Transcript for "CLM platform tour: better contracts faster":
Hello, everyone. Welcome to the plat platform tour today. I am Aytan Leibowitz, CEO of Spectrum Mobility, and I will be providing this demonstration to you today. So what we'd like to talk about today is, Agiloft's data first agreement platform showing you a live demonstration of of Agiloft. But before we go there, I'd like to tell you a little bit about Spectrum Mobility, and we'll jump right into the demonstration. So we are a long term partner of Agiloft now for well over ten years. We've implemented 300 plus, successful projects, and we have a wide variety of experience around implementation of Agiloft, AI, integrations, and many interesting topics that are have been value add to our customers. Feel free to reach out if you have any questions, to us or to Agiloft. Now with that, I'd like to, before we jump into the demonstration, just set the scene for what you might be able to accomplish with Agiloft. So, of course, the most common use case of Agiloft is to manage contracts pre signature, and that demo has been provided many, many times before. Today, what I'd like to do is actually discuss and show you more the post signature portion of the contract life cycle management. So while, of course, the coordination of internal reviews, the red lines, counterparty negotiations, and finally getting a contract signed, all of the presignature portion of the workflow is very important, and you, of course, can manage all of that in Agiloft. In in our mind, that is just the beginning of the contract. So you finally have a signed contract. Now it comes a hard part. Right? How do we make sure that what we agreed actually gets done? And we're really shifting our focus from negotiations to execution, compliance, and performance tracking. So really, the post signature workflow is, is what I'd like to demonstrate for you today. Some key questions that we we should ask around obligations and tasks and and post, you know, signature, workflow. So, right, we signed a contract. Now we have a set of obligations. So which obligations have I agreed to to either provide or receive or sometimes in both directions? How are the contract, performing? So are the parties involved delivering on what we agreed? How do we manage that? How do we track that metric? Contract tasks. Are there standard internal tasks based on the type of contract that we should initiate? So once the contract is signed, we know we should typically kick off certain workflows within the organization, And we know when, when that happens in real time, we know when a contract is signed. So perhaps, we should initiate some of those workflows as well. And lastly, task obligation ownership. Are the responsible parties managing their tasks and obligations, whether that's internally on our side or externally with the counterparty? And how do we keep up with everything that, is is, signed and obligated within the contract? So we'll see how we can answer these questions in Agiloft today. Okay. And with that, we will jump right into the demonstration. We'll take a look at the post contract execution workflow, focus on task obligations, how to manage contract renewals, expirations, and we'll also sprinkle in a little bit of AI into the mix. So without further ado, we are now presented with the Agiloft dashboard. There are many dashboards available and, of course, you know, with everything in Agiloft, everything is customizable and is meant to be tailor fit to your needs. So with that, we are presented with, this contract management dashboard. And one of the things that we see right off the bat is we can see contracts that are in flight, contracts in progress, you know, and the various statuses or where they are. And also, here we can see contracts that are coming up for expiration. So already, we're we're starting to see some of that management of data and how we look at contracts proactively, on the tail end of the project as they begin to, get near to their expiration dates or auto renewal dates and so on. So very quickly from the dashboard, we can drill in and see a report of contracts that are expiring, in this case, in the next ninety days. And we can see individual contracts listed here. In this case, we can see in August, we have one contract expiring, and it's an NDA. And then in October, we have a services agreement that's expiring. So if I wanted to or needed to look at, you know, the details of of any of these contracts, I can actually drill down and click into the, ID here. Apologize for that. And we can actually see the contract record itself. Okay. Let's take a look at the contract repository. And what I did is I went ahead and set up a contract for us today. And in this case, we we have a master services agreement. We have a number of contract types we can select from the list. Of course, during an implementation, these contract types would be configured to your needs and just the types of contracts that you plan to to manage. But with that, let's work with this master services agreement today. And you can see there's some information filled out about the contract, the renewal type as far as, you know, how this contract might renew. Contracts might have an auto renewing clause, in Evergreen or perhaps a non expiring contract, or perhaps one where, you have to actively notify the counterparty to in order to renew your contract and so on. So that this information sets up some of the post execution workflows that tell Agiloft, okay, when should I notify someone about this contract? So in this case, we have a sixty day notification ahead of the end date. So we automatically calculate sixty days ahead of 08/06/2028 in this case, and that's the point in time in which we notify someone about this contract so they can proactively decide, okay. Do we want to renew this contract, terminate, look for another vendor, and so on? And just to scroll down to the bottom to show, of course, we have our internal entity. In this case, we're we're Agiloft. And if you have multiple entities, you could select between them for different locations. And lastly, our counterparty in this case is Spectrum Mobility, and here is the information we have about that. Okay. So scrolling back up to the top, you can see that as far as, the contract status is, this bar here, it shows that we're in a pending signature status. So, this contract is likely out for signature, perhaps an esignature, Adobe Signer, DocuSign so that when the contract is signed, we are notified about that contract in