How to implement a Contract Lifecycle Management tool

Our Precisely Legal & Compliance Manager Jenny met for a conversation with Fiona Konetzky, VP of Legal and Compliance and Dani Manfreda, Deputy Head of Legal Compliance at Adverity. They made the switch from a different CLM tool to Precisely and in this webinar, we discussed how they successfully implemented the Precisely CLM across different departments.

 

Webinar Transcript

 

00:00:09:29 – 00:00:37:06

Jenny Hall – Precisely

Hello everyone, and welcome to this webinar. I’m so happy to see that. So many of you have managed to join already. We’ll just give people a few more seconds to join in so that everybody is settled. And in the meantime, I’ll just go ahead and present the platform. There are a few functions and features that’s quite nice. Now, in the bottom right corner, you will find the chat where you can share your thoughts throughout the webinar.

 

00:00:37:06 – 00:01:00:27

Jenny Hall – Precisely

We’d love for you to write as much as you want in there, starting off, maybe just writing where you’re checking in from and checking in from Sweden. And Dani and Fiona, who are patiently waiting to start speaking, are checking in from Austria. So please, please share. You’re also able to write questions in the question tab. It’s also in there in the right bottom corner.

 

00:01:00:27 – 00:01:27:16

Jenny Hall – Precisely

And the questions go only to me, Fiona, and Dani, whereas the chat can go to everyone joining in the webinar. And next to the question tab, you also have the emoji tab, which is often where you can post your reactions to what we’re speaking about and just bringing some good energy now that we’re being online and face to face. I think checking in from Berlin, that’s nice.

 

00:01:28:24 – 00:01:53:20

Jenny Hall – Precisely

I think we seem to have as many people as expected. So let’s let’s go. And today we’re going to talk about internal adoption of a CLM and so meaning how do you get started with implementing it? How do you get other departments involved in the rollout of a CLM and how do you keep up the good work? Because that can be a challenge when you come in with a new system to your organization.

 

00:01:53:21 – 00:02:18:02

Jenny Hall – Precisely

And you’re used to working in your old ways. My name is Jenny and I am first and foremost your host today, but I am also the Legal and Compliance Manager at Precisely and to speak about this interesting topic. And we have the great pleasure to welcome Fiona Konetzky – Adverity, who is the VP of Legal and Compliance and Dani Manfreda, who is the Deputy Head of Legal Compliance.

 

00:02:18:10 – 00:02:43:20

Jenny Hall – Precisely

And Adverity, those of you who don’t know everything already, they are a marketing analytics SaaS provider and of course also a beloved customer of ours. So I feel like it’s time for me to stop talking and let Fiona and Dani in. And if there’s anything you would like to share with the people joining, please go ahead. Otherwise I’ll jump into the questions.

 

00:02:43:20 – 00:03:03:23

Fiona Konetzky – Adverity

Sure, hi, Jenny. Thanks for having us and hi to everyone else. My name is Fiona, as said I’m part of Adverity since three and a half years I had the honor to build this legal compliance department. Yeah. That years ago and I’m happy to be here, talk about it, talk about a CLM system. 

 

00:03:03:23 – 00:03:18:19

Dani Manfreda – Adverity

Hi everyone, also from my side. So my name is Dani. I joined Adverity in January 2021. And yes, I started as legal specialist and then heading legal ops team. And now my role at Adverity is Deputy Head of Legal and Compliance.

 

00:03:20:11 – 00:03:40:05

Jenny Hall – Precisely

So great. We’re ready to go. So my first question starting off, what was your internal process before choosing a CLM and was there any internal resistance to getting this new tool into place or any specific concerns within your colleagues or fears even? And how did you manage to overcome those?

 

00:03:40:24 – 00:04:08:13

Fiona Konetzky – Adverity

Yeah, well, back then I realized quite soon that I needed a CLM system. I was the only legal counsel back then, and so we started off with a different tool, as you know, Jenny, which we used for a year, and it was a complete catastrophe. So I can definitely tell about the don’ts when implementing a CLM. So I was completely focused, when I first implemented a contract management tool, on my needs because I was in need, I was the only one.

