Optimizing Contract Management for In-House Legal Teams
Optimize your team’s contract work with AI. In this on-demand webinar, Evisort Senior Strategic Consultant Ope Adebanjo discusses how you can automate and expedite contract lifecycle management using AI. We’ll explore how you can easily:
Speaker 1 (00:05):
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'll be showing Evisort's monthly demo on optimizing contract management for in-house legal teams presented by Ope Adebanjo, 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 answer them at the end.
Now, without further ado, we'll turn our time over to Ope. Ope, go ahead and take it away.
Speaker 2 (00:39):
Awesome. Thanks August. Hi, everyone. So glad you can make it. My name is Ope Adebanjo. I'm Senior Strategic Consultant here at Evisort. My background is in law as well as supply chain management, vendor management, and procurement, so I have really worked with teams of all sizes, shapes, digital sophistication, and I really love working with in-house legal teams, I'll say that, just from having worked in-house myself and seen how teams are really using the resources that they have to get work done, just seeing how much tools like Evisort and automation and really thinking about digital strategy can make such a big impact on the work that you guys are able to do. So very excited to jump into it today.
My experience here at Evisort is that I've worked with teams as small as one or two lawyers all the way to some of the largest legal teams in the country, and so really being able to share best practices is what I love to do. So I really want to talk through some of the things that I've seen and how you can best save time, save money, and really work well as a team using tools like this.
So for our agenda today, I'll chat a little bit about some of the challenges that in-house legal teams face specifically, both from the experience that I've had myself and then also what I'm seeing just from our clients and folks who work with us.
We'll dive into the demo and we'll talk through what it looks like to really streamline your contract and vendor management workflows, so really getting those contract requests to be a much more automated process, approvals to also be a lot more compliant and consistent.
We'll talk about how you can get instant visibility into all of your contracts. This is probably my favorite part. Really cool to be able to see just the amount of data points and provisions you can pull out from every contract that you have and see that across your full corpus, so we'll dive into that in just a minute.
And then talking about automation. There's so many cool things happening in automation. If you've touched on ChatGPT already, you see the power of AI, but just really being able to see how that can work with contracts is really an exciting application. So excited for that with you guys as well. We'll talk through key takeaways and I'll answer some of your questions as well.
So let's dive into the demo. Awesome. So we'll start off here in the dashboard section. Typically, I like to start here because it's really a good bird's eye level view of all the amazing insights you can get from your contracts instantly once you bring them into Evisort. So the typical conversation is, you have folks at the C-suite level or the executive team asking you questions about, how many contracts do we have? Are they executed? What types of contracts are we seeing? Who are we contracting with? All questions you can answer in seconds using our dashboard tool.
The moment you ingest them here into Evisort, you're able to see things like what types of agreements you have, are they executed or not? Who are your top counterparties? Who are you typically contracting with? I think legal teams, you're really heads down, focusing on getting those contracts out, but it's really great to be able to step back and just see high level how many contracts you have with some of your largest counterparties.
Things like governing law, super key for just making sure that you're compliant moving forward to any of the many changes that are coming down the pipe. You think about QDPR, CCPA in the US, how each state is really approaching data privacy a little bit differently. You want to be able to quickly get all of your contracts for any one jurisdiction and make sure that you're compliant with any new laws that are coming out. So let's say Texas puts out a data privacy law tomorrow, you're ready to jump in and understand what obligations you have for those contracts and those clients as well.
But it's not just things like general information about the contracts. Also, really great data points from a quantitative perspective. You can think about things, especially from your customer contracts, around payment terms, being able to understand what are your obligations around how quickly you have to get things out, and maybe where you might have some leeway. If your payment schedule is net 30 and you have net 45 contracts, maybe there's some opportunities, especially in this economy, to get a little bit more working capital for your business.
