Transcript for "CLM platform tour: better contracts faster":
Alrighty. Welcome in, everybody. We'll get started. We'll give it another thirty seconds for people to filter in, and then we'll go ahead and jump into the tour. Thank you guys for joining. Alrighty. Well, I'll go ahead and get started. Thank you guys for joining us for a demonstration of the Agile Platform today. My name is Amber Jackson. I'm a solution consultant here at Agiloft. I've been with the company for over four years now. I initially started out as an implementer. I was one of the folks who helped their clients, spin up their Agiloft instances to their specific workflows and their use cases. In that time, I learned a couple of tricks and tips about how lots of our clients like to use the system to help alleviate their contract workflow woes that they've been having, and hope to show you a little bit of that in the demo today. So Agiloft is a platform that allows you to manage your contracts seamlessly all the way from intake through any third party redlining, through internal reviews, through approvals, through esignature, all the way to post signature execution and searching data as well. So that is done because Agiloft is a data first platform, meaning that we take the data from your contracts and make it in a way that you can find this information. So that way you can proactively act on things beforehand with confidence, with knowledge that the information in your contracts is always available at your fingertips. So in today's tour, we're gonna go through a couple of use case scenarios to show you how Agiloft can not only conform to your specific workflows, but also how it can help solve a lot of the woes that you guys may be experiencing yourselves. So one example that we're gonna go through today is with our friend, Nadine. Now Nadine is a procurement manager. She is somebody who doesn't really, do a lot of contracts, but she does run into NDAs. And, typically, the NDAs have been an issue for her because they take a while. They take about five days to, to get executed. Another issue is that currently, all of the NDAs, even if they're on standard terms and internal paper, they have to be manually reviewed by somebody in the legal team, which unfortunately means that's gonna take even more time for somebody to go through it even if it's just standard terms and and internal paper. And then because of all of this extra papering, all this back and forth and everything, it's really hard for people to figure out where is this contract, what's going on with it. They have to follow-up with legal or somebody like that. So we're gonna see how Agiloft can help solve a lot of these issues with a self-service NDA workflow. So if I pop into my Agiloft system here, I am currently logged in Nadine's dashboard. So this is a great spot for Nadine to easily see the status of any of the contracts that she was working on. She can jump back into any of her existing contracts, and she doesn't have to worry about where did it go, what is happening with that contract. She could easily track that information and jump right back in. Now if she needs to create a new NDA, we can use the self-service process here. So all we have to do is click on a new contract request here, and that's gonna bring up a completely configurable workflow form here that allows us to guide Nadine through the steps of the information that we're looking for for creating an NDA. So here, it's gonna be a new contract. It's not gonna be tied to any, parent agreements. It's already set as an NDA. I can add in some notes here. So this is a new NDA. Super creative. And then here, I can say that it's gonna be based on preapproved internal paper. Or if I have a third party contract, I can also upload that. We'll see an example of that later on in the tour here. And then here, I can select the company's name. So I can say, you know, this is with Iverson. Now this is linked to company data in Agiloft. So if you already have information about this company, you can have this here. You can also have this automatically tied to automation such as if we are trying to create an NDA with a company where we already have an active NDA in place, it can present a pop up to Nadine, letting her know, hey. We already have an NDA in place with this company. And that way, she doesn't have to reduplicate her efforts for an unfortunate duplicate contract. She can just go like, oh, we already have one. Let's move on. Or depending on the situation, maybe she can go and look at that contract and then realize, okay. The terms on that NDA are different than this NDA. Let me go ahead and continue submitting this NDA because we wanna make sure that we're covered for this particular situation in addition to the one that's already active. So you're, again, giving your, team the power to manage a contract so that way you don't have to rely on legal double checking and going over everything here. Now once we put in that information, we can hit the proceed button. And on the next screen here, it's gonna give some information to Nadine about the NDA template information. So you can see here, it's gonna notify the contract managers when it expires. The default terms is thirty six months. You can configure this if you want to change the amount of the default range for your NDAs. If you wanted to change the start date or end date terms, you can do that as well. And then down here, we have a couple of options that Nadine can select depending on the circumstances of the NDA she's trying to generate. So if she needs to change any of this, she can. And this is, again, completely configurable for your particular company's needs. So if you don't want them to be able to make these changes, you can do this. You can do that. Excuse me. Or if you want to add some. So maybe you don't want these particular questions, but you're interested in tweaking some other language in the contract before it's generated. That can be done as well. Here, I can select the particular clause for a specific region that I'm working with, and then I can also select another clause as well here. And then once I have selected that information, all I have to do is click on the generate document button. It's gonna go ahead and create the NDA contract document that's going to be sent out. And