 

00:04:08:13 – 00:04:40:02

Fiona Konetzky – Adverity

So I was just busted with work and did not involve my colleagues from other teams. I had some conversations with sales ops back then, but did not really involve them heavily into the process, which resulted in having a tool that was really not fit for our purpose. And we realized quite soon that we needed to change and I needed to implement another tool, which was then luckily, Precisely, so after a year we switched those tools and when I implemented the second tool, I had a completely different approach.

 

00:04:40:02 – 00:05:08:29

Fiona Konetzky – Adverity

I learned from my mistakes. So what I did was I sent out a questionnaire to the user types: H.R. Sales, business development, whoever used the previous tool asked for the big pros and cons and taking those with me when searching for a new tool. And yeah, I would definitely recommend everyone consulting with their stakeholders. Of course, I think it’s the main tool for a legal department which makes our lives easier, which is the purpose of it.

 

00:05:09:10 – 00:05:37:01

Fiona Konetzky – Adverity

But also, you would realize soon if you do not involve the right stakeholders, you will get your bill afterwards. So it’s definitely worth having a chat and conversation with them. What are their needs and what do they expect from a CLM? And when you have them on board and they see that you’re also considering their opinion, then it’s also easier to sell it to the rest of the users or your C-level or whoever, taking into account the bigger picture.

 

00:05:37:01 – 00:05:38:04

Fiona Konetzky – Adverity

Not only the legal needs.

 

00:05:39:00 – 00:05:53:29

Jenny Hall – Precisely

Yeah, and I think that’s kind of key. Like it’s a tool for legal, but it’s also for the other departments to use and kind of help legal and help legal help other departments. So everybody needs to be on board and wanting to use the tool to make it successful.

 

00:05:56:00 – 00:06:06:20

Fiona Konetzky – Adverity

Yeah, that’s right. So it’s not only my team using it on a daily basis, it’s also heavily our sales team, business development, finance, H.R., marketing, so many others. So yeah, yeah, it’s important.

 

00:06:07:04 – 00:06:27:01

Jenny Hall – Precisely

And you kind of already jumped into my second question. So today you’re heavy users of Precisely as said, but which department was the first one you started with and in bringing on new departments, how did you kind of share the knowledge between the departments or, you know, make people aware of, or know how to use the platform?

 

00:06:28:18 – 00:06:51:00

Dani Manfreda – Adverity

So I can I can take this one. So yeah, I think the first department which made sense for us to focus on was our sales team or our commercial teams who are dealing with customer contracts because of course we wanted to prioritize those at first. So the roll out started with them. But then we soon realized that we can use Precisely also of course, with other types of contracts with other departments.

 

00:06:51:10 – 00:07:15:09

Dani Manfreda – Adverity

So this is how we decided to roll it out. Also to other teams. And yes, you want to mention basically the whole company, all the stakeholders from all the departments in the company are today using Precisely in some way or the other. So if we talk about marketing contracts or business development, I don’t know, account management also. Yeah. Also supplier contracts.

 

00:07:15:16 – 00:07:50:21

Dani Manfreda – Adverity

We are now also processing through Precisely. So all the different teams have access to the tool and yeah, the onboarding or how we train those people. We have different approaches. We started with, like calls, and just introducing the tool, how it works. We also created like, the user guide where we sort of, like, described the different steps that users need to follow in order to successfully generate a contract in Precisely or read your contract or approve it.

 

00:07:52:02 – 00:08:14:22

Dani Manfreda – Adverity

Then you know, down the road we went, yeah, we did an extra step. We created, like, short customized videos, like one minute, 2 minutes long that users can quickly, you know, watch and have access to that in case they’re not sure how to do something. And Precisely and we tailored all those materials to our needs and the way we are using Precisely.

 

00:08:14:22 – 00:08:41:25

Dani Manfreda – Adverity

So legal ops worked on those materials. And today it’s really, really crucial for us to have that because when we have new people joining, we basically just share the links to all those materials that we prepared and people can actually onboard on their own but if there are any specific questions on how to use Precisely or about the specific function within the tool, then of course legal ops is there to help and support those users.

