August (00:04):

All right. Hello and welcome everyone. Thank you for joining us for today's webinar with Evisort. My name is August and I'll be your host this morning. Today we're going to be showing Evisort's monthly demo on top ways to transform contracting with AI in 2023, presented by Lauren Guidas, senior strategic consultant at Evisort. Just a little bit of housekeeping before we get started. If you have any questions during the presentation, please type them into the Q&A box in your Zoom control panel, and we'll get to them at the end. Now, without further ado, I'll turn the time over to Lauren. Lauren, go ahead and take it away.

Lauren Guidas (00:39):

Great, thank you, August, and thank you everybody for being here today. As August said, we're going to focus on top ways to transform your contracting with AI, specifically focusing on deal acceleration today. So Evisort is an end-to-end contracting solution that's powered by AI, and we like to think of our solution in three different parts. The first is a contract repository. Through integrations, we allow you to connect all of your existing contract solutions into Evisort, so everything is available in a centralized location. We aren't necessarily looking to replace your current storage solutions, but rather provide you a single source of truth for all of the contracting arms of your business. So those could be things like Google Drive, Salesforce, Box, or any other storage solution that you might be using today. The second pillar of the platform is our contract analytics. So once you bring your contracts into Evisort, we are going to perform instantaneous AI analysis on each and every one to help you better understand what contract data currently lives in the contracts that you have today.

(01:50):

We have out-of-the-box AI models that are applied to every contract, and then we also empower you to build your own AI models to help tailor the results to specific needs to your business. And then the last component, and it's where we'll probably spend most of the time today, is our contract lifecycle management tool. This is going to help you accelerate your deal cycles by allowing you to generate contracts with just a couple clicks, enforcing compliant language across all of your templates, and automatically route your contracts for review. Once those contracts are finalized, they're routed back into your Evisort repository for analysis, kind of completing the loop of the whole system.

(02:36):

All right, so let's take a look at the demo today. All right, you should be seeing my dashboard screen here. So to kick it off, we're going to look at one of our dashboards that's powered by our AI. So in my account here, I have 13,000 documents that have been brought in from different systems to be by the AI. What this dashboard is doing is surfacing some of the insights into those contracts, so I'm able to see what's been agreed to and what type of obligations we have in our existing contracts. Knowing this data is going to be very helpful in determining what our future contracts looks like, and help us build workflows to ensure that we have our preferred and our standard language used across the board. So things like what governing law are we agreeing to most commonly, what type of payment terms do we typically allow for, and what kind of breach notice obligations are we agreeing to within all of our legacy contracts?

(03:42):

So these are just some of the data points that the AI is going to surface for us. Let's get a little more granular on a specific contract. So the dashboards provide a holistic view across the entire account, but what we're looking at now is a singular contract that's been brought in and analyzed by our AI. So I'm able to take a look at the contract here on the left. Now, in traditional review process would require reading through the entire document, making notes, pulling out all of the clauses by hand. But what Evisort allows for you to do is quickly navigate through all of the clauses and all of the language in your contract by just clicking to those clauses that have been identified. So for example, we have a data breach clause that was identified by our AI. I can click view and be taken to the direct language in that contract without having to read the entire contract. There are 65 or 70 out of the box clauses. We're adding to them all the time, so we're giving up for not knowing the exact number.

(04:45):

They're that are out of the box that are available as soon as you onboard with Evisort. But as I said, we also empower you to train your own AI models so you can start surfacing insights and clauses from your contracts that might be specific to your business, beyond just what we provide out of the box. And it's really easy to do that. You simply highlight a clause in your contract, tag the clause, and I can now submit this sample as a new clause model in my account. As I use the system and add more samples to each clause, it's going to get smarter and more tailored to me over time. So the system's really designed to provide that analysis out of the box. But then the more you use it, the more meaningful and the more tailored the data's going to be to your specific needs. All right, so now that we understand the data that gets surfaced in our existing contracts, let's talk about our contract lifecycle management tool and how we can use that data to better inform our future contracts.

(05:55):

So in our workflow tab here, we empower users to quickly request contracts based on templates that have been created behind the scenes. So if I'm a sales user and I want to request a new contract, I come to my workflow tab and click new ticket, and I'm immediately given a list of all the different types of workflows that are available to me., So I can start generating these contracts with just a couple clicks. So let's go ahead and create a client service agreement. I'm going to be taken to a form here to fill out. The first question is, would I like to generate from my own template, or am I using third party paper? We support both, but you in no way have to. You can mandate that only the template is used, or only counterparty paper is used for each of these workflows. The takeaway here is that these are going to be configurable to your specific needs. By generating from our own template, we're ensuring that the standard language is going to be used for every request of this document.

