Transcript for "CLM platform tour: better contracts faster":
Alright. How's it going, folks? My name is Austin Laurent. I'm the director of solutions consulting here at Agiloft, and I'm gonna be leading our demo today. We're, of course, gonna be looking at Agiloft CLM with AI on the inside. And I'm just gonna give everybody a, few more seconds, maybe thirty seconds to a minute to join so that we can get kicked off here. Thank you all so so much for coming, and we'll be starting soon. Alright. We'll go ahead and jump in. So as I was just saying, my name is Austin Lorena. I'm the director of solutions consulting here at Agiloft. And today, I'm gonna be leading our webinar. We're gonna be covering Agiloft's CLM with AI on the inside. But before we get into our demo, I wanna tell you all a quick story. Have you ever heard the story of the million dollar comma? So back in the early two thousands, a Canadian telecom company actually lost a million dollars because of a single comma in a contract. One side said that the comma meant that they could cancel the contract anytime with a year's notice. The others thought that the contract was locked in for five full years. A poorly placed comma in the contract made the termination clause unclear, and the resulting court decision lost this telecom company a million dollars. This is a a real case. So that's the kind of mistake that Agiloft helps you avoid. Right? With standardized language, version tracking, and AI that catches ambiguous terms before they become problems, you don't have to lose sleep or a million bucks over punctuation. So today, we're gonna see how Agiloft helps you manage your contracts through a variety of key topics. We're gonna see how Agiloft helps you centralize contract requests, accelerate contract review with the assistance of cutting edge AI, automate workflows to eliminate bottlenecks, find any contract and track every obligation. You know, as we know, once a contract is signed, it's not done. You still might have to deliver on your obligations, track milestones, etcetera. And then finally, how all that data aggregates into the Agiloft CLM to help you make informed decisions with contract data. So without further ado, I'm gonna go ahead and jump right into Agiloft, and we'll get an overview of where to focus our attention and what to expect as we go through the demo. Starting with my top navigation, across the top, I've got my global search, which allows me to search all of the information within Agiloft, including the full text of any document. Those are all automatically OCR'd and can be full text searchable. In the upper right, I've got my configuration gear. This is because Agiloft is a no code configurable platform. So what that really means for you is that after you go live, you can go through our Agiloft University training and learn how to quickly and easily configure the Agiloft platform to ultimately meet any need that you might have in the years to come. Across the top, I have my contracts, approvals, obligations, and other key elements. I can quickly initiate a new contract, view contracts that I've been working on recently, or quickly filter down to subsets of my contracts, like just looking at my active contracts. And all of the data in Agiloft can be rolled up into charts and reports. These can be included in dashboards like we are seeing here. This contract manager's dashboard is a great jumping off point for anybody who might be looking to start working on their contracts for the day. They can see what is currently in progress and what status it's in. They can take a look at upcoming expirations. And because these dashboards are interactive, they can click on that and see which contracts are coming up for expiration. And then down below, they can easily see which contracts might be assigned to them. So I can quickly dive into any of my contracts from right here within Agiloft. So with that overview behind us, let's go ahead and jump right back in and come into our topic, how Agiloft helps you centralize contract requests. Here, what we really aim to do is show you how easy it is to make these contract requests happen in one unified place. And whether that's the Agiloft requester portal or if you, you know, work with sales teams and they wanna request from Salesforce, we can integrate there as well. The bottom line is that our no code platform makes it a familiar process that frees your legal team from, you know, what can sometimes be the tyranny of responding to countless emails or Slacks asking for help with contracts. So without further ado, we'll jump right back in and change hats from our power user interface to our requesters interface. As you can see here, they have not a lot of places to get lost. They can easily create a request, look at their requests in progress, and, run searches as necessary. I'm gonna start by creating a new contract request, and we're gonna begin here with a simple self-service NDA. You know, self-service is a huge and growing use case that we're seeing a lot of people do in CLM lately, and the benefit here is that Agile forces a user to a self-service user to use the preset NDA template, so that legal doesn't have to get involved, but legal can still trust that the document that's going out for signature is the one that they want, as in that NDA template. So our requester's