 

00:08:43:01 – 00:09:02:05

Jenny Hall – Precisely

Yeah, and I think that’s what we see with our customers as well, that it kind of differs, some would reach out to us and want us to onboard new users, but also that some of our customers maybe develop their own internal material that’s more customize to exactly how you’re working and the stakeholders and so on because you, of course, know your process in details better.

 

00:09:03:04 – 00:09:08:07

Jenny Hall – Precisely

But then of course we have some great knowledge and tips and tricks to share those as well.

 

00:09:09:09 – 00:09:24:23

Dani Manfreda – Adverity

Exactly. Yeah. So also those materials were, yeah, in close collaboration also with Precisely. So we already had a look at the materials that are available in the Help Center and, yeah, and then we found a solution that works best for our company.

 

00:09:25:12 – 00:09:29:07

Jenny Hall – Precisely

Yeah. And it seems to be working perfectly fine. So, great job.

 

00:09:30:04 – 00:09:30:14

Fiona Konetzky – Adverity

Now.

 

00:09:31:15 – 00:09:48:20

Jenny Hall – Precisely

I also suspect that of course you had a lot of contacts and documents within your organization before Precisely happened. You mentioned you even had another system. At what point did you decide to import all of your legacy contracts to Precisely and how did you go around it and what did you see from having it there?

 

00:09:49:07 – 00:10:21:28

Fiona Konetzky – Adverity

Yeah, I’ll take that one. So I had a look at multiple CLM solutions when I searched for my second provider. Luckily I ended up with Precisely and one of the main reasons was also like the archives and all the features and metadata and reporting features that are available, which I haven’t seen with others. So it was quite clear to me that at some point I would definitely want to go live and bring all existing contracts from a normal drive or storage to Precisely. The reason for that is that we’re able to add metadata to contracts already signed.

 

00:10:21:28 – 00:10:43:14

Fiona Konetzky – Adverity

So even if they have not have been processed by Precisely or a CLM, we can still use all the data available, which we could not do by just having it stored on the drive. And also the metadata allows us to create reports, to add reminders, and to really involve the contract owner and for our suppliers, for example, and to have better overview.

 

00:10:43:14 – 00:11:17:10

Fiona Konetzky – Adverity

So this is really something we realized quite early but this is a project on its own, I think data, we will also have the chance to talk with you about OKRs. And actually the idea was there for a long time this quarter we found some time and dedicated some time to bring all of our existing supply agreements onto Precisely by and add all the metadata a defined metadata for them, and reminders, and make it available to our business users and stakeholders via the tool so this is really great.

 

00:11:17:10 – 00:11:36:28

Fiona Konetzky – Adverity

And of course the aim is to have one single source of truth. So we start now with one contract type, figuring out how, like, what’s the business users’ feedback on that, how we’re working with it, what are the benefits, what we could maybe change. And then the plan is to do so for all old contracts that have been processed outside of Precisely.

 

00:11:36:28 – 00:11:38:16

Fiona Konetzky – Adverity

And to bring all the contracts to it, that’s the plan.

 

00:11:39:27 – 00:11:56:03

Jenny Hall – Precisely

Yeah. Yeah. And I think that’s very cool, like, being able to create this one place to find all the information. You know, the goal of course, being maybe like if anyone in the organization asks you, where can I find this? Where do I start this thing where this is like, it’s Precisely.

 

00:11:56:20 – 00:12:19:19

Fiona Konetzky – Adverity

It’s Precisely. And also you have the option for searching for contracts. Now, if you use a, I don’t know, Google Drive or whatever, a search system, you can search by a document title and maybe by the owner. But within Precisely by adding metadata, I could search by so many different filters like applicable law or contract language, whatever it is.

 

00:12:19:19 – 00:12:27:29

Fiona Konetzky – Adverity

So this is, it’s a whole new level and not only for the legal team but also for the contract owners. To make those data available to them.

 

00:12:28:15 – 00:12:50:10

Jenny Hall – Precisely

Yeah, and one big thing, of course, from Precisely apart from the archive is templates. How beneficial would you say that it is for you to work with templates and how do you work with them? What do you do when things change in your templates? Or who was responsible for ensuring that everything is up to date yeah.