(06:57):

The template is going to be managed behind the scenes by an administrator, so there's no more risk of somebody saving an old version of that template on our desktop, or what have you. It's a singular template used across every user in the account. I'm then going to fill in some information about the client that I'm working with, what type of entity it is, and then some contract information that's going to actually determine the way that the contract looks and feels. Things like term length and contract fee, those will be added to the contract as variable data. But beyond just shaping the way the contract looks, this information is also going to be used to determine the review process that takes place once the contract is created. So for example, maybe if a contract is worth over a certain dollar amount, we need to add a financial approver into the process automatically. So there's no more guesswork in knowing who needs to see the contract and when. The system's going to take care of all of that for you.

(08:00):

So from a sales user's perspective, all I need to do is fill out this form. And I'm able to choose some information about the actual language that ends up in the contract. Are we using standard language here or different fallback clauses? And again, these can be used to determine the review process. Perhaps if we're using fallback language, we need an additional legal approver to be involved, and what have you. Sign our information, and then I click create ticket. So that's really all it takes to request a first draft. So we're really accelerating that first draft process and ensuring that it gets made in a consistent manner with the appropriate language en routes to the right person.

(08:47):

I can view the ticket from within the Evisort window here. And I'm going to see right away that it is in the hands of my sales manager, and they are able to start their review. Each person in the workflow will get an email letting them know that it's their turn, that they have a document to review. And as this contract moves through its review process, I have an activity log letting me track all of that information so I know exactly who's done what with the contract so far. We also support external reviewers. You can share this document externally, send the latest version to your counterparty, for example, and they can create their own versions on their site as well. We'll come back to the review process in just a second, but I also want to call out that we have a pretty robust integration with Salesforce, and this allows for sales users to do that whole process of requesting contracts, but from within the Salesforce platform. So we are able to connect to any object in Salesforce and allow users to request those contracts directly from this window here.

(10:00):

I'm taken to the same form that we saw on the last page, but now what I'm able to do is speed up the process even further by eliminating any manual data entry that we saw on the last page. We're actually able to pull data from your Salesforce record and feed it to the form before we submit the request. Again, just speeding up your deals, making sure this data is very clean. There's no manual entry, no copy and pasting needed. We're just leveraging the data that already exists in your Salesforce platform. Once the contract is submitted, I'm able to track its status directly from Salesforce as well. So I can see what's taken place in the activity log, I can see who's got the contract, what form information the contract provides, and all of this will live within Salesforce as well as Evisort. This is going to empower your sales users to only work within the system that they live and breathe in most often, which is usually Salesforce.

(10:59):

It also allows our reviewers, our legal team to be able to review the contracts within Evisort only. So we don't require any cross cross platform review to happen. Everybody can work where they are most comfortable. Going back to the ticket we created before, let's take a look at the review process. So I'm acting as sales manager now, and I got an email letting me know that this contract was available for my review. I can open it up from my email. I can also come to the ticket in Evisort here and take a look at the contract. Everything in yellow words, a variable piece of data that came from that form. I can start reviewing the contract by reading through it, and we have an internal editor that actually allows me to make any changes that I need to directly within Evisort.

(11:57):

I don't need to download the document and then upload a new version. All of my changes can be saved directly in here. So let's go ahead and just arbitrarily delete some things. At any point, I can save the new version, and each version is going to be saved and maintained within the document itself. Give this a minute to load. I can revert back to old versions at any time. So your version controlling is going to remain very clean using a system like this. Once I am happy with the document, I can go ahead and click the approved button. At this point, I also have the option to add additional reviewers ad hoc to the system. So I can send a note to somebody. Please review step two, and post the comment. And now my colleague, Akia, is going to be able to join me in collaborating on this document. She'll receive an email, and she can actually start working with me on this direct version. It's going to allow for real-time collaboration so we don't have to work on separate versions, and then just guess which one is the most recent.

(13:15):

Once we are both in agreement on this version though, I can go ahead and approve it, confirm, and it'll automatically route to the next person in the workflow. At any point in this ticket, I'm able to track who's got the document, so it eliminates all that guesswork, not knowing who we're waiting on in the review process. If anybody has had the document for too long, I have a reminder tool that will just send them a nudge reminding them that their review is still being waited on. Now, that process will repeat for each person in the review until the document is complete. Once we're all in agreement, we have a finalized copy, we can integrate with your DocuSign or Adobe Sign tools to send the document out for signature. As I mentioned, once the document is finalized, it then gets embedded back into our repository for analysis and is available for your review in whatever way makes the most sense. Now to help with your workflows, we also have a really handy ticketing dashboard.

