Transcript for "CLM platform tour: better contracts faster":
Hi, everybody. How's everybody doing today? My name is Michelet Shevchuk, and I'm going to be leading our tour of Agilof's data first agreement platform today. I'm gonna give everybody a little bit of time to trickle in. Thank you everybody so much for coming today. Really excited to jump in and go over all of this with you. We have a lot of very interesting things to cover today, in the time that we have. Perfect. So let's jump right in. Let's start off with a quick introduction of myself. So my name is Michelet Shevchuk. I am a part of Agiloft's solutions consulting team, and I've been with the team for over three years. I have a degree in mechanical engineering, and I started at Agiloft as the first associate solutions consultant. Throughout my career, I've learned many approaches to contracting along with collaborating with teams to provide solutions and success to Agiloft customers. Outside of Agiloft, I like to watch TV, movies, spend time with family, things of that sort. So let's jump right into our tour. At Agiloft, we help you agree and thrive. Our data first agreement platform makes it easy to collaboratively reach agreements and liberate data that has historically been locked in your contracts, providing valuable insights into your business operations and contractual commitments. In today's platform, we're going to see how Agilof's data first approach helps you thrive by answering four key questions around your contracts. First, contract content data answers the question, what have I agreed to? Contract processing data is related to the life cycle of the contract. It helps us answer questions like who negotiated the life cycle of the agreement, and how long did that take? Contract processing data helps us answer questions about whether or not the parties involved are delivering on contractual commitments within the agreement. And finally, decision support data helps us minimize risk and save money and time while working on agreements. Agiloft helps us agree and thrive, which we'll explore as we answer these questions and more. So today, we're going to share some stories about key roles and personas that interact with contracts, starting off with Nadine. Nadine is a procurement manager at the beginning of a buying cycle with a new vendor. She needs to get an NDA in place before she does anything else. Historically, NDAs have taken five business days, and all NDAs have to be manually reviewed by legal because there's no capability for self-service. The lack of organization has led to overpapering, often having duplicate NDAs for the same vendor. We're going to see how Agiloft helps Nadine quickly execute an NDA in a self-service manner. Nadine is going to jump into Agiloft where she's greeted with an easy dashboard that enables her to see contracts she's initiated in the past along with being able to quickly create a contract request. Once she kicks off that request, she's asked a handful of questions that are going to help guide her through the process of creating her self-service NDA. As she walks through this configurable form and fills out what she needs, she can choose things like a preapproved contract template or upload a third party paper document. She can also specify counterparty information. This is linked to your vendor master list, so we can make sure that Agiloft is bringing in real time vendor information. Once she fills out the key details around her NDA, she's going to proceed to the next step where she is presented with her organization's default settings around the self-service NDA. I also can see options that I have the ability to change, and I can hover over those options to get more information to understand how to complete the request. Based on my selections, my system automatically includes specific language from our clause playbook into our NDA. I can also select relevant clauses where needed and then generate my NDA. Once we that's generated, we're taken to the send for signature tab. As you can see, we're moving through the status of the self-service request. I can then specify my signers and create an esignature envelope as the guidance here advises me. I'll go ahead and select myself as the internal signer. This can automatically be set based on your signature matrix or Agiloc can select the signer to make sure we're sending it to the right people. I can also select my external signer as well from my contact list. I can then use our out of the box integrations with Adobe Sign or DocuSign to create an esignature envelope and send for signature with just one click. So you can see it's a very quick process to go from no NDA to assigned NDA. As you can see here, if I were to jump over to my inbox, I've got a esignature agreement that's waiting for me and ready for my signature. The signer receives the Adobe Sign agreement they're familiar with, and they go through the signing process that they're used to. As you can see, utilizing Agiloft, these challenges are turning into victories for Nadine. Historically, the NDA took a long time. Now, especially if she has someone on the phone, she can execute an NDA in minutes. Business users are now enabled with self-service. We don't have to route every NDA to the legal team. And because every NDA that is created is now stored in a centralized repository, they are easy to find, and we won't have overpapering issues anymore. Throughout this process, Nadine has also helped the organization by creating widely available contract content data and contract process data. We'll be able to report on how our speed and turnaround times have improved since using Agiloft. So now let's talk about Laura. Laura is the legal counsel on our team. She's been provided with outside paper to review and negotiate in order to get the deal done. Historically, reviewing outside paper has taken a long time. Laura has to manually review the contract along with negotiating on unfamiliar terms and clauses. Additionally, inconsistencies with how lawyers on our team can approach certain terms and clauses can create risk in our organization. And finally, when we don't have enough resources, we often need to call an expensive outside counsel. Today, we're going to see how Adeloft is going to help Laura seamlessly negotiate on outside paper, making her life a lot easier and saving time and money, lowering the risk in our organization. First, we're going to jump right into Microsoft Word. Agiloft allows Laura to work where she's comfortable and tools that she's familiar with. She can open up the contract right in Microsoft Word where she can use the Agiloft contract assistant to create a new contract directly from our Word app. Once that's opened, she can then utilize AI to generate tags on this document. So what this is doing is it's going to identify key terms and clauses within this document and act as an automated first pass for your document. It's going to it's also going to automatically populate that information right into Agilof's contract repository. This is going to help to create some of our key