Using data to gain insights into your contracting process

partner I am on the product marketing team at Conga and I focus on our contract lifecycle Management Solutions as well as our contract intelligence solution um so I have been with Conga for about a year um in the software technology space for about six years um prior to this I was in um in invoice and payments and kind of that automation space that procurement space so I'll pass it over to Isabella awesome thank you Carolyn hi everyone my name is Isabella Lowe I am a principal sales engineer here at Conga I've been with Conga for a little over uh eight years now primarily working with our contract management solution so I'm really excited to be here today and I'm at the end kind of show a little bit of what we'll be talking about um in action and what the product looks like thank you hello everyone Mitchell Brecker here with slalom I've been working in the UTC contract management space for a number of years uh actually the last two years with slalom part of that worked with Conga for a number of years and then on the client side implementing their technology foreign Consulting I've been working within kind of the Salesforce space for the last 10 years with a focus on uh contract lifecycle management the last six years um you know particularly with Conga um so I'm excited to be here and uh share some information with everyone okay guys before we get kicked off into in today's program we're gonna jump in um first of all thank you everybody for introducing yourselves but we're going to jump in with a poll to kind of get a pulse on where everybody's at in the process it should take less than probably 30 seconds we'll display the results and then we'll jump back to the presentation so I'm going to kick it off right now so feel free to just jump in it's multiple choice here you go just four quick questions yeah I'll talk it through so that way you guys can just kind of think about your answers um so do you have a contract lifecycle management system in place this will kind of help us level Set uh where we want to take the conversation today and then do you have contracts auto-generated based on the terms of your transactions can you collaborate on contracts during negotiations tracking edits in real time instead of saving multiple versions and emailing back and forth and our contracts automatically stored in central searchable digital locations including those contracts with wet signatures so we'll give you guys just a little bit more time to put in your answers so I'm guessing for the first question everybody's using um concat that says yes it's great hey um okay so should I end voting and and just better results for everybody yeah let's go ahead and do that all right sorry these the final results on here Colin yep these are the final results awesome so it looks like we have a little bit of a split um and question one with a few folks looking to implement soon so hopefully we can give you guys some good things to think about during your search um an even split on contracts auto-generated um you know likely those using uh CLM system they like so far um even split Okay so we've got some opportunity there during negotiations and real-time collaboration um some gaps we can help fill there and then um with the Central Central repository so we'll definitely be talking about a lot of these things you guys can consider whether they're in your current solution um or something you want to consider as you look at the vendors out there and so I think we'll have Andy started off first yeah get you up on me all right so um yeah as we saw it's a bit of a split as far as who um you know some of you who already have a system and like it and some who don't and are looking to expand their Contracting process and automating it so uh when it comes to um when you're looking into that you most likely have some sort of manual Contracting process currently um in state and those those processes can be very tedious and they can be inefficient and not really provide a lot of visibility as far as you know contract data and really visibility into where contracts are at within your process you know this can lead to a very drawn out processes with your Contracting process and um and essentially a lot of Miss opportunities or things that fall through the craps so having that alignment with your business around where your contracts are or when they're getting created when they're getting modified and uh when they're executed is crucial in you know helping make your a business process as efficient as possible so some of the key things here are you know one being your contract metadata so having a single repository something that Congo provides um is a is a centralized area where all your information on your contracts are being stored as well as the actual document itself this gives a lot of visibility for legal into those specific details on those contracts they're able to understand you know how many contracts they have in the pipeline things that need to be managed by them they're also able to pull metrics on that specific uh information to kind of look at all of your contracts across the board so like a quick and easy example would be wanting to pull a report on you know all contracts that have payment terms above uh net 30. so having that metadata within the system provides a a large array of um you know reports that you can pull to better enhance uh the your your job you know as a legal legal person at your company to pull that information and get the information that you need um one of those key data points is that contract status and that one piece of information can provide a lot of that value to your organization it opens up the visibility of all your current contracts um whether they are active whether they're in process and where they're at in that process so that gives legal the divisibility into that as well as sales so as sales creates these contracts they're able to see you know when let's say you have an approval extensive approval process with legal that involves multiple departments it gives sales that visibility to see where that's at in the process so they aren't constantly you know pinging uh people to get updates on things so that