Transcript for "CLM platform tour: better contracts faster":
Everyone. Today, you are here for a platform tour titled Better Contracts Faster. And so that's what we're gonna cover today. It's exactly how we can help you with that. Before we get started, let me tell you a little bit about myself, who I am. My name is Quentin Westover. I am a principal solutions consultant at Agiloft. My background has a heavy focus on consultation roles, which my career transformed to after having had the pleasure to create and run a couple of technology based companies myself. I've performed in this role and adjacent roles for several years, you know, for me products. Last count is, just about over 20. And, and I truly mean this when I say this, but Agiloft is my favorite product of all time. Its ability to maintain flexibility, power, and ease of use is something I haven't had the pleasure to work with before, and that revolves heavily around its focus on being data first. But let's jump into things. Today, we're gonna have a theme, and today's theme is really just 3 top areas that we're gonna focus on. It's gonna help us improve the quality of our contracts while also cutting down the lag time to get them completed. That first thing is automation and AI. Until we absolutely need to provide our input, how can we utilize automation, workflows, AI to cut out all the other busy work, that we don't necessarily need to do. Right? How can we just get in, provide our input, and let the system do the rest of the of the work for us? The second thing is gonna be process improvement. How can we identify our bottlenecks and improve slash streamline our process, and how can AI assist with that? And then the last one is performance insights. Are we hitting our obligations, meeting our financial expectations to ensure if we're maximizing the revenue, that we expect to get from our agreement. So, let's jump in. I'm gonna turn my camera off. We'll come right back in whenever it comes to q and a and let's take a look at the system itself and talk about what it is that I'm referring to. So first, let's do a little bit of acclimation inside of Agile. Let me pull it up quickly. A little bit of acclimation first just so you can see what we're doing on the screen. And the first thing actually has nothing to do with Agile. I'm going to actually just point you straight to the top. And you'll notice that there's these color tabs up here. We're gonna walk through these different personas. And, two intentions here is, 1, to show you how the system will mold based off of who's using it. But then 2, you know, not everybody is trying to do the same thing, and I wanna show you how that process can work in here. People can see exactly what they need to from Agilog without having to be overwhelmed with this data. But of course, at any point, if you are confused as to what we may be doing at the time, you can always just look right at the top and know what persona that we're currently under. You'll also notice over to the right that each one of these logged in individuals has their own, different image, for example. So let's kind of put you in a scenario. There's a contract coming in and we it was just submitted for review. Now there's different ways that we can do this. We can have a submission for review from something like a CRM, like a, a portal where they're coming in to create a request, or maybe they even just email a specific email address that consumes an attachment, maybe like a third party agreement. And what can what can Agilev do for us in terms of this? You know, what will it do ahead of time so that way we can do less work around this contract and just focus on what we need to do, particularly reviewing and redlining and negotiation. Right? So inside of Michael's dashboard, I'm seeing, you know, just a little bit more acclimation. I'm seeing the different repositories up here, probably don't need to use those. I say this often but 95% of the work that you can do within Agile can be done directly from your dashboard. You don't need to go click around into different areas. And an example of that while we're looking at this dashboard and we'll see several more of these is that right in the front, I can I can see that there's a new queue here or actually one I just created for today's webinar that shows me all the contracts that are pending review? Now maybe these contracts come into a team or to a specific individual, but nonetheless, I'm able to see immediately if there's something new in this queue. And from here, I can click on this pencil to drive directly into that record. Let's do that. I'm going to open up our record and I can see some quick information here. Now, for those who may be unfamiliar with Azure, everything that you see on the screen is completely up to you. You can rename anything, you can change the title of these tabs. If there's different data that you want to see inside of these tabs, you can determine that. It's a drag and drop layout, It's a no code platform. It's really easy to configure this system. So this is just something I've done and you're basically seeing an administrative view of a record, somebody who needs a lot of access because they have to do a lot of these contracts. And so let's just take a quick review at what it is that we're seeing. If I pull down this heading up here, I can see who our requester is. I can click on their name for more information, maybe even reassign it if I would like. But I'm good with this. I can see that it's a services agreement. We're in a 3rd party contract, the amount that the, contract is associated to. You'll notice that there's a button here that says generate AI summary. I leave this button here for a talking point. But just to give you an idea of how you can use something like Agile