For each notice, again, talking about data privacy, making sure that you're compliant with any windows that have been passed in the jurisdictions that matter to you, as well as termination for convenience language. So understanding where potentially for some of your vendor contracts, you may have some opportunity to cancel as well. So again, all things that you can do at touch of a button, just bringing all of your contracts here into the platform. And the great thing is that it doesn't just have to stay with just our out-of-the-box dashboards that are pretty difficult for every team, but there may be some things that are really specific to you.
If you're a data head like me, you love to visualize, you can also click on edit charts here, that allows you to create any of your own visualizations and data points dashboards that you want. I just click on which one I want, I apply changes, and instantly a dashboard shows up that gives me that information as well. I can start to use my filters to do some combinations to really focus my attention a little bit more specifically and granularly on certain contracts. So a great way to get some folks in the room, start understanding your contracts, and start thinking about strategy related to those.
Speaking of strategy, a great piece of advice that I typically give to in-house legal teams is, how are you managing your vendor contracts? Super key, because every legal team works differently with their procurement team in different ways. Maybe it's procurement who handles renewals and making sure that new contracts that are being generated are going to be caught with their expiration coming up and that service is no longer being used.
Sometimes it's legal, sometimes they own those contracts. So being a good partner is going to be key. So being able to have this information at the drop of a hat and have those conversations with your procurement team, this empowers you to be that much better of a partner.
You'll see here for every contract that comes in, and we'll show this when we upload a contract in just a minute, every contract that comes in, we're able to tell you the start date, the end date, as well as any of the renewal information, what type of renewal it is, and then based on the term for that agreement, give you the upcoming expiration date for that individual contract. And that all rolls up into the ability to understand, okay, what do I have coming up for expiration here in March? We're getting to the end of February, let's start to talk about what's coming up for expiration and start to have some strategic conversations.
The power of data points is that they give insights, and then from insights you can create strategies. And so now you can sit as a legal team or a procurement cross-functionally and say, for the next month, the next quarter, let's talk about the services that we're currently subscribed to. Are we still using them? Are there opportunities for consolidation? These are the types of conversations in strategic decisions you can make when you have the data points and the insight to be able to make those from a strong position.
So explorations is just one way in which you can look at this information, but a great way, again, to start to cross and dissect your overall corpus to start to make some really great decisions.
So the first two dashboards, and I forgot to mention this, the first two dashboards are going to be for all your legacy agreements. So anything that's already been signed, finalized, and has come into the repository. But another option is really thinking about how do you manage your upcoming or your new contract requests. So we typically see teams say, "We have contracts everywhere. We want it centralized and get some really good insights." That's the first piece.
Second piece is, "We have requests coming in from everywhere. Everyone's pinging us via email, stopping us in the hallways, trying to get their contracts out the door." Here's a great way to make sure that that's all happening from one central location.
So you'll see here the second two dashboards out of the box are going to be tickets and workflows. So being able to, at the drop of a hat, give you a good snapshot into all the contracts that are coming into your department. You can see any of the open tickets, so anything that's still in progress, from what type of agreements are out there, who submitted them, and then also who are they sitting with/
So right now things are taking place in email. We're all over the place. It's hard to know who has maybe a large bandwidth and they just can't get through all those contracts. But maybe some of these can be redistributed or passed over to someone else on the team. Maybe they're on vacation. You want to be able to make sure that you're moving things through, decreasing those cycle times. Again, from a legal operations perspective, cycle times are key. Being able to decrease your cycle times, get contracts out the door much more quickly, using insights like these.
You can see some of the contracts that have aged quite a bit. For those that are in a specific window, maybe the 30 to 60 days, let's make sure we get those out the door before 60 days. Again, you can start to put some really good metrics around this so that your team is able to better handle the requests that are coming in.
Again, next piece is on workflows. You'll see here this dashboard allows you to just see what's come into your department over the last 90 days, over the last year, this year, this quarter. So you can again get that high level data driven approach to understanding how your department is operating. You can see all the tickets that were submitted, what types they were.
