Name: Powering Higher Education Contracts with Workday CLM
Uploaded: 2025-10-22T18:16:06.580Z
Duration: 1 h 1 min 48 s
Description: Powering Higher Education Contracts with Workday CLM

Transcript for "Powering Higher Education Contracts with Workday CLM": Hello, everybody. Welcome to our webinar today, and thank you for joining us. We'll get started in in just a moment here. We'll give folks a a little bit to trickle in, and then we will we will dive right in. It's like we've got a a nice diverse group joining us today. We have we have folks from from colleges across The United States. We have some folks even from from state and local government, folks in different roles, and we look we look forward to y'all participating. And and, please, you'll see in the in the sidebar, there is a q and a. Feel free to ask questions as we go. We'll try to answer those as we go, but we'll also save some time at the end to ask and answer questions. And with that, I think we can get started. So first off, this webinar today, it is being recorded, and it will be available on demand after the conclusion of the webinar. So we'll send that to you shortly after the the webinar concludes, and and you can share that with with your folks as well. Q and a is available, like I mentioned in the sidebar there. Please do ask questions. We welcome them. And just a brief product statement, you know, any unreleased services, features, functionality, etcetera, referenced, that is not currently available as subject to change at Workday's discretion, and, I can see the rest of that here. Let's talk about our agenda. So we have a great discussion ahead of us today. We're gonna talk a little bit about CLM and contract intelligence. What that is? What that means to a higher education institution? And then specifically, how higher education uses CLM and CI, for specific purposes, especially that contract intelligence element. What what you can do to know everything about your contracts in the higher education context. Then we're joined by Hannah Emerson today, at Oregon State University, the chief procurement officer, who is gonna walk us through her journey and Oregon State's journey, current current customer of Workday, CLM and contract intelligence. And then we will dive right into a product demo with Tyler. And so, just a little bit about us. I will I'll quickly start off here with my background. I'm a former attorney. I worked for a bit as an attorney with state and local government, so I'm I'm very excited to have Hannah here today and you all here today. Did some work with, primarily secondary education, but some post secondary as well. And for me, when I was in practice, contracts were the pain of my existence. I'll I'll be straight about that. So I'm very happy that we have what we have today and that it's consistently developing for the better. And I will pass it off to Hannah. Thanks so much, Steve. Appreciate it. Again, as introduced, Hannah Emerson. I'm, AVP and chief procurement officer at Oregon State University. I've been with Oregon State University for a little over eight years. I've been in the higher ed procurement contract space for about fifteen, and excited to share our journey and sort of our why in the move to both Workday, from our previous ERP, and then with that, the CLM, opportunity and possibility. Excellent. And, Tyler, if you could share a bit about yourself. Tyler's gonna be walking us through the demo portion today. Yeah. Sure thing. Thanks, Steve. Hi, everyone. Tyler Nevins. I'm a solution consultant here with Workday. I cover our spend management pillar, which includes strategic sourcing, CLM product that you'll be seeing in today's demonstration in our procurement modules. I've been with Workday for going on four years now. So I'm excited to show you a little bit about the CLM piece today. And if you end up scheduling any other future demos with us, you can catch me to go through more details with your organization. Brilliant. Thank you both so much for being here today, and thank you again everybody in the audience. I I see we have one person mentioned that they're they're having a little problem with with hearing folks. So I will, we'll we'll look into that. Please share in the q and a if you experience that again, but we we will make sure that that that's coming through for you. Okay. So starting off, you know, let's let's talk a bit about what this is. What what is CLM? What is contract intelligence? Evisort was acquired by Workday about a year ago, just over a year ago today. And Evisort is really for anyone within a higher education institution that could benefit from knowing exactly what's in their contracts. So really to cut to the core of it, that is everyone. And contracts are really the lifeblood of of any organization, because we know any relationship, whether it's with an employee or a supplier or a government partner, it starts within the four quarters of a contract. And it ties back to a contract in one way or another. But, really, CLM solutions in the past, plenty of us have used them. They've traditionally treated contracts like documents to be managed from drafting through signature. They are that. They are documents to be managed, but they're also a lot more than that. We we like to say they're like little jails that trap all the data an organization needs to make informed high impact decisions, and it's our job to break that data free. One person asked, can this presentation be shared? Absolutely. We will share that, and and that will be available after the call ends. Alright. So this data, you know, it's often siloed. So contracts are you've all experienced it, buried in a shared drive somewhere that only Mike knows how to navigate. You know, Mike leaves the business and all of a sudden we don't know where the contracts or the draft contracts are. And and contract drafts and versions may live in someone's Gmail inbox somewhere. They may live in shared drives. They may live anywhere across the organization. So and even once you get your hands on a contract, you may have to rely on the legal team to slog through it to service the important terms that you need many times. So, if I'm an HR manager in a university working on, let's say, an administrative wage claim about unpaid overtime, let's say I'm a unionized workforce, have collective bargaining agreements, I need to quickly be able to understand what our collective bargaining agreements say about overtime and what they say about pay. Just as an example, that could mean waiting on outside counsel to dig through a 300 page CBA that sets forth the terms of employee compensation and paying outside counsel handsomely for those efforts. That's just one example here. But these things really apply to departments and use cases as we'll talk about and explore today across higher education institutions. And that's what Workday's contract AI helps with. So it keeps your contracts moving from drafting through negotiation, approvals, and signature. That's the workflow element. And importantly, it tells you everything you need to know about what's in your contracts. So let's dig into that a little bit more here. Let's let's talk about how the tech works. Our contract intelligence solution, on the one hand, can connect to wherever you keep your contracts