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of an our contract management 101 my name is a new Shah and I will be your moderator today joining us today archelomon Devin and John Apollo Montel chela the Corporate Solutions Manager on CSC is corporate legal solutions team and she's been with CSC for over ten years John is a corporate consultant on CSC product engineering and business development team he has been with CSC for over five years and with that I welcome Jo and John hi good afternoon everybody good morning to the west coast yes thank you everyone for joining us for contract management 101 John and I have the pleasure of presenting today live from our headquarters in Wilmington Delaware as a new mentioned on the corporate solutions manager here with CSC working with existing customers to put different services into place John is in a similar role he's on our product engineering and business development team and again we just want to thank you for joining us we do want to make this an interactive session so we are going to get started with some questions for you real quick what we're going to cover today is contract management challenges paying points on productivity and risk analysis we're going to introduce the CSC contract management solution the New York law journal reader rankings on different matter management products also what's included with CSC and then best practices for implementation will be right at the end and we know that's a sticking point for a lot of companies where they know they need a contract management solution but they don't necessarily have the time to implement so please stick around for the end where we will cover that all right so the first question for today is how many contracts are you currently managing okay great thank you for everybody for answering that question looks like we have a mix of different you know contract levels today some people managing over a thousand some people more you know in the you know 100 to 500 range so we appreciate that feedback from everyone you know it's certainly valuable for everybody the the volume of contrast that you're managing to have a strong contract management system in place and we're going to show you today not only best practices and some industry standards when it comes to managing your contracts be it few or many but we'll be happy to show you the solutions that we bring to the market as well so everybody who filled out that answer you're going to truly get some value out of today thank you John so what is contract management contract management is the workflow and information processes allowing companies to make informed decisions and access real-time information related to the contracts that the company needs to operate and with that how our contract managed you may have something that looks like this and ideally would like to get it into a more organized and digital solution ing to a recent survey companies use manual processes to manage so many contracts they may have problems finding needed documents a majority of companies surveyed admit that they have lost 10% or more of their contracts the inefficient processes that companies use to manage contracts cause problems with visibility risk management loss of revenue and increased cost so if you know that there are gaps in your contract management and storage process you are not alone challenges include no formal process paper filing for contracts storage processes to slow lacks adequate visibility and risk of error and this deadline so we'll start with some challenges and then we'll get into the solution first challenge being a reactive versus a proactive process a contract management solution can provide insight to a company's revenue finances and even vulnerability when there's no formal process it can become a barrier you know one of the big reactive challenges that we see all the time and I hear it from prospects who are who are vetting our system all the time is that they find themselves scrambling at the last minute B that prior to an expiration date prior to a date of deadlines around the product a contract itself and certainly a good contract management system is going to take that reaction and that really last minute 11th hour effort and make that a part of an organized workflow thank you John we also hear a problem all the time is that the contracts aren't centralized they're not in all one place it's unclear as to who's working on what when who's managing what of course is a problem especially with contracts because there might be multiple departments that play a part in the lifecycle of that contract whether it's legal business development IT sales research and development finance procurement and then of course outside vendors there can also be difficulty because there's multiple types of contracts non-disclosure agreements confidentiality master service agreements proposals etc and then with the various different departments and various types of contracts there may also be various different communication method shared folders email and even paper the ideal contract management solution would provide a collaboration and communication tool and also a means for data and document storage within that each user would have bass rolls meaning they would only see what they need to see for security purposes there would be cross group collaboration email integration to speed up the process and easily accessible contact information I think it's really important to highlight here I speak with so many people who come into viewing contract management thinking about it as document management and certainly as we're about to change the slide to data and document specifics that document management pieces say is tremendously needed when it comes to managing contracts but that collaboration and communication piece cannot be ignored thank you John and within that it's nice to have tasks for key dates notes for a quick and easy reference point reporting for oversight and an audit trail to know who did what and when another challenge is poor tracking of T dates and deadlines and that goes without saying when dealing with contracts just how important that could be so an ideal solution is going to have tasks for those key dates with alerts email integration again to speed up the process an audit of changes in real-time data access and we have another question for the attendees today how frequently do you spend unneeded time searching for a specific document yes okay thank you everyone and right along that lines we'd like to ask everyone how they're currently managing their contracts is it Excel spreadsheet shared folders and email might be a mix or using a specific contract management application all right thank you it looks like the majority of attendees on the call today are using shared folders and email so thank you but there's also mixed with some using spreadsheets and having no formal process in place all right so back to the challenges and solutions that we do appreciate everyone being an active participant in the webinar so another challenge of course with document management and that's why we asked the question on do you ever spend unneeded time searching for a document and every time I posted this webinar which has been for the past few years always it's the most popular answer more than I care to admit so again if that was your answer you're not alone it can be difficult when you're using shared folders and email to find the final document all related documents what version you're on there may be more than one person working for it and if things aren't all in the same place it can be a very time-consuming process it can also be difficult if you don't have the right solution that hold all the different types of documents that you're working with as an example in a benchmark in the industry CSV uses documentum and we hold over 200 different types of file documents so if you're looking into a solution that's a good question to ask also good to find a solution that allows for document versioning so you can know who's been working on what and when and don't duplicate efforts have a checklist with notes and tax functionality and of course everything have the ability to be searchable reportable