gonna come in, and they'll just answer some easy questions. Is it a new contract or an amendment? Is there a parent contract? They can just put in some of that key details, and then they can use a preapproved template and specify the counterparty. The counterparty information can either live in Agiloft or it can be integrated to another system such as, an ERP you might pull from your vendor master to populate this information. And just like that, I can proceed to the step of my self-service process. Here, my self-service, setup allows my user to maybe tweak some small items about the NDA. Right? They're not changing the text of the NDA manually, but, again, they're answering simple questions, which is dynamically flowing clauses from the clause library into that NDA document. And when ready, they can quickly generate that document from our template. So a really simple process for our requester to kind of flow through that request process. And once they have that document ready to go, they could easily preview the document and select the signers. You know, we'll say Austin's gonna sign in internally, and Sam is gonna sign in externally. And just like that, our integrations with DocuSign and Adobe Sign make it super easy for people to send this out for esignature. So as you can imagine, you know, an NDA might take, you know, two to three business days, maybe even a week today if you're using manual processes, and sending that back and But with Agiloft, that NDA process can, you know, literally take about three minutes because now our signer is going to have that NDA right within their inbox to be able to jump in and sign. And as soon as all of our signers sign, the fully executed agreement is going to sync back to Agiloft and be stored, permanently in the contract repository. So that's, I think, one of the best visions that we've seen of how something like self-service contracting really helps speed up a lot of the routine contracts that you're doing, you know, multiple times a week maybe, like NDAs. So with that, we'll kinda jump back to our home dashboard, and we're going to actually do another quick contract request. This time, our requester has received a party contract document that needs to be reviewed by legal. So rather than generating something per template, you know, they might want to initiate an MSA with a counterparty. And instead of using a preapproved template, they've been provided a party document, and they can, again, specify who our counterparty is and proceed to our next step. Now rather than generating a document from our template this time, we are going to just drag and drop it from our computer. So I can very easily take one of my documents that I, received from my counterparty, drag and drop it in, and submit this request for review. So, again, whether our requester is going to be generating a contract from a template or submitting that contract request with a party document to be reviewed by legal, it's a very quick and easy process for that requester. And at the end, they can easily see all of their requests that they've submitted, see what status they're in to easily follow-up on that information. And they also have the ability to view all contracts that they have access to in the, contract repository. Agiloft does have very detailed access permissions to make sure that they are only seeing what they are supposed to be able to see, so they can't access any contracts, you know, that might not be relevant to them. One common example I see of how people break this down is, sales sees sales contracts, procurement sees procurement contracts, legal sees all contracts, just a simple example. But Agiloft has detailed access permissions and makes it easy for that contract requester to know what is going on with all of the contracts they requested. So with that, we'll go ahead and jump back and just recap on what we just saw. That contract request process really centralizes it and makes it very simple for our requester, where they can easily do a quick self-service contract or send a party document to be reviewed to our legal team. And with that, we'll go ahead and move into our next phase, which is where we'll see how Agiloft helps you accelerate your contract review with AI. Here, we love that AI is really helping people eliminate busy work. When you're, you know, gonna be assessing contracts by a similar playbook every single time, we're gonna see how AI makes that a really easy process, and it happens right where you work all the time, directly within Microsoft Word. This is done by screens by Agiloft. Again, this is cutting edge AI to help you automatically redline your contracts against your legal standards that exist in your playbook. So I'm gonna go ahead and jump right back in and switch my hat back to my, contract manager or legal team member. And here on their home dashboard, they're going to see that they have a new contract request that has come in. They can also see that they received a notification in their notification bar of a new contract that's been submitted for review, and they'll receive an email for that as well. So right from their home dashboard, they can quickly jump right into this contract. And we can see that AI has already started to do some things for us in this contract. So the duration, effective date, you know, various key terms