today. That could be SharePoint, Box, Dropbox, Workday, or even another ERP system. It's gonna ingest your contracts up to 450,000 of them per day and turn them into structured data that you can search and you can report on. Dashboards, custom dashboards, reporting, and things like that. So you can truly know fully everything about your contracts and related documents like your invoices, your POs, your statements of work, and the like. And and that's Workday contract intelligence on the left hand side here. We also, again, offer our contract life cycle management solution, you know it as CLM, to bring order to your contract workflow. So this is gonna keep your contracts moving from drafting through negotiation, approvals, signature, and storage, bread and butter workflows. And and with workflow efficiency features that we've built in, like automated redlining for consistent and precision edits that trace back to your contract playbook, and then AI assisted clause creation that's gonna create clauses out of whole cloth. You're gonna be able to move contracts to signature faster than you really ever could because you have these things facilitating the process that weren't previously at your disposal. So what's the value of this all, especially for a higher ed institution? It's threefold. With Workday's contract AI, the contract intelligence piece, a, you're gonna be able to surface risks. So if there's new executive mandates or or legislation that requires specific language in your grant agreements or related documents, You can quickly identify any that are missing these provisions to assess compliance gaps and take action. You can also spot opportunities. So for example, if you're a procurement team, you can easily service hidden discounts or renewal price locks in your supplier contracts or warranties that are buried, and you'd otherwise be paying the supplier for a change order. And then you can track obligations finally here. So say you're a research institution, you've got material transfer agreements that say, hey. You need to need to return or destroy or retain materials after you're done with your research. You're gonna be able to easily track that obligation, visualize it in charts, and report out on it. And those are the basics. The idea is track anything that you care about no matter what department you are within the institution. Let's tap into that a little bit. So every department within the university, again, runs off of contracts from vendor agreements to grant awards, IT licenses. But each team is gonna face challenges, and that's where Workday Contract Intelligence comes in to shed light on those challenges. So it's gonna help every group see quickly what's in their agreements, find what's missing, and take action. And I wanna run through some examples here. So procurement. Right? Let's take procurement, for example, and we'll talk about this, Hannah and I in a moment here. They manage a heavy load of supplier and vendor agreements across the university system. So with contract intelligence, they can easily search across all those contracts, find pricing terms, find renewal dates, find termination clauses, visualize them in a dashboard, and this means fewer fewer supplies renewals, you know, these auto renewals that you never wanted to happen, better spend control and and true visibility and supplier risk. The legal folks, they're often the connective tissue between departments, so they're gonna review, approve, and enforce the terms that everybody relies on, but they're having to dig through manual PDF. So instead of doing that, they're gonna identify outdated templates, missing provisions, or contracts that are not gonna align with new policies or things have been rolled out outside the organization. It's gonna give them a campus wide view of risk, not just one single department at a time and a centralized place where they can manage all those contracts as well if if that's their function. Grants and sponsor projects. Right? So for research and sponsor programs, compliance is gonna be critical. And when, again, a new federal mandate requires certain language, say, around cybersecurity or data sharing, you're gonna easily be able to surface any grant agreements that are missing those provisions in in the associated documents. That makes it easier to stay audit ready and respond to external circumstances as they present themselves proactively. Facility and operations, they're gonna handle construction, maintenance, service contracts, often long term and complex. We're gonna be able to help track milestones, price escalations, warranties, vendor obligations, and the like to make sure projects stay on schedule within budget without missing key details. And then, you know, once they're done, make sure we're getting the full value of that contract as as we'll talk about a bit. You know, these contracts, we we don't often capture everything within them that we're entitled to. Finally, IT. They're managing a growing number of software and SaaS agreements. Each is gonna have its own renewal terms, security clauses, data privacy requirements, etcetera. And this is all easily trackable again with contract intelligence. So when we say contract intelligence for every department, we we really mean that. It's it's gonna, provide every team visibility in the contracts in one place that that they need to have. So with that, I would love to, Hannah, talk about your journey and and Oregon State University journey. And I guess as a starting point, let's start with where you started. So how was how was Oregon State University managing contracts before you started looking into a a CLM and CI solution? Yeah. So, Steve, thanks for the opportunity to kinda share how we got to where we are present day. So OSU, decided to do an ERP, ERP implementation. Workday was selected. Originally, the procure to pay side of life was not originally intended to be part of that, part of that move. We were gonna stick with with where we were in an alternative system, which, again, fragmentation was sort of the name of the game. That's one of the things we're really excited to move away from within our broad broader ERP implementation, really getting single sources of truth, and away from 30 year old systems that don't provide, great opportunity to make data informed decisions, or it's a real challenge to get to true, single point data informed solutions. And so we, we stepped forward. We worked through the process of saying, I think it's really critically important that if we're gonna be implementing, kind of the core or platform piece of Workday, we're gonna, also lead within Workday strategic sourcing. The real puzzle piece for us that was left on the table is what about the CLM and what about this fantastic opportunity to be utilizing, contract intelligence? Because what we currently use doesn't provide, x-ray functionality or contract intelligence functionality. So when it was announced as we were going through the iterative process of joining on with the rest of campus and the effort of Workday when the when it was able to be shared that Evisort was acquired and would be brought in as the Workday CLM, that was the final key piece of the puzzle for us. It really from that totality procure to pay solution, it closed the loop. It really, cemented