on the next screen here, it's giving me some information about how we can send that generated document, which is right here, off to the third party for their signature. So here we have our integration for esignature set up. We can integrate directly with DocuSign or Adobe Sign. And once the integration is set up, we can go in and select who is gonna be the internal signer and then who is going to be the third party signer for the other company. Then once I have that information added, I can send out either the DocuSign or the Adobe Sign envelope, and then that's going to be emailed out from the DocuSign or Adobe Sign servers. Meaning, it's going to be an email address that the majority of folks already have whitelisted. So you don't have to worry about this DocuSign email accidentally ending up in somebody's spam folder or going to their junk folder. It's gonna most likely go straight into their inbox. Additionally, it's gonna automatically be an email that most people are familiar with. They're gonna see that this is a DocuSign email. Okay. I'm gonna have to go in and open that document up and sign it and make sure I send it back to, the third party there. And so that makes it really easy for Nadine to get that contract out. We were able to do that in just a couple of clicks here, a couple of steps. And then what's also great about this is that it allows Nadine to see the status of that contract as well. So, for example, if she wanted to go back and take a look at any of her other contracts that she submitted, she could easily see, okay. We're still waiting for the counterparty to reply to it and things like that. That way, these contracts, once they're sent out, they're not just sent out into a black hole. You can keep tracking them and make sure that you can follow-up as necessary on those contracts to make sure that they are, acted on in a timely fashion. Alright. So here, the way that Agiloft was able to help bring Nadine to victory, we have a couple of ways. We were able to execute that NDA and send it out in minutes, even possibly over the phone if she was on the phone with a client and she wanted to get that NDA in place so that way they can talk further about details about a project that they're working on, it's very easy to do so as you guys saw there. It also allows business users to kind of fully take charge of all of the NDAs instead of going back and forth with the, with the different parties there. Another option is if you need to check on the status of any of those NDAs, it's easy to find that information without having to harass the legal team, go through, a bunch of different email address or email inboxes trying to find that information and things like that. I do see a question in the chat from Elizabeth about what if the counterparty wants to make changes to an NDA. That is an option that we have in the self-service workflow. If there is a reply back from the third party and they wanna make in, make red lines or make changes, there is an option where the business requester, so Nadine, can escalate the NDA up to the legal team. So what happens is there's a little button that you can click on. You can add in comments and tell them, hey. The third party wants to make red lines on this contract, and then it goes up to the legal team for their review. And then from there, it goes through the normal legal redlining process, which you'll see a little bit of in the tour, in a couple of minutes here. So, again, we can accommodate those situations to make sure that any of those, situations come up, they are handled by Agile. Alright. Now the next situation that our system helps solve is very common. It's great for legal folks. So we have, for example here, Laura. She is legal counsel for a company, and she's got a couple of issues that she's running into. One issue is that whenever she gets a third party contract on outside paper, it takes a long time to go through that process. It takes a while to get that document into the system. It takes a while for her to go through everything. If she needs to negotiate any of that language, right now, it's a little bit risky for them to do that because we don't have, like, a playbook of language that we can refer to. It's just mostly kind of, you know, a a bunch of language that she has on her system versus, another council might have different language and things like that. There's no kind of, like, centralized standard, playbook where they can review all of the language in one spot. And then, also, depending on the situation, sometimes they will need expensive outside counsel in order for them to get through these contracts in a see in a in a timely manner. So AgileV is able to help solve a lot of these problems really easily with a variety of different features that are available out of the box for Agiloft users. So in this situation, I'm going to switch over, and I'm going to open up a contract directly in Microsoft Word. One of the great things about Agiloft is that we allow you to work where you are, so you don't have to have everything open in Agiloft. If you're more comfortable with Microsoft Word, we do allow you to work directly in that system and synchronize all of the information back into Agiloft as needed. So here on the side, I have our Agiloft contract assistant tool open, and what this tool allows you to do is all sorts of different things. There's a bunch of different, things that it can do. If you're curious about every single feature, we do have videos that are available. If you're curious about that, you can reach out to your account manager or your account executive, and we can send you a copy of that. But one feature that's really great here is I can use this tool to go ahead and upload this contract into Microsoft or sorry, from Microsoft Word into AgileSoft. So here, I was able to put in some information about the title, the tie of contract it is. And then if I hit create, it's going to upload this contract into Agiloft, and then I will be able to start making some information on it as well. Now here, you can see some information about the contract that I created, but what's also great about it is that I can use AI to go through this and get some critical information on a first pass. So we have the ability to read this contract, get some information such as