contract content data, which we can report on and include in dashboards as well. The AI we see here is utilizing Agilof's pretrained AI labels, which we provide a lot out of the box. If there is ever a case where you need to train specific language for your organization, we do also offer a feature called AI trainer, allowing you to train the AI to find specific data points that are relevant to your organization. Now once all of this information is tagged and populated, we can see that I have a variety of key terms and clauses that I can select from, and they were tagged automatically by the AI. Now I can utilize our Agilof's generative AI feature using a GPT model to help streamline the negotiation process from here. So for example, if I were to click on force majeure, it's going to take me right to that clause in my document. I can actually check my playbook and my clause library to check alternative options that I might have, that I might have within my standard position. So I can preview the text of the clause, and I can actually use my generative AI to align these clauses. The generative AI is going to take the information in my document, see what I have in my clause library, and it's going to create a surgical redline update and also give me an explanation on what it changed so I can so I can turn on track changes here. And I can actually insert that into the document in my surgical red line style. I also can use our generative AI feature by giving the AI instructions on clause modifications that I'd like to make. So jumping to our indemnification clause, I can actually check my playbook as we did before, and I can come to revise with AI where I can give the AI instructions on modifications I wanna make, and it can provide a red line for me. So let's say I wanna make this clause mutual. So I'm just gonna type in make mutual, generating that suggestion like we saw previously. If I like it, I can actually just replace that into the document here. So very cool capabilities there using Agilof's generative AI to act as that first pass at redlining the document. So now when I save this document and close it out, we'll be able to see that, as I mentioned before, the document and all of the data will be synced back into our contract repository. So jumping back into Agiloft, here we can see our contract that has synced back into our system. And we can also see the document is available within Agiloft along with those key terms, like our governing law or our counterparty information, etcetera. All of that was syncs. All of that sunk back into Agiloft using our word add in. All of these tools enable Laura to go from a place where she's been challenged to a place where she has a variety of victories. First of all, Agilas AI automated her first pass, saving a lot of time there, helping her identify some of the key terms within this document. A centralized playbook and clause library help to enforce consistency. Before, we had different people using their own clause libraries. Now these are centralized and kept on Adloft. People are doing things the same way, minimizing risk. All of these tools empower lawyers to not need, outside assistance, which ultimately saves them money. Once again, throughout this process, we're creating more contract content data, and we're utilizing various decision support data that lives in Agiloft like our clause library and playbook in order to increase the consistency and intelligence of some of the negotiations we've made. This has made Laura's life much easier. So now let's talk about Robert. Robert is a contract manager. He is responsible for managing the flow of all agreements. Today, he has a lot of challenges when doing this. First of all, his approvers and signers are all tribal knowledge. He doesn't have a centralized place where this is written down, and he has to ask other teams to understand who needs to approve. His agreements are stored in multiple disbarred systems. Maybe it's SharePoint, OneDrive, an individual's computer, even a filing cabinet. So it's hard for him to quickly find all contracts of a certain type when asked. All of the tools he uses to manage these processes are manual. He's emailing back and forth with people. He's receiving a lot of questions about these contracts over chat, and he wishes that these business users could easily access this information themselves. We're going to jump in and see how Agiloft helps Robert manage the challenges starting with the approval process in our contract. Agiloft is going to help Robert automate this process with our service agreement. So jumping into this agreement, we're going to jump right to our approvals tab where Robert can easily launch an approval workflow. Agiloft has a variety of workflows and can handle all different types, whether it be serial, parallel, conditional, ad hoc, or a combination of all four. Here, I have an example of a conditional finance workflow, which would only trigger finance if the dollar amount is over a hundred k. So we're intelligently building and tracking these workflows in Agiloft so Robert doesn't have to reach out and ask various people who should approve on this contract. Approvers can be notified in various different ways. They could be notified via Teams, Slack, email, or their dashboard. If they're frequent users in the system, they may come into our contract record where they can access their approvals and they can actually approve with a single click. Alternatively, they can receive an email in their inbox letting them know that a contractor requires their approval. Within that email, you can have thumb size buttons to approve directly from within the email itself or reject from the email as well. Additionally, you can you might also receive contract documents that are related, including the latest version of the contract along with a contract summary that can be automatically generated showing them who else is going to approve the contract along with any key red lines that have been made to the contract itself. This gives your approvers insight so that when they're ready to the reproof, it is one single click. Once everyone approves, your contract is going to move forward through the approval process, and it's ready for esignature. And Robert is going to easily be able to follow-up on the status of these approvals using our pop ups insights. So here, we can see all approvals have been completed, and we can also see it was completed by myself on the legal team, and this was the approval that was sent. Once everyone has approved, the contract automatically moves to approved status, and then we're able to move into esignature with our embedded integration with DocuSign and Adobe Sign. Robert will also be able to manage all of his contracts right from the contract repository. He can use quick search to search contracts based on their text. All contracts are automatically OCR'd and are full text searchable in Agiloft. I can easily come in here and search and identify all of my contracts with force majeure language. I will continue to drill down and select a counterparty, and let's