(14:25):

This is going to let me know what's going on with my pre signature documents. I can see what types of documents are still being reviewed. I can see what type of departments are requesting the most, and also who's working on each of the tickets. This will help me understand and eliminate any bottlenecks in my process and just overall have a more efficient sales cycle. All right, so the last thing I want to cover today is our searching tools. At any point during my review or any part of the process, I have the ability to look through all of my contracts and review that language that we've agreed to in all our existing contracts. This is going to be helpful for both the pre signature stage, the review stage of those documents, and post signature, trying to review what we've agreed to so far.

(15:18):

So I can run a search. I have a search here of all of my contracts with limitation of liability language. Let's say I want to see all of the different variations that we've agreed to before I move my contract along, I can go ahead and click into this, and right from the search page, see what type of limitation of liability language we've agreed to. And I can scroll through and see any differences in the contracts that we've already worked with so I know which language I want to carry forward. This review is much more robust than that, but it is helpful to know that it's easy to search through all of our agreed upon information really quickly. All right. And with that, I am going to wrap it up. I hope that was helpful in understanding, how our preexisting contract language can be analyzed and reviewed to help better, sorry, to help better review our future contracts and understand what types of language we need to agree to going forward. I am going to open it up now for questions. And August, if you want to take back control, I'll pass it [inaudible 00:16:27].

August (16:26):

Yeah, absolutely. Thanks so much, Lauren. That was great. I just want to remind everyone, all your attendees, if you have any questions, please type them into the Q&A box now and we can get to them. We actually have one that came in already. When you create a new version, can you obtain a copy with marked changes? And is there a list of changes for each version?

Lauren Guidas (16:46):

Yes, great question. So there's a couple ways we can go about that. If you're working off of a document that has track changes turned on, the review tool is going to surface those automatically. If you're working with a reviewer who did not turn track changes on, we actually have a comparison tool that will surface all of those for you. So you don't need to rely on anybody using track changes anymore. Our tool will just run a scan of both versions and surface any differences to look like track changes. So a long way to answer yes.

August (17:22):

Awesome. Another one that came in, how quickly does it take Evisort to analyze contracts?

Lauren Guidas (17:28):

Yeah, great question. So the analysis happens almost instantaneously when a document comes in, but we do often work with clients that are bringing in large volumes of documents, so we like to give a rough estimate of it'll analyze about a thousand documents per hour. That's kind of a loose estimate, depending on your volume and the size of all your agreements, but I'd say that's a pretty fair estimate.

August (17:55):

Awesome. One more came in here. Can you please speak to the Evisort repository specifically? Does Evisort have the capacity for parent child relationships?

Lauren Guidas (18:04):

Yep, great question. So we do have the ability to mirror whatever parent-child relationships you currently have in your existing repository. So let's say for example, you connect your Google Drive account to your Evisort account. In doing so, we're going to just mirror or honor whatever hierarchy that you currently have in that account, bring that over, and match it in our side. If you are working with more raw files that don't currently have those relationships in place, let's say you're just dumping from a repository that hasn't had any of that organization, our onboarding team is really well versed in helping you understand what contracts need to be connected, and that's something we can do post-integration, help you put those parent-child relationships together on our site.

August (18:53):

Awesome. One more just came in here. What is the capability to exchange executed contracts with Salesforce? If stored in Salesforce, can Evisort get it into Evisort, and vice versa?

Lauren Guidas (19:04):

Yep. That's a great question, and that's part of the integration that we didn't really talk about. So the integration with Salesforce is really twofold. It works in the pre signature capacity the way we saw in the demo, but it also can sync with your existing contracts in Salesforce and bring anything you want from Salesforce into Evisort for analysis. We'll analyze them in the same way that we saw with the contract in the beginning of the demo, and then we're actually pushing that data back to Salesforce as well. So there's a Evisort record widget that you put into any of your objects in Salesforce, and we'll send that data back to it so you can use all of that analysis from within Salesforce as well.

August (19:50):

Okay, awesome. It looks like that's all the questions we have for today. So thank you all so much for coming to the demo today, and hope you have a great week. And thanks so much, Lauren.

Lauren Guidas (20:01):

Thank you. Take care.

August (20:02):

All right. Have a good one.

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