 

00:12:50:12 – 00:13:14:22

Dani Manfreda – Adverity

So templates are yeah, they’re crucial for our day to day work. Basically by having templates we can control or create a safe environment for the users who actually need to draft the contract for them to be able to go through that process of drafting in a nice, safe and controlled way, or let’s say, in a way that we want them to do to create a contract.

 

00:13:15:07 – 00:13:46:15

Dani Manfreda – Adverity

And yeah, by having that, we ensure that those steps are automated. And, you know, it also helps us with, you know, focusing on different types of contracts, like we have the contract types that are not so complex, like maybe an NDA, but like customer contracts are quite complex. And by having this as a template yeah, it for sure helps the business. In our company, legal ops is taking care of that.

00:13:46:15 – 00:14:17:26

Dani Manfreda – Adverity

So when we talk about, let’s say commercial contracts, but we also have people upstream and they take care of that. So for any H.R. or employment related contracts, they’re in charge of that. So not every department that has access to Precisely is also working with templates. But we have a dedicated ops team that do that, and that is familiar with how to work with templates and that they can also then take care of any updates.

 

00:14:19:10 – 00:14:28:01

Dani Manfreda – Adverity

And yeah, then of course a lot of testing before an update goes live, but all in all, templates are really crucial for how we work.

 

00:14:28:21 – 00:14:53:13

Jenny Hall – Precisely

Nice one. I think that’s also a main difference that we see between the customer, which is also always going to depend on your organization where it’s maybe legal is responsible for always updating the templates and being the admins or the super user, where if you have made the department heads in your different departments, using it responsible for updating and making sure it’s it’s correct and updated, that’s also always going to vary within your organization.

 

00:14:53:13 – 00:14:57:08

Jenny Hall – Precisely

Based on what resources do you have and who always responsible at the end of the day?

 

00:14:58:09 – 00:15:18:09

Dani Manfreda – Adverity

Exactly. So I mean, the main responsibility, like I said, lies with the ops teams. But of course, when it comes to the content of the template, an input might be needed from other teams as well. This is where, you know, we consult with them and make them aware of the changes that we are making. And then find, you know, a common language.

 

00:15:18:09 – 00:15:21:13

Dani Manfreda – Adverity

And, you know, we put everything together and then we roll it out.

 

00:15:21:27 – 00:15:44:17

Jenny Hall – Precisely

Yes. And I think that’s what also that’s a project of mine actually to like, you know, finding, OK, this clause is always negotiated, let’s change it because you can kind of keep track of it together with the stakeholders, it’s frustrating to always be negotiating this liability clause. Well, then maybe let’s do something about it because it’s taking time. Cool.

00:15:44:21 – 00:16:01:06

Jenny Hall – Precisely

And Dani, you’re a super user today. And I know that when you started at Precisely, it was already quite implemented when you came onboard, how was your training experience when you joined? Like how did you manage to get up to speed and be the super user that you are today?

 

00:16:03:21 – 00:16:23:28

Dani Manfreda – Adverity

Yeah, that’s a good question. So yeah, when I joined, I was actually trained by another super user and she’s sitting right next to me. So Fiona was already a Precisely pro when I joined. So this was really helpful because she could share with me all the tips and tricks, how to, you know, get on board with the tool as fast as possible.

 

00:16:25:06 – 00:16:47:25

Dani Manfreda – Adverity

When I joined, there was also like a Precisely guide in place, which covered the basic functions I got familiar with and also by checking the Precisely website or the help articles that you had available. But I would also like to mention here the chat function that you have in the tool. I think this is really, really helpful.

 

00:16:47:25 – 00:17:15:29

Dani Manfreda – Adverity

Like whenever there was an issue, I was not sure how to do something I was always able to reach out to your support team and their response time was really excellent. Like we got our responses immediately and that’s how we were able to continue to work in the tool successfully, but at the end of the day, I think it’s just like how you become a super user is just by using the tool on a daily basis, like heavily just working in the tool.

 

00:17:16:10 – 00:17:34:22

Dani Manfreda – Adverity

And yeah, by doing that you discover more and more and at one point, yeah, I think yeah, it’s really, it’s really easy to do and you can consider yourself a super user. So I would say at the end of the day, it’s, you need to use the tool and that’s, that’s how you become a super user.