they can provide that to their their client um the Clause Library also provides a lot of robust functionality so with Conga you're able to leverage um this Clause library to essentially standardize your the Clauses within your templates and this gives you guys the ability to easily generate these contracts while also having approved alternate versions of that Clause language to give that power to you can give that power to sales so that they have the ability to swap out specific Clauses based on parameters and conditions that you set or you leave it entirely up to legal and just give them that power to swap those out easily without having to reference you know external documents it's all within the Congo tool where you're able to easily access all those alternate versions um the last last uh I uh area here we wanted to focus on was approval workflows so giving Lidl that ability to automate the actual approval process so giving sales the ability to initiate that process um but giving the power to legal to set the parameters around automatically identifying uh you know key metrics that would need to trigger approval let's say from Finance or from other areas from uh within your organization that need to view this document maybe provide edits or or sign off on it prior to it getting sent to the client or getting sent off for signatures so Congo provides a robust ability to be able to identify that being able to send those out in parallel parallel or sequential to get all the correct parties involved to get that document approved and out the door as fast as possible um can we go to the next slide please so so with that um you know those are all key kind of key areas that can help automate your guys's system um how we sign off on Smart businesses to ensure profitability um a lot of this a lot of the key um thing that's going to hold this together is a collaboration across teams so collaboration across key team teams like sales procurement uh legal and finance having that collaboration allows um a lot of um your automations to be expedited allows cohesion between the teams and really streams lines your guys's process as you're moving these contracts from the initiation process to activation um one key part of that is that contract request process so with Conga you're you have the ability to create a easy way for let's say sales to initiate the request of that uh contract um but it also provides legal to provide the parameters as far as what information they need so instead of dealing with a lot of back and forth between sales and legal on you know what are the key data points of that contract we can create the framework to require sales to have that information up front so so legal can get that and they have everything that they need to you know push the contract um forward you know uh condo also gives the ability to provide more of a self-service model too so depending on how your you manage your contracts a lot of times with contracts like ndas you may want a more self-service model which allows Lido to be out of the picture if you know obviously nothing is redlined or changed on that document so this again provides the ability ability for legal and sales to work together um to expedite things as fast as possible once that contract's uh generated you know utilizing um the conga tool we're able to pull in that data that we've worked so hard to get within that system in that Central repository to pull that into the document this saves a lot of time but for for legal and sales when it comes to updating those documents manually if we can automatically pull that data straight from the system it also allows us to provide conditionality within uh the template so we can uh you know include or exclude certain aspects of your document if those um if the criteria that we set is met or not and so this allows us to consolidate a lot of our inputs into a one sold template that is driven by the data that we are collecting prior to the generation of that document as we move into you know actually negotiating with your with the client client there may be you know redlining that happens there may be approvals that get triggered like I mentioned earlier um and you know with with condo we're able to you know create that the framework of that approval process so um it's it once initiated it's it happens in a orderly fashion and we're able to track that document throughout that process and you know find out any sort of bottlenecks uh with on with Congo's online collaboration tool as well there's uh it allows users multiple users to be within the document at the same time so collaborating together to provide edits uh you know Flags specific areas of the template that are concerning and discuss amongst each other without having to go back and forth uh with emails over you know a long period of time um and then ultimately this leads to the signatures and the activation of the agreement so with uh key you know signature tools like uh Congress Congress sign you can send that document out get it signed by the counterparties and get that document activated within the system and then from there you're also able to manage any sort of renewals and amendments as uh as they come along if those are the specific requirements around that specific document so so that kind of covers the a lot of the key areas of that contract lifecycle management um that Conga is able to help um uh provide tools to bring that cohesion between your teams that collaboration between your team and so they're all working together in a in an efficient format without you know having to drag the process out through email um or you know manually sending documents uh back and forth um this with these tools it allows us to really identify the bottlenecks within your guys's system areas like we see with the request process or with request approvals approval uh General approvals and red lines are a big area that will often see bottlenecks and with these tools you're able to um you know provide provide the means to to you know get rid of those bottlenecks so that you have a easily flowing system um that is efficient and um and productive um and this the system also provides the ability to manage your external contracts as well so this could be