and auditable you know I see that is truly one of the biggest problems and for those of you who selected more time than you would like to admit in terms of finding documents you might even having a decent organization in terms of finding a specific document but when you have to find multiple that fits certain criteria how easily can you do that do you have a system for searching through the information about your documents making that simple and I think that falls right in line with some of those pieces very cute other challenges include continuous need for communication with the contract review especially when there's no standard workflow no standard language for rich routine contracts this is something that I recently read about a company that had inadvertently deleted a limitation of liability clause and that particular document was saved and was accidentally used with people unknowing that that particular part had been deleted and it was used over a hundred times you can imagine you know that that was really not at all what they wanted to do and could have really been a huge problem for them a solution for the cost of the challenges that we just discussed a contract management system that formalizes a workflow and that doesn't mean to say that everyone should have that one seeing workflow CSE really likes to customize an approach so that it fits your specific needs so a formalized workflow I'm customized to your needs a central place to organize and store contract templates that you know prevents problems like I mentioned with the limitation of liability clause being deleted each user having specific roles and permission sets and that's all being in a secure system CSC with all of our solutions we take security very seriously here we go through a third party audit every year and we do have the Sox two types two certification okay another challenge is searching for data can be an all-day task this is something to think about when thinking about implementing a solution is how you want to be able to search for things and finding something that allows you to search in various different ways by date who worked on it last metadata like a contract name even things as granular as text within a constant contract like a word or a phrase another challenge is that a lot of organizations are dealing with more and more contracts if the growing just a growing data and documents that they more that they need to take care of and that goes without saying that it's becoming more important contracts our necessity a solution is a contract management application that has flexible formatting so it captures the data that you specifically want to see and report on later and also allow that to be scalable so that as your needs change you can capture different type of data for different contracts and of course that's all being reportable you know of course right now we're highlighting some of the the benefits and the features that you should be seeing from any decent contract management solution and pretty soon we'll be turning the page to look more specifically about the services and strength that the CSC contract management solution is going to bring and I really like everybody to pay attention to some of the pieces that are being mentioned here especially the flexibility of taking your data and managing your data in a system in a flexible manageable way scalability is one of the true hallmarks of our system we work with clients and just like that first first poll question that you would answer we work with clients with a relatively small amount of contracts and they may think it's quite a bit to manage but in terms of the importance of those contracts they're paramount that things are managed properly we also work with with clients who have thousands upon thousands of contracts and we'll give them a manageable to understand but our system is going to be scalable it is going to be able to report against all of the data that's captured in the system and certainly a alert you of important happenings so definitely this page in my eyes is very valuable because not only is this what every contract management should provide but it's certainly some of the highlights of the CSC solution Thank You John that's an excellent transition to what the CSD contract management provides a formalized workflow based on your specific needs a scaleable solution a central repository improve visibility through reporting and tracking of key date email integration to speed up an existing process that may be too slow real-time collaboration across departments and different users with role-based permission sets and security so with that we're going to turn it over to John so we can put a visual with everything we just discussed and he's going to demonstrate and actually show you how the CSD contract management solution works very good well again I want to thank everybody for their time today and now Chella thank you so much for taking us through that very much thank you John that was wonderful demonstration and we appreciate everyone for sticking with with us through this presentation real quick we wanted to just present to you why do you see SD we have been ranked for the past John is it three years four years four years the number one matter management solution with the New York Law Journal and that's an independent survey that they conduct with their readers over various different legal services the CSP contract management solution is the same as our matter management it's just customized for your contract needs but if you have any questions about that we'd be happy to send you the full results of the survey also in the handouts today is our security and availability statement and slides if you need those for your records I promise at the beginning of the session that I would go over implementation options because I work with existing customers a lot of them will tell me that they know they need a contract management solution but they just don't have time to implement it because they have so many contracts already so wanted to review options that we have found to be successful the first is that CFC can help you with importing your existing contracts we just asked for a sample of the data if it's an Excel spreadsheet as an example we think that we would look at it and we were applied to a quote for just a one-time service fee to import all of the existing records we also have seen a lot of companies be successful with just starting fresh so starting with it the CFC solution entering new contracts at their inception both methods have been implemented successfully across numerous different legal departments also something to consider and also just explain the differences in technology there are providers out there that offer an installed software now CSC is a cloud-based or web-based solution and there are some significant differences and insults software requires IT involvement which takes up their resources access may be restricted to a specific computer or device often there's extra fees for additional users data restrictions and as technology advances there may be additional fees for enhancements and also more IT resources that need to help with that IP or vet installation a software are assuming a cloud-based solution like CSC doesn't require IT involvement you may want to have IT talk with us and talk about security and that's fine we're happy to do that but it doesn't necessarily take up any more resources than that it can a cloud-based solution can be accessed anywhere where there's a secure internet and you have your login and password there's also less restrictions on users and documents in fact with the way we praised our contract management solution you can have unlimited users at no additional fees and also unlimited documents and enhancements happen automatically without having to pay for it or getting that IC involvement so to summarize everything we discussed today in contract management 101 we recommend starting with the basics getting all your contracts in one place have a way to extract do in a session also didn't get to your question we will contact you with a response after the webinar thank you to everyone who joined us today we hope to see you next time