us going forward with leading practices, in our areas of operation. Yes. Absolutely. So and and you mentioned the contract intelligence. You know, from that perspective, what is important to you in in terms of, you know, helping helping both your team and your clients? Absolutely. So, you know, we are Oregon State University is an r one, institution, so high high levels of research within that. There's a lot of constraints that are put on higher ed and government spaces of and I'll be really clear with this. Do more with less or, you know, more and more and more with resource and capacities that, are not growing exponentially with the ask. And so part of that is our need for visibility, but it's also the offering of transparency of what we're doing and the strategic value and partnership that we provide, to our customers, to our clients, to maximize the dollar to articulate, how, again, we're a valuable partner in the pursuit of great research. Absolutely. I think something that struck me as as we were talking earlier was and you mentioned today, I just can't afford to have folks working on $5 issues. I need them working on $50,000 issues, and it's Exactly. So rude. It's like, you know, you've you've got so little, increasingly little to work with and and so much to do that, you know, shedding light on those contracts will I I guess we'll discuss that in a bit, coming forward here, but I'm excited that we're able to help with that. In terms of the where you're at today, so you are currently in your implementation journey. And and so how did the process go for you in terms of getting to that point? Like, how did you how did you evaluate? So we looked at a number of different factors. So we again, we took a look at a lot of the technological transformation, and where we are within our operation of, again, fragmented systems. A lot of this is public public record anyway, so I can share. We're a Banner school. Banner's been around for thirty plus years. We are also, in use of an alternative, kind of solution to manage our procure to pay or source to settle, whichever whichever side you fall on or region of the country you like to use, either one of those options. We've been utilizing Jagger for our entirety of of whether it was sourcing or punch out catalogs, contract management. And again, we didn't wanna lose the opportunity to be part of the transformation at Oregon State University. And so that really is what led us to the opportunity of how can we get the better visibility in what we're doing. We've made some really strong, strong decisions in within core, for instance, our requisitioning. Everything was gonna have an obligation tied to it. And then the ability to have CLM, which again, it was a really that was the key component, kind of a golden key for us last fall to say, we're gonna move forward. We're very excited about this acquisition. We're very excited about the possibilities of Workday CLM and what it can provide us as Steve just said. I need a team elevated and focused on much higher, more strategic value transactions, and I would like technology to assist. There will always be human in the loop, but I need technology to assist on some of these lower dollar or repeat transactions. Again, we offer a good chunk of the time off of our own paper, but we all do also do a lot of ingestion ingestion of third party paper. And wouldn't it be nice to have some tools and some capability and some technology to assist in those processes to kind of realign time and effort? That is a great segue, I think, to to our next, part of the discussion here is is really the art of the possible. You know, you're you're in your implementation journey and you are, evaluating, you know, how can we use this both on our team and across the organization. You talked about some really cool things that that you're working on and and brainstorming how you can use this. Absolutely. What are on the on the contract intelligence side, can you walk us through some of those ideas that you have about how you might help your team and others? Yes. Absolutely. So we are in to be, kind of crystal clear where at. So we have, are sort of wrapping up our what is discoverable and what is possible and really gonna start to etch into, our architecture and our design of what our, what our Workday CLM looks like. And this is where we've really thought about what is that possibility. And so kinda to the right hand side of the screen, from the facilities and the construction side of life, contracts wrap up quickly as we move on to the next project and the next bucket of work. There's a lot left in contract closeout that we're not capitalizing on. Steve, you mentioned one of the biggest ones earlier, which is warranty. By not having, an opportunity and some systematic help to say, woah. You're having somebody come back and do a change order on a project that was completed less than six months ago. Why aren't we calling on a warranty provision to help solve, you know, x or y issue that has come up? That costs institutions and entities a lot of money because they don't understand what was left or afforded to them in their closeout and warranty, you know, warranty possibilities. We look at this also from the ever changing landscape that we're all a part of. There's a lot happening at the federal level. There's a lot happening at the state level in which funding, there's funding decrease, but there's regulatory increase. One of the, one of the things I think about in this is five years ago, if I could have very quickly gone through and understood my indemnity and my force majeure provisions to understand what was already there and maybe where where the word pandemic wasn't present or what options I had and escalation provisions, within the space of my contract. That would have been a massive help versus having people dig through thousands and thousands of contracts and agreements and purchase orders to understand where we could have leveraged opportunity within the space of what the world was facing. I also think about vendor management. I sit down the side of, that's a two way street. You have to have great vendors, but you also need to be a great customer and a client yourself. And so when we're able to manage our documents, when we're able to thoughtfully look at opportunities for renewals or enactment of different types of, provisions and opportunity, that makes us a much, much better client, in the space of working with our vendors and our suppliers. Ties to grants and research. I'll go back to things changing at a federal landscape. We wanna keep we're we're very proud of our r one designation, as an institution. And so we want to leverage and get as much out of research possibilities as possible and great contract management, being able to efficiently support, our primary investigators and others in our research departments. That's our responsibility and it demonstrates our strategic value for the institution to increasing and thoughtfully managing spend. I love that. I love that. And and what comes to mind for me is, you know, you you spell out these use cases that are I I'm sure nearly everyone or everyone, if not everyone in this room, can relate to, you know, these these, changes, economic uncertainty, political change, and then the day to day