Office, instead of having to click on generate AI summary, I could instead just have this automatically generated ahead of time and pulled into this record for me so that I don't need to click on this. But But you have options here and this is really what I'm just trying to show is that if you want to automate more, you can automate more. AgileOps is a very powerful automation tool that has really good AI integration inside of this. What you're seeing with these 2, for example, prompts here are prompts that I've created and I associate it to just say, hey, pull this information out, put this into a field for me, please, and this is exactly what I want. And you can see exactly what it's showing us here. Now I'll come down a little bit. I can see some information about our contract term of renewal. Maybe if I wanted to take a look more at what our counterparty, some more information about them, I can pull up their record quickly, see if we have any previous contracts. I can see that there's already services agreements in place, and I can click on these to find more information. I can also see information particular to our partnership. You know, how long have we had a relationship with them? What is the total active contract value that we have with contracts with this company? But we're good here. Maybe this is a review that you wanna do, maybe not. Otherwise, you could just go straight to the document. And I could just say, you know what? Let's open this up and do our review. So what has happened in the background while this was being submitted to us? What has Agilev done for us ahead of time so that we don't have to spend so much time tagging, pulling up key terms, etcetera. I didn't quite cover this much while we were on record just a second ago, but a lot of this has been done ahead of time. So when you saw that there was a contract in date, a contract term, these were all automatically generated be from Agilev Utilizing AI to do what you just saw in person. It is going through, it is tagging all of our clauses, it is extracting these key terms, and it's organizing this data for us over to the right. Now this is the first time I've I've opened up this document since it was submitted, so that's why you got to see it go up and down and, and basically go through this tagging process. But every time in the future, it's good. It's already saved. It won't have to go through that anymore. So let's continue with our scenario. I'm gonna I need to go through and make some edits here. How can I do that? Instead of drag or going up and down throughout this contract, I can just click on our clauses tags over to the right, and I could see all the key terms in these yellow tags. I can see all of our clauses in these blue sections here. So maybe limitation of liability is something I wanted to take a look at. In here, we're gonna come back to how AI can help us. I can see their limitation of liability and maybe I don't like it. So I can check our internal playbook and compare it to our versions of limitation of liability and maybe try to understand, you know, do I want to replace this clause entirely? Probably not because it's just gonna cause longer negotiation times. What I could do instead is I can utilize this align clauses button. What this does is it takes their version of limitation of liability and our version of limitation of liability, and it finds a middle ground, preferably derisking it for us. So let's click on this and see what this looks like. And you'll see that AI is going to do this comparison. It's gonna generate a summary for us and then provide an output of this red line. So if I need to, I can review what the summary of those changes are. And down below, I can also see exactly what it's attempting to propose these changes. If If I need to, I can click on here, make any additional changes. Let's say I'm happy with this. I'm gonna turn on my track changes quickly just to show you, but you'll see that it will do that red line insertion for us. We're good to go. We can move on to the next one or to the next clause, for example, that we wanna take a look at. And I can also see that it's giving us a risk score. This is one of several different ways that we can identify risk and make sure that we are satisfied with any potential risky clauses that were that we could that we could end up accepting. And these can also kick off other rules, like if there is too much risk, it can generate, an additional approval step, for example. Now maybe we don't have a playbook. So what else can we do here that can help us with it that we can utilize AI to help us with? Let's go to this indemnification clause. I'm gonna check our playbook for this indemnification clause, but let's say I don't have something here or maybe I'm not happy with it. I just need to revise it. I could instead just give instructions and send this information over, does the same thing, proposes a red line, makes those changes. Now we're gonna pull out of here and, this is gonna sync back into Agilog. I'm gonna talk about a couple of things that are happening in the background during this process. Sorry. Just got mouth getting a little dry, so I had I needed to take a quick drink of water. We're back into the contract record. I can see, that there is this new updated version. And what's happening in the background is it is currently comparing this to the previous version. This is good for, let's say, somebody makes some changes and they don't, maybe turn on track changes for whatever reason. Answath will help identify that for you, but it's also gonna parse out this data, and this is where we're gonna now get into the potential part of process improvement. But before we do that, let's talk about, more of these these automation steps. So now we can see that we have our