the contract start date, contract end date, who are the third parties. It can also identify clauses in here so that way we can know, for example, if there's, you know, force majeure clauses or indemnification clauses, things like that. So this helps make it a lot quicker for your legal team to quickly find key information you're looking for in your contracts instead of having to go through, you know, 50 or a 50 pages of documents just trying to find, like, the start date of the contract, for example. The AI allows you to find that information very quickly. And then once we have the AI information in there, that also allows us to take some of this information to the next step as well. So we can easily start using some of the information that the AI has identified to go in and find other information as well. So apologize. My computer is being a little bit slow today. I think it's a little stage fright. There it goes. Here we go. So you can see here, it's going through the contract and tagging various key terms and clauses that it's finding and labeling them for us. That way, we can now find that as we need. So on the side here, here we go. You can see now we have the different titles. So, for example, it was able to find the contract title. It was able to find the first party name, second party name, things like that. It's also able to find different clauses as well. So, for example, I mentioned the indemnification clause, then we have the limitation of liability clause. So it's easy to go in there and find those key terms and clauses without having to go through, you know, like I said, like, 50 different pages contract data just to find that particular clause there. Now what's also great about our AI is that it also allows us to do really quick and surgical red lines if we need to on these clauses. So we have the option to take the clause that's in this document and compare it to clauses that are in our, in our, playbook. So here, I've got a bunch of different clauses that are in our playbook, and I can scroll through them to find the one that I want to compare it to. And then when I find the one that I like, if I hit align clauses, what the AI is gonna do is it's gonna read this clause and compare it to the version that we have inside of our, playbook. Up here at the top, it gives a brief explanation. The AI gives a brief explanation of what this clause is looking for and what differences it found, so it kind of explains the changes that it's suggesting here. And then down here, it shows you the changes that it's suggesting that we make. And you'll notice here that the surge the changes are not just a whole swap out of the entire clause, and then it puts in the new one, in which case then it would throw off a whole bunch of red lines in the document, and that can cause a little bit of mild panic for the third party. Instead, it's gonna be just tiny little surgical, red lines that don't look quite as bad when you're sending it off to the third party, and it'll look a little bit less, dire. So if you like what you've got, if you hit replace contract clause, you can see here it added in just that information that was different, and it didn't have to swap out the entire clause. It's just tiny little red lines that it made there. Then when we're done, we can save the document as normal. And then if we go back into the contract record here, give it a second, it's synchronizing the changes that were made in that document back into our knowledge base here, and we can see some of the key terms that it was able to find. So we can see the document that I uploaded. It was also able to track the upload, the key terms that I had tracked in there, so the title, the duration, the start date, things like that. And then if we wanted to send this off to the third party, we can quickly and easily do so from the system here. So now we can say we're gonna send it to the third party. We have built in templates that are available as well. You could tweak these yourself, or if you want to use the ones that are available out of the box, we can do that. With one click, we can also just add the main contact from the contract from the third party so that way we can easily email them. Or oh, there we go. Or if you need to, you can also search for it and add it there. And then you can also tweak the actual email that's going to be sent out to the third party. If you don't like what the template in includes, you can do that. You can include the document that you wanna send, and you can send this email off right from the AgileSoft system here. Now if you whoop. That's right. I gotta put it in the title. Okay. If you get that email sent out, that will be tracked in the email communication here. And what's great about this is if the third party responds to that email. So if they get the email that says, you know here. Let me show you an example of what that looks like. It looks like this here, and it just says, you know, please review this contract. It includes a copy of the contract document that they can download. And if they need to make any red line edits to that, they can. If they, once they're done, respond back to this email, it will get uploaded into Agiloft automatically and notify the contract managers and the legal team that there has been a response. Then from there, they can open it and take a look at what the changes were. Another option, though, if they don't respond to this email, maybe there was a side conversation going on in another email, for example, we do have another tool that's available for Outlook as well as Gmail called our contract assistant tool for Outlook. And what's great about that is you can open this up with the email, and if you select the contract that you're assigning this contract is relating to, when you hit the add to this contract button here at the bottom, it's gonna take all of the emails on this thread as well as attachments and automatically upload them back into the contract record as well. So you have another easy way to get that information back into Agilog. Or third option, if that's not an option for you guys, is you guys always have the option to do a drag and drop. So if you wanted to do, for example, let's say they sent it to you in a in a another email or if they sent it to you maybe in a Slack message or