have been automatically extracted from this contract document using AI. In addition, key clauses have been extracted from the contract. So right when our legal team member jumps into the contract without them having to, you know, read it, manually enter data, type into a bunch of fields, that data has been automatically extracted from the document. And the AI has even gone a step further, and based on the clauses that are present and what we would expect in an MSA, it's telling us what types of clauses might be missing here. So very cool pass with AI. From here, we're gonna jump right into the document, or we could also, assign this to one of our team members. You know, we might at tag one of our colleagues and say, Robert, you know, please review this document. And, again, using Agiloft's easy comment functionality, we can quickly send Robert a message to which he can reply at any time, and that comment, history is going to live alongside our contract, as long as we need it to. So we'll go ahead and jump right into this document where we'll start to review it again using that AI with screens. So, of course, we're not taking away any of the functionality of Word that you're used to, so I can, you know, come in here, make direct changes to this document, add or delete things as necessary. But we really wanna provide some fantastic additional functionality when it comes to AI. So I'm gonna go ahead and open up my, screens add in here. And what this allows me to do is scan a contract using either my personal playbooks that I've written or my, sorry, my organizational playbooks that my team has written. And those playbooks are gonna contain our standards, our policies, maybe some questions that are gonna be asked about this contract, or I can use prebuilt playbooks by experts throughout the industry. As you can see, these are categorized by contract type or contract categories, and I can easily select one relevant to my contract here by looking at my services category. And we can see Andy here has written a great community playbook called services savvy, procurement of professional services. I get some details around the background, limitations, assumptions, etcetera, about that, and I can quickly run that screen or playbook on my document. So right now, as this document is being scanned by my AI playbook, we'll see that all of the key standards and policies that are written into this playbook are assessed against this document. For each of those standards, we're gonna see that it either passes or fails. So, you know, one example might be contract must have payment terms of net 45. And if we don't meet that, the AI is gonna tell me that we failed and help me redline that. So we'll see that in just a moment. In addition, there are gonna be questions asked about the document where I'll see the answers. And as we can see, now that our AI scan is completed, we can see we start out with a score that kinda gives us a gut check of the risk of this contract because all of these standards are weighted by risk, and it also lets us know kind of how much work we're gonna have to do to bring this contract into compliance with our policies. We can also filter down to some of the questions that were asked as part of this playbook. Again, we can click into one of these. The question here, does the purchaser have to indemnify or hold the vendor harmless? The AI says the purchaser does not have to indemnify or hold the vendor harmless. Instead, it's the service proprietor who's required, and, again, it cites that answer in the document for us. So that makes it really easy for us to find where it got that answer. Now jumping into our individual standards, this is where the AI redlining really comes into into play. So I'm gonna break down the anatomy of a standard for you. We'll start with this payment terms extension stand standard, just like in my example I was mentioning a moment ago. It says the contract should provide the purchaser net forty five days or more to pay fees due, and we can see that this standard failed. The AI reasoned that it failed because the document states that payment is due within thirty days following receipt of each invoice, which doesn't meet the requirement of net 45. And, again, we can see that in the document, we're highlighting where this answer is sourced from. So that really enables us to validate what the AI is saying. The AI has also generated a red line and a Microsoft Word comment for us to automatically add to our document. I could edit this comment or choose not to add it if I want, but I'll go ahead and just click apply changes, and my red line changing 30 to 45 and my comment have been added. Now that's a really simple example, but let's get into a slightly more complex one. I'll actually filter to just my failed standards, and I'll come down to this, vendor indemnity obligation. So here we can see that the standard says the contract should require the vendor to identify the purchaser against party infringement claims. It failed because it has an indemnification, but it doesn't specifically mention party infringement claims. So, again, I can take a look at the red line. And one thing I wanna highlight about this one is that screens is telling me this is a multi fail red line. So we have multiple failing standards that reference this same chunk of the document, and