Transcript for "CLM platform tour: better contracts faster":
Hi, everyone. Welcome to today's platform tour. My name is Jake Hoskins. I do lead design with Koho Consulting, a partner of Agiloft. And I, gonna go ahead and give everyone a minute or so to hop on. Thanks. Alright. Let's get started. I'll make my camera for this portion. I'll walk into the system, and then we'll do q and a at the end, and I'll cut it back on. So today, we'll be walking through Agiloft and the data first agreement approach that Agiloft takes. So within Agiloft, we have four key type types of contract management data. First, just what we agreed to. It's important to know, the content of your contract. We also house processing data. It's good for metrics as we go through our workflows, negotiated what, who signed what. It's important. We have also contract performance data. What did we agree to, and are we delivering on what we agreed to? And then decision support data. We can run charts, reports just to see how we minimize risks, save money, and time on agreements. So I'm gonna take you through all four types of those data today, and we will start from different user personas. So first, we're gonna take a look at Nadine, procurement manager. And then they Nadine's challenges are, you know, just time. NDA is taking a long time. It must be manually reviewed. Just overpapering, lag organization. So she'd like to streamline everything and get through agreements faster. So let me go ahead and jump into our system, and we're in as Nadine. So this is Nadine's home screen. The dashboard where she can come to create contract requests, view per request that she's already created or view all requests that she has access to. So I'm gonna go ahead and create an NDA and show you how streamlined that process can be. So I think on we're creating this request. We can see it's a new contract, NDA. We'll say NDA with each. And as I move through this, this standard preapproved contract template, we can give the user the option to actually generate for themselves. So we'll select that option. I'm gonna select the counterparty. You can start typing. It's gonna give you the options here. And location and contact, all in the system. You can add this as you go if it's not in there, and we'll proceed. So at this point, the system will see that we do have a template available, and it gives you some instructions as well as a description of this template. So we're using our NDA template, and it's gonna give me some options and questions to prompt me to add conditions into the actual document itself. So let's say, governing law, we have the options of California, New York, and clause that will be planted in that document as it's generated based on our selections here. Alright. So now this document is ready for signature. If it doesn't need to be escalated to a contract manager, we can send it out from here. Let's just select internal, external signers, and create the envelope. And just like that, the process that took multiple days, can be done. It will hop right back into the home screen. You can see the config that we just submitted, and that's been sent for secure. Very quick, very simple, and seamless. Now say not everything's an NDI. Sometimes things need review. Sometimes they come in on third party paper. So let's do another request. So we'll come in still as Nadine, and we'll select the services agreement. So services agreement sent through third party. We'll say services with I h. So payable contract, $12,000. This is not on the template, though it may we may have a template available for this type of contract. This is on third party pay per se. Select other. And we're gonna do this with the same party as last time. So we'll start typing. Signals and heard and proceed. Now let's assume we'll see that this is it was selected that it is on third party paper. It is not a template. So what we'll need to do here is attach this template and send it off to contract management. So we'll go into our files. Select the start of the group. And just to place some sort of note. Alright. So now that has kicked off the process for you from contract management, redlining, negotiation, and potential approvals. So you can see it's submitted for review. So let's jump in and talk about our next persona. Victory's here. You can execute an NDA in minutes. It enables this business user, with the self-service, so they don't have to come to legal or contract management for everything if if it's an approved template with approved language that hasn't been redlined. And then it'll be easy to find. Once that comes back, Nadine will be notified, and she'll be able to access that NDA as needed. So our next persona is Michael, our contract manager. This is the the person who the service agreement will now route you. So an issue you know, contract management, you're there's so many moving pieces, legal, different departments, and you need to get it all in one place. It's tribal knowledge with each of those departments. To bring it all together and take record of that is very important. Also, these agreements may be stored in multiple systems. You know, you may have some just stored on SharePoint, you know, God forbid, on paper in a filing cabinet, And that's all manual. So we'd like to streamline that process for Michael. So now let's jump in as Michael. I'll need to log in. So I'll log out. And when I do log in as Michael, you'll see the password making a bit of difference for you to the password is configurable based on your role. That's what we're using now is some charts that it will send this to manager manager. Looking at these contracts and progress that the or the question may not be able to see. But from here, you can filter the out, and you have actual data here, adding tips. This includes the services agreement that was just submitted. I can see that is in my assigned contracts. So we can come into this record right from this view. We can see that it's 10 review, and it was submitted by Nadine. We can see the AI extracted key terms. It includes governing law and start and end dates for this review. You can see Nadine's message. Go to the attempts how we can access the actual document. Also, we can see the extracted clauses. So the AI has found these clauses and pulled them, so we can see current clause tax red lines right from within the system and keep note of those changes. So now I'm going to jump into screens, which is our version of a contract playbook. So it's an add in right from within Word. So we'll bring up this, this up. And this is where all the red line takes place. So we'll be able to edit in here. And