needs to track today, and how The two types of data every ... · The two types of data every...

© 2019 Confidential & Proprietary

Leveraging contract dataThe two types of data every contracting team needs to track today, and how

IACCM & Ironclad Joint WebinarFebruary 5, 2019


Tim Cummins President, IACCMBA, University of ManchesterIBM

Meet the presenters

Melanie Wong Account Executive, Ironclad

JD, Univ. of San FranciscoIntercom, Box

Stacey Wang Marketing Manager, Ironclad

JD, Harvard LawOrrick, Palantir Technologies

Chris Young General Counsel, Ironclad JD, UC BerkeleyUS DOJ, Keker & Van Nest, GoFundMe


Agenda

1. Intros2. The centrality of contracts in the modern corporation3. Leveraging contract data to contribute to the bottom line

Two types of data every legal team needs to trackCase Study: HotelTonight

4. 5 use cases for strategic process data5. Best Practices & Demo: How we capture metadata with Ironclad6. Q&A


The centrality of contracts

Contracts and the modern corporation


Every company is a contracts company

FinanceInvestment Review • Stock Options Guaranty • Carrier Sales Incentive Compensation Plan • Material Transfer Agreement • FCPA Ethics Questionnaire

OperationsShipper Agreement • Contract • Manufacturing Agreement • Drop Trailer Agreement • Demand Letter • Member Order Form • Publication Consent

HREmployment Agreement Engagement Letter Amendment to Extend Consulting Agreement Consulting Agreement EIACA • Independent Contractor Agreement

ProcurementPurchase Agreement • Contract Review (New Vendors) • Vendor Agreement • 3rd Party Paper Review • Preferred Merchant • Addendum • Inbound Contract for Legal Review

SalesEarly Access Product Agreement • Enterprise Services Addendum • Inbound Services Agreement • Statement of Work • Terms of Service • Order Form

MarketingPartner Agreement • Release and Promotion Agreement • Sponsorship Agreement • Ambassador Agreement • Publication Consent and Release Agreement • Sweepstakes Agreement

ITInformation Security Questionnaire • Professional Services Agreement • BAA Revocation Agreement • Data Processing Agreement • Work Order • MDF Specification Sheet

GeneralConfidentiality Agreement • Franchise Agreement • Content Contributor Agreement • Photo License Agreement • Consent and Release • Master Subscription Agreement

Every team is a

contracts team


If you’re responsible for contracts, you have an unprecedented opportunity to contribute to the business


From cost to assetHow to leverage contract data to contribute to the business & empower your legal team


DRAFT

1. What’s in our contracts? (Metadata)

High-performing teams need to be able to answer two key questions.

2. What steps can we take to improve our contracting processes? (Process data)


Metadata is structured data about what’s in your contracts.


Metadata gives you business-critical info on contractsManual metadata collection doesn’t scale. The key to staying on top of contract deliverables, conditions, and renewal dates is a system that generates and tracks contract metadata.

Contract View Searchable Records(structured data about what’s inside your contracts)


Tracking metadata enables you to save money, deliver insights, and protect the business

Scenario 1: Data Breach

Your company experiences a

data breach. How quickly can

you determine your contractual

obligations for customer

notifications and remediation

measures?

Scenario 2: Renewals

Automatic renewals cost your

company tens of thousands of

dollars annually. Can you

prevent automatic renewal of

contracts that exceed a set

threshold?

Scenario 3: Compliance

The regulatory and legal

landscape is constantly

changing. When new regulations

require updates to your

contracts, can you identify and

update outdated templates

quickly?


Product Demo

Hotel fills out Property Info

Hotel info pulledfrom Salesforce

HSA stored in Egnyte

Content Team creates Hotel profile

Property Info sent to HotelTonight website

HSA e-signed in DocuSign

● Entire hotel onboarding process run through Ironclad● Teams collaborate via Ironclad● Custom integrations with external systems across multiple platforms

Team collaboration

System integration

Market Managersigns up Hotel

Contract metadata sent to data lake

Case study: HotelTonight


Process data is data on your contract processes and workflows.

© 2019 Confidential & Proprietary© 2019 Confidential & Proprietary

Total contracts completed

Contracts completed by group

Average days to completion

Average days spent per step

Actions taken by user

Examples


Process data enables you be strategic


How can we improve our contracting processes? (Process Data)Looking at strategic process data is the only way to find your team’s inefficiencies

Breakdown of contract types

6 per week 4 per week 3 per week

NDA analysis: Third-party paper v. Own paper

3dp Own NDA

8.1 days[Possible area of improvement]

2 days

12 per week[Possible area of prioritization]

NDAs Offer lettersMaster Service AgreementsStatements of Work


5 ways process data enables you to be strategic

Use case Process data can tell you:

Justifying hiring ● How your team’s workload is changing over time● Which areas require additional support

Determining priorities ● Which projects carry the highest financial and strategic value● Whether the team is spending too much time on low-risk or low-value contracts

Allocating work ● What each of your team members is working on● Whether projects are understaffed, overstaffed, or properly staffed

Presenting to the C-suite ● How your team’s performance is trending over time● How much value your team is contributing to the company

Improving business processes ● What your team’s sticking points are, and how they might be fixed● What infrastructure or software capabilities your team could benefit from


Mapping the data genome

Demo & best practices


All things contracts, all in one place Bring fragmented processes together into a true system of record...

Create Review Sign Archive


Demo


Takeaways

1. In the Age of Big Data, manual collection just doesn’t scale. Implement technology that lets you automatically draw metadata from the contract creation process.

2. Deciding what data to track is a business and strategy issue, not a technology issue.

3. Create a contract repository searchable by Legal.

4. Metadata is structured data about what’s in your contracts. It will give you business-critical info on your contracts.

5. Process data is a derivative of metadata; it enables you to optimize and strategize.


Thank you!

Reach out:

[email protected]

[email protected]

[email protected]

mailto:[email protected]



Contracts are important

“Modern economies are held together by innumerable contracts” (Nobel prize for Economics, 2016)

“Modelling the EU economy as an ecosystem of contracts” (European Commission project 2019)

“We must improve the effectiveness and efficiency of the federal acquisition system (1) strengthen contract management; (2) maximize the use of competition in contracting; (3) improve how contracts are structured; (4) build the skills of the acquisition workforce” (Presidential Memorandum 2009)

So why do they receive such limited attention?

● 88% find them ‘difficult or impossible to understand’

● Technology could fix this problem

BUT● Technology adoption is consistently low

○ #1 reason: complex and fragmented data flows

(IACCM – ‘The State of Contract Management’ 2017)

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