something like that, you can come into Agiloft, drag and drop that here, say that it's a updated contract document that's replacing the old contract document. And when you hit the add button here, it's going to upload that into Agiloft. And then what's great is that you can also do red line comparisons of the version that you sent out to the third party versus the version that they sent back to you so you can see exactly what changes were made in that document. So if you come here, you can see the old version's automatically marked as superseded. The new version's been added up to the top. And if I click on the button here, we can tell it to compare the new version to the older version. You can also have this automated as well. If you want it to automatically, compare those when you upload it, that can be done. And then here, we'll see a couple of red line differences between the versions of the contracts there. So little bit of information looks like. Let's update it. So very easy for us to get that contract information out, get that information, into the AgileSoft system. We didn't have to spend a whole bunch of time getting out key information from that contract. That first pass by the AI really saves a lot of time to make sure that we find certain information and certain things that we, are making sure that we're looking for in our contracts. Another thing that's great is now that we have that centralized playbook repository, it makes it easier for us to find language in our playbook that is approved and matches what we're looking for. So I don't have to worry about Laura using different language than Tom versus, Bob or different things like that. It's all at one spot, and we can have the AI help streamline, making all of that language the same way for you guys. So that way you don't have to worry about making differences between what the con what the third party contract says versus what you guys are looking for. And then now the lawyers also have more power to make the changes that they need themselves without having to spend a whole bunch of time going to external counsel, asking them to review it, asking them to make changes, and things like that. They can easily do so quickly and easily themselves. So that is a quick overview of some of the AI features and some of the, functionality that we have there. Okay. So another use case that we have is the, workflow that not too, not too uncommon for most of our clients to be going through, and that's gonna be one of a contract manager such as Michael here. Now one issue that Michael is running into, especially with smaller organizations that use Agiloft, is that currently, the approvers and signers that are needed for their contracts is mostly tribal knowledge. It can differ from department to department. It can differ from contract dollar amount. It can differ from what team submitted the request, things like that. So right now, it's a little bit tough for some of their contracts to get through because they don't know where it needs to go, what needs to happen, who needs to sign off, and things like that. Additionally, because there are so many different departments and teams involved, the agreements are stored in a bunch of different systems. So it's hard for people to know what the status is or who's waiting for what because nothing is, in one spot. It's a different one. One is in a SharePoint drive. The other one's in this one. The other one's in that one. Some of them are just in emails. So it's hard for Michael to know where the information is that he's looking for. And then another struggle is that they're all they're using manual tools. So, for example, one department's using everything on a spreadsheet. Another one's using everything just based off of emails. Some folks are using, like, Slack or Teams to track all of their information. All of it's very manual and has to be updated by hand. So this is one of the greatest strengths of AgileOps is the automation capabilities that are in it because it helps not only make sure that everything goes down the right path, but you can easily see the status of what things are in the workflow or in the pipeline so that way you guys can know what, next to expect. So if I go in back into my Agiloft system here, I'm gonna jump into another knowledge base. And as I'm logged in here, I can easily jump in and check on the status of contracts. I can easily see the status of my contracts here, the company name, what type of contracts they are, and then I can easily jump back into any one of those. So if I jump into this one here, if I want to start an approval process, I can easily do that by clicking on the approvals tab, and I can see the different types of workflows that we have here. So you can automate the workflows based on, for example, contract type or dollar amount or things like that, or you can also have it be a little bit of a manual process where you can select the proper of workflow per the situation that you're in. And one of the great things about, approvals in Agiloft is that the way that they are created is based on a workflow of different steps, and each step is a different team or person that needs to review the contract. And this is internal approval. So this is gonna be for anybody at the company that needs to review this contract and get their blessings before we can send it off to the third party for esignature here. So here, because we selected that workflow, I don't have to worry about, okay, what team was the one that needs to be added to this? What one is needed to be, sent out to this? We can also set up conditional approvals as well where approvals will only be sent out to certain teams based on certain information in the contract record. So here we have a conditional approval that was sent to the finance team because the contract of dollar amount was over $10,000. And, again, these conditional approvals can be based off of any data in an Agile of contract record. So, for example, if you want a contract to be sent to let's say it comes from the sales team and you want the sales director to review it, you can have a conditional approval for that. Or if the contract start date is too soon or if the contract's backdated, we can have a conditional approval that automatically sends it to the legal team for a second review