you know Legacy files that you have um and the management of third-party paper so third-party papers that you're receiving from your clients and managing them um within the same kind of framework of um your business process that's been created and I think this is where I'll hand it over to Carolyn to to talk about how we can leverage contract intelligence um to manage and work with these external contracts yes thank you Andy um so yeah so Andy took you through um how you can streamline and standardize your authoring your creating the contracts negotiating them and so forth I want to talk more about um contract intelligence so as he mentioned you know thinking about your third party paper your counter or your um Legacy contracts any contracts acquired through mergers and acquisition activity how to bring those into your CLM so that you can have the same oversight the same visibility and the same management of those contracts so that is what contract intelligence does it brings it's used to bring all contracts in under management upon ingestion of these contracts into the CLM system contract intelligence uses artificial intelligence or AI as you'll hear me refer to it today and machine learning models or ml to analyze the contract documents extract and transform the data and tag it in the system so that it can be efficiently utilized going forward in searches reporting and alerts so what all of that is doing is it's providing you that clear visibility to the contract dates terms Clauses which of course is critical to maximizing Revenue opportunities controlling spend and protecting against risk so we're going to talk more about each of those three pieces as this goes but as I mentioned contract intelligence it's pulling the data from your contract documents so think of documents stored in SharePoint files or maybe even store it in paper um it's pulling the data out of those documents converting that to fields in your contract lifecycle management or CLM system that are searchable and can trigger alerts for legal your legal team or other departments to be able to act on that data such as a renewal or termination notice date and I'm going to kind of stick on that example here in a second decision makers cannot course correct unless these data points are captured during Contracting of course so if your organization decided it wants to terminate a vendor contract ideally you could be notified ahead of when that deadline to do that is so often the exact termination notice date won't be in your contract you know spelled out like that for a simple like data extraction and tagging exercise and that's when the converting or transforming the data comes into play so contract intelligence will extract several data points that it needs to compute when that termination notice date is you know these data points that it could be pulling out of the contract could be effective date period expiration date current date renewal type renewal period new expiration date notice period you know all of these multiple data points just to get to that one date that you really need to be able to do something about it um it does all of that for you so that you can make take your time making the Strategic decision of whether you want to terminate that contract or not um contract intelligence it also makes it possible for you to search across your database if Clauses and contracts to find what you need quickly so it's brought all of your contracts into one place for that Central repository and made that repository smart for you to be able to type in natural language search like you would type into Google for example to pull back exactly what you're looking for not just find me all the contracts or Clauses with a specific word in them which would very likely pull back all of your contracts as they have a lot of similar legal language within them so using like a smart search functionality your search capabilities go that much farther and make you that much more efficient and then beyond the smart search the calculation of the data to populate the agreement record fields in your CLM the um beyond the automated alerts that we just talked about contract intelligence layered over your CLM system can also generate reports to give you clearer visibility into things that are impacting your business such as cycle time reports Clause usage and contracts with upcoming renewals Clause usage reports for example is it important is important for you to find your most used and negotiated Clauses to save you time in the future as you update your Clause library and templates so contract intelligence it's taking the Clause paragraphs from your contracts understanding the context of them even if you know the paragraph's not labeled explicitly termination clause for example it's going to read that paragraph and deduce that that's what it is Dot and document it in your system so that it can be reportable um so you know whether you're looking at a five-page NDA that you authored a few years ago or a newly executed Master Services agreement on your suppliers paper accurately extracting the full scope of the terms in there can be expensive inconsistent and require skilled resources so that's where you might want to turn to technology like contract intelligence and then I will jump to the next slide um so you know we just talked about um why it's in uh you know what it is now let's talk about why it's important um you know to start off Harvard Business Review found that inefficient Contracting processes can cause firms to lose between 5 and 40 percent of value on a given deal that's pretty huge to further that point according to a survey conducted by Deloitte risks associated with outdated contract management are as follows as you'll see on that screen so unwanted termination or rollover of contracts legal action and or a breach of contract as a result of unrealized obligations missing important dates and deadlines regulatory fines and definitely unclear roles and responsibilities slowing down the process so you know you've heard already about that front end of the Contracting process the authoring the approval workflow the negotiations um and then we talked about um you know having that Central repository standardizing things utilizing