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[Music] [Music] hello there my name is quentin russell i am the engagement specialist here at dog 365 and today i'm going to be presenting a webinar to you on how artificial intelligence supports contract life cycle management before we begin i want to talk a little bit about doc365 and who we are so we have over 19 years of experience working with microsoft solutions to build powerful productivity tools uh we are a microsoft gold certified partner specializing in said microsoft products and everything and we have a specialization in helping companies build out their contract management process using their existing office 365 and sharepoint online subscription we've helped a wide range of companies in a variety of different industries to take control of their contract life cycle management processes and we know we can help other companies do the same uh if you're interested in taking a look at our contract management system potentially do a demo with us uh you can reach out on our website at mydoc365.com just sign up for a free demo there you can sign up for a 30 to 45 minute session we'll go over your needs what you're looking for and then we'll see if doc cms is able to fit those needs and help you in those areas that said let's take a look at what we're going to be talking about today so the first thing we're going to talk about is artificial intelligence so how it works what it does laying a groundwork that you can use to understand the rest of the webinar going forward after that we'll take a look at all the different ways that ai is set to change contract management so various processes where it can change things streamline things and make things easier for people who are handling contracts internally um and then we'll take a look at how you can implement contract management at your organization uh in conjunction with artificial intelligence um at the very end we'll be doing a question and answer session so the way we're going to handle that is um i would like to ask that everyone stay muted for the duration of the webinar if you have any questions please post them in the chat during that q a session i will address them at the end in the order that i receive them that said let's jump into the webinar proper so first of all what is artificial intelligence so artificial intelligence is technology that allows programs to mimic human intelligence so they learn from experience via iterative processing and algorithmic training so ai can be used to solve problems produce solutions answer questions make predictions and or offer strategic suggestions basically it's a machine that learns um that's a very simplistic way of putting it uh but the field of ai is incredibly broad and to provide a more in-depth explanation i would probably take the entire duration of the webinar that said how does ai work so ai systems work by combining large sets of data with intelligent iterative processing algorithms to learn from patterns and features in the data they analyze so each time an ai process is arrived with data it measures its own performance and grows better at the assigned task over time the ai is trained to process the information faster and more efficiently until it becomes extremely capable um the best way to think about it is ai is kind of like a really dumb child um it is only able to do what you've told it to do but if you give it enough opportunities to perform that task get hands-on with it work with it over time it'll eventually become better and better at that task and as it becomes better at that task it's also going to streamline different processes and eventually you end up in a situation where um some tasks that you've assigned it to do um after about six months it's going to potentially cut down the amount of time it takes to perform that task in half so it can be incredibly potent but there are some limitations that we'll take a look at later so in terms of ai it's very much a kind of catch-all term there is not just one kind of artificial intelligence there's actually a lot of different disciplines in fields and different avenues that people are taking to attempt to generate artificial intelligence so a couple of these like one of those is machine learning so this is going to be any artificial intelligence that allows computer systems programs applications to learn and grow automatically to develop to develop better results based on experience this is going to be where the bulk of ai of of contract management based and a lot of business contract man um artificial intelligence is going to show up um basically you are plugging in a series of data you're having it churn through that to perform some sort of task and over time it's going to get better and better at that which is especially helpful in the field of contract management but just for businesses in general um another kind that is decently common is deep learning so this is any sort of artificial intelligence that allows programs to learn and improve by processing data so this is more done using uh by mimicking the human brain um which can be a little more complicated and it's a lot more resource intensive and deep learning is something that's probably going to be outside the realm of ai contract management or at least affordable ai contract management for a lot of organizations another type of ai is neural networks so these are just ai that analyze data sets multiple times to find associations and interpret meaning from unrefined data um we're talking just big bulk amounts of data just raw unfiltered data coming in from all over the place and essentially you're using the neural network to try to find connections in there and to potentially see any patterns that might pop up another type of ai is cognitive computing so this is any ai that is going to mimic interactions between humans and machines the ultimate goal is to mimic human brain function and interaction um again this is not something that's really going to show up in contract management but it is definitely going to be something to that develop advancements here and advancements anywhere with the various fields of artificial intelligence um do have crossover and will help the other fields but ultimately cognitive computing is something more of a not quite a thought experiment but it's definitely something that isn't going to see a lot of practical use in day-to-day life for a while and then