And then one of my favorites here is the net submitted tickets, and what this allows you to do is understand not just how many peaks and troughs are we seeing in how many requests we're getting, but how quickly are we getting those contracts out the door? I can say, great, over this past week we had a real influx and we weren't getting them out as quickly. Really understanding those trends over a year, over a quarter allows you to start to staff up, get contractors, think about your hiring decisions a lot more strategically, because you have insights that you're able to rely on as opposed to more anecdotal knowledge from maybe just how you've been operating in the past.
So dashboards provide a lot of really great insights. You can also download, schedule delivery to other folks on your team. So if you want to send those out to managers, C-suite level executives, you just want insight into any of the dashboards I've shown, you're able to send those out as well.
So that's really a high level at dashboards. Great way to be able to understand what's in your contracts. So the question folks typically ask me is, "Okay, how did you get all that information? How is that ingested? Is that very manual to understand?" And the answer is no. That's where the power of AI really comes in. So we'll dive into that here as well. So again, legal teams that come to me typically have just contracts everywhere and are trying to centralize them into one central repository. Now there are plenty of ways in which you can put everything in a file cabinet, but being able to then track and search and understand what's in there is going to be where the power of AI really provides a lot of leverage.
So you can see here in the repository, I'm able to bring all kinds of documents from many different shared repositories. So whether that's Dropbox, that's Box, that's Google Drive, that's Salesforce, I'm able to create a bidirectional sync quickly using Evisort. We're not migrating your documents, we're integrating with your existing systems because they're all in the same place. Let's say you add some more documents to Google Drive tomorrow, that sync is going to continue and you won't have to come back into Evisort to make sure that's updated. Those documents will also be ingested into Evisort as well real time. So a great way to make sure that all of your teams are operating from the same place, but to get all the different systems, get everybody onto one or more systems as well.
Last I'll mention on the repository is that I can also provide some access settings. Again, folks will come to us and say, "Yes, I want to centralize, but I don't want everyone to have access to everything." Security perspective, we agree with you. We want to make sure that the right users have access to what they need. So you can set up access settings by department, by user, so making sure that even though everything's in Evisort, the right folks have access to what they need based on their permissions and settings.
Once documents get into Evisort, the question becomes, what happens next? If I click on upload here, you'll see I can include one document and bring that into Evisort very seamlessly. I can provide any tags, add any information as well. And I forgot to mention that we will mirror your folder structure as well. So bringing your documents from any of the different systems that you're working with, you're not going to have to recreate the wheel, add any new tags, all of your folders set up exactly the same way that they were in the existing system. So for example, Salesforce, it's by opportunity, by account name. You're able to have that drop right into our existing system as well.
Before we bring the document into Evisort, the first thing that happens with every document that comes in, every existing contract, whether it's 100 years old or you signed it yesterday, we're going to OCR that document. So turn it from more of an image-based PDF, not really searchable document, into a text-based document that allows it not to be searchable. You have a lot more bandwidth to be able to understand what's the language inside that contract. So coming into the agreement, I'm able to see all of this information from a cover page perspective. So 60 plus data points around, what type of agreement? Who's it with? Is it executed or not? Any operational information? Again, all that information that we were dropping into the dashboards is pulled for every single contract from start date, end date, renewal types, payment terms, early payment discounts, all that information.
Liability information is key, again, for legal teams, it's definitely on your plate to track of these things, so making sure that information is caught. And then any customizable tags that you want as well. You don't have to choose one or the other tags or folders, you're able to have both with Evisort, which is really great so you can also provide additional ways to search your documents.
So let's come into the contents tab here. And what this does is it really allows you to visualize all the information we're pulling with the AI for your documents. A lot of folks will say AI is great, it's not always accurate. That's true. For Evisort, we don't release a model unless it's 95% accurate or better, so that really helps us make sure that our models are going to be pulling out the information that you need.
But we go the additional mile to show you that, hey, where is that information being found in the document? So click on this magnifying glass here. I can actually see where that information is being pulled from this document, all that information, and now it helps to speed my review and my ability to look through this document.