we can see our services agreement. This is what was submitted. And today, you know, I need to run this through our cycle. Now rather than just having that right knowledge of the actual, like, the terms that we're allowed to agree to, we can actually build this out in streams. Log in. We pull that password. Yeah. Alright. So from screens, you'll see there are my screens and community, and these are the separate playbooks. So if you've built your own screens or playbooks, you can access these here or if you've run some from the community. They can also be published, into the community. So that's what I'm gonna do here. I'm gonna pull one from the community and find my category. In this case, I'll look for something along the lines of service. Services. Perfect. And then I will find a screen that I think applies. So once you're in here more, you will have, you know, more context around some of these, but I'm gonna run this one. It's procurement of professional services. I think this will work. So now it's running this document through that playbook. It's going through a set of standards and questions, standards being almost red flags. Hey. We can't agree to this, And questions being more prompting the document as in what are the start date? What is the end date? It can be that basic or it can be as deep as certain obligations that apply to these contracts. But it kinda puts everything in a standardized process and takes some of the, the onus off the user to just know what to look for. Okay. So this brand and you'll see kinda have a gut check here of our score. 47, not great, but we can go through and see what failed, what passed, and what questions were asked. So let's go find that failed. Right now, this is sorted by page turn, but we can bring our failures to the top and walk through those. No convenience termination. The contract should not be allowed, allowed the vendor to terminate for convenience. If I click this, it'll take me right in the document where that is, and I can click details and get some more context. So it gives you the AI reasoning. Document allows either party, including the vendor, to terminate agreement. Also gonna give you a suggested red line. As I go through here, I can click and just apply these changes, and I can include a comment. So I'll go ahead and do that. Apply these changes. Perfect. Okay. So now we can go through and, you know, look through all these sets of standards and questions within this playbook, this screen. The other cool thing this can do is it can summarize and and then it has some standardized things that you can run. So I'm gonna summarize certain clauses. It's maybe miscellaneous I'm seeing, and I don't know necessarily what miscellaneous pertains to. So I can click summarize, and it's gonna actually read through that for me. It's giving me the pieces of within, this miscellaneous clause. So one pertaining to the entire agreement, one pertaining to amendments, one pertaining to severability. So once you work through all the screens, redline everything you need to or dismiss those you do not, you can save, and new version of the document will be created. Now let me jump back into our system. Perfect. We'll save. Let me pull that back up. Alright. So we'll go back in here. Let's see those key terms again. Wait a second. Alright. And now you can see after that screen's results are finalized, it brings a tab to the screen, where we see that it's running once. This is our screen's run. It gives us a set of the passing standards, failed standards, and the overall score. Beneath that, you can see the results for each standard or question. So here we have our standards. We can see, we can see the element name here and the definition, so indemnity exclusion, and then the information about that indemnity. We see the risk factor for that element as well as the result. So fail we had a few failures here and a lot of passes. Beneath the standards, you can see the questions. So this is where we've prompted the document just to answer a question. Maybe it's not a red flag, but you're wondering if this is a master agreement or one time purchase, for instance, here, and it is, you know, a one time purchase. I find this is helpful because now we can access those results of screens right from the system. We don't necessarily have to go through, and run that screen ourselves as, you may think you would need to do. But now it's right here for everyone to access. You can come right in. You don't have to be the user who ran that to see that. So let's jump into our next two users and pull that up. Sorry. It went up. Alright. So we walked through Michael's most of his day to day. We will still, you know, get to some of that. Beyond that, you can see his victories. So we've automated the approval and signatures. You'll see some of that in the next step. You can easily search in one unified platform. I think we got a taste of that from the dashboard, and you can work seamlessly within existing tools. So, you know, going back and forth between word, processing that data, pushing it back into Azure. Now we'll see our next two users. We have Laura, legal counsel. Reviewing outside paper takes a long time. That's an issue. There's inconsistencies in negotiated language. We've kind of resolved some of that with screens, and then it's expensive to reach out to outside counsel. Some of these are resolved with what we just saw with screens, and this user could also run a screens result. Now perhaps it's run by the contract manager, the other user we saw. At least this legal user could go in and see the results and interface with it, redline as appropriate. And then I wanna show this user too because we're gonna jump in and and show where it routes to both of them. So, we have our department head, David. The data's locked in, the agreement documents. So, you know, there's not a lot of ways to search on it or process this data. There's no insight to performance of agreements, and he feels helpless when asked about these agreements. So we have the Dataverse platform that makes the data widely available. You see that with the discrete fields within each record. Automatically notified about agreement performance that would come, you know, expiring agreements or if we set up notifications of tying the obligations or having the confidence and the ability to report and extract agreement data. So that being said, let me jump back into the system one last time. Go here. I'm gonna save this record once and go in for the screen. Alright. So back in here, and now say this needs to route to those users. So, typically, you know, we're we're having to