Transcript for "CLM platform tour: better contracts faster":
Hey, folks. How's everybody doing? We'll be kicking off here in a minute or two, just giving folks some time to wrap up their last meetings and tune in. We'll just give it one or two more minutes. Alright. Thank you, everybody, so much for coming today. Super excited to jump in and go over this with you all. We have a lot of really interesting things to cover today in the time that we have. But first, just a quick introduction. So my name is Evan White. I'm a solutions consultant, for Agiloft. I've been with Agiloft for over four years. You know, I've been in the tech space for over ten years, and I have a background in consulting on, digital transformation projects and finance. Beyond that, you know, I I live in Oregon. I love getting outside, you know, kayaking, hiking, things like that. And today, I'll be giving you a quick tour of the Agiliof data first agreement platform. So really excited to jump into this platform tour today, and what we're gonna focus on thematically as we go through our conversations is the concept of data first. So, you know, a lot of, people, a lot of CLM vendors can help you wrangle your contracts, but Agiloft really focuses on ensuring you get value out of the data in your contracts. Right? So these are the key business terms, the key concepts that determine how you negotiate your deals and, to a large extent, how your organization performs in the market. So how Agiloft helps you do that is by taking this data first approach to contract. Now the foundation of our future view of contracting and CLM is data. Right? So this is about the digitization of the contracting process and really elevating the contract record into its rightful place within the organization as a really important digital asset. And that's because we believe, or I would say we recognize that contracts are the lifeblood of an organization. Right? They contain the promises that each party is going to be delivering as part of that relationship. But locking that information inside a document doesn't make it actionable and it doesn't make it valuable either. So we believe that a data first approach to contracting is fundamentally important to unlocking that value. Data is really important, and it's important that the foundational data model is able to measure and aggregate and report on four different types of data. Right? These are them on the screen. Let me just use my pointer. The first is contract content data. So, these are the terms and clauses within your agreement. This is what everyone tends to think about when they think contract data. But we also have other types of data like contract process data. So you can see this as a sort of data exhaust that comes off of implementing a contract process. Things like what's the ratio of third party paper to your templates, what's the average number of turns on your supply agreements, what are your cycle times, things like that. Next is contract performance data. Right? And so this is data on obligations and commitments in contracts. Are they being kept? Have they been broken during the life of the contract? That kind of thing. And then finally is decision support data. This is just data or information that helps the business and helps contracting professionals make decisions during the contracting process. So we think a lot about data within this digital and connected phase of the execution of our vision. You'll see that data first approach as we go through the overview of the solution today. So today, we're gonna be, we're gonna share some stories about some key roles or personas that interact with contracting starting with Nadine. So Nadine wants to quickly execute a nondisclosure agreement. As a buyer, her goal is to ensure that the process of buying products, or, you know, software or goods for her organization can move along quickly. But she's faced with several challenges in her, you know, current reality. First, for her NDAs take on average at least five business days to get done, right, and that's just the NDA, let alone the actual purchase, where this is something that a lot of you have, experience with. Additionally, today, the legal team is reviewing all NDAs, and they're also reviewing them manually. And they're using tools like emails and spreadsheets to keep track, which just makes the process really slow and cumbersome. Because they're doing this via email, they're not even aware of whether the counterparty has already signed an NDA and this leads to the problem of overpapering. So Nadine, doesn't have that proper organization of documents or a kind of searchable repository, which just makes it difficult to manage these NDAs. But with AtriLoft, Nadine can really streamline this process and make it really easy. So with that, I'm gonna turn off my camera and let's jump into Agiloft and get a little bit of familiarity with the solution. So Agiloft is a web application. I have this open in Google Chrome. I'm just on full screen here. And what we're taken to is this really simplified self-service portal. So business requesters of any kind can come in here and they could request contracts. They can take a number of actions. Maybe it's viewing their contracts, viewing their Teams contracts, or creating a new contract request. So I'm gonna come in, I'm gonna click create a contract request, and we're taken to this really simple streamlined intake form. As we can see, some of the defaults have been preselected just based on the common requirements, the common entries that are needed. And so I'm gonna come in here and I'll start by just typing in the name of the counterparty that I'm looking to execute the NDA with. We'll say Helios Micro. So a couple of things happen there. First, we're automatically recognizing whether or not this party has a nondisclosure agreement on file or not. We can use this insight in order to prompt