Again, for example here we see third anniversary. The system is able to understand that as three years. It's not just looking for keywords, it's looking for meaning and really understanding what's being communicated in that document. Same thing for provisions and clauses. So as lawyers, one thing you're looking to do is really understand again, the data points to be able to get to the documents that you need, all the contracts signed in the last six months. Great, effectively be super key.
But what's the content of these contracts? So your contract summary will allow you to jump right into the key provisions that you want to find, any information. Again, force majeure, governing law, things like liability information, you're able to jump through and now analyze this contract that much more quickly without having to read through it all one by one.
I will say that, again, coming from my legal background, when I was a summer associate, I was tasked with creating things like this, where I'd pull out all of the indemnification language from 1000 contracts and then pull out all the publicity language for 100 contracts and it was very manual and it took a lot of time and it was not the best way to spend a summer. But I will say that AI has made this process so much more quick, efficient, and less manual. So it really can help your team make sure you're doing this due diligence ahead of time rather than trying to put out fires later on when you're trying to find this information in all of your contracts.
You can also see this from a key provisions where you can scan the document and be able to understand all the information there. The last piece I'll mention when it comes to specific documents, is that all of these 60 plus data points and provisions are going to be what's important to most, if not all, legal teams, just information that's really general to any contract.
But there are things that are going to be important to you as a business. So maybe you're in construction and you really care about change order language and material language. Maybe you're in healthcare and you care about HIPAA information or anything that's relevant to your industry, to your business and what you do. We're able to not only train the AI to look for general clauses, but also what's specific to you.
If I highlight this section here, I can click on this tag a clause button, and what this allows me to do is now train my own AI. So let's say, I'll just call this example clause. I can now say apply this sample to this and other documents. I give the system two or three examples of my language for a clause that's important to me. Click on save here and the system is able to go out and find identifications of that across my full corpus. So a good example of this is again from a compliance perspective, I had clients that came to us and said, here's a good example, outdated data privacy language, maybe it's privacy shield maybe it's safe guarder language. Language is not going to be as relevant moving forward as data privacy laws have changed. Now I need to figure out all the contracts where I wrote that and remediate all of those and make those changes. You're able to literally change privacy shields, train the AI to do that. Go find all those contracts.
Now you have the 1000 contracts you need to remediate and you can use our workflow tool to be able to quickly send out those new contracts. So a great way to stay flexible with your AI, and you don't have to come to us to help you to train AI or pay hundreds of thousands of dollars to be able to make the system more flexible to you. All of this is available, so now you can go train your own clauses and do that from a no code perspective. So great for lawyers, great for teams that are growing and also changing and adapting to new circumstances and new industries.
Awesome. So I'll navigate into our ticket section here, and this is where we are able to generate new contracts. So again, going off that example I just mentioned, we're able to work with a client and say, "Okay, great. You need to remediate all of your DPAs regarding any of the outdated privacy language that the GDPR changes, Schrems II changes you need to have updated.
So again, sending out 1000 contracts, 1000 notices is going to take a long time manually, but through a system that automates your ability to generate new contracts and makes that collaboration and redlining possible, it really was a quick and efficient process.
As I come into tickets here, I'm able to see anything that's waiting on me, needs action from me. Again, on a Monday morning I can come in and see all the contracts that I am responsible for reviewing, move those through the door so they're not being bottlenecked by me because I missed it or it's sitting somewhere in my email where I wasn't able to see it.
I'm going to be able to take a look at all the tickets in progress. So again, from a perspective of just keeping track of things, I can go into the dashboard, but I can also see all the agreements that need to go through for my department. I can also see the status of those. So maybe those that are close to signing, let me focus my attention on those and get those out the door as well. So a great way to just keep your fingertips on the pulse of how agreements are going through your department.