things that that universities have have worked with forever. And, one thing that really sets us apart is, the ability to track terms that specifically matter to your organization or industry. So you're creating these custom models that truly you know, if you're an organization in in California and you need to track within California the different regions with which you're contracting, you can do that. You know, you create a model in about ten minutes to to do that. And then, you know, there's the models that come pre stock. So we have models from day one. They're locked and loaded. They're ready to go. And this we we hear the story often getting ROI immediately simply by identifying a contract that is coming up for auto renewal and making sure it doesn't happen. And it's things like that. Oh. Yeah. Yeah. And and and then and then these things that you're mentioning, Hannah, like, you know, these are these are such important use cases for universities across the university. And I think you mentioned to me one of your biggest priorities here was supporting your clients and the rest of the university. That really resonated with me. It's it's like the ability for the procurement team to really be the team that unlocks this across the organization. Oh, absolutely. It's it's, no more no more being the back office or oftentimes, I think there's connotations carried of the office of no or the office of constraints. And by utilizing, CLM, this is something that can help us kind of elevate out of that position. It really puts us as a partner where there can be better data and reporting where, you know, we can flag folks early on, you know, whether it's project phasing that's supposed to happen or if it is some of that renewal set where we can get in front of folks and say, hey. This looks like it's a renewal in sixty days. Here's some of your opportunity, but that's done through automation and processing within a system and not someone pulling down a spreadsheet through a system, calling through thousands and thousands of fields to then put something in very manual through an email kind of reporter ingestion. It's really that point time, being ready to provide customer, you know, response to customer and suit customer needs. Yeah. I'm I'm so happy that we're ready to move out of spreadsheets, personally. Me too. Me too. Me too. And it's and it's that and it's that system it's everybody in a system. There's always instances of folks that have shadow systems or shadow things saved on their desktop, And the opportunity to be within the Workday ecosystem within that ERP and now being able to leverage Workday CLM as part of that, we can decrease the opportunity to some of the things that are on the left side of the screen in that contract's life cycle management. That again, and we've talked about centralized searchable repositories where everything is kept. You don't have contracts stashed in an email. Public records request are a huge a huge part of our responsibility at Oregon State University. And so being able to have and carry great confidence in someone did a public records request for x, and I know that we're able to provide an accurate and articulate response to the ask of someone, lowers my blood pressure and I sleep better at night. That's that's a huge thing. That is such an extraordinary use case and and such you know, like, there's cottage industries around around making sure that, you know, we have what we need to comply with these public records act requests, and they're so voluminous and and hard to get it right. Then I know, you know, we've talked about, like, we're under time constraints too. And and so many of these functions that we're addressing with this contract intelligence, we need answers now. If there's a if there's a breach, we need answers now. If we have a public records request, we don't have ten years to answer it. Then you don't. And, Steve, the point about ten years, there's also, I know I've got fellow friends hopefully on this call around. There's always the things that you wanna get to, within contract management that always seem to fall back burner. And one of them is critically important, which is records retention management. And so there are, you know, different states, different entities have different rules around how long they have to keep something. And so one of, my big fears is we've kept something for too long. Maybe it was a bond issuance thing and we're, you know, past our our statute on when we need to keep something. It'd be nice to have systems automatically trigger that you no longer need to keep this. You have met your retention policies and the document operation of a CLM. Yes. Let's let's make sure that we have contracts when we need them. And if if we are needing to retire them, let's make sure we have them all in one place to do that. And I think you perfectly answered one of the questions in the chat here. So I you know, this idea, is it beneficial to have your contract moved and and put into one place? I wanna touch on one other question in the chat here that was you had a question about, will you be using Workday CLM for third party monitoring in HECVAT, for example? I'm not personally familiar, but The heck that? Yep. Yep. Absolutely. I saw saw that and didn't know if we're gonna wait till the end on that one. So we're choosing, I think we will do some of this. I would say, you know, we're just about to enter our architecture design phase. So I think we will look, at opportunities for management of third parties. We're going to treat, kind of the HECFAP process actually through our core process in requisitioning where we will set up, basically business process and workflow that we're working with our, IT partners and our IT team for those folks that are specialized in, the review and management of HECFATS. That's how we're utilizing it initially, but we will look at opportunities within the CLM to help, be alongside our partners for when we need to do either rereviews on HECVAT or if there happens to be an issue. We'll work closely with our partners in our university information technology, and our chief information officer. We'll partner closely in what we can leverage out of the CLM in that kind of IT, security and role space. Absolutely. Absolutely. And on that note, you know, one thing that is built in the system that's interesting and and Tyler will walk through Ask AI, which is the ability to ask one question of one contract or ask a question across contracts, either groups or all of them. And one thing that you can build into that, that's an interesting use case is building out a list of questions that you can share within your organization that are standard to, let's say, a particular contract type. So if you you know, to to your point, Hannah, the IT, if you need to ask a set of questions about IT related issues of every contract, you save in in this Ask AI a list of questions that you can run every contract. So there are really interesting applications here, of that for both IT and for for other other, purposes here in use cases. And so we'll we'll dig into that a little bit later. But before before we do hand it up, Tyler, I really wanted to you've you've done quite a bit of this, kinda, and you're very experienced in in procurement, but a lot of folks don't