Nadine to, you know, if there isn't an NDA on file, get one on file. There is an NDA on file, maybe consider whether this nondisclosure agreement is necessary. From there, we can select the contact and let's just go ahead and clear this out and say, we're gonna go ahead and request a nondisclosure agreement with a different counterpart, maybe one that doesn't have a nondisclosure agreement on file. Once we're ready, we can go ahead and click proceed. We can give Nadine the option to change any, you know, any, answers necessary. Maybe if you have multiple contracting entities being able to change the internal legal entity or location is important. But once she's ready, Nadine just clicks proceed, and the system is going to evaluate the rules in the background based on the fact that this is a standard nondisclosure agreement on your organization's paper. We're gonna let Nadine self-service this. We have some fields where Nadine can see but not edit them, and then we have some other fields where Nadine can make certain changes. Maybe something like switching between your unilateral and your mutual nondisclosure agreement template, maybe not. Based on the answers to other questions in the intake, certain clauses are going to be inserted into the contract document or not. So if I say yes, one of the or either of the party is gonna share data about their business workflows, That's just gonna insert an additional residuals clause. I see a really good question from a user. How does the counterparty data get imported into the system? Is it through a connection? Really good question. So this, you know, what I did because I typed in kind of two letters and it popped up Iverson or Kiwi Os or whatever it is, this is typically integrated with your vendor master or your master data management software. Though you would typically set up an integration. Adeloft has over 1,400 prebuilt integrations. So, you know, most likely, whatever vendor management system you're using or or CRM system you're using, we have an integration with it, and we would just bring that party data into the system. You can also bring it in manually if you wanted, but most best practice would be to integrate it. Good question. And then, again, I'm just going to go ahead and click generate document. And from here, what happens is totally up to you. In this case, the way I've set it up is the user gets some instructions on the screen, and, you know, they kinda can be told what to do. In production, we would typically see a delegation of authority matrix automatically assign the internal signer. So I said delegation authority, sometimes it's called signature authority. But you can just think of it like the the default signer given the contract parameters, like the amount, the type of contract, etcetera, will be automatically set. And then, Nadine can select whoever the counterparty contact is on her side. Once we're ready, we can click create a DocuSign envelope and just send that out via DocuSign. We could also, you know, give Nadine the option to take a see a preview of the contract, etcetera. If the counterparty needs to make changes to the contract document, a couple of things can happen. It could be tailored for your specific organization, but at the most basic level, we can just give the requester a button that says escalate. A couple of other things that I just wanna point out here is, we're giving Nadine insights directly into what's the status of the contract request. So even if it's not something that, Nadine herself is working on, if it's something like legal is working on this contract, she's still able to see the current status of that agreement. It also gets insight into whether an NDA exists or not, so that eliminates that overpapering issue and also helps us make sure we're getting NDAs on file when we need. I see another question. Good question. Do you have to manually tag metadata? You do not have to manually tag metadata. If Agiloft is generating the agreement, then, we'll automatically tag the metadata using Agiloft's built in document templates. If it's third party agreements, then Agilof's artificial intelligence will automatically tag the metadata. Good question. No need for that. You know, if we wanted to, Nadine could also submit a different type of request, let's say a services agreement. You know, if it's a we we can see a couple of things happen there. When I pick the new option, some additional fields appear. Right? And so this is how we can make it a really simple process for the business requester. In this case, selecting some purchase category information. If I say it's third party, we can just drag and drop in that third party agreement or this could be done on the phone. And again, because we didn't execute that nondisclosure agreement with Iverson, Whenever I try to proceed here, I'm just kind of warned as Nadine, there is no NDA on file with this company. We can go ahead and click proceed and submit for review and that's just gonna go directly to the appropriate counsel or perhaps paralegal. Sometimes it goes to the GC for it to assign it to other people, whatever needs to happen. Right. So, there we were able to see where we were able to turn a lot of Nadine's challenges into victories, right? Those non disclosure agreements, in particular if you've got a counterparty on the phone with you, let's say, you can execute that NDA in potentially minutes, but certainly a fraction of the time that it took whenever legal was manually reviewing everything. Business users are enabled with self-service. So this, you know, this definitely applies to a buyer or somebody in procurement, but also it can apply to other business requesters and sales. If the guardrails are in place, there's no need to stop folks from requesting it. And of course, it's really easy to find those signed NDAs, which you you can view all contracts she has permission to see. But