we've written a red line that encapsulates them all in one change, again, with the word comment, and I can apply that change as a surgical red line to the document, again, with my word comment added as well. So a lot of really cool capabilities there with screens to help me automatically red line my document. Just to add one more neat feature, I can highlight any text in the document and use AI boosts to do quick common actions to my document. You know, maybe that's redrafting a clause that I've highlighted, summarizing, making something mutual, or shortening it. I'll just click shorten here, and we can see that the AI is gonna read this limitation of liability clause, rewrite it in a shortened way by striking some language, adding just a little bit. And, again, I can quickly apply that as a surgical red line to my document. So very quick ability to use these AI boosts to do common tasks. One other thing that we'll do before we leave screens and jump back into Agiloft here is I can also run a screen to extract key data from acom from a contract. So I have this payment obligations data screen right here, and I'll go ahead and run this against my contract. And it is going to extract the key payment obligations and create them in Agiloft as trackable obligations that can be assigned to people with due dates set as well. So a lot of really fantastic capabilities coming to the Agiloft platform with the addition and integration of screens. This is a recent release for us. I think, you know, we really released this in April. So this is something that our customers are getting their hands on and getting really excited about. And we'll see here. I just got all of my obligations extracted, so we are good to go there. I'll jump right back into Agiloft. And when I refresh my record here, we will see that I have all of my screens data that was extracted there in Word synced into Agiloft, including my score, my standards results, you know, where we failed, what the reason was, what the citation was, etcetera, and all of my questions that the AI answered, asked and answered and stored right here in Agiloft. This is a huge benefit. Having this data in Agiloft allows you to, do a variety of things like automatically kick off an approval workflow because a screen standard failed. You could automatically generate an executive summary with all the questions that were answered by the AI, and, of course, those contract obligations are all tracked in here and can be automatically assigned to individuals with due dates as well. And I'll show a quick example, here where we can easily create a approval workflow that would have a screen requirement in it. So we can see here when generating this approval workflow, we have an additional step because of a failed screen standard. So, again, all of that data syncing back into Agiloft really enables us to use it in our workflows, in a variety of ways. And, of course, it syncs back into our dashboards as well. So we'll go ahead and look at the screens management dashboard, which identifies all of the key elements that are syncing back from screens and can be reported on as well. All in all, we really have seen, some of our customers have great success with screens. AskQ is a legal consultancy, and Screens is used by 25 legal professionals on their team for contract review. They really found that it helped them reduce their review time significantly, 30% across their team, and it really helped them, it really helped junior team members ramp up faster by codifying and automating all of the expertise of the senior team into those easy to use playbooks. So big benefits to our customers when it comes to using screens, on that contract negotiation piece. Alright. We only have a few minutes left in our session, so I'm going to move ahead to our last topic here, making informed decisions with contract data. And here, of course, we've seen how Agiloft has out of the box dashboards and reports. You can, of course, make your own dashboards as necessary, but one of the things I really wanna highlight that's another new feature recently released in Agiloft is our Ask AI feature. So when I'm right here in my contract repository, as I mentioned at the beginning of our demo, I can search the full text of any of my documents right here within Agiloft. I can see a little snippet of where that text shows up in the document. I can continue to filter down and say, k. Now show me all of my contracts with this specific vendor, with this counterparty, and I can quickly get to those results. But if I actually wanna get an answer from the contract, this is where Ask AI comes into play. I might preview this contract document right here within Agiloft, and I can have a natural language conversation with it using Ask AI. As you can see, there are some preset questions that I can quickly click, you know, can I terminate this agreement? The AI is going to analyze the document, get me an answer to that, and cite that answer in the document, which I really like. And then I can dig deeper and say, you know, I think the thing that's really powerful about this is the natural language element. So I might say, this service had downtime this past month. What am I entitled to? I'll go ahead and fix my typo here. And so I'll ask that question. And, again, the AI is going to read the contract, understand