finally you have natural language processing so this is going to be any ai that allows systems to recognize analyze interpret and understand human language so whether that's written or spoken and ultimately the goal there is to teach the ai to communicate back so to be able to have a conversation through writing through text through speech with a human and to have it almost be um indiscernible from be like another person so the goal is to have the ai be able to communicate as if it were just a regular person now the thing with artificial intelligence is that while there are definite benefits to it that will cover especially when it comes to contract management um there are a few limitations especially at this time like ai is definitely not a while it is something that a lot of people are exploring and it's definitely a thriving field we're still in early days yet so there's still a lot of issues that are there some things that you need to be on the lookout for and some aspects of ai that you need to keep in mind especially as you explore its applications in contract management like one of the first big limitations of ai is that it lacks any form of abstract thinking um ai cannot react flexibly to small changes or new application problems it is unable to recognize or establish any logical or coincidental connections in abstract concepts so basically if it's not trained to look for it if it's not trained to see it it's never gonna find it um ai can't make any sort of logical jumps or anything like that it can't really like if it has not been trained to do something it will not do it um and so you can't rely on it to look for things that you personally would not think to look for um and so like that and that's a kind of big limitation there um another one is lack of transparency um there aren't any good ways to actually trace how the ai is making a decision um how and why the ai decides to do something cannot be illustrated it can't be viewed um so if it does make any sort of um if it does come to some sort of conclusion or something that it's been programmed to do you have no way of knowing if it came to that using a faulty set of data using faulty assumptions something like that um so it can be very difficult to look back over what the ai is doing and course correct it if there is something that's going wrong oftentimes what you end up having to do is just scrapping it and starting over um another issue that you have is a lack of creativity similarly to a lack of abstract thinking but it um ai can't think outside the box so it learns over time with that prefet data but it cannot deviate from that approach so there is no situation where the ai is going to when like when it is processing data when it is performing a task there is no way it's going to think to do it more efficiently um what it's going to do is it like it's going to get faster and faster at doing it the way that you programmed it to do but it will never try to find new ways to do that if that makes sense um it's always just basically you have programmed a straight line and even if it runs into an issue where that straight line no longer works it is still going to attempt to move in that straight line um because it cannot deviate from the bounds that have been established for it so that can definitely be something that you want to keep in mind and then finally a lack of ethics so ai has no inherent understanding of ethics so it evaluates information and data at face value which means it cannot understand any forms of discrimination or wrongdoing in a data set it'll just it'll interpret the data it'll see the data but in terms of actually understanding if there's anything wrong with it if it has not been programmed to do so if it if it has not been explicitly trained to recognize ethical issues um discrepancies and certain things it will not look to identify those and it will not do anything to flag your attention if you have not programmed it to do so so that's the big thing with ai is that while it is incredibly powerful and it can be really helpful for automating a lot of aspects of your day-to-day life and especially with contract management it's still it's restricted by what we how we build it how we program it and so if there's something that escapes our attention if there's something outside our realm of understanding or if we haven't thought to address a certain issue the ai isn't going to bridge that gap it's basically going to take everything that we're doing now and speed up that process but it's not going to do anything else for it to do that it would have to be true actual artificial intelligence which is not something that we're even close to applying to contract management um like i said previously a lot of what we're going to be doing here is machine learning as opposed to um any sort of um like true artificial intelligence so you just run into this situation where um if you haven't like i said if you haven't programmed it to do it it's not gonna do it um in terms of how artificial intelligence is going to change contract management so there's five big areas where those where we're going to start seeing those changes over time and especially this is something that's going to pop up in the contract management tools that we use um because i don't know if you've noticed but a lot of um contract management providers are advertising that they are offering ai opportunities either they are beginning to get into that space or they've been in that space for a while they're partnering with third-party ai companies and something like that also that they can get these systems into their contract management systems because otherwise they're going to fall behind all these other organizations that are adopting con ai into their contract management so uh the first big area that is going to really change is pattern identification uh the next one is data extraction uh clause indexing legal review and risk evaluation so when it comes to pattern identification um artificial intelligence can be used to make connections and form insights between relevant documents and new contracts so basically these connections can be used to speed up contract drafting and the review process basically you're able to use the ai to sift through a document identify any um say someone sends in like a work request or something like that the ai can be used to sift through that document and pull out important things like um payment amounts