I'll click on new ticket here to the right, and what this allows me to do as a requester is now have a central place where I can get any contract I need. So one of the things that we've highlighted about Evisort has been highlighted about Evisort is that we're really function agnostic. We're not going to focus on just DPAs or just NDAs. You can create any template in here, from something as specific as an amendment to acquisition agreements or anything for financial services to HIPAA business agreements, all the way to things as general as NDAs, master services agreements, vendor services agreements. So it really provides a menu of options for your end users to select and start to fill out information to get their contract on time.
You'll see here I can copy intake form link. So what this allows me to do is gives me a super specific link that will drop me directly into the intake form for this agreement type. So a great way to include that on an internet site or an email reply so folks know how to get directly to the contract that they need, rather than having to hunt it down in a specific way.
Click on NDA here. I'll also mention this as I'm typing in this information, is that we also integrate with Salesforce so folks can be able to select, hey, I need an NDA for this opportunity that I'm working on. I need an MSA based on all of the information and the opportunity. And we will map that information, any opportunity information, account information, object information directly into our intake form, so now you're generating an NDA, you're generating an MSA, based on information that's already been created by the sales rep, so you're not having to re-gather that information via email or through conversations that you're having. So it really makes it seamless to be able to create contracts very quickly.
The first thing in my intake form is that I can generate from our template. So on the back end we have your internal template included in this workflow. We can also generate a request from the contract you have already received. So let's say you've gotten your contract from the end user or from your counterparty, you can also have those be submitted in the same place so that folks aren't sending those to you via email, via DocuSign, via some other system, but it's all going through the right approval channels.
Fill out my intake form, I'm ready to create ticket. Couple of things that can happen here now is really you can build a customizable review and approval process. So again, folks come to us and say some contracts are going out the door and they haven't been seen by legal, not great. We want to make sure that you have, from that compliance and risk perspective, an eye on everything that's coming out from your department. And maybe that's based on a certain threshold, maybe it's contracts over $5,000 need to go to legal. That ability to set up conditional review, make sure it's going to the right folks, it needs to go to infosecurity for certain reasons or procurement for another reason, you can have those reviewers come in and take a look at the document as well. All that happens during this review process.
I click into my document here, I can see all the information around what's the document that's been generated based off my intake form answers, I can set up redlining and document compare, so anything that I'm getting back from my counterparty, I can set up an instant redline view so I'm able to catch anything, whether they track changes or not, to make sure I'm catching any changes that they have have completed.
I can go ahead and in platform edit as well, so really like a Google Sheets, Google Docs, I can make changes in this document or I can download it and work wherever you live, we'll meet you there and allow you to really get and negotiate and collaborate well with this document.
The last thing I'll show is on clause library. So again, really for a lot of legal teams, cycle times are super key. You want to be working as quickly and efficiently as possible. So having a centralized clause library, if you don't already have one, is a great way to make sure that all of your teams are collaborating as efficiently as possible. Great way to also keep institutional knowledge as new folks are coming into the department. What are the types of a agreements and provisions that we are good to sign off on? What's our preferred language? How should we push back if we're getting information from a counterparty that doesn't match what we're trying to do?
We do have our clause library in here, built, again, from the AI power of searching all your contracts, giving you insight into what is the most common or most popular confidentiality provision and how do we want to use that in a clause library. It's a great way to have all of your team members working from one central place and getting your documents and your contracts to your internal users as quickly as possible.
I'll stop there and open it up to questions, but hope you guys have gained some insight from some of the things I've shown today. Thanks so much.
Speaker 1 (24:46):
Awesome. Thanks so much for going through that, Ope. Just a reminder to all attendees, please type any of your questions into the Q&A box and we'll try to get to them. It looks like there are already a few that came through so I'll start with these. Can these reports be exported as well, and if so, in what format?
Speaker 2 (25:02):
Yeah, good question. So I'm assuming the person was mentioning the dashboards, I'll just mention, as I said before, you're able to send those out and schedule delivery. You can send those out here, I'll show you here, in that schedule delivery section. You can [inaudible 00:25:21] schedule delivery. I can send those out via PDF, via CSV, PNG or what have you.