also, we can just let the, user know at the point that they're requesting the NDA whether there's already one on file. Alright. So we can see it's very easy Nadine to come into a much better place when she uses AgileV to address her challenge. We're gonna look at one more scenario. We're gonna move on to Laura. So Laura is legal counsel for our organization and she often gets brought into deals to review contract documents, whether they're negotiated on our internal paper or, in this case, contracts that she received, you know, that our organization receives on third party paper. So today, this is something that takes Laura a long time. She has to sit down and find time in her schedule to, you know, read through the entire contract document. And it can really create risk when she's negotiating because she feels like she doesn't have the tools to be negotiating in a consistent way. She takes her notes in Word or Excel or can her own personal notes, but she would really love a centralized way to manage this process. And when she doesn't have time in her calendar or we're getting too much volume coming in, you know, she has to reach out to outside counsel. Very expensive, as we all know. Not what, she'd like to do. What she'd like to do and what we'd like to do is enable Laura and empower her to have the tools to handle these third party paper herself. So, we're going to see how Alora has the ability to use Agiloft to come to a much better place when dealing with these third party contracts. So we're gonna jump back into Agiloft. We're gonna switch screens, and we're going back to that power user dashboard that we saw. And here we can see that services agreement request with Rachel has appeared on the screen, so I can access that directly from my dashboard. I could also access it from a table view. And Laura can just kind of jump into our contract record and start to work on this agreement. Earlier, someone asked if it's necessary to tag metadata. So let me just show you. At this point, we know nothing about this contract. Right? It was just uploaded as a third party agreement and we can kind of see no extractions have been done in that contract clauses table. I'm gonna manually trigger AgileSoft's AI to scan this document and extract out certain metadata fields in that contract document. So again, right now, contract clauses hasn't been extracted. Really, the only thing that we know about it is what Nadine has told us whenever she submitted the request. Now that that machine learning is done, we can see that all of the clauses and the key terms as well, like start date, effective date, contract amount, have been automatically extracted. You can also imagine how if you're bringing contracts in, your legacy contracts, being able to extract this information is super helpful. Limit of liability, for example, maybe you really need to understand where your uncapped limit of liability is. So no need to, tag metadata. But what I'm actually gonna show you is how we kind of reckon with what's in this contract document. Right? Laura comes into an enriched contract record. We're not asking her or a paralegal to manually fill out these metadata points. They're all extracted by Agiloft, but she still has to sort of reckon with what's in this document and think about what actually needs to be done to bring it in line with the organization standards. To do that, we pop over to the attachments tab, we click on that link to the third party document and we click checkout to edit. So, the way Agiloft handles redlining is we let legal and procurement and sales work in the tools that they're familiar with. Right? What we've observed in our fifteen years of experience in CLM is, you know, a surefire way to kill adoption for your CLM is to try to take away those really important ecosystem tools like Microsoft Word from, in particular, I would say, the legal team. So we take a different approach. We integrate directly with Microsoft Word. So when you come into a Word document, you're presented with screens by Agiloft. I'm going to run my professional services screen because that's what this agreement is. It's a professional services agreement. And while I do that, I'll explain what, what a screen is because this will take about twenty seconds to finish. So Screens by Agiloft is an AI powered contract review, integration plug in that helps experts build playbooks that can review contracts at the click of a button. A screen you can't see me but I'm doing air quotes. A screen is an AI powered contract review playbook that was built by an expert. So the best way to understand this is by thinking first I think about contract templates. We've all internalized the idea of creating a gold standard template for your contracts like your standard MSA, your standard NDA, etcetera. An expert contract negotiator that's familiar with your company's values and positions spends time upfront to build a template. And then the entire organization benefits with improved commercial outcomes, standardized positions, all of the benefits we're all familiar with, most important accelerated, contract negotiations. A screen is the philosophical other side of the coin. So in this case, a skilled negotiator that's, again, familiar with your company's values and positions spend some time upfront to build what you can think of as a third party review playbook, and you get all of those same benefits. So when you first run a screen, the first thing you'll see is the standard score. This standard score is a risk adjusted aggregate score that just basically gives you a gut check on how this contract performs against the playbook. The basic anatomy of a screen is twofold. First, you've got standards, and second, you've got questions. Right? And so questions are any type of question you might want answered when you're reviewing contracts, anything from what is the limit of liability to