Legal AI company Seal Software has formed a joint venture partnership with global procurement and supply chain management consultancy State of Flux, to better help mutual clients extract value from supplier contracts and handle GDPR data compliance issues.
The US-based AI company said in a statement that in particular the combined abilities of Seal’s contract analytics solution and UK-based State of Flux’s consulting services would help to provide ‘an end-to-end technology solution to support clients’ dealing with GDPR regulations’, which arrive next year.
Going into the detail of the offering, Seal said that the service will make it easier to ‘quickly identify suppliers with access to personal data and analyse relevant clauses within supplier contracts’, which as GDPR experts will recognise could be of major importance to the incoming EU data regulations.
Seal added that, as it does in other areas of its work, the NLP-driven analysis could also help with looking for hidden value and gaining business insight into the supplier contracts.
The two companies added they have worked together before and said that State of Flux was looking for a contract analytics partner to help support their clients’ review processes for compliance with GDPR.
Nick Hyner, Managing Director Europe, State of Flux, said: ‘We are always looking to help our clients get more value from their supplier network. Working with Seal incorporates leading edge technology with our expertise in supplier management.’
Dan Daehler, Vice President Alliances, Seal Software, added: ‘State of Flux is an authority on supplier relationship management and has the expertise that ensures that their clients build their SRM programme on a solid foundation.’
State of Flux is based in London with offices in Chicago and Sydney. The new GDPR regulations come into force on 25 May, 2018 and will have an impact not just on EU companies but any business that may use data emanating from Europe. Moreover, once the UK leaves the EU, the data compliance situation will become even more complex, though what exactly will happen then is still not known.