original baseline third party contract here. We have our new version here. We can see that it was automatically superseded, and we have this red line version available for us. And if I need to, I can just check on this and see any changes. Whether it was turned on or not, this will find that information and display it for us. And from here, I'm good. Let's say I'm happy with my review, I can just click on our emails tab, choose a predefined template, we'll add our main contact here. And when I do this, it's now going to allow me to send this contract over. I can attach it, send this over. The cool thing about about this is I'm done. I am finished with my review. I sent it off. When our counterparty finishes his his or her review or their review, they'll send that back. Agiloft, depending you know, maybe if they, as long as they send it back just through a regular email, Agiloft can in intercept that email, download that contract, produce those red line comparisons, supersede our previous version, etcetera, etcetera, and it will do this all automatically. We'll get an email letting us know that, hey. There is a, contract back in your review. Click on this as you'll be able to see here in just a second. I can just click on this link here, go directly to that record, and start working on it again. I've been asked, you know, can we allow people to automate this entire process where they don't even need to go into Agile. And I'll give you an example of of something that we can do here. For example, if I didn't want to come into Agile, maybe I, or maybe I have an outside counsel and doesn't wanna log in. But we wanna email them the contracts, have them make their changes and reply back. We can also do this entire process through that exchange. They don't need to be able to log in to Agile auth and see information about the record. They could instead, I'll show you an example here, They can instead have it to where the, 3rd party contract, and this is just an approval record, but this is giving me an example to show you. They can download this, make their changes, send it back, and it would do that same consumption, automatically start routing it to the correct people. You can set that up as you see fit. Let's jump back to our contract. Now, we talked through, this versioning and sending it off. So let's now move on to process improvement, You know, and by the way, just to capitalize on the automation, most, if not everything that you don't need to do inside of Agile, if you want to automatically have a step approval, if you wanna have it automatically set for signatures, you can absolutely do that. Maybe some people only want to come in, just do the review, get out. You can set that up to to be to automate the rest of that process while still capturing a lot of the data around these contracts. And so what does that data do for us? Right? So this is where we're gonna move into process improvement. I'm gonna open up this heading down here called contract clauses. And you'll notice that it's also extracted all the clause types. It's showing us what the current clause text is and the most recent markup around some of these clauses. So what does this do for us? This is now creating data that we can utilize to improve some of our, processes. And in this one in particular, I usually think about negotiation. I'm gonna move over to a different persona. We're We're gonna go to this legal counsel persona. And you'll notice just on her dashboard, Laura here, that we have, a report that's showing us all the clauses that we've used over the last 12 months. And it's breaking these out to show me, you know, here's how often we've kept the standard language, and here's how often that we've had to edit it. But over time, I can also see that we've how often we've modified these clauses in general. So when I take a look at this, I can see 65 times we've had to go back and forth playing red line tennis with our, our negotiation, around limitation of liability. 56 times for insurance. 49 times for indemnification. So how can I trim this down? You know, I can now break this down out into, the types of contracts that we're typically having to do these on or maybe the legal reviewer that is working on these maybe they're going back and forth on negotiations more than others. We can identify that information. And even better is we can now also utilize this to say, hey, AI, show me all the times that we have successfully executed a contract with language around limitation of liability, and utilize that to give me 3 new options for how we could potentially rewrite this while staying true to our derisking information, and not deviating too far from our language, and it will do that for you. Because when the AI is trained on your contracts, it also learns your language and learns to write like you as well. So you're getting that power here. Not only am I able to identify clauses that I'm spending too much time on, but then I can now visit these and say, is there a way that we can make this better and improve this? Now we can get our contracts through the door and out the door faster. Now let's let's talk about a couple other things that we can do here. If we're talking about process improvement and now we're talking about clauses, what other kind of performance insights can we get? And this is where we're gonna jump into a little bit more process improvement, but also start jumping into, specific, performance insights, for example. So we're gonna close out these 2 personas. I'm gonna go to this department head persona here. And, this is a a sample dashboard I created as a kind of like an all in one executive dashboard dashboard where I'm able to see quick information about my contracts, maybe my budgeting, my obligations. Each one of these, by the way, have