the alerts now I also want to talk about mitigating risk so how can contract intelligence help you mitigate risk it can actually identify and track the risk in those third-party contracts that are inherently risky because they're not on your paper you didn't come up with those Clauses and terms that are in in the benefit of your business so what contract intelligence technology is going to do it's going to identify that it's going to score the terms based on how much they deviate from your standards that you've set up previously give them a risk score to alert you so that you can negotiate on those terms prior to signing the agreement and it can also be smart enough to recommend more appropriate alternatives terms for you to be able to redline in without having to do a lot of extra time figuring out what you might want to put in there so this decreases the contract risk with those third-party paper contracts and speeds up that contract review process and I will now jump into use cases here so we talked about the what and the why and how it's enabling your your organization to use your contract data for insights in action let's talk about these use cases that you see here on the screen these Tab four are the most common ones that we see um and and some of these Isabella is going to actually go through once she jumps into the software so managing renewals and termination dates is the Baseline for most of our clients I'm using contract intelligence understanding the fundamental terms with um for which results in who the parties are in the contract what the contracts for when it starts and ends and what you must do to renew or terminate the contract you can use this technology to extract and transform this information for you for each contract and update your agreement records in your CLM accordingly trigger those alerts we talked about and act on them and report on that information um M A and financing so when your business has an event such as the mergers or Acquisitions or a round of fundraising and you need to run due diligence through your current contracts you need to be able to identify the risk the exposure and the revenue opportunities contract intelligence can highlight those important Clauses such as assignability audit rights confidentiality governing law for example for you to be able to review quickly and conduct that due diligence and then moving down contract intelligence can also help you more easily identify which contracts permit price increases at certain intervals of time whether such increases are capped and whether such increases require consent or contain particular notification requirements again so you can more quickly and efficiently take action to increase your Revenue opportunities and then the final example here contract intelligence can track and alert you to minimum purchase commitments which is particularly important to companies that make physical things and was and still is a big issue um from the supply chain impacts from the pandemic in the current market um so you know those are the common use cases that we see I wanted to talk also about some of the features that you should be considering as you look out for vendors in contract intelligence and then some of these features being what Isabelle is going to take you through in the software so accuracy all contracts all contract intelligence tools are going to utilize OCR most are going to layer Ai and ML on top of that and a few will have human review capabilities to actually validate the data extraction and transformation accuracy so not only does this result in more accurate data for you now but the human validation component also serves to train the ml models to continually improve over time mature technology so AI is very hot right now with vendors adding it to their Solutions left and right and in your search you want to consider how mature that technology is that they're offering how long has it been available for and how long have the ml models been trained for as they all get better over time more accurate more consistent over time uh centralized repository so ensuring that the contract intelligence technology is layered over your contract lifecycle management solution um so that you have a smart Central repository to work from so that you can get the most out of it and as we had talked about so that you can be the most efficient trying to pull the information you need from your contracts and your clauses proactive alerts smart search customizable dashboards and reports to be able to find that information in your smart repository about any agreement in seconds and then continue to improve your process finding those bottlenecks that Andy talked about and be able to take action to improve those and then finally the feature you want to look for is its connectivity to other business systems so um you know if your organization has a configure price quote system does your contract lifecycle management system and your contract intelligence work with your configure price quote system or your document generation system or even you know your erps your Erp and CRM you know the the less redundancy that you have to do here the less duplicate work is going to also help you to be more efficient so make sure that the technology you're seeking can connect to these other systems that you use day in and day out um you know what you see on the screen here a Conga contract intelligence customer shared that on average every single person on their North American legal team saved four hours a week of time from not having to search for and read through contracts manually we hear that all the time from our customers that you know other departments are looking for them for quick answers about contracts that you know prior to contract intelligence they'd have to actually sift through or even Outsource that to other attorneys to sift through or other contractors to sift through their their information to find what um you know what these other teams need and so you know with this technology it can be at your fingertips so now that you've heard a lot you've um you've seen some screenshots we want to actually get into the software um so I will pass it over now we'll stop with the slides for a little bit and