real time, and AbsaF will, receive a copy of that executed agreement. And, also, it will trigger the status change from pending signature to signed and active. And I'll explain in a moment why that's important. So first, let's take a look at the contract itself. Now this is a fictional contract, but I'd like to show you something around AI that may be useful post execution as well. You can use this as you're negotiating, but also, after the fact. So here we're presented with a preview of the contract so we can scroll down and read through it. It's great. We can also toggle this Ask AI feature, which, can allow us to either prompt and ask a question, or we can, click on one of these suggestions. So let's go ahead and click on this one where it says summarize all the key obligations and the contract. So it gives us some suggestions we can use. And what that's going to do is, of course, read through the contract contextually and provide us with a response. So here it tells us the key obligations and the contracts are, and it spells them out. And an interesting thing that it does is also will show a reference to where it found the answer, and then it will scroll us down and highlight that section for us. So this becomes very handy as far as okay. You know, thank you, AI, for the answer, but I need to verify and value that this is correct. And so, therefore, you can click on the reference, and it'll take you just to that spot there. So just to show a couple of other examples that are useful, we can ask, you know, when can I terminate this contract? And truly, you can ask it any question that that makes sense in that moment in time, and you can do that, whenever you're ready. And there we go. So according to the contract, the client may terminate the agreement, that caused with thirty days written notes. And, again, it takes us to the termination clause. Makes sense. And lastly, let's ask a question, that I know the answer to, but I would like to show. Will this contract auto renew? So the this contract does not have any auto renewal language in there. So it's an interesting, question to ask and to see how AI performs. So the answer is no. The contract does not auto renew. And, again, it takes us to the reference. How do we know that? Well, the contract will actually end on a specific date, and there is no other auto redo type of language here. So, again, you can use this feature pre signature or post signature. But this tends to be a very helpful tool to ask questions. And, again, it it shows you exactly where it found the answers for you. Great. Okay. So with that, again, the focus, of of this walk through is to talk about tasks and obligations. So we have a tab here for managing tasks and obligations, and right now, this is, blank, by design. So here, we're able to set, and generate tasks and also generate obligations based on the type of contract that we're working on. Now why is that helpful and why is that important in our mind? So first of all, to define, tasks. Tasks are internal actions that we need to take as an organization. Some examples would be, well, okay. We just signed a contract with a new customer, then perhaps or or a vendor, perhaps we have some sort of customer vendor onboarding process. Okay. That's an internal task that we would need to initiate or or bare minimum, notify another team that, okay, the contract is now signed. Please initiate your workflow wherever it might be, whether it's in Agile after another solution. But just know we are ready to onboard this customer, vendor, supplier, etcetera. Perhaps, generating a purchase order could be another task, initiating a project with the operations team and so on. So, these are not necessarily things that would be spelled out in the contract, but they are tasks that would be initiated once a contract is signed. And that varies based on the type of contract you're signing. Okay. So that's a task. An obligation is something that you, actually spelled out in the contract that you're you're obliged to either provide or receive, or in both directions. So so that's the distinction between the two. And so what I'd like to show is what happens when we generate some tasks. And, of course, we bake in a number of tasks automatically, so let's go ahead and click this button. And and this is configurable. Right? So based on the types of contracts that you're tracking, you you're managing, and the tasks that are associated for your organization, we would implement those to where those are the tasks that are generated for you automatically. And, of course, tasks could be conditionally, added or removed based on perhaps the value of the contract, the the length of the contract, or really any sort of business condition or rule that you could think of. So here in this example, we generated four tasks, and you can see that currently they're all in the status of queued. Right? The way we can launch a a task is, ad hoc at, you know, whenever we need to or based on some trigger. One of the triggers tends to be when a contract is signed. So, again, connecting the esignature portion, to task and obligations, is a really great way to to level up your contract management. And so in this case, we have, a task. So to set up a customer environment. So let's say, customer is purchasing some software with us and, we, you know, they signed the contract where we need to go ahead and set up their environment. Well, typically, that should happen after we sign the contract. Right? So in this case, the trigger would be that the status of the contract is signed and so on. The assignment of a customer success manager, in this case, I built in a rule where it says, well, let's go ahead and assign a CSM to the customer two days after signature, right, just to to to demonstrate how that might work And so, let's go ahead and do the same thing with, obligations and generate our default obligations. So that means, again, we, preconfigured obligations based on this type of contract. Of course, both with tasks and obligations, you have the ability to add your own tasks ad hoc manually or there's, we have some techniques of using AI to extract obligations and generate them here as well. So with that, we do have a number of obligations that were created. And, again, similar to the task, they have the ability to be generated based on conditions or perhaps they're always required to be there. So alright. So with that, let's go ahead and get this contract to the signed status. And so I'll do that manually today just by clicking the mark as