their own deeper dashboards that I can switch over to and we will in just a moment once we get there. But when we're talking about this process improvement I can see at the bottom that we have this cycle stop this status cycle time report when I click on this I can see quicker information or deeper information here and maybe I can drill down into this information to find deeper details or if I wanted to, I could just go into the behind the report and I'll show you what this looks like here in just a second. But when I'm looking at this, I can see that for our nondisclosure agreements, for example, that it spends about 11 days in pending approval. So I can start to question this. And what's going on here? You know? First of all, why are we why have we not just, made NDAs a little bit more self serve so that way they can be spun up in minutes, which is a feature Agile Law can help you with. But then 2, you know, if they're spending 11 days in pending approval, how can we identify that? Who who is this sitting with? Why are we taking so long? And I can drill down into this information. Same with SaaS agreements, I can see over here it spends in 10 days and approved before it gets sent for signature. What's going on there? And if I want, I can now dig into the data behind this and see specifically here are the contracts that are filling out this data. If I want, I can just open one of these, drill down into this information, and see more information about this. Right? And so now I can go to the contract. I can see more information about this specific status time. On top of this, I'm over here looking at my budget as well. Now this is where we talk about performance insights. Are the contracts that you're agreeing to financially performing the way that you would hope they would? And what I mean by that is, let's say you either set a budget for a contract or you're hoping for revenue from a contract. Maybe I'm hoping that I get a $100,000 out of this specific contract. You can now tie this to your ERP, and I'll show an example of this, to where it's showing us, and this one's specific to a budget, but it can it can tie this in and say, hey. We expected to get a 100 dollars out of this contract. How did they have to actually perform? And so when those POs are generated that are associated to that contract, it can pull in that information and attach it to, any type of budget line items that you have around these. So I can see specifically the total budget for this contract is 650. This is probably a payable one, and we have $620,000. And not only do I have the information specific to this contract, but I can also see all of your related agreements. There's a parent child, relationship with these that will roll up the total of that information. We can have a new field here that breaks down particularly the percentage of the budget here, and I can also see all of our related payments. This related payment is also flowing into each one of these line items. For example, if I open up this one, I can see that to this contract budget item, the payment is also aligned here. So I can not not only find this information particularly to each budget, but I can also see overall, here's all the payments that we've received associated to this contract. So now I'm also starting getting an idea of, if we expected to either pay a certain amount or receive a certain amount from a contract, are we getting that? And then can we report on that? And the answer is yes to both of those. And one last thing I'll show you here to talk about, expectations around your contracts is something like obligations. You can see that I have this financial impact of obligations. I can see quickly what's coming up in the next 30 days. If I wanted to expand on this information, there's a couple other dashboards I can see. For example, if I go to our obligation management dashboard, I can now see more information here. It's still showing me that financial impact. And what this means, by the way, is if we do not complete these obligations by a specific time, what is the cost for us to do that? Whether that's a discount for you or a fee, for example, that you may have to pay if you miss a deadline. This will track that information. And the best part is, it won't allow you to forget either. So an example could be if you have an obligation for a, a 2 10 net 30 and that needs to be due today is Wednesday, let's say it's due Monday. Maybe it it has sent me, email this morning saying, hey. You have an obligation due. Make sure you go complete that. And I forget. It will maybe remind me tomorrow. It depends on how you set up your own obligation notifications. But it will remind me tomorrow, and I'll do the same thing. Well, this is something I'll do I'll do later. I maybe dismiss it, something along the lines. Friday comes around, we're now potentially about to miss on this revenue. So I'm not only am I gonna resend that email to you from Agileoft, but Agileoft will also maybe send you a Teams message or Slack message or even a text message, maybe in all caps. Kind of up to you how you wanna set up those notifications as well as even message, a different person or maybe reassign to a manager or something along those lines. I believe you're not missing anything. What I typically see with obligations today is that they're sitting in people's Outlook calendars, they come across, the notification pops up and, you dismiss it, at least that's what I do. I'll say, I'll get to that in 5 minutes and I hit dismiss, I will completely forget for an entire month. This will not allow you to miss any obligations to make sure that you're also maximizing the revenue that you're getting around your contracts. And one last thing I'll show you just to talk about, staying on top of your financial