just add one more filter. Let's add contract greater than or equal to a million. Once I run this search, I can see the contract that meets my needs, and this enables Robert to quickly drill down into that information with just a few searches. Now you also can see that this contract is a child contract to this MSA. And the MSA is visible in the search so that we can still understand the relationship, but it's grayed out to show that it's not a result of this specific search. So you can see Agiloft does help you easily visualize the relationships of your contracts that you have. One last thing that I wanted to highlight is our integration with Outlook. So if you do have any important emails, whether those are, you know, returned red lines or other documents that might be related to a contract, then you can use our contract assistant for Outlook or Gmail to sync the right to sync that right into the contract repository very easily without even leaving Outlook here. All of these capabilities take Robert from where he is today with using Despard systems and manual tools to a unified streamline platform. So we saw Robert gain the capability to automate approvals and esignature. He's no longer asking around and relying on tribal knowledge. This information is centralized in Agiloft. He was then easily able to search for all of his contracts, searching through the full text of his contracts in a unified platform very quickly. And we saw how this works seamlessly with his existing tools, whether that be his email, Word, Outlook, Teams, or even his web browser. It's a very straightforward process for him to interact with his contracts. We also saw through this process, Michael was searching for contract content data, and he was utilizing contract content data like the approval workflow. Agiloft would also track the amount of time it takes to get items signed, and this helps to contribute to the widely available reportable body of data that helps us continuously improve our contracting process. So now let's talk about David. David is a department head. And with a quarter business review coming up, he's being asked by the organization to bring insights and updates on how his department and the agreements that govern them are performing. Historically, this has been a big sore a sore spot for David because he has felt that his agreements are locked in his contract documents. The document centric approach to contracting has prevented him from gaining insights into the performance of these agreements. Additionally, he feels helpless. When asked about these agreements, Adeloft when asked about these agreements, Agiloft is going to make David's life a lot easier. First, by unlocking data in this in his agreements and making them widely available to his organization. So first is the ability to understand contract performance. Agiloft enables David to track key task and obligations related to contracts. So here, I've got all of my obligations for my master service agreement listed here, where I can see things like payments, case studies, deliveries, etcetera. All of these obligations can be automatically extracted from your documents and assigned to the correct responsible parties, whether they're third party obligations automatically extracted via AI or through Agilas rule engines for contracting on your own paper. Beyond this, David is going to have the capabilities to easily report and to easily create reports and dashboards that will show him the things that matter most to his contracts. Surfacing this data makes this quickly and widely available. Here, we're seeing contracts in flight, and I can easily drill down into individual departments that are related to. I also can see upcoming contracts that are expiring, and I can drill down to understand the specific contracts that are in need. Finally, queues and views are made available so that individuals know exactly what they're working on in any given day. Now this is just one example of a dashboard. You have the ability to configure your own dashboards in Agilof's no code platform. So for a quick peek, let's look at a few examples. Our budget management dashboard here would identify the financial aspects of our contract or maybe our supplier performance dashboard that would highlight our more reliable suppliers. All of this information can flow into individual charts and reports as well, and these can be set up to be delivered on an automated basis. I can set a report to deliver every Monday at 9AM so that I have the most up to date information at my fingertips without having to do anything. All of these changes bring David to a point where he doesn't feel the data of his contracts are locked away. Agilas Data First platform makes data widely available both through dashboards and also integrations. Instead of having no insight on the performance of his agreements, he he's automatically notified if someone is violating a term or element of an agreement. And rather than feeling helpless, David now has a new confidence in his ability to extract and report on agreement data. Making it available to the organization as a whole. Here, we've seen David interact with contract performance data as well as decision support data so that when he does show up to that QBR, he shows up with confidence and all the information asked of him related to his department and their agreements. So that is everything that I had to show today. I hope this provided some helpful insight into how Agiloft helps solve business challenges. If you have any questions, please feel free to drop them in the q and a. And if you're dropping now, thank you so much for attending, but I'll hold off a bit so that I can answer a few questions here. Alright. So we have a question. Is this presentation being recorded? And if yes, will it be shared? I believe, we are not recording this, but we do provide webinars, at once a month, that you can come and join. Right. How so we have a question. How do approvers reject a contract? So approvers can reject via the system. So within Agiloft, we could use have buttons, for that rejection. They also could reject via email, Teams, or Slack using those buttons that we saw in this demonstration today. Alright. Are the auto generated contract summary standard, or can the admin build out specs? So that contract summary is completely configurable, so you can configure it to meet your organization's needs. Thank you. Also, if you're still around, you can always check out the documents section if you wanted any documentation around Agilog, just to get some more information. There's a document tab here as well. Alright. Can you set up email notice reminders for deliverable dates? Yes. Email notices can be set up to send out at any point of your choosing. Does the AI use anything other than company standard documents slash paybooks for drafting suggestions? Example, the Internet or other contract repositories available online. Our AI does not use, online or Internet sources. We keep your data within our system, and we're very big about security. Alright. Thank you all so much. Have a good day.