have experience in procurement of a CLM or contract intelligence solution in general. And and so I think you have a really unique point to provide on that as well. Would you what would you give as advice to the folks in the call who are looking into this? Yeah. I think it's be open. I think it's be open and be honest with yourself. Again, a lot of times, some of the things we're talking about within the range of possibility within a CLM often fall to either the back burner or we put ourselves in the, oh, that's only gonna happen in this sort of dream state or when all of these other resource and capacity, problems are addressed. But I would say flip the script a little bit. Go in with open eyes and look at what ACLM can provide. Yes. It's an effort in discovery. Yes. An implementation is a process that has to be gone through if this is the direction you decide to head. But what can it unlock for you, and what can it free up for you in resource capacities within your teams, large or small? And and what can it give you back as far as, I guess, positioning, the value and effort on certain other priorities or projects or contracts that you really wanna dig into. It's also a really good time to be upfront and say, you know, that template has need to be evaluated for years, or we know there's modernization or leading practice to address some terms and conditions or clauses or potential, you know, maneuvering through certain contracts. Or, again, for instance, there's still folks out there that don't use an esignature tool. Let this help you leverage the possible. And so I think it's really open and honest with yourself and and really challenging your resource perspective to see how this might help solve a multitude of things that you're hoping for. It really is ecosystem. And so that's one of the biggest things I think I've mentioned a couple times, today that this completed an ecosystem for us. At present, when we decided to move with Workday, as our institution's ERP, there wasn't necessarily the great space for, CLM and contract intelligence, and this provided it. And so especially those that are already customers that have other SKUs, this really adds to your ecosystem and brings value, but it's also a fantastic CLM if you're in another space. And, again, think of the what it can provide you within resource capacity where you're having intelligence do some of what takes you hours and days to pull reporting or to find something in in it through a contract, extract. We brought stakeholders together very early in this process, and it was also a great space for me to leverage some of what I need to move my teams forward. This was also a great space to tie in and double down on that procure to pay tie together. There's things that we missed in contracts that provide benefit and opportunity on the invoice or receivable side of life. This filled the gap, in in a tremendous fashion. And then I think open it, Steve. No. No. No. I absolutely agree. Go ahead. Yeah. And I would just say, the intelligence piece is new, for for a lot of us. But take the opportunity to explore, all facets of the intelligence. I mean, what is it unlocking that you didn't know? How great would it be if you were sitting on a webinar like this or a subject matter specific webinar, and you can go back, You can hop into your Workday CLM tool and say, I was on this webinar and I heard about this new, like, payment term. Is that anywhere within our contracts? You can find that out immediately. Yes. It's gonna take time to maybe remedy some of those things, but you already have the leg up in understanding what's within your contracts, what's within your agreements, and, again, what is your possible to amend and move forward. Yes. Oh my gosh. Yes. And I you know, just going back to that that ecosystem piece that you mentioned, I I think it can't be understood, and I appreciate you bringing that up. It's the benefit of Evisquark, not Workday being within the Workday ecosystem really can't be understated, but also, you know, say you're not a Workday customer today. You know, you're you're looking for a CLN. One reason why we were acquired and one reason why it was it was such an attractive option for Workday is that Evisort was built around the idea that it should be able to plug into whatever systems you do use today. And so we have a really robust API. We have some prebuilt integrations that are robust as well. But the the general idea is even if you have a CLM, we are well suited to connect to that CLM and augment the data layer. You know, augment the the intelligence of things that you're extracting from your contracts to get that good information. So within and outside of the work of the ecosystem, I I can't agree more. It's it's such a good way to connect your tools, which is the direction I think we're all heading in. I can't thank you enough, Hannah. This is this is absolutely great, and I think I would love for us to jump in. And Tyler is gonna share a bit from a procurement perspective of what this actually looks like. So I'll I'll pass it off to you, Tyler. And, again, Hannah, thank you so much for for these insights. I think everybody in here appreciates this. Thanks, Steve, and thanks, Hannah. Yeah. I'll go ahead and start sharing my screen. We can jump into the product demonstration. And one thing I, you know, I wanna call out as we get into this, and it was something that Hannah was was closing on there, is the idea flipping the script. The concept of assessing or understanding your contract repository, your usage, or your access to your data, is unfortunately maybe stuck in a bit more of a legacy thinking. A common request or requirement I hear from some of our customers or our prospects that we deal with is just even the conversation of a naming convention on a document. If we think about why we might have had a need for a naming convention, it's probably because there's difficulty finding that agreement at a later point in time. And beyond that, there is some level of data that is stored in the name of the document itself. Who's the counterparty? What's the length of the contract? Maybe a summary about what the goods or the services are that you are procuring from that contract. But when we think about a tool like Workday CLM, we don't really need to explore the need for a naming convention anymore because we have greater access to the data that is within a dock. Both through standard OCR technology, which allows us to just do keyword searches or search on different provisions in the document, but AI technology that gives us a relative understanding of the language within the documents that we can ask more generalized inquiries or questions about what we're looking for. So it opens it up, and really to any level of personas or users involved to get information that was no longer available or that wasn't available before to them. And so we're really flipping the script about the idea of what requirements are you really trying to solve for. Just something I thought about, and I thank you, Hannah, for really, bringing that to the top of my mind as you closed out to your part of this webinar. So getting into the demo here, the screen that you're seeing right now is what we call our documents dashboard. Think of this as the 30,000 foot view across