Name: CLM platform tour: better contracts faster
Uploaded: 2025-05-01T17:46:09.736Z
Duration: 30 min 16 s
Description: CLM platform tour: better contracts faster

Transcript for "CLM platform tour: better contracts faster": Right. Hello, everyone. My name is Harmony Romano. I'm a solution consultant here at Agiloft. I've been with Agiloft just over six years now, starting with our implementation team, working as a solution architect, before moving over to to this team. So I'll be giving you a, great demonstration of the system today. Let me go ahead and just share my screen right from here, and we'll get started. So today, I'm going to just, as I said, give you a platform tour. I'm going to start with, talking about our data first platform. We want to liberate data that has historically been locked within those contracted documents. You may be able to get the that information to find some valuable insights within your internal business operations, as well as your contractual commitment. And then in order to do that, we're going to look at these four types of, contract management data and the sort of questions that you may be asking related to these these pieces of information. So starting with contract content data, which which begs the question, what have I agreed to? Contract processing data. So who negotiated and signed this agreement, and how long did that take? How long did it take to negotiate? How long did it take to get to signature? And what are all the overall, averages of how long these things are taking? Contract performance data. So are the parties involved, internally and externally, delivering on what was agreed to within this contract? And decision support data. So how do we minimize risk and save money and time in those agreements? So I hope to answer these questions and many more by taking a look at the AgileOps system. So if we jump in here, just to get a familiarity with the system, you can see a, contract management dashboard when you first log in. Now this can be very dependent on your user permissions. So you may see a completely different dashboard if you log in as a different role. You could even see a more simplified interface such as this one. So this user can create contract requests right from the dashboard or, of course, take a look at their own contracts or all contracts that they have permission to view. Now they can also have a few key metrics available to them, and we can always see their existing requests, and they can see the status that it's in. And once at that request has been submitted, we would then be able to see it on this dashboard as well as receiving a an email notification, for that request. Now we can also see some key metrics here, contracts that are currently in progress, sectioned out by status. And if we click on one of these sections, it drills down to give us more information on the contracts within that section. And you can have as many drill down levels as you'd like, or you could open up a report, and you can see the information that makes up that report. So this is all very data driven, and you can go into those records directly. Of course, if you need to make any changes to them, or have a downloadable Excel file. So these reports can take any format that you'd like, including just getting a number result, so contracts coming up on expiration. You do have built in notifications for those upcoming expirations. This can also be very valuable to have on your dashboard in case, that gets lost in an inbox somewhere. And what is the information that makes up these reports so that we have them? Well, we can either submit that through a form when using internal paper, or we can extract that from an existing contract if we're using third party paper. So why don't we start with a contract request? As a requester, I come into the dashboard, and I click to create a request here. And depending on my selections within the form, we can see that it updates to give me the, appropriate fields. If I come back here, let's just say we want to create an NDA. So if we are, working with a new vendor, something like an NDA, we may not need to go through the full, legal approval process or negotiation. We just want to generate the standard terms and send it out. So if I start typing in the counterparty here, I can fill that in, select our contract. And when I hit proceed here, it now shows me the template that it can, create this document from. We can see the standards from our business, so for the renewal pipe, and term and start date. And depending on the selections that we make here, it can insert the appropriate clauses into the document. So this does not have to be just a static document. It can, ensure that the appropriate wording appears within it depending on either the answers selected within the form or simply based on region, or department. And now I get to generate the document. So this will create that contract using that template, which we can see here. We can also see some instructions at the top, and we can now, select the signers here, or the signers can be assigned automatically. And we have plug and play integrations with both DocuSign and Adobe Sign. So you can immediately send it out for signature right from here. We get a preview of the envelope, and I can simply hit send. Now you do have this option to preview and to click this button, which will open it up directly in DocuSign if you want to set any additional settings there. But you really don't have to. You can send it immediately out from here. And once it is fully signed, it will come back into the system with that fully signed version. Actually, let me come back in here real quick. So if there's any reason that the counterparty comes back to you, they want to make some red lines or they need to use their paper. Well, we can, escalate this to the contract manager. So you can move this forward. It does not have to just sit, waiting for signature. So there is flexibility depending on, what you're returned with. Now in the case of third party paper, I'm going to just create a contract right in here. Now I can fill out some pieces of information just as we saw with that initial form. And let's say I even fill in something like the title or start and end dates. If these don't match the document, we'll see, actually, how the document will still replace that information with what is accurate. So even if I fill this out, and then I'm going to come over to the attachments, and I can simply drag and drop the document in. Now you don't have to fill out the form. I just filled it in so that we can see how, the contracted data can replace it. But you can also just drop the document in and use AI to extract the information. So this can fill out that initial form for you. It does that initial first pass with the contract analysis, and we can also use AI, of course, to assist us within the negotiation. And we'll take a look at that next. Well, we can see here it's entered in the actual contract title from the document. We can see the term, governing law, start and end