evaluating compliance with various regulatory standards. Right? So that's questions. And standards are those standards which you think should be met in a specific type of contract. Maybe something like if you're buying, if you're purchasing something, finance thinks it should be net 45 or greater. Right? So, when it comes to screens, you've got a couple of different ways that you can kinda filter and sort through this information. First thing I'll just point out is, you know, you can see your your high risk standards, right, pass or fail, or you can toggle to your medium risk or just the questions. You can sort this information in a number of ways. The best, the fan favorite is page turn. So that's how it appears in the document top to bottom. Most users when they run a screen, they'll just start by toggling on fails really. So just kind of show me what is the thing I actually need to what are the things I need to change? Where do I need to take action? When you click a screen in AgileSoft, it's going to whether it's a standard or a question, it's gonna jump you to where in the document the AI is deriving this information from and you're gonna get a couple of things. First thing you're gonna get is AI reasoning on why this standard passed or failed or what the answer to the question is, but you're also gonna get an AI generated redline and an AI generated comment for your counterpart. So you can, you know, essentially look at the redline, you can choose to apply it with track changes on or off, and you can customize the redline a little bit further. This is a really simple one, so we're gonna go ahead and apply that and it's done in that surgical fashion, no wholesale rip and replace, and and we could apply that comment as well. Again, what most counsel does when they're when they've actioned a standard or procurement or sometimes even sales is they just snooze that failed standard like, hey. It's been actioned. Get it out of my, get it out of my queue, and let me just keep working down the line. That was a really simple red line, but let's see something a little bit more sophisticated. So let's jump to this vendor indemnity obligation. Right? And so, again, we get jumped to that segment of language. We see the AI reasoning. What I wanted to show you is this. Actually, AgileOps AI is sophisticated enough that it's recognizing that there are actually multiple standards that are failing that are all kind of centered around this, single chunk of language in the document. Right? And so what we're proposing is why don't we apply one red line that solves all of those failed standards at once? We can choose to apply that. Again, we can choose to apply the comment and once we're done, we'll snooze that, and now we're done with kind of all of those red lines. The system can also, sorry, the AI can also make inferences, right, inferring that a standard passes or a standard fails based on, let's say, the absence of language. So it's really sophisticated. The last thing I'll say about redlining a document is, you know, once you're at the point where you don't feel like you need to go through and, kind of manually accept each of those, failed standards or look at them and you just kind of trust that Agilos AI is doing a great job, you don't need to really oversee it, you can just press this red line document and apply all of those red lines in a single click. There are a couple of other productivity boosts in Agilof's plug in for Word, so I'll just cover some of the highlights. You know, of course, you can just chat with the AI. You can say, you know, what is the limit of liability? And, again, the LLM is just gonna find where that is in the document. It's gonna jump you to it and it's gonna provide an answer. You can you're talking to a sophisticated AI, so you could also say things like, please draft me a change of control clause or please draft a governing law for this state province, etcetera. You can chat with your documents, of course. And then there are some other more specific booths. Again, there are a number of them. I'll just point out two or three. So you can do things like take the selected unilateral text and make it mutual. That's definitely one that, our council likes. You can take the selected text and make it favorable to yourself and negotiate. Or the fan favorite is this generate risk summary. Right? So sometimes what we hear from, from the legal team and sometimes from, well, yeah, I would say some mostly from the legal team, what we hear is, it's not always our job to redline the document, in particular, when we're thinking about business terms, but it is legal's responsibility in the organization to advise of the risks that exist in the contract, right, even those business terms. So, we can kind of come in here and we can choose the verbosity of the summary. We can choose what standard levels we want to include, and then we could just type an instruction like, hey, write an email to Nadine advising her of the risks of this contract, and we can generate that and just kind of send that out to Nadine in an email. So a number of really powerful capabilities here. The idea is we wanna make the process of reviewing contracts much faster and more efficient. We want to empower potentially other users in the organization outside of counsel to take a first pass at the document, and we also wanna make sure that we're capturing, really important metadata around this document. A couple of things to know. One, this is a fully closed loop AI system, though we're not in any fashion learning from or using the data that you put into Agilent's AI for any purpose other than to service you. I think that's really important to call out. The other thing is I'm showing this in the context of a third party review work stream. Right? So looking at one document and redlining that document. But if you can imagine running this on your 10,000 or 50,000 