performance is you could also make sure that you're tracking your renewals really well as well. Right? So I can see here's the value of all of my upcoming renewals, what's expiring. I can drill down into this information and understand specifically, you know, if we don't hit these renewals, what is the cost to us, and find more information about that. Right? So that's about it for now. It's a quick overview demo of what you can get out of AgileV to help you with automation, to streamline your contracts, and to give you really, really good visibility throughout that process to not only see the performance, but also to identify bottlenecks, and then maybe create plans to fix those bottlenecks. So we talked about automation and AI. Come in, only do what you need to do. You don't need to send it across or, maybe do any administrative work. Allow the system to automate as much of this process for you with the help of AI makes it even better. And then we also have those process improvements. Let's eliminate as many efficiencies as we can so that way they're not just sitting somewhere, and, you know, where we're potentially causing issues with our relationships with our suppliers or whoever we're trying to make a deal with, so that way we can get those through, everybody's happy, there's no issues. And then lastly, let's get those insights on our performance. So not only are we being able to see and improve on our processes, but we can make sure that we're improving those hit rates on deadlines or obligation targets, etcetera. That's all I have for you today. If you have questions, please send those over to marketing@agiloft.com. But for now, I will stick around for the next minutes and answer any questions you may have. So please feel free, let me know what you're thinking, happy to answer any questions that you have. Oh, I just realized I don't have the q and a up. Okay. Oh, so do you have version control of changes during a document review? Yes. So, just to answer some of these quickly, if you have a let me make sure I'm gonna turn off this screen here. If you have any changes that are going through this process, it will track each one of those. It will separate them out as well as keep a full history as well so you'll be able to see all those changes over time and you can even compare those over time. Is there a way to set up an NDA renewal reminder when initially sending out? Absolutely. So, each one of these contracts you'll I I kinda glossed over that. I probably should have sat on there for a second or so. But there's different ways that we can identify renewal types whether it's evergreen, auto renewal, but even on auto renewals, you may, want to still have a notification just in case your plans change and you do not want to, renew a contract with somebody like that again. You have those capabilities here. But when an NDA is coming up for renewal, maybe send us a notification 60 days out, 30 days out as well in case we missed the first one, you have the capability to stay on top of those. How does billing work for the Agileoft CLM? What can we expect in terms of prices? So I'm not a I'm not an AE, so you might have to reach out to us specifically. I don't actually do anything with the finance side. If you're if that's a specific question to the, to the capabilities of how we're tracking the financial performance against ERPs, I can talk through that. And really, the quick answer for that is we just integrate to your ARP, we pull in that information, preferably we we can even pull in like the documents, that type of stuff, and we can track that against the financial forms. If you're asking about, the cost, I I don't actually do that much and I I wouldn't be able to talk on that. But send us an email, marketingagiloft.com and we'll get you a fuller answer there. How are contract amendments, amendments managed within Agiloft? So, when you're doing an amendment to a contract, for example, you can immediately create a new amendment directly from another contract. That's kind of an older way to do that now because we're moving into this new realm of AI. And what you can do instead is you can have it to where and I actually have this as part of my demo environment, where if I do need an amendment, let me just give you some instructions. And then it takes those instructions and it generates a brand new amendment for you from your template that you can immediately send out for signature. It's a really quick and cool way to not have to go through this process of rewriting or writing a brand new amendment. Give it some quick instructions, let it do the job, and then it will send it off for you. You can automate all that all that process. How do approvers reject a contract? Anytime that there's an approval that comes in, there's different ways that we can handle this, by the way. So I can see the approvals within my email, for example, or even in Teams or if I go in, but you can also set up things against this. So I could say I can have a button there that says, require changes. I can have a button there that says reject. And when I when I click one of those buttons, I can also force whoever that user is that is trying to do these changes or reject this this approval to also put in notes. There's a lot of capabilities around that that I can show you, but the the quick and easy answer is when you are doing something like the approval and you're having to go through those reductions, you can make it as easy as possible not only to where they can do it at, maybe an email or on the system, but you can also make sure that you're capturing the correct information as you're going through that process. We are right at time. I'm gonna let you all go. Thank you so much for joining our webinar today and we'll see you on the next one. Take care.