 

00:17:35:08 – 00:18:03:03

Jenny Hall – Precisely

Yeah. And I guess that’s the key to everything when you’re trying to learn something new and like you have to actually be in there. And maybe in the beginning it can seem strange or it takes longer because you’re not used to clicking on these buttons or finding your way around it. But when you’re in there and you’ve learned it, then it’s more fun and of course easier. OK, so results and benefits.

 

00:18:03:03 – 00:18:16:01

Jenny Hall – Precisely

I mean, I know we’ve been talking about this before, so I know a little bit but what is the best thing in getting your entire organization to use the platform? What benefits have you seen? Yeah.

 

00:18:17:07 – 00:18:42:00

Fiona Konetzky – Adverity

So as I said, I think having one single source of truth, whenever someone is talking about I need a contract, I need a template, whatever, they know they need to go to Precisely so that’s already a great thing. I think it added so much structure to the entire Adverity Company, not only to our department. As I said, using the templates at such a security level because we can make sure our legal, or your the respective template,

 

00:18:42:00 – 00:19:00:20

Fiona Konetzky – Adverity

You want to make sure that always the most recent version is used, that standard members cannot change any text they are not supposed to change, which was also something we didn’t have with our previous tools. I think this is key that only at as of a certain security level you’re able to change, maybe, the content of the template or the template itself.

 

00:19:01:07 – 00:19:20:12

Fiona Konetzky – Adverity

And also for us, crucial was having the approval lines so we’re now, we have grown to a big, big company and there are many teams involved when before sending out a contract and so we can make sure to have all the approvals collected where needed and all that’s visible. So even two months later, if we have a conversation, who approved that clause?

 

00:19:20:20 – 00:19:50:06

Fiona Konetzky – Adverity

Well, I can tell you because it’s all visible and Precisely and that’s really helpful as well. And yeah, now I definitely also what we didn’t have is like really just this reporting function. So we’re able to exact very precise and customized reports. Our customer unit, for example. So I think we bring a lot of added value to the business, not only to our own department, but also we can learn a lot from our reports that we can pull, as you said, which clause we might need to improve or what we can add, what’s needed.

 

00:19:50:23 – 00:19:54:00

Fiona Konetzky – Adverity

So I think it’s yeah, it brings a great structure to the whole business.

 

00:19:54:13 – 00:20:13:02

Jenny Hall – Precisely

Yeah. And I think this is the part where you’re really standing out, like you really use the report function for so many things. And I know we were in Copenhagen for a conference and you presented all this statistics and numbers to improve alignment between the contracts and all of your goals. And I think that’s really impressive and also great work from your side.

 

00:20:14:12 – 00:20:43:06

Fiona Konetzky – Adverity

Thank you. I can really encourage every legal department to become that transparent and visible because we’re adding a lot of business value but sometimes legal is always seen as the blocker or not contributing. But if you can show actually how much automation we brought to the company or how many contracts do not even need legal involvement at all because fully automated, this is something that for me the future or the ideal legal department should look like and not be seen as a roadblocker.

 

00:20:43:25 – 00:20:53:03

Jenny Hall – Precisely

Yeah, exactly. And not maybe always being the back office like, you know, you do the admin stuff or the boring. We, you know, we bring value to the company as well.

 

00:20:53:23 – 00:20:54:02

Fiona Konetzky – Adverity

Yes, Jenny, we do.

 

00:20:54:10 – 00:21:15:26

Jenny Hall – Precisely

OK, so a little bit on the same topic, but before the webinar, we got a question from one of our newest customers who is thinking of implementing their Precisely rollout into their teams OKRs, and I happen to know that you work with OKRs, so could you tell me more about that? How did you come around it?

 

00:21:16:03 – 00:21:36:02

Fiona Konetzky – Adverity

Of course, happy to do so, and I think it’s a great idea. So in the company we work with quarterly OKRs, and I can highly recommend it. So beginning of this year we founded, together with Dani, we founded our legal ops team. And since then, Precisely, always has been an OKR for us with different projects because there is so much you can do with Precisely.

 

00:21:36:10 – 00:21:58:13

Fiona Konetzky – Adverity

I think you should, yeah, break down into pieces what you really want to achieve. So implementing it, first of all, sounds like a great OKR for a quarter, taking into consideration what organizations or what stakeholders do we want to bring onboard? How do I want to structure it? What templates should be available? Who should have access to what and who should be involved in general?