we'll pass it over to Isabella and she will jump right into our solution great thank you Carolyn all right I'm gonna start sharing my screen now and we will jump into the demonstration foreign okay so from what we've been talking about today using Conga as a single Repository for your documents storing those Clauses and those data fields as well for today's demo I want to focus on that piece of how to automate that collection of information and the benefits of having all this data stored within conga so first we're going to take a look at the intelligence tool how we can import contracts automate the extraction and then with that data we're gonna walk through the smart search capabilities reporting and how we can create workflows and notifications from the data that is being stored from our contracts so first let's take a look at the intelligence tool from here we're going to go ahead and import a document from this dashboard go ahead and select our document here so it can be any contract that you have that you want to import into the solution the next screen will ask us to select the document type so right now I have this set up for Ms importing msas but you can have it set up to be importing any other type of contract that you work with as well and the reason why it's important to select the contract type here that you're importing is because the solution needs to know what collection of fields and clauses are important for you to be extracting from this document for an MSA you'll have a set of Clauses and data fields and then for example for an NDA you might have a different set of fields and Clauses that you might want to track so I'm telling the solution this is an MSA we're going to go ahead and select the automated extraction and then click that import button right here so that automated extraction not only is it going to import the contract document that we just selected but it's also going to take the words and the phrases the Clauses from your actual from the word document that you saw and it's going to bring it into Conga as structured data which can then be used Downstream um for things like workflows and notifications so as you see here on our dashboard we can check the status of each of the documents that we're importing into a solution and once a document is ready for us to review we can go ahead and click into that and now on the screen we can review all of the information that the contract intelligence tool has extracted from this word document so on the right hand side we'll be able to see all of the items that were found from the solution and if I click into each of these items so these items contain both data fields such as agreement end date agreement start date and it also contains Clause types that we are trying to identify and extract from the document as well so first going through the fields we have agreement end date so it's tracked as December 31st 2019 as you can see here on the left hand side on the document so whichever field that you're clicking on it will also re it will also route you or redirect you to the area in the document in which they found that information you can see the agreement start date and the agreement name and now that we've seen the fields let's go into the actual Clauses that if it's it's extracted and identified as well so one of the examples here audit rights we can see that this entire Clause has been identified as the audit rights clause same thing here for a limitation of liability and as Carolyn mentioned earlier um this intelligence tool is not only looking for the exact phrase limitation of liability as you import more documents into the tool it will get more intelligent and it will also be able to find the context of the clause or the section that it's looking at it doesn't have to have that exact order of words or that exact phrase it can based on you know the information around it it can sense that this is the limitation liability clause and it will identify it and extract that for your review and of course there still is a man a component to this where um we can review the information before having this be updated into our agreement record so for each of the Clauses we have the ability to delete or edit what's been extracted from the solution so for example if they've tracked or extracted a clause that is not important for you to track we can go ahead and delete that or if something was repeated and then we also have the edit button right there as well so if they didn't take the entire clause or they extracted the wrong section of the document we can go ahead and edit that and the solution will continue to learn that that was not the limitational liability clause for example once we're done reviewing all of this information we can also see not only does the solution tell us what information was found it can also tell you what information was not found so these three items down here are clauses that are missing from this document so this can be useful for if you're importing a third-party contract and you need to see for an MSA which Clauses are not included in this third party contract you're able to see that here at the very bottom that the solution was not able to find these three Clauses in the document right and once we've reviewed all of this information we can go ahead and click review complete and this will now bring all of the Clauses and all of the data fields that have been extracted and it's going to save that into an agreement record so in the agreement record um all of the Clauses so all of the data fields such as the agreement start and end date fields that have has all been brought in for us automatically from the extraction process and the importance of having this data um you know taking it as words from the document and bringing it in as structured data is we can now run reports on it and then more importantly we can also create different workflows and reminders and calculate different dates based on the information that was extracted so we have the start and end date field completed here and then down here we also have some examples of different renewal date fields that you can have on your agreement record as well so if you need to track things like renewal notice days or what date you have