the work to the right resource, depending on risk level.
Earlier in the day, UnitedLex CEO Dan Reed and UnitedLex Board of Directors Chairman Rodney Rogers provided an entrepreneurial perspective on digital transformation in the legal industry, during which they stressed the importance of combining legal and technology expertise to better deliver legal services.