I'll just note just in search because I didn't have time to show it, but I always love to show search, just see a window into it. You can also run these reports across all your contracts using search. For example, show me list of all of my NDAs. It's as simple as clicking on contract type, and now I have a list across the 13,000 contracts of my 178 NDAs. I can create an Excel report. I will drop that right into Excel so I can gather any information, use that towards conversations that I want to have around these documents. But a great way to create reports very quickly, that took seconds as opposed to some of the manual work that I did over my summer associate days. So definitely.
Speaker 1 (26:10):
Awesome. Another one here. Can you batch load documents?
Speaker 2 (26:14):
Yeah, great question. So I would say, and I think I touched a little bit on it, but the idea is that you can bring documents in quite a few different ways. So I mentioned one is clicking on this upload button. You cab upload maybe 20 to 30 contracts that way. But another way again is setting up the sync. So you set up an integration to any of the shared repositories here. Great way to bring in thousands of contracts in a matter of hours as opposed to that taking months.
And then another way that we can do it is the SFDP via email intake. So let's say you get contracts from your end user and you want to just bring them into Evisort, you can send them to an email link and then they will drop into the repository as well. That's a great way to get quite a few documents in.
But yes, the answer is you can really create a few different ways to bring in multiple documents. I've worked with teams to bring in 30,000 documents over a weekend. So getting docs in is really to be the least of your worries, but there are great ways to be able to ingest all that information very quickly.
Speaker 1 (27:18):
Awesome. A few more here. How does AI evaluate the text quality in the example that you showed? It said medium?
Speaker 2 (27:27):
Great question. So text quality is definitely one, again, from that OCR perspective, because there's going to be some contracts that are perfectly high quality, some that aren't. So I'll show you this experience here just so that you guys are with me.
But let's say I have one fun example is Babe Ruth's employment contract. This is 100 years old, and we're able to [inaudible 00:27:52] and you can see it's not the best quality, but we were still able to OCR it and create some really good insights from that. Text quality is going to be based on a few different metrics. It's really just how accurate does the OCR feel about that? I believe from 90 to 100 is going to be high quality, from 80 to... I'm not exactly sure the numbers, but there is kind of a percentage of kind of confidence score that the system will give regarding how confident it feels about that text quality.
So it's a good point. It's a great way to also make sure from a AI accuracy perspective, let's take a look at all the low, you can do a text quality search, all the low text quality documents just to make sure that those are the ones that the system says, hey, these are the ones we're not as sure about, let's go ahead and take a look at those so that you make sure that you're catching anything that you want to double check on. That's a really great lever to make sure that accuracy is as high as possible.
Speaker 1 (28:50):
Awesome. We got a few more questions here. Keep putting them in. We'll answer them. Is there a tool that can automate an email notification advising when a contract is about to expire?
Speaker 2 (29:01):
Great question. Yes. And I love these questions because they're kind of touching on different parts of the platform. In the workflow tool, I didn't mention this, but you are able to automate notifications. So anytime a new approver is in the process, they're going to get an email notification that, hey, it's your turn to review the contract.
But from a perspective of alerts, this is going to be our alert section where you're able to, exactly as this shows, set up alerts that will create email notifications for any of the different search filters that we've created. So some things that are coming up for expiration in the next 30 days, something that's coming up for renewal, upcoming expirations, anything that's governing law outside of New York. If for example, you want to make sure that things are staying in the right governing law and also set up things for non-standard provisions. So a great way to be much more proactive about your contract management.
Speaker 1 (29:51):
Nice. Okay. Does the system connect to DocuSign to import executed documents automatically?
Speaker 2 (29:59):
Great question. So once a document has gone through our workflow tool, it's signed, finalized via an eSignature tool like DocuSign or Adobe Sign, we will bring it directly back into Evisort, and now it's ready to be part of your repository. You can set up filing instructions, so it is going to be filed in the right folders based on information in the document itself. So it really helps you stay organized without having the manual work of having to bring that back into your repository. So the answer is yes, we will create that automatic ingestion from your eSignature tool.