uh relevant work queries other things that would potentially be drafted into a contract document so basically saying hey we want to do xyz things and then basically porting those over into a statement of work to say okay so they've identified they want to do xyz things the ai has suggested that this is where we should put it in the contract so this is what we're going to do now you aren't forced to adhere to what the ai is going to say but um that is one way that ai can be used for pattern identification um another thing that ai is going to help with is data extraction so basically ai can be used to sift through incoming third-party contracts for important pieces of metadata so these include important dates in the contract's life cycle relevant parties payment terms so this is going to help save you time on documenting that information so rather than having to go through the document manually extracting things like obligations um payment terms expiration dates notices to cancel notices to renew that sort of thing instead the ai is going to extract that information and then a lot it's going to allow you to plug it into whatever system you're using so that whatever system you're using is then able to help you track those important dates in the contracts life cycle without you having to manually pull those out into an excel spreadsheet schedule them on your calendar other things like that um another thing that ai is going to help with is clause indexing so artificial intelligence can be used to identify and index clauses within a contract so this can make it super easy for you to catalog all the clauses that you have entered into throughout your various contracts that way you can run full reports on what's going on so you can see all the termination clauses all of the um you know governing clauses that you have entered into that sort of thing so that you can track that information and potentially reference back to those specific clauses without having to digging you know dig through all of your different contract documents um and then another area that ai can definitely help with is legal review so basically this is just going to be any situation where um you're able to review contracts for redlining and review purposes so this can allow you to identify issues with wording grammar clauses all that fun stuff without having to do so manually this is definitely a more advanced version of artificial intelligence not a lot of organizations have gotten to that point the organizations that do offer it are generally offering at a much higher rate than what you would think of um but it's going to help save a lot of time because it's going to be able to go through and while it's not going to be perfect because we're still in very early days for this you still have situations where people are going to be able to whether the ai is going to be able to say okay here i've identified some problem issues here and then that's a good jumping off point for you to catch any glaring issues and then you can still just like you'll still have to go back through and do a sort of manual review but it's it's going to help you identify any problem spots with before they become big issues if that makes sense um and i apologize for the state of this slide i don't know what what went wrong but uh risk evaluation so basically some ai is able to help identify data that shows potential risks within a contract so this can include any like compliance issues lost revenue other things like that um so that you can avoid any serious issues without having to go over all of your contracts with a big fine-toothed cone now again this is something that is in early days yet but basically the ai would be able to go through identify potential issues and then outside of grammar or phrasing wording issues but actual issues to your company's red bottom line highlight those to you so that you can then work internally to resolve those issues prevent them from becoming actual problems um that said uh let's take a look at how you can potentially implement ai contract management at your organization um so there are like i said previously there are quite a few ai contract management providers out there however the big issue you're going to run into with a lot of them is that you risk exposing your data because a lot of these contract management providers are partnering with third party ai providers and so what they're doing is they're storing your contract data on their server and then when they're sending it out to the ai for processing they're sending it out to that third-party organization which just creates another layer of um vulnerability because you're storing your data on an external server they're sending it out to another external server and it just creates various vulnerability points that you might not want especially when you're handling handling important contract data however um with our contract management system we build it out on top of your office 365 environment so your data never leaves your office 365 tenant and we use microsoft cognitive services to build out and analyze and to build up ai capabilities that are able to analyze your contracts and the thing about microsoft cognitive services is that it lives within your tenant so it's all microsoft so nothing is leaving and going off to a third party server or anything like that so you're able to rest assured knowing that your contract data is secure um so what are microsoft cognitive services um basically they allow organizations to leverage ai for contract management purposes as well as other purposes basically it can be trained to extract important metadata from contracts identify clauses and just eliminate certain aspects of the manual review process because it's on your tenant you're using microsoft cognitive services you can also train the ai over time to do more complex services for your contracts without having to um pay another organization thousands of dollars a year to do so instead you have full control over what's happening and you can control who has access to it um and to show you a little bit about how that works um i'm gonna go jump into our contract management system so let me get that shared real quick so first of all what your take what you're seeing here is doc's contract management system um so this is going like i said previously it's going to be built out on top of your office 365 environment so you have full control over who has