my question, and as you can see, it's giving me answers about the SLA kind of breaking down to the s breaking down the SLA, telling me about the service credits, and, again, citing where that comes up in the document. So we see this as a natural and powerful extension of search in Agiloft, where, as you saw, I could easily use my quick filters, text search, company name, etcetera, to drill down to the subset of contracts that I wanted to see. But then once I had that contract document open, I could easily use Ask AI to get the specific answers I'm looking for out of that contract. Alright. So with that, I just wanna loop back and recap on everything we just saw today. Of course, Agiloft's platform with a on the inside puts AI throughout the process so that whether it's through negotiation, searching, or just to extract and populate data into our contracts, AI is always helping you speed up and get more consistent with your processes. We saw how Agiloft could quickly centralize contract requests and speed up, your processes with self-service contracting, and we saw how screens made it easy to bring my contracts into alignment with my legal playbook right within Microsoft Word. Finally, we looked at how I could quickly and easily search all my contracts and use natural language AI to ask questions and get quick cited answers against my documents. So the Agiloft platform really has powerful AI on the inside and enables you to centralize your contracts into a single source of truth and really simplify your workflows as well, bringing you consistency and ensuring, again, that you don't lose a million dollars because of a contracting mistake. Thank you all so much. I really appreciate your, attendance and attention today. I can see that there are a number of questions in the q and a here, so I am going to, review them and kinda answer those live here. So do we have clients in Latin America? What's their experience like? Yes. We do have clients in Latin America. Agiloft does have the ability, for example, to translate the, UI into Spanish. So, you know, people who are Spanish speakers can easily read the user interface. But other than that, their experience with the platform is pretty much what it's like with most of our other customers. It really helps them, manage their contracts, get them into one place, and kind of wrangle a process that is typically as far as reporting goes, is there a reporting feature? Yes. We cover that. There is reporting. There is, dashboards. I don't think we explicitly showed reporting, but you can see here there are a variety of out of the box reports, and you can create your own reports or copy ours and tweak them as necessary. So, yes, we do have a reporting feature in Agiloft that you can use with our no code platform. Let's see here. Is it possible to import Excel information and customize it to know the traceability of a contract? You know, I'm not exactly sure what you mean by traceability, but, ultimately, because Agiloft is a flexible no code platform, you can import any type of data that you want into Agiloft, and you can import it with an Excel file. So you can track any data. You can import it into the into the system. So, yes, I would say, yes, Agiloft can accommodate that. Where does the comment history show in the system? I think as we saw in the demo, the comment history on a contract is visible right here in the comments pane. So I can see all of the comments and the conversation going on about this contract right here in Agiloft. If you're referring to Microsoft Word comments, those only live in the Microsoft Word document. We do not, at this time, have any automation that, you know, extracts Microsoft Word comments and brings them into into Agiloft. Does everybody in the company need a license to request a contract? Yes. A requester must be licensed, but, you know, the way that our requester license pricing work pricing works is, you know, meant to be favorable to more people that you have requesting. But, yes, everybody who's requesting needs a license. Is there an opportunity to redline the document in the system? No. Agiloft works with Microsoft Word. You open the document in Microsoft Word, you redline it right there in Word. We do not, at this time, have the ability to redline a document in the system. Are API integrations possible with other CLM platforms? Yes. Absolutely. API integrations are a are something that Agiloft excels at. We have a full API that accommodates every single metadata field in the system, And, we also have the Agiloft integration hub, which has a variety of prebuilt connectors to make it very easy for you to connect to other common enterprise systems. So, yes, API integrations, are possible, and I would say we make them very easy as well. And then I think we have a question. Is the demo available to be shared internally? And I think, yes, we will, you know, make this demo available for other people to watch after the fact. Alright. Thank you, Debbie. I appreciate your kudos. I hope everybody enjoyed the webinar today. Of course, as I said, Agiloft, CLM with AI on the inside, making that process very, very easy for you to centralize and manage your contracts. I I think that was everything we had on our docket today. So thank you all so much for attending, and I hope you have a great rest of the day. Have a good one.