 

00:21:58:27 – 00:22:27:09

Fiona Konetzky – Adverity

So I think it’s a very good idea to define internally what they want to achieve and how your ideal CLM looks like after this quarter when Precisely’s implemented. And yeah, the key results, make them very tangible and I think it’s a very great idea to bring this into OKRs, to have a very smooth and structured implementation of Precisely because it is a big project.

 

00:22:27:18 – 00:22:50:27

Fiona Konetzky – Adverity

So maybe for some others it sounds small, but implementing a Contract Lifecycle Management tool is a lot of work and you’re structuring it and keeping track of it definitely made sense for us. So this year we yeah, as I said we have multiple OKRs in connection with Precisely, today, or for this quarter, it’s implementing all our supplier contracts into the archive, adding metadata.

 

00:22:50:29 – 00:22:59:22

Fiona Konetzky – Adverity

Reminders, what not. So they will see there’s always a quarter you will find a new way the legal ops team or legal department can benefit from.

 

00:23:01:08 – 00:23:20:22

Jenny Hall – Precisely

That’s really nice and I think that’s also like keeping, you know, Precisely up to date, or everybody involved, like something new is happening, you can always become better but also starting at what’s reasonable you know it’s not going to be done in two weeks and everything is in there. It’s, you’re going to learn throughout the whole process what you want to put in and what’s working, what’s not.

 

00:23:20:22 – 00:23:46:06

Jenny Hall – Precisely

Then what can we kind of juggle to make it fit better. Exactly. I see that we are actually getting some questions in the chat, so if anyone has anything that hasn’t asked it, I can remind you about the question tab, we do have one for automation. Do you mostly use what is available and Precisely or do you also use external tools? 

 

00:23:46:28 – 00:23:49:07

Jenny Hall – Precisely

so I guess, some other systems too, [besides] Precisely.

 

00:23:49:22 – 00:24:14:13

Fiona Konetzky – Adverity

Yeah. So we do use Zapier. Also, we are working with Asana, so of course, we still have some contracts which are not based on a Precisely template, which might also change in the future. But at the moment we do have some external contracts that we process at the moment outside of Precisely. And we’re collecting all of our tasks in Asana, no matter if they come in via Precisely or via an external source.

 

00:24:14:23 – 00:24:43:07

Fiona Konetzky – Adverity

And super definitely helps us also to automate. But if I was talking about automation, I mainly talked about what we can do together with the approvals and initial approval or also the rule-based approvals, when legal needs to be involved or someone else needs to approve or not, that this really helped my team saving really a lot of time and focusing on other projects or actual legal review for bigger contracts.

 

00:24:43:22 – 00:24:48:27

Fiona Konetzky – Adverity

So this was mainly what I was talking about. But yeah, automation is all over the place in our company. Luckily.

 

00:24:50:05 – 00:24:54:28

Jenny Hall – Precisely

That’s good. It should be in legal as much as in any other department, I think.

 

00:24:54:28 – 00:24:56:26

Fiona Konetzky – Adverity

I think so too. Yeah, that’s true.

 

00:24:58:02 – 00:25:16:08

Jenny Hall – Precisely

Another question that we actually had before the webinar, which I think is, is good to handle, like how do you work with user roles within the company? We touched upon it before, but I think maybe coming in as new, it’s a little bit difficult to know who to kind of place where. You of course have admins who’re supposed to do everything, but then you have other roles as well.

 

00:25:16:08 – 00:25:20:24

Jenny Hall – Precisely

So how did you go around that and what were your thoughts about it?

 

00:25:21:23 – 00:25:49:28

Dani Manfreda – Adverity

So when it comes to user roles, so that said, specifically admins, we try to keep that to a minimum. So that means that basically only members of the legal ops or of the legal team and of the H.R. ops team, they are admins, so they’re the ones that can do everything in the tool. But apart from that, we mostly work with other roles like managers who are, like, depending on the use case.