dates, if there are any in the document, of course. And we can see the company information. So I have recognized this as a company I do not currently have, within the system. But we can preview this information before creating it as a company record. So you might know that this is actually spelled differently. Maybe it still has the same, or it it it actually has a different address, so the system may not recognize this as a duplicate. Or we can say, I know that we work with this company already, but they do business as this other name. So we can come back here. So next, we may want to negotiate on this agreement, of course. When you're, simply submitting a contract as we've seen, you can fill out a form, and generate information in a document, from that that information that you filled out in the form. Or in the case of third party paper, you already have that information in a document, so we simply want to extract it to fill out the form for us. So if we come back here again, so we can see the contract. But we can also see all of the clauses that were extracted as well. So you may have filled out the intake form, but it's also recognizing all of the terms within this agreement. And if we open up the document from here, it will open it directly in Word where I can now make changes. So I can do so manually, or I can use the assistance of AI. So I'm going to use this word plug in called screens. Agiloft recently acquired a new AI company called Screens AI, and they do really impressive AI negotiation work. We can set our own standards under my screens, but today, I'm going to use a community standard. This is where we have experts in the field of submit standards that anyone can use. So you can scroll through, see the descriptions to see if they work for you, and hit run screen. So now, this will run through the document. Not only did we extract information previously, but now we're, reviewing the document to make, intelligent determinations on what needs to be negotiated and how. So it's going to give us an overall, risk score. We can see the standards that have passed or failed. Those are sectioned out by high, medium, or low risk profiles, and it can simply ask questions that may not be a pass or fail standard, but a question that you would want to ask of every contract. So we can see that here, our overall score sectioned out by high, medium, and low, or just those questions which we can see here. So it has not passed or failed a standard necessarily, but it's just something within a checklist that we always want to view. And if AI can give the answer to that. Now we can also just come back to any of our risk standards, and maybe we want to section it up by just what has failed or take a look at the ratings here. So if I come into each of these failed standards, I can see the AI reasoning for why it has not passed this standard, and we can also apply red lines to it. So we can see the red line here is a very simple change. It's, just extending the number of days for payment, which we can simply, apply by clicking a button, and we can automatically add comments in if we'd like or make changes to the comments before also adding it in if we'd like to. Now you can come through each of these standards one by one to, allow those red lines to be made, or you can click red line document to, go through all of it at once, apply the red lines automatically, and, then simply review it at the end. Now looking at any of these standards, however, if we come back into any one of them, There's additional information here. So you can have user guides guidance, applied here. So, giving you the instruction as to when to use this. Now you can also have, guidance for the AI. Then you can even have, your standard language appear here or fallback language. So you can use that instead in the document if you'd like as opposed to applying red lines. Now you can also ask any questions of this document, and you can see you can also summarize a clause or work for any issues in particular that may not have been necessarily a standard. There are also many additional features here. So maybe we want to clarify or shorten clause, negotiate on our behalf, or let's say for an indemnification, for example, we simply want to click a button and make it mutual. You can also generate an overall summary of this document of all of the, risk scores here. And we have some settings we can set, and this can return in any formatting that we'd like. You can see you can see in the example here that we can include this, as a format of an email to a colleague. And once we're done with our negotiation, we simply hit save, and we close the document out. So it has opened directly in Word, but that is with a prebuilt included integration. So any changes save back into the system. And we'll see in just a moment here when we refresh. You will also have automatic versioning control. So I will have the original version of the document that will always appear here. And just above it, we will see the new version, the one we've just created by making changes just above it. Now if we want to share this out to to the counterparty as well, We'll come over to the emails tab, and you can set, you can send this as a free form email or you can use a template. I'll use a template. And maybe just we want to send it to our main contact. Now you can make any changes to the email or simply select the file, and this automatically sets to the updated version and simply send it out right from here. So I'm getting this pop up confirmation. But, additionally, if I scroll down, I can see any communications from the system up here here. So we can see the email that we just sent with that attachment. And the counterparty, they simply need to reply to that email, to this one that we sent, with their updated version of the document, and their response will be captured back in here as well. So we will see their response, and the updated version of the contract that they have made will also come back into our list as an updated version. Now here you can see, as I mentioned, the, new version that we just created internally. But if our current party made any changes to this document, maybe they turned off track changes, that's okay. They send it back. The system can still compare against your own and generate a red line version of that contract for you. So even if internally you turned off or left off track changes, or even by the counterparty, you can still track all of the changes that were made. Now I do want to note as well, approvals. So any changes, made by to to, individual clauses or, say, just particular clause types, those can be individually routed out for approval automatically. Now coming back to the discussion of, negotiating with a counterparty, they may not just get reply to an email. Maybe they email you directly with the updates. Let's say this is that email with the attachment here. We have an assistant right here in your inbox that you can use where you can search the contracts. Once you find the one you're looking for, you