to notify the customer that the renewal's coming up this can also be for termination dates as well so some of these dates can be formula fields that can be Auto calculated based on off of other dates um and then once the date is you know 30 60 or 90 days um in the future it can also automatically send out a notification or an email to the user or the owner of this contract so grabbing that data from the document can drive a lot of the downstream workflow and notification processes um within the solution same thing applies for tracking those agreement Clauses as well so under this agreement Clause related list we're able to see a list of all the Clauses that we're we were able to extract from that document and instead of it just being you know a paragraph of words are in a document it is now coming being stored on the agreement record as structured data as an agreement clause if I were to drill down into a specific one of these records I'll be able to see the actual clause and the text stored here as well and this is going to be really helpful for tracking um agreement Clauses and also for reporting purposes as well because now we can run a report on which contracts have this audit rights clause for example and what is the text that is actually contained in that clause and this is something that we also mentioned in the presentation earlier being able to keep track of your Clauses through the legal Playbook that you can maintain in Conga being able to maintain that framework of different Clauses that are important for you for an MSA versus an NDA being able to insert Clauses swap out Clauses that may be an alternate clause for a third-party paper that you're working with as well and because we are tracking all this information um we can also now run reports on all of this data as well any data that we're tracking within Conga whether it's a data field or a record such as Clauses we can now use that information on a report so we were just talking about how it is important to track all of your agreement clauses so this is an example of why that data is important we can now run reports on Clause usage and this is an example of a dashboard that we can now create with that so we can see which Clauses have been extracted most often we can see a record count and if we click and into view the report to drill down on it we can see the actual agreements that contain each of these Clauses as well we can see which Clauses are most often times modified so if we're doing any redlining with these contracts we're able to track which Clauses are modified during the redlining process and also which ones are most often times inserted from the legal Playbook as well so this is all giving you insight into the redlining process and some of the Clauses that you're identifying in your third-party contracts and then any contracts that you're also generating from your own template as well thank you let's go ahead and show one more example of reports and dashboards we can run with the data that's being collected from the contract intelligence tool this is a overview of the contracts you have in Conga in the repository you can see all of the contracts you have broken down by type so depending on what contract types you work with we have msas versus ndas and we can see how many of each we currently have in the Repository and then that can also lead you to be able to track things like renewal value by quarter by year by month and see all of the agreements you have in your pipeline um based off of the status that they're currently in as well okay and then the last thing I want to show here on the demo I know that um someone in the chat had mentioned or requested to see this as well so we also have that smart search capability that Carolyn was mentioning earlier so on the home page of our contract management tool we are we can default the smart search for end users to use and this smart search once again you can search for a keyword you can search for a sentence and you can even use like natural language and use a compound sentence to search for a subset of contracts so for this example I am looking for all mfas with a total green value over 250 000. foreign using a compound sentence which means it has multiple parts to it I'm searching for an MSA and I'm also searching for anything any MFA with a total agreement value over 250 000. um the solution is smart enough to recognize the different components you have in that sentence and it will break that down into two parts you're looking for anything with a total agreement value over 250 000 and then you're also looking for contracts that are in MSA and as you can see here we have our results here that everything is an MSA and if we were to scroll over here we can see the value everything is over 250 000. I can add on an additional filter here so I want to see everything that's just in effect so if I search for that now it's going to filter the subset of contracts and I will only be able to see contracts that are currently in effect and it went from over a hundred items to now just 68 items so that was a third filter that I've just applied here with this search you can go ahead and apply any number of filters through different fields that you have within Conga whether it's out of the box or any custom fields that you've added to the solution and then any search that you know something that is important to you will be will need to be repeated you can go ahead and save that search here as well so that you don't have to enter in um the search and all of the different filters every single time okay and the last thing here is the task notifications that can be configured in the solution I talked about how bring that data in as actionable data you can now take all of your dates such as start dates renewal dates and you can now create tasks and notifications so for example renewal date in 60 days that can be an automated task that can be created and sent out as a notification to the owner of that contract or anyone else who is involved in that contract renewal process as well right so what we just walked through was from here we went to the intelligence tool we imported a document it was able to extract a set of Clauses and Fields we were able to save that into an