all of your agreements in the organization. Now although I'm gonna focus on some procurement related contracts, this could extend to really HR or faculty level agreements could extend to different interdepartment type agreements. Anything that has a document that has information stored within it can be stored within the system and data that can be extracted from that. We're gonna drill down into, really, the 10,000 foot view. So think about different personas or individuals that might need to leverage this and the dashboarding information here. So we can go to a variety of safe dashboards. These would be your created or configured dashboards. In some circumstances, there might be something for procurement, which might differ from the legal team's perspective, which might differ from a department level perspective. In any of those cases, they're gonna want to see a visualization of particular values that are stored within the contract so they can filter on it, so they can drill down into a subset of contracts or agreements. They can start taking action on that. Some examples of those might be contract type, the parties that we're dealing with, if there's any sort of renewal based terms, early payment discounts, the payment terms that are involved in the contract itself, maybe some of the renewal related information. Do we have termination for convenience notice? What's the length of time there? What's our breach notice? What's the governing law of this agreement? Now these values are all being pulled using different AI models. So Workday CLM provides about 70 out of the box models that are either gonna grab specific field values, store those in a structured format, or clause identification, meaning that you'll be able to quickly navigate through the contract or filter or search if an agreement is missing certain clause language or has it included in the agreement itself. And it's very easy for any user to modify or filter these reports simply by saying edit charts and then choosing one of the different values that are being extracted from the contract. Keep in mind that what I am gonna show and highlight, a lot of this is based on the AI models. But if there is different field values that you wanna store yourself or that are based on some interpretation of the data, that's also available. You can create really any unlimited number of different fields to store with the contract. So let's talk about dashboard as a way for us to filter into a specific subset of contracts or to a particular contract that we might wanna work on. So let's say I wanted to look at my services agreements. And as I select that value, you could see these other tiles are manipulated. They continue to update based on my filtering. If I then wanted to maybe modify or look at some payment terms that are not as, beneficial to us, maybe we wanna look at those from a termination perspective. We wanna consolidate some of those contracts, maybe towards more of a a net 60 term. We can start to go through these efforts to understand what that would look like. So really empowering our strategy as we look at our existing contracts as we go to take action on the next step. Right? Depending on what I filter or what I select above, the table down below is really going to show the specific contracts, that are related to that filter. And from here, I can drill down into the agreement itself, can open up the contract, and I can see the text, the breakout of the contract summary, as well as all of the key information. And so this is really where the contract intelligence layer starts to shine when we're looking at, say, one document or maybe a subset of documents. Think if you had an MSA and a few different SOWs that are related to that master agreement specifying the scope. You might wanna start interrogating this set of contracts to understand a little bit better about the types of services or the goods that we expect to receive. So Hannah brought up another great example, I think, specifically related to during the pandemic. It would have been nice to dig through any of your contracts, understand specific provisions as it relates to, say, force majeure, So the ability to immediately jump into those contracts. So, of course, we could filter at a higher level back in our dashboard or our larger document degree. But as we are in a specific document, rather than having to scroll through here or even just be able to, say, search on force majeure, If I search that particular oh, I gotta spell it right. If I search on that particular term, we actually have zero zero matches. So just leveraging OCR, just being able to search in a text here, it's not enough because it doesn't exist as far as a specific text that has been laid out. What we have here for this clause is just labeled as miscellaneous, but the language within it speaks to acts of god, fire, flood, or a quick strike, etcetera, just generally considered a force majeure clause or provision there. And so using AI as a way to relatively understand the context of the language in the clause, we can assign that labeling for you so that you can search for it, so you can filter for it, report on it, etcetera, giving you better insights and action to take moving forward based on what types of provisions you have to either close a contract or take subsequent action. Similarly, with information related to the key details or data, we could say search for understanding just title, the counterparty that we're working with, the effective date, the expiration date, any of the different metadata values are gonna help drive maybe our renewal understanding of it. Again, those payment terms, it's the different key values or pieces of information, those are all being extracted using the out of the box models. So I just found effective date there. Let's look at, say, the the term length. So we have the initial term listed at three years. One thing I will call out here in this particular document, we have it listed as third anniversary. So something you might be dealing with in other systems is that there is a a variance in how the data is captured, which makes it difficult to run reports or to accurately filter on your documents. So having a system that is going to help, bring those into a more consolidated fashion or into a way that you can run more accurate searches. Every time we go through our contracts, we wanna understand in three years rather than sometimes just listed as year, sometimes just listed as anniversary. Whatever that may be is gonna be difficult otherwise. So we're bringing this into a more centralized format as far as our data goes. But as we extend this, if we think of Daniel Gown, we know the effective date and we know the length of the term, so we should know the expiration date. But we also all know that it's not always specifically put into the contract what the expiration date is. So, again, it would be difficult if we were just to search the agreement itself on that value. We wanna make sure we can leverage AI to calculate that value for us because it understands what the start date is and what the length is. We should be able to plug in an expiration date, and we do just that. This all empowers, of course, the renewals capability, the ability under the dashboard there to help filter for that. Again, to