access to it if you were to adopt it the learning curve is going to be a lot lower than other contract management systems because it's all office 365 so people have that inbound knowledge from decades of using microsoft products and everything um and the thing is is that you have that full control so you have control over who can access it uh what changes they can make what levels of permissions they have um and with our system as well because it's on your office 365 account uh there are no surcharges based off of how many users you have in the organization so we just charge you a flat rate unlimited users um same thing goes for storage so that's something that a lot of our customers love um however when it comes to the ai capabilities so with our contract management system the way we've set up at least initially so we are in early days for our contract for our ai capabilities however it's something that we are expanding on on a weekly basis at this point um every week i'm sitting in on these development meetings that i'm watching as we unveil more and more powerful versions of our ai capabilities um and the best part is is that we don't charge extra for our ai capabilities it all comes with the system the only thing that you'd have to do is just um get a microsoft cognitive services subscription but that's not expensive at all and it's not through us um and then the best part is is that you're not left to set it up yourself uh during the deployment process we sit down with you figure out your needs figure out how you need this to work and we help you set that up and deploy it to your office 365 tenant um but just showing you how this works so basically what you would do is you would come in here and you would say that you want to upload a new contract to the system and what that's going to and what you're going to do is you're just going to choose any old contract this also works with a pdf and you'll tell the system that you want to extract the metadata and what that's immediately going to do is it's going to pull out important bits of metadata that you have defined in the back end of the contract management system so you can see things like the party name who the contracts with so you you can identify the contract name and then based off of how you've configured your contract templates uh you can just plug this information into these different metadata fields so you don't have to manually fill them out which is going to help save you a lot of time you can also add certain parties from here to um so you say you're processing a new contract from a third party you're able to just process this data manually without having to um you like you can just add this new party from here without having to go to the party tab make any changes it just makes the whole process more seamless than it's ever been and then additionally what this is going to do is once you've uploaded this contract to the system it's also going to go through and it's going to extract all of the clauses from this contract so if i come here under the clause report what it's going to as you can see it's tracking all of the clauses that you've entered into and uploaded into the system you don't have to manually log these things instead they're all here so if you want to see all of the termination clauses that you've entered into you're able to pull these up and then you're even able to see the actual text of that clause so you don't have to go back through and dig through that document to see what it says and here you're also able to see the other important bits of metadata say you just want to find all of the clauses that you have with a particular contract you can just search by contract name and it's going to bring up all these different clauses and it's just going to make it super easy for you to keep track of everything that you're doing and all the clauses that you have now how this works is basically on the back end what you're doing is if we come here to the name it should be under the let me find this real quick so if we come back through to here it should be under one second i apologize for this it seems that something has changed on the back end but basically what you should be able to do is come back here and external collaboration branding on so what you should be able to do is you should be is you're able to come back here and you're basically able to set up the various bits of the the keywords that you're using the metadata that is being extracted so that rather than having you like if i go back here and show you uh this portion again like as you can see with those with those different metadata with the different metadata that was extracted all that's custom and it's based off of the metadata that you're tracking in the contract management system so it's not just some predefined set of values that we can track we can help you find and identify all of the important bits of metadata that you want to grab and then the ai capabilities are going to are going to come in and help you automate how you're pulling and extracting that data um so yeah if you wanted to that and that's just a brief look at the ai capabilities uh there's so much more to the system beyond that we have full contract template capability workflow templates obligation tracking um full external collaboration we have e-signature integration with adobe sign certify um and if you want to see more about the contract management system you want to do a demo you can sign up for free on our website at mydoc365.com just click on the free demo button in the upper corner um you can sign up for a free 30 to 45 minute demo like i said previously we'll go over your needs what you're looking for and see if our contract management system will fit that um so let me jump back over to the original presentation so uh if there are any questions feel free to type them in the chat right now um in the meantime if you uh have um if you want to reach out to us you can do so using our phone number 904-309-9970 you can also email us at info mydoc365.com if you have any questions uh just in general and then finally if you are if you like what we do and you want to see us grow in terms of the webinars that we do and the other content we produce on our website feel free to follow us on linkedin at doc365 um if there are no questions i want to thank everyone for coming out today i hope you all have a great rest of your day thank you very much and goodbye [Music] you