go out through email to get to legal or go out through email to crack on that department head. Well, we can take our approval workflows here once the document's ready, and we have this workflow department head and legal sequential approval. We'll go ahead and create those. And what we'll see is it will generate these steps where not only can the document be routed to the approvers, but that can be tracked. So they'll be able to actually come in, track the time this is taken. You can track any changes they need. They're able to route it back to the contract manager as needed if they need, you know, any changes or touch ups in the document. So this would route right to that finance approver and then a legal team or you can select a legal team member like Laura who we saw in Slack. Once we launch that process, it'll split to either of them. You have your approvals pending. Once those come back, then you're free to send it for signature. Alright. So let's jump to the last user I wanted to discuss. This is the Sally, the sales executive. This is someone who's interested in getting that the deals done quick. They may not want to really interface or learn another system, and they don't have any insight. You know, they send these contracts off through email, and then they're wondering, you know, has this been processed? Has this been signed? Are we able to finalize this deal? Through the system, we can take care of that. We can access the system or receive notifications. The sales executive can receive those notifications. They can continue to work out of their CRM through an integration if they don't wanna learn the other system, or we can do a super simplified layout for them. So they come in, click request a contract, and go right from there. Or, you know, like I said, they can go through their CRM if we set up an integration for them. We can also do, tracking. So you can come in and actually see where contracts are in the workflow. So let's jump into the system one more time. I'd like to show you one more role, and then we can do question and answer tiers. So this was actually set up by Kohlho, which is a company I work for. We're a partner with AgileOps, partner of the year, And this is our simplified layout. So you can come in, you know, the salesperson may not need all those charts, reports, dashboards. They can come in. They can request a contract right from here. They can create that self-service NDA like we saw before, and they can view all the contracts their contracts or view all contracts they have access to based on permissions. The permissions can get super, super granular. So in this case, this person doesn't have any contracts, for them. They're able to see the ones that they can see now. Those are non confidential ones. And you could segment that out by department or team based permissions. Alright. So that being said, I think I've showed you everything I decided to show you today. So let me go ahead and log out, and I'll come back camera back on. I see one question pending. Is Azure able to send out contract expiration reminders to the contract manager? Yes. So a lot of those expiration reminders, that's out of the box functionality. It's set up to send to the contract manager, potentially the requester or any other stakeholders in the contract, whether that's an approver. You can send notifications to external parties as needed. Most folks don't choose to do that, but you can. But that contract manager notification is set up. And what that looks like, is you can you can select your, frequency. So you can select, you know, maybe I want this notification to come thirty days in advance before the end date or sixty days. You can do that on a contract by contract basis where you can set up a default to run that as well. Alright. Let's see. Wait for some more. How do approvers reject a contract? Perfect. Okay. So when, when that contract comes through, the approver will get an email. From within that email, they can click a button that will allow them to accept it right there and approve, or they can go into that record and edit it. So you have two options. You can send it back, to require changes, and it's required to leave a note to let them know what needs to be changed, or you can permanently reject the contract altogether right from there. So they would just go into the system and do that. There's also other dashboards for those users. So you get some more insight. You know, each of those dashboards, like I mentioned, we saw the requester versus the contract manager, but the approver looks different too. And it shows their assigned approvals for their team or for them as an individual. And all those dashboards are configurable. We can do that. You know, I've set up some that included tasks, approvals, and contracts all in one, so that can get get really detailed and and really configured to what the user needs. Can you set up email notice reminders for deliverable dates? Absolutely. So within the system, you can track obligations and tasks. You can actually extract those with a bit of setup. But you can track those and you can track the dates that are tied to those. So if there the deliverable is part of the obligation of the contract and say you have milestone dates you have to set, you can set each of those milestones, and you can set up how far in advance you want to, receive that notification. Are the auto generated con contract summary standard, or can the admin build out specs? You can create prompts that are looking for specific standards there. If you're doing it through screens the way that I showed, you could build that into your workflow there. So generate, maybe you want it to be three to five sentences. You want it to be very concise, or maybe you want it to be a little more extensive. You can you can change the way those are generated or what they look for. You could do that based on, you know, the actual screens workflow, or you can prompt each of those documents, which I didn't show you. So I showed the summary of one clause, but you can technically ask it anything, and it'll answer it. To manually tag metadata, the system can be trained during the review. It did pull some of those tags, and it pulls the, clauses as well from the third party papers. If you're doing your own, like a template, you're gonna need to input those anyway. So but it can it can be trained to extract that. Alright. We got a few more minutes here. Any last questions? I'll scramble answer them if I can. Alright. Well, I just wanna thank everyone for their time here today. I appreciate you taking the time out of your day to be with me. Have a great week.