Speaker 1 (30:32):
Okay. And then, is the OCR tool embedded?
Speaker 2 (30:34):
Yes, it is. That's correct. So it will automatically, once the document comes in, start OCRing it, and then that's how the AI runs. And it happened so fast that you almost don't see it, so it really is kind of a layer, but a super important layer, because good information in is what's going to allow the AI to be as accurate as possible. So really OCR quality is going to be a super key layer that happens seamlessly throughout the platform.
Speaker 1 (30:58):
Couple more here. Are the accounts maintained in Evisort, or do they need to live in a CRM like Salesforce and then have an integration between Evisort and the CRM?
Speaker 2 (31:09):
From an accounts perspective, would love to learn a little bit more about the question, so set up a demo, we can chat further about it. But yes, we will ingest account information, opportunity information from that CRM system sales, Salesforce, et cetera. And that's how we'll typically get that from, I guess the folder example that I showed.
But we also get that information from new contract generation intake form, we'll ask who is the contract for, and then you can ingest that information that way. And then of course our search will be able to take the [inaudible 00:31:44] name, who's the contract with, pull that out of the contract, and now you can search for all your contract with Bank of America, something like that. So it isn't limited to just information we're pulling from the CRM, but we can ingest that and make sure there's a consistency there.
Speaker 1 (31:56):
Awesome. Two more here. How do you fill all the information from the contracts inside the summary sheet for contracts created in Evisort? Is it manual?
Speaker 2 (32:07):
Yeah, sure. So that summary sheet is going to be using the AI. So again, anything that comes into Evisort is going to automatically be OCR'd and then all of this information is going to be filled out automatically. So these are smart fields, so no manual work to input this information. It's going to be pulled out for every contract that comes into Evisort. There is the opportunity to create some of your own custom tags, so if you do have things that are important, like manager review or signed review or anything that may be specific to a certain use case, you can also do that. But all this information is going to be automatically ingested by the AI or created by the AI.
Speaker 1 (32:45):
Great. Is there a tool that will auto-renew an agreement and update their dates, or does it just send a notice about upcoming renewals and a human would need to update the dates in the agreement?
Speaker 2 (32:57):
That's really interesting. It's the first time I've heard that. It's a really cool use case. The idea that the contract will then be sent out and say, hey, we'll automatically renew this. So I will say this, if a contract has, for example, an automatic renew type, so if it's in the language of the contract and it says automatically renews, there is no need to come in and updates the dates here, it will automatically update for you. So once the expiration changes and it's now a renewed contract, it'll have that new renew date, the new expiration date, all that information.
But it's not going to really go out if there is more of a manual renew type and go out and negotiate that, because typically that's what teams and legal team will be doing, is making sure, hey, do we still need this contract? It's set as manual for a reason, so we want to make sure that this is something that we want to happen or we want to be renewed. And then you can do that negotiation, that conversation, and then bring it back into the system as now, I guess, a new contract that has new terms and new operational information as well.
Speaker 1 (33:55):
Okay. All right, last question here. What would the minimum or optimum contract volume to deploy Evisort be?
Speaker 2 (34:04):
I love this question. Great last question. It really just depends. I mean, you can bring in one document and you're getting really good insights, like I said here, from both the overview page as well as contents, especially if it's a meaty MSA that you just want to make sure you understand all the terms. But I think really to get a lot of the great insight around just your full corpus, bring in 100, 200, 500 documents during a proof of concept and start to see how the AI runs on your documents themselves. So that's something that we do offer. So you can see how this will work on your contracts, and that's a great way, because the moment a contract comes into Evisort, it starts to populate this dashboard and you start to get those really great high level insights from all of your agreements. So as many as you have, we'll take, but you can really start to get some really great insights and just information from one contract starting. So it really just depends on what you have.
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