just to make sure that we've got everything in place because it is a backdated contract or things like that. So that makes sure that the right people are brought in on these approvals, and you don't have to worry about that tribal knowledge of, oh, this only goes to, sales director depending on if the, dollar amount is over a certain amount or anything like that. Now the approvals are sent out in an email that can be configured, and here is an example of that contract. There we go. So you can include any of the fields that you want from the contract record on this email. You can also include a copy of an executive summary, for example, if you're sending this off off to a third party executive. You can also send this off to a, you can set off a full copy of the actual contract record to the, approvers as well so they can dive into the contract and see all of the different, updates that have been made to it as well. If they have any questions or concerns about the, document, they can click on this button here. It will bring them back into the record where they can leave comments and notes, and you can have a back and forth conversation about, you know, I'm concerned about this particular information in the contract. Otherwise, if everything is the way that you like it, you can click on the approve button here. And what that's gonna do is it's gonna go into the approval workflow to their assigned step and make the status set to approved so that way you can see all of the people who have approved this contract and all of the people who have reviewed it. So that way you can easily find that information there. Once the contract is fully approved by all parties in the approval, matrix, it can then move on to esignature. And like I mentioned before to you guys, we do have a direct integration with Adobe Sign and DocuSign. And then once you select who these signers are, you can send that off as well and have that sent off to the third party for esignature. Now another situation that might come up for Michael is being able to find those contracts once they have been signed and executed in the system here. Now one thing that's great about Agiloft's, search capabilities is that it allows you to be very specific about what type of data you're looking for, thanks to our quick search that's on the side here. Quick search allows you to search for specific fields or specific information in those fields. So, for example, if I want to see all of my contracts that have force majeure in them, I can easily find that here, and I can narrow that down. So if I want to see all of them with a specific counterparty, I can easily do that. I can even narrow this down even further to say, you know, I wanna see contracts that have a dollar amount greater than a million dollars. And so now I can easily go straight into that contract and find that really easily without having to dig through hundreds or dozens of different records just to find the one that I'm looking for here. Now if I clear my filters, you guys may have noticed that that contract was a child contract off of a parent contract. And so that is another great feature about Agiloft is that it's very easy to find, relationships between your contracts pretty quickly and easily. So, for example, here we have a contract that is a master services agreement, and you can see that there's two child contracts tied directly to them right there. And you can easily see that without having to dig through all of those contracts and everything. If I open up the actual contract record, it's also gonna show me this information on the related contracts tab. I can see all of the contracts that are directly related to that. And if I need to make a new one, I can also go in and create a new child contract or amendment. And what's great about this is when I do that, it can automatically pull in information from the parent contract into the child contract. It can be as much information as you want. So it can pull in everything from the parent contract if you want, or it can be just a couple of bits of information if you want. But what's also great is it's gonna automatically tie that child contract back to the parent contract automatically. So that way, when you guys are looking for all the contracts relating to a particular master contract, it can easily find that information and link that up for you guys there. Alright. So couple of victories that Agiloft was able to give Michael for this was complete automation of all of the approvals and esignatures that were needed for that contract. He didn't have to figure out which one was going to which person because of this situation. Agile was able to do that thanks to conditional approvals. We were also able to search for all of the different types of contracts in one platform instead of having to go through some through SharePoint, some through email, some through, you know, file cabinets. It's all in one spot, so it's easy to take care of on top of all of that. And then it really makes it a lot easier for you to work seamlessly with your existing tools. You can just drag and drop things into the system as needed and be able to find that information really quickly. Alright. Now I do see there's a couple more questions from a couple of folks here. I see Elizabeth asking, can the parent child relationship for contract start at the kickoff or just the repository level? You can do that on this on the, kickoff as well when you're starting a contract. If it is a child contract, you can go back and manually tie it to the, parent contract as needed. Again, one of the great things about Agiloft is that it is configurable to whatever workflows work for you guys. So if you want it to be able to, jump back and forth and go back to the contract based off of, existing contracts, you can easily do that. Alright. I know we're at time. I wanted to thank you guys all for joining us to the platform tour. If you guys have any questions about any of the capabilities or the functionalities that you guys saw today or if you're curious about other things that Agileoft can do, definitely feel free to reach out to any of us or your account executives or your account managers. Any one of us will be glad to help walk you guys through. Thank you guys for your time. Have a great rest of your day. Take care.