Global engineering and aerospace company Parker has over 50,000 employees and 13,000 distributors, together serving customers in 104 countries. In short, it creates a lot of contracts and like other large businesses has seen that making use of AI to find, read and analyse its masses of legal contract data makes sense.
In this case the initial application for the Seal Software platform is to obtain a complete view of its contracts and the contractual commitments hidden within those contracts.
In a company statement, Seal noted that ‘a lack of visibility can lead to unmet contractual obligations as well as an inability to take advantage of previously hard-won negotiated positions’.
Seal added that making use of AI systems like this will allow the legal staff to focus on providing legal guidance rather than reviewing large numbers of contracts.
Barry Draskovich, group vice president, program and contract management for Parker Aerospace, said: ‘Contracts form the basic foundation of relationships with both our suppliers and our customers.’
‘With so many contracts on the buy- and sell-side of the business, it is essential that we understand the full picture of our obligations and opportunities,’ he added.
Ulf Zetterberg, co-founder and CEO of Seal Software, said: ‘I am delighted to welcome Parker to the Seal customer community. They’re a leader in their field, and really understand the value that technology can bring to drive efficiency and effectiveness in managing and analysing contracts.’