select it, see a preview, and you can simply click a button, and that will pull in the communication, the email body, as well as the attachment that they've included. So no matter where you're comfortable working, whether it's within the system or just within your inbox, you will still be able to, get everything all in one place. Now next step that we may want to take would be approvals. Let's say you continue that negotiation process. You've sent out emails. You've received them back. Maybe you've compared against your own, once again, run against your standards, and then sent it back. Once you're complete with that negotiation process, you can send out four approvals here. Now it can go through different workflows depending on the circumstances. I just manually selected a workflow, but it could be automatically routed through the appropriate workflow for you. And we can now see those approvals appear here. So it can route to the appropriate approvers depending on information in the document. So, again, that could be, based on specific clauses or just an overall contract approval. And it can, intelligently route this depending on various conditions. So maybe that is the, contract amount. It could even bypass approvals if it does not need, approval, say, below a certain dollar threshold, or it can go through a whole routing matrix to go to various individual. And I'm just going to push, this status forward here just as, an admin. I will show you the, notifications in a moment as well. But if I approve here, it's then going to move on to the next step, which is simply a notification. So that's going to auto complete, and then we'll launch the final step. So you can have, sequential or concurrent approvals or combination of the two, which we've been which we could see. If any of them have the same step number, they would be going out at the same time. So this is all a sequential workflow that we're going through today, which we can then see when it's completely approved, the status moves to approved, and you do get an automatic notification. But the actual approval notification can look like this. Now the just about the entire system is configurable. That includes the notifications. You can see the, information, just a preview of the contract within the record here. You can approve right from this notification or click a button to go into the system if you need to, make notes, or even reject this or send it back. We can see the most up to date version of the contract here, and it has also generated and included a summary document. So if we open this up, we can see any information we'd like to include in the summary document. So for a contract that's, say, 30 plus pages long, you don't want your approvers to have to scroll through the whole thing to look for what is relevant to them. And that can include, again, specific clauses or even, any markup that was made to it. So if you were working with internal paper, this might be most relevant to see specific clauses as they were modified from your standard. Now the final step would be signature. We took a look at that with the NDA, so there's no reason to to see it again here. Let's come back to our repository here. So we've seen how we can submit a contract and how we can negotiate on that contract all with the assistance of AI as needed. You do not need to manually tag any metadata. We saw that with the third party paper. It extracted the information for us to put into the intake form. For the case of internal paper, you can fill it out, and it will put it into the document for you. And we can see an entire list within our repository here of all contracts. It's one centralized repository whether, in progress or active. And we can see the hierarchy of how these contracts relate to one another. There are additional features that we can do here including searching, that allows us to do to to extract or or to find a lot of different information. You don't necessarily need to have, specifics that you're searching on, let's say, company name. So it could be something that was extracted with AI, but it doesn't necessarily have to be. You can simply turn around and search any wording within the documents, and you will get your results here. And you can drill that down even further. Let's say you do want to search by company name or even more from there. And those can all then be used within the reports we saw at the beginning. Now, at this point, I'm just about out of time, so I want to address the questions that I've seen. Can you set up email notice reminders for deliverable dates? Yes. Absolutely. So many of those are built within the system, including, upcoming, expirations. But you can also add in any email notifications that you'd like. It is all fully configurable. The next question here is, do you have to manually tag metadata? No. You do not. That is extracted with the AI. So that is information that is within a document but not necessarily within the system. We can use AI to extract all of that information for us. So we don't need to manually tag any of it. You can if you'd like to, but it's really not necessary. Oh, excuse me here. I hope I didn't lose anyone. Are the auto generated contract summary standard, or can the admin build out specs? So, you can create any of your own summary documents. They can even be, different summary documents for different approvers. So it doesn't even have to be the same one. Can you run custom reports out of the repository? Yes. Great question. So not only do you include all of the reports that we saw here, this is all included out of box. But depending on your user permissions, you can create your own dashboards or even edit the dashboards that were provided to you, and that includes reporting as well. And if we click around some of these dashboards even, we can see additional information. So around the, the information within those contracts, the clauses that were extracted or they were marked up from our standard, we can track all of that here and see it within our reports. And I see a question saying, can you show the diagram? I am not sure which diagram we're referring to, but we can see these reports here, which can reflect, many much of the information within here. So that can also reflect the, status times. So if we talked about, how we did we negotiate and how long did it take, Well, we can also do reports based off of that. So that could be specific to the negotiation time or specific to how long it took to for signature. Or in this case, we can see overall status times and how long it's taking. Is the my contracts request table standard or part of an add on license? That is all standard. You don't need, an additional module for that. Licensing is billed, depending on the the type of user. Alright. And if there are no other questions, that is it for me. There's so much more for this to the system. This is just a brief preview. So if you're interested, please let us know, and we can show you additional, features and and how we can, assist you. Thank you everyone for joining.