to Hannah's point, it's very nice that you can quickly run reports, that you can get in front of your clients, your internal customers, to be able to share with them these are your contracts that are coming up for expiration. We have six months. What would you like to do? How are you doing with this supplier so far? Are they meeting the agreed upon, items that they put in this contract? We do have the time maybe to go out to source a new vendor or a new relationship for that if they're not meeting the the terms. Or if you are working with this relationship really well, we wanna move forward, what types of negotiation should we put in place so that we can get in better terms while still remaining that, keeping that relationship? You can't have those conversations if you don't have reliable access to that data that you can consistently pull and then get in front of those customers. So the information that I've shown you so far is really just the out of the box, again, models that are extracting data, allowing you to drill into the different insights to this. Let's open this up to the idea of we have more general inquiries about information to our contract that isn't always in a structured format, or maybe I'm not actually a specialist user in procurement, but I am a user of the contract from the department. And that's really where I think Ask AI shines best. It's our way to have more generalized chat conversations to understand the details within that agreement. So if we wanted to understand information related to rebates, to early payment discounts, to warranties, to just explaining the deliverables that might be laid out in a contract, we can come to Ask AI. And for this document, we can ask those questions. Now Steve mentioned this a little bit about the overall scope in extending this into other contracts or other groups. So you do have the ability to look at multiple contracts and understand the relationships between those. Maybe the master agreement has some different terms that supersedes some of the information in the the child agreement to that, and we wanna wanna understand those two provisions and how they relate to each other. So that is possible. But for this document, let's just ask some questions about, say, summarizing, or identifying any warranty related provisions. K. So we can ask that question, have it go through the entire document, look for any warranty related or similar information, and it'll summarize that for me and then source where that information is in the document so that I can verify it. I can make sure I understand the context of the information that is being displayed or summarized for myself here. And as this finishes up, I'll just mention as well that these questions can be saved, and put in a way that any user can then come in and access saved questions. So if you think about the different types of personas that you work with and you understand that there's a particular list of FAQ type items that they come to you for or need your help with and it's taking a little bit of your time away to go dig into these contracts and find it, you can build out a lot of these questions for them, really giving self-service access to a variety of users to come in and have these questions immediately answered for themselves, allowing your users to then focus on more strategic initiatives. Right? Doing more with less is the main theme of leveraging AI as a new tool in your tool belt. So we've got few different provisions laid out to mutual warranties specific to different counterparties, understanding the disclaimers for them, and then of that itself. Each one of these being sourced, meaning that I can select that value there. I can see and understand where that provision is being pulled out of this document, jump to it, and then understand different context as it relates around the overall provision. So let's try the same thing instead of typing this out. Let's go ahead and just select one of these saved questions. Maybe I wanna understand a little bit more about the rebate information specifically. If there's any early payment discounts, I could select this question here and see what provisions come up. This extends even a little bit further, to be honest, as we're waiting just for this to complete, the the response here. We can group some of these questions, which is nice when we think about different personas coming in. So if the sourcing team wants to understand a little bit about the contract, understand the opportunities that they might present to the department that owns this agreement about what are our next steps during our renewal period, They can look at a variety of different commercial terms, run that, and have a quick sort of report or a sample set that they can move forward with. Same thing if you had a risk team that wanted to understand what sort of exposure is laid out in this agreement or if you can just have more of a department FAQ list. This is all able to be done in a simple one click option for seeing an overall group of questions that can be run. Okay. So in this document here, we do have lists of an early payment discount. It lists that out about 2% and understanding a bit more about the net forty five days on that. Again, the source information so that we can find where those details are, whether it is in field information or it's in the actual, listed clause. Alright. So just keeping an eye on the time here. I'm gonna jump over to the workflow concept, which is more about the authoring piece piece of it. So whether you're going to be leveraging your internal paper or third party paper, the ability to take that document through a round of negotiations with the counterparty, with your internal stakeholders, leveraging AI to help with the redlining process, to help the identification about where there's potential risk or potential, that you have drifted too far from your your templates or your preferred terms and language. The last thing I'll call out here is that although I've shown you all the out of the box AI capabilities, there is an ability to help, extend this really towards your specific needs. So if you can think of different AI models that would help you with grabbing structured data that would help you with running different reports, we do have the ability for you to stage those and create your own custom models. It's a no code experience. It really just relies on your ability to help define the prompt. So Ask AI is actually a great staging ground for that as you wanna play around with that. When you define the prompt, you would define how the model should return a value for you, and then you really just give it a thumbs up or a thumbs down as it iterates through different contracts and gives you different outputs to determine if that is the right response. Okay. So let's go ahead and go to our workflow capabilities. So when we think about workflow, we really conceptualize it through this idea of a ticket. A ticket is really just going to be our workspace for the different collaborators to come together for us to track our different document versions, to track our different reviews, having the actual thumbs up or thumbs down from an approver before we move forward into the signature phase and then before we move forward into the executing stage, at which point