signed, button. But, of course, as I mentioned, if you sent this out for esignature, this, would actually happen automatically. So let's go ahead and click the button mark as signed. Okay. And so what that did is, it went ahead and and changed that status for us, and it took us back to the contract repository. This is the contract we're working on. You can see the status is now active. Let's go back into it so we can take a look at our obligations. So you can see here on the top, we went from the pending signature status to signed and then ultimately active. Let's go back and look at the task and obligations. And here, when we look at the task, you can see that the first two tasks are still in the status of queued and the bottom two tasks are in the status of assigned. So that's great. That means, the assigned statuses were based on the signed, status of the contract. So those are ready to be initiated. You can see, for example, the assigned customer CSM task is going to be assigned on August 8. So it took the, it calculated the two days from today, which August, is August 6. And so this is when Agiloft will automatically assign this task and change the status to site. Of course, to when we assign a task or an obligation, those will be, sent via, multiple types of notifications. The most common one is to send an email notification to the assigned and responsible party and so on. Okay. And if we scroll down to the obligations, we'll see a similar, concept there where some of the obligations are assigned and have notified the appropriate teams and others are queued up such as, you know, receiving, sending payment or receiving payment, usage reports. These obligations may only happen in the future. And another important thing to note about tasks and obligations is these can be set up as a one time task or one time obligation or a recurring task and obligation. So perhaps you need to send or receive some sort of report or project status update or something like that, and that's written into the contract. And that needs to happen every quarter or or something like that. So we can set up the recurrence for any of these tests and applications. K. Now with that, we we just saw, you know, tasks and obligations within an individual contract. Of course, we have a way to manage these from a higher level. So, one way to do that is by looking at our obligation management dashboard, and this has a lot of moving pieces here. But, essentially, this helps us see across the board, whether a contract is active or has expired. In some cases, the obligation remains active after the contract is signed. Perhaps you have to, destroy some data, you know, six months post contract expiration of termination or something like that. So you may have tasks that are are still active even if the contract itself is not. So the the point of this dashboard is to show us a holistic picture of all the tasks and obligations that are due, which ones are due within certain time frames. Right? So in the next thirty days, sixty days, ninety days, etcetera. And, of course, we can apply some filters here as well. So if I just want to look at the Spectrum Mobility obligations, so I can partially type the name and click, and you'll see that the entire dashboard is now updated and filtered. So we can see that, yep, we have three obligations that are due in the next thirty days. And again, we can click into them and actually see what each of them might be and who it's assigned to and so on. K. Alright. Fantastic. So so this is, how we might manage tasks and obligations in Agiloft. As we said as I said, there there are techniques to to build in, you know, typical, tasks and obligations that you might have per contract type. If you're dealing with a third party contract, you may need to create those, you know, ad hoc one by one. Or, again, we can use AI to perform the extraction and to suggest the tasks and obligations on that screen that it's demonstrating. K. Fantastic. Now with that, all of these dashboards, are actually reports as well. So one thing to note is that each of these, widgets reports can actually, be, you know, viewed here live in Agiloft, but they can actually be delivered to you, to an individual, or even a dish distribution mailbox at some frequency. So if you decide you want to see a summary once a day, once a week, or something like that. So that can be configured to where, again, we take the data that we have in the system and we get it out to where you can take action or manage what is, what are the things that you, owe to your counterparty or the things that they owe to you. And you can use you know, in that scenario, you can use this as a reminder to keep up with the things that your counterparty is supposed to provide to you as well. Okay. And with that, that is, the demonstration of the post execution process and workflow that I wanted to show you today. So, let's see if we have any questions that I can answer. Okay. So one of the questions I'm seeing is, can you see all the open tasks in a dashboard or a report? Thank you. Yes. So that that's exactly what I was just showing here at the end where, yes, we can see all of our tasks and obligations, either in one of these dashboards or, as I said, any one of these is actually a report that could be delivered to you by email. Thank you for that question. Okay. Another question is, how do the tasks and obligations get assigned to the correct person? That's a great question. So as we configure the the task and obligations, we actually have a way to define, who who the responsible party is. Something to note there is that we can send a notification. So let's take, for example, the the customer onboarding process. That team that onboards customers may have, you know, 20 people on the team, and we here at Agiloft, may not know who is available or who to assign it to. So what we could do is either assign a task or an obligation to an entire team or the manager of that team, to be, you know, divvied out, Or we can, if we know, the specific individual that's assigned to a task or an obligation, then we can just go ahead and notify them directly. K. Excellent. We covered questions here. Okay. So, with that, I would like to thank you for your time. Thank you for your attention, and we welcome any questions you might have after this, demonstration. Feel free to reach out to Agiloft. Feel free to reach out to Spectrum Mobility. We're happy to to help and answer any questions you might have or provide a custom demonstration of ASOS to you. Thank you very much.