 

00:25:49:28 – 00:26:12:07

Dani Manfreda – Adverity

But in most cases those are like team heads who need to approve a contract. So we have them as managers and all those who do not need to approve a contract, we basically keep them as members and some of our users, are also viewers, maybe for some reporting reasons or so on. So this is how we split it. But then of course it depends on the specific use case.

 

00:26:12:07 – 00:26:26:03

Dani Manfreda – Adverity

Maybe we make an exception for a specific workflow that we have in place, but in general, we try to to keep admin roles within the legal ops or, or people ops team yeah.

 

00:26:26:04 – 00:26:52:20

Jenny Hall – Precisely

And I think that’s kind of a rule, a good rule of thumb to keep people as low as possible so they don’t do things that they shouldn’t be able to do. But of course, then some people need to have more authorization. We have another question from the chat, which is when creating the supplier contracts in the archive, how did you, Dani, manage to get the tagging of the legacy contracts done and how was the search result on legacy contracts?

 

00:26:53:17 – 00:27:15:03

Dani Manfreda – Adverity

And so this is, like Fiona mentioned, this is a work in progress. It’s something that we are doing now. So how we approach this is we first of all, created the list of all the supplier contracts that we have. We identified contract owners and we discussed which metadata we actually want to track, like, on a general level per contract.

 

00:27:15:19 – 00:27:45:25

Dani Manfreda – Adverity

And based on that, we work with Precisely on creating additional customized metadata types. And we are now thinking of actually putting all those legacy contracts through a dedicated template. So by just by answering the questions within that template, we will then be able to automatically track metadata for each contract. And this is how we want to then basically fetch metadata for all the contracts.

 

00:27:46:08 – 00:27:58:26

Dani Manfreda – Adverity

And I would assume that then also, like, the search result quality should be good, but we are not there yet. So yeah, let’s see. But I don’t have any, any worries at the moment.

 

00:27:59:11 – 00:28:17:15

Jenny Hall – Precisely

Yeah. And I think that’s what you mentioned with the templates is really cool because the templates, you set the metadata on the template level and then you can kind of use it both of course for generating and NDA or something, but also to upload and get the right information. And then we do that for ourselves as well. Asking the right questions regarding the contract.

 

00:28:17:15 – 00:28:38:01

Jenny Hall – Precisely

So the contract owner actually has to supply the information which will then generate the metadata and notify the right person that the response has come in. There are a lot of, like, you know, functions that you can use for many things and maybe not the things you think of initially, but that you learned that, hey, you know, with my workflow, this is going to work perfectly for this.

 

00:28:39:04 – 00:29:05:02

Dani Manfreda – Adverity

Exactly. And maybe, maybe one more thing to mention, or if we already talk about legacy contract or supplier contracts, and why I mentioned the contract owners and why it’s important that we identify them. We want to also utilize the feature that’s available in Precisely where the automatic reminders are sent to the contract owners. And we would also like to, you know, utilize this option and create reminders for the contract owners.

 

00:29:05:02 – 00:29:20:06

Dani Manfreda – Adverity

For example, I don’t know, four or three months before a contract expires or altering news, that they get an email from Precisely that something is happening with their contract and they can also then be accountable or take more ownership for that contract within Precisely.

 

00:29:21:03 – 00:29:45:00

Jenny Hall – Precisely

Yeah. So Reminders is also a game changer when it comes to notifying people about renewal dates, or even when a contract is signed, you can put the reminder like, hey, finance, the contract is signed, you need to check. So you invoice this customer correctly, for example. So there are various ways to use great. I see we have one minute and it’s missing one minute for a while, so probably maybe 30 seconds.

 

00:29:45:15 – 00:30:05:21

Jenny Hall – Precisely

But thank you so much for joining. It’s been a pleasure to speak to you as always, and thanks for everyone joining. I’m so happy that so many of you joined in that you engaged and had questions. If there is anything else, feel free to just reach out to us. We’re available in the chat in Precisely, and by email. And I wish you a lovely rest of the day.

 

00:30:06:11 – 00:30:06:27

Jenny Hall – Precisely

Thank you.

 

00:30:09:01 – 00:30:09:22

Fiona Konetzky – Adverity

Thank you Jenny for having us.

 

00:30:09:29 – 00:30:10:23

Dani Manfreda – Adverity

Thank you for having us.