legacy contracts and being able to understand exactly where, you know, you have certain really important failed standards or getting answers to questions via a bulk analysis. I see a question here. Can an org upload their own playbooks and guidelines, and can they adjust the out of the box playbooks and guidelines? And is that process automated? Or really just talk about what's the process of creating a screen? That's a super great question. I'll just start by saying, you know, what I normally say is even if you've only touched a printer in the last twenty years, you can create a screen. It's a really simple process from a technical perspective. It requires skill in the same way that drafting a a template requires skill. Right? You need a negotiator who understands the positions and values and standards of your organization, but you're literally just instructing Agilof's AI with natural language of what you wanna look out for. There are three typical ways that you create a screen. The first is you can create it from scratch. The second is you can just plug in your MSA template or your NDA template and it'll build a screen based on that template. That'll get you 70% of the way there and then you can tweak and refine that screen. And the third way is, AgileSoft comes with some prepublished community screens. So for those of you who are familiar with organizations like QuizletX, Andy Banker at QuizletX has published, like, six or eight screens or something like that. So you could grab one of Andy's, screens and use that as a starting point for your organization. Most often, what we see is legal operations will partner with, the legal team to create some gold standard screens, and users in procurement and sales will be restricted to those screens, while counsel will be able to kind of tweak or SMEs will be able to tweak their screens for their own preferences. So, good question. I'm gonna close out of that document. I'm gonna go ahead and save the document when I close out, and we're gonna see that sync back to Agiloft and we're gonna see an automatic version control and an automatic red line occurring as well. Once we're ready to send that contract document out, either to our business party or to the counterparty perhaps, we can do that in a couple of really simple and easy ways. We can use Agilots' built in in app email or we can also send this out via Agiloft's contract assistance for Outlook or Gmail. So similar to how we have a plug in for Microsoft Word and integration, right, we have an integration to other ecosystem tools like Gmail and like Outlook. Couple of other things I just wanna point out is, you know, again, that document's been automatically marked as superseded. We can clearly see who made the changes, when those changes were made, and we can understand what the active document is. We automatically generate a redline file. So any changes made either by us or by the counterparty is captured in this redline file. Even if somebody forgets to turn on track changes, we're still gonna capture that information. And we don't have to open this in Word to use our Ask AI. We can do so from right in the docs viewer. K. So, you know, overall, again, we can see how we've taken a lot of Laura's challenges, and we've turned them into victories. Right? So Laura was able to come to a place where rather than having to sit down and read every line of this third party contract, the AI scanned and identified those items for her, saving her time and making it easy for her to see what is present in the document. And then she used the centralized playbooks to force distancy on how she negotiated this contract and, using that generative AI redlining to create those intelligent redlines and insert them in that search file. It's a really easy process for Laura. Saves her a lot of time, and just brings her to a much better place. Alright. That's about everything that I had to share with you today. Happy to stay on a bit later to answer any questions. Feel free to put them in the chat if you have them. Otherwise, thank you so much for your time this morning. I really appreciate it. It was great. I'm gonna stay on for just about two minutes. And then if there are no questions, we'll end it there. I see a question in the chat from, someone. I don't I am not sure if, this was asked earlier. I can't see time stamps, but it says how is risk level determined. So I think what you're asking about there is, there was risks presented in these clauses. The risk level is determined by your organization. So you're, again, just providing natural language instructions to that artificial intelligence, and, it's rating that risk based on whatever you give it. It can be done in a high, medium, low. It can also be done in, like, integers. Right? 10 being the highest risk, one being really low risk. We can score that however we'd like. I see somebody asked a question, if if we're a current Agiloft user, how long does it take to turn on the screen's capability? It's basically it depends on what level of integration you want to see, but, essentially, you're just gonna download the plug in and use the plug in. On the back end, when you bring that information into AgileSoft, there's some small amount of setup but nothing major. Another question. Does the software support connection to SAP Ariba? Yes. We have experience integrating to Ariba and a lot of other SAP tools, even ECC if you're on prem, including Ariba. And we have prebuilt connectors to many SAP tools, including SAP Ariba. Alright, guys. I'm not seeing any other questions come in. So if you do have any questions, I know there's going to be contact information that's shared out after today's, webinar. Feel free to send me an email if you have any questions or just reach out to the AgileOne team. We're happy to help you out. Again, it was a pleasure presenting for you. I hope you have a great rest of your day.