agreement record where we could track Clauses for reports we could use the smart search and be able to search throughout our entire repository and then we were able to create different tasks and notifications for those dates and the different data fields that we extracted from our documents right so that's all I had for the demo today I think in the remaining time I believe we're going to open up to any questions um that the anyone on the call has Colin are you going to be kicking off the questions yeah yeah sorry about that I was like yeah trying to get on there that was um is Isabella somebody beat me to it but that was going to mind blown to see the functionality of the search and everything great job with that demo um yeah there there there's a lot of questions here um so let's let's do uh Yuka you showed the example already for you go um the demo so Karen asked does this support non-en English languages say German yes it does include um and support all Latin based languages and then the next question came in from Sandra what is the accuracy of the extraction yeah so um you know you're going to see vendors out there that can offer you know anywhere from like 60 to 80 accuracy is what they'll claim with their AI ml models um what we talked about and what you guys heard is our human verification component so when that's layered over top we offer up to 100 accuracy so we actually have in-house attorneys who are trained um on these models on these um contract types and on you know um a consistent you know language and so they're looking for and they're verifying everything that the AI and the ml pull back um so so with that human verification component you can get up to 100 accuracy now you might not want that human verification component on all your contracts if you're uploading hundreds of thousands of Legacy contracts into your CLM so as Isabella showed you you have options every time you go to upload a bulk of contracts you can choose um just OCR you can choose automated which is that AIML and you can choose to layer that human verification on on top perfect and then um we have a couple of product questions coming from Kelly you know asking about the contract intelligence is this an additional product uh the CFS bundle um yes so it is so earlier this year we released um Conga contract intelligence embedded into our contract lifecycle Management Solutions including contracts for Salesforce or CFS um and so it is embedded into that product and it is an additional fee on into that um Edition that you have um and I think you had asked too about that like pricing model so it's actually consumption based um not license based so um you pay for kind of what you use um with Congo contract intelligence yeah and then I think I think that kind of answers the package as well um are all the everything's included if you pay for it of course on the on the home page right is it does it come with the standard package or is it like a separate kind of package on usage um with usage there are tiers I believe you'll want to get with your account manager to make sure you're getting the best offer um and you know the most updated offer but I believe there are tiers for that consumption based usage and figuring out looking over you're gonna fall and in terms of the home page um what you were seeing there was the CFS or the CLM like home page and contract intelligence or Congo contract intelligence is that technology behind it that's getting the data out um and so forth so yes you would have everything that is um a part of your kind of home page package yeah before I jump into my questions I'm um yuko's got a question on how many Clauses are supported yes so out of the box um awesome Kelly I just saw her note um so out of the box we have over 1200 um terms and Clauses that our models are trained to pull um and then we also have the um option for you to create custom Provisions or or you know custom models to pull out things that are unique to your business that might not be part of our out of the box uh and a quick question I'll just follow up on the Clause that you guys have like uh you know embedded player books that kind of support like hey I like this Clause I want to use it again you have kind of something that kind of Maneuvers around that just from a user standpoint um Carolyn I could take that one if you'd like yeah and sure my pleasure so uh The Playbook is really structured around your Enterprise or your organization's legal language so if you have a contract and you want to address standardizing it maybe putting some of the repeating elements from that contract inside the Clause Library that's when you start to build out your playbook so an example of that might be your most favored nation clause you have a couple of versions of that or termination clause and you want to leverage uh having those versions of that particular Clause available in the library and then Conga CLM also allows you as well CFS allows you to automatically insert that language in the generated document just based on the data that you've captured inside the record so you've got the ability to manually select we've got some human decision making as well as automating that process I didn't managing those uh kind of you know templates for the playback is that is that an automated thing can happen on the Fly it's highly structured so it's it's the tool so when we talk about the Playbook we're talking about our Clause library and Conga Clause library has a couple of different flavors that meet and different Enterprise use cases essentially having uh the uh process of going through your contracts identifying that language that repeating or alternative language is something that you do as part of your delivery so the essentially there's no automated tool for that you're going to need to work with your legal experts or so whoever the the legal Smee is in your department they're going to be helping to identify well this is the way this type of contract works these are the repeating pieces this is what can be made a template out of and and then from there uh you know working with a partner like like song for example who implements Conga we assist the the client to structure that Library based on their needs perfect and a