we're gonna grab all that rich data and make it available for you to do the search, which I just showed you. So from an end user perspective, what they're gonna be prompted to do is to first select a workflow. What does that mean? Well, it really just means what contract type do we need to run through this process right now. As I mentioned, this focus or this demo environment is a little bit more towards the procurement side, But, again, this could be faculty related. It could be related to different grants agreements, really any type of contract there that might have a certain workflow or process that needs to be followed as well as a templatized document that should be worked up of as the standard. So I'll select one of these workflows here, the vendor services agreement. My next step is then to just provide some preliminary information. Now this data here is really intended to help drive variations in our process. So in some circumstances, the contract is, say, under $50,000, it might require or not require, such a robust level of approvals to it, so a more streamlined process. But if I exceed that $50,000 threshold, we might need to bring in additional approvers, additional teams to make sure that we, of course, have the budget available to move forward with this. Alright. So some of these values are prepopulated just based on how we have this built out. So we have some information related to our supplier. We have some information related to the contracts. It can be over a certain length of time. We already have our annual contract fee in here. But if we drop this under that $100,000 threshold, we might not need a certain level of approval. Okay? So I'll click on create. Based on the values that the user would provide, based on the approvals that are established in the back end of this workflow process, it's gonna generate a document for me. So I can view what that document looks like. I can see what the review flow is that has been laid out for me. Again, based on those values I provided, I have three reviews I need to take this through. Yours may look different. It may go in a parallel fashion to a multitude of users. It may go in a more sequential or serial fashion as it moves through individual phases. That's really determination, up to you as you go through a configuration and design effort. I think the important thing to call out here is the overall version control. So the different capabilities that are built into the tool to make sure that you are not moving between versions without understanding where the differences are and the ability to always compare between versions as needed. So right now, we're in version one. This is what was generated by the system. If I wanna move forward into version two, I have to confirm that I'm editing this document, which will take us into our version two. I'll be able to make my changes and then close my changes out before the next individual goes into version three. Now for those that are more comfortable with a collaborative editing capability where you might have multiple stakeholders in at the same time, we do have a connection to Word online, which allows you to edit this in the online platform of Word. Again, those familiar text editor capabilities, the formatting of the document itself, the different style guidelines, that's all available with Word's application. What is specifically only gonna be available in our text editor today, though, is our AI tools. So our ability to leverage some of our AI drafting tools, which include automated redlining and clause creator. These would both leverage a prompt driven capability to say, modify this language based on these these instructions, get it a little closer to, say, my preferred language. Now we do have some items on our road map to help bring this AI technology as a plug in into the word online capability, but just keep in mind that that is a road map related item. So just a couple minutes left. I am gonna help highlight what this look looks like here. And so for that, we're gonna go ahead and jump down to, say, our indemnification clause, and we're gonna make a modification to that. So I'm using just that clause structure or the overall contract structure. The same thing we saw on the execute agreement can help me jump to where I might need to make changes to, again, helping expedite the reviewer's process or the the authoring process of this as we go to make modifications. When I select my AI drafting tools here, I'm gonna work with automated redlining and work off of my indemnification clause library, and I'm gonna look at the preferred language. So if I wanted to modify this a little closer to my preferred language, we already have some built out instructions here to help you with that. If instead I wanted to leverage, say, fallback or walk away or just alternate preferred language based on different circumstances, I can leverage the different instructions for that as well. K. So maybe we'll look at the fallback. We'll click on generate. And based on the instructions, based on the language here in our clause library, it might give me some alternates to that. But let's see if we get some more substantial changes to this. Now what I expect in the redlining isn't necessarily a full rip and replace. The purpose behind this is to do tweaks, so surgical changes to it, where we might move a few words. We might include a few additional items here, really, again, just to get us a little bit closer. The more robust our instructions are, the more detailed the model can be to help us with those changes or those edits. In a circumstance you do have to do a full rip and replace, you can leverage the clause creator, which is just simply writing out the instructions about the language you'd like to see. So you can say write an indemnification clause that includes reasonable deeds. This will generate an entirely new set, of language or provision for us that we can insert into the document and then, of course, go forward with the rest of our review, making any other final tweaks as needed. So I know how to wrap it up here. Again, I think the the high level point we want you to take away is that these AI tools are intended to just be efficiency tools to increase the ability of your existing team members to do more work, with of course, they always have less time. So leveraging both on the authoring side as well as on the executed side, the ability to leverage AI to extract data or to run through this process at a much faster rate. So thank you all for your time today. We hope you learned a lot. So thank you, Hannah, for the the deep dive into Oregon State University journey as they go through that. We always appreciate your partnership. Thank you, Tyler. And and again, Hannah, we really, really appreciate you coming on today and and sharing your insights. And everybody here today, if you we try to answer most of the questions in the chat. If we that gets your question, we'll follow-up with you afterwards. And if you have any other questions, please feel free to reach out personally. Happy to answer those questions and connect you with somebody who can if if I'm unable to. So thank you again for joining us today, Hannah. Really appreciate you being here and sharing with us. Thanks for the opportunity. Cheers. Thanks, everybody.