quick follow-up question for what you and Andy like what is the what's the market like what are the in-house teams looking when they're looking at slalom to come in and you know help with Congo what are what are the biggest identifiers to bring you guys in great question and and so we have a mixture and so I was reading the responses inside of the the question at the top there was a great uh survey uh thanks for putting that together we have people kind of spread all over the topography in different places in terms of having a system they love that's great that's automated people that are maybe in a manual system and even some folks that really don't they don't really Envision that automating their system or getting a contract management life cycle having uh slalom and and partnering with Conga coming in to essentially do a discovery on your legal operations looking at what are your pain points what would ideally address the biggest challenges you're facing your business is something we do at a as is in a 2B process this definition stage once that groundwork is laid so we know as an Enterprise how we want to work how the roles want to work then we have a foundation for structuring the configuration of the system so that it meets your needs because there's not one system that you just slap on any company it's a highly versatile product with very powerful capabilities that need to be tailored to the needs of your organization yeah thanks for that Mitchell do you have anything to add Andy or don't want to force you no no no the mute button up well I mean a lot of the takeaways from my slides I mean those are those key areas where like Mitch says we're going we would dive into um you know designing um this system for uh your organization every organization has their similar Parts But ultimately are unique in you know how they um work how they function how those teams work together and and that 2B state that we want to achieve the collaboration the the working together of all these departments together to make a cohesive system something that flows easily and allows everyone to collaborate together in an efficient way um that's where that design phase comes in so that we can build that to tailor to your specific needs um so so my my follow-up then as like my final question to bore Carlin and Isabella is like you know Congress been a leader in this market for a very long time right so it's like we we've seen the presentation seen the UI ux like you know you guys are obviously doing something very right but where I kind of challenge you is like we're in a big flooded space right now where there's a lot of kind of competition and so to really kind of differentiate for you know some of the viewers here today or listeners yeah um you know what what are some of your kind of differentiating things as happy separate you from just all the different competition out there sure I can start um so you know two key differentiators that I see I'm working with our customers in the market um one is the accuracy so I know you know somebody mentioned that in the chat is asking about the accuracy that human verification component is huge that's the only way you're going to get to up to 100 accuracy um and to our knowledge we are the only vendor out there that offers that with in-house attorneys so not contractors not leveraging you know others to not all Outsourcing that we've got in-house attorneys that help us do that and then the other piece is that maturity of the technology so um Conga had acquired contract regular uh in 2021 for their contract intelligence technology it's been around for years they've been training their models for years um you know our chief product officer would say it when he was evaluating you know um vendors out there it was the best that he's ever seen and so that's why um Conga purchased it and we quickly integrated that to all of our CLM Solutions knowing that you know that the value that it brings our customers and we've already started to see that with just you know releasing those Integrations earlier this year so I think those are two big differentiators for us fantastic I I do not have any other questions but I want to say this was a really very informative you know fantastic from start to finish presentation I think you guys hit nearly everything that I all the questions I had um I want to thank all the attendees for coming today I really appreciate your time and your questions and just leaning in um I will follow up with a recording afterwards or can't get maybe with the with the recording and um you know if you have any other questions uh feel free to Andy and Mitchell can I leave your name and number as well for if anybody's got follow-up questions and Carolyn and Isabella absolutely Colin please go right ahead awesome um I I don't see anything else coming in there may be one other thing coming in from Sandra for legacy contracts is there all the tagging options to use a standard naming convention for all documents let's get this answered before we leave um Isabella is this one you might be able to help with the functionality yeah let me take a look at the question again so I can speak to it a little bit what are you yeah preparing as well so that you know when you are working with Legacy contracts you know there's two sources of data that you can pull obviously that you're talking about standardized file names uh and you want to leverage that so maybe they're in a drive or a backup system and then also there's the ability to do the intelligent search on the document content so uh there is a lot of automatic behavior and AI which does allow the extraction of the data and that's really the the goal behind the product and the effort is to not just put Legacy contracts in a repository is just a document with a name but really if you have a rich set of identifiers associated with that record that contract in your system and that's what the product enables okay I think I think that's it um if Sandra's got any follow-up questions or Kelly uh please please reach out to the team I will follow up and share their information uh with that guys we're past the top of the hour um thank you for being here and I'll see you guys next time thanks everybody thank you thank you