Highlights From State of Digital Contracting Winter 2021
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Couldn’t attend State of Digital Contracting Winter live? We’ve got you covered with everything you missed, from exciting new reporting features in Ironclad to shipping bottlenecks and what they have to do with your contracts.
We can’t mention State of Digital Contracting Winter without shoutouts to our emcee, Chris Young, the legendary Mary O’Carroll, Professor Alex Su, DJ Thad and his killer Spotify playlist, and the amazing team from the Texas Rangers.
Watch the Full Recording
Dive deeper into the individual speaker sessions:
Product Keynote: Revealing & Resolving Contract Bottlenecks
- Digital contracting takes the unwieldy analog contracts we’ve depended on for centuries and breaks them down into their component parts. With this new standard, contracts are fast, collaborative, and connected.
- 60 years ago, the shipping industry underwent a similar transformation, moving from breakbulk cargo to standardized shipping containers. But, as we’re seeing today, a single chokepoint could impact the entire system and cause billions in losses.
- When it comes to contracts at your company, hopefully, the stakes aren’t that high. But a contract bottleneck can absolutely mean the difference between hitting your goals and missing them.
- We are so excited to share with you three new reporting features for Ironclad CLM that will help you identify and resolve bottlenecks in your contracting process. See the details on each feature in the breakout videos below.
The Making of an Ironclad Feature
- How do Ironclad features get made? How do we figure out what to build, how to design it, how it should look, feel, and function?
- In this spotlight, hear the feedback from Ironclad customers that influenced how our new reporting features were created.
A New Look (& Powerful New Functionality) for Ironclad Dashboard
- If you’re familiar with Ironclad, you’re familiar with the Ironclad Dashboard. It’s your home base for every in-flight agreement that you and your team are working on.
- Ironclad Dashboard is getting a new look—and powerful new functionality. With the new Ironclad Dashboard, you can create your own views, personalizing your Ironclad experience to take action on the specific set of contracts you need to see.
- These changes to Ironclad Dashboard will help you unlock and distribute critical contract data across the organization, empowering your cross-functional stakeholders with the information they need to make better business decisions.
Introducing Turn Tracking in Ironclad Dashboard
- Is the contract with you or the counterparty? Turn Tracking is also coming to Ironclad Dashboard, making it easier than ever to surface and share this information.
Ironclad monitors user actions and version updates to anticipate when the turn is about to change, so you don’t have to remember to do it manually.
- Plus, see a timeline of turns to know exactly how long each party had a contract and better understand the nuances of the deal.
[Contracting] is a complex, interconnected system of people and processes that's absolutely critical to every business on earth, yet the vast majority of businesses are completely blind when it comes to their contract data.
Spotlight: Ironclad for Sales
- For sales teams, the end of the quarter is often a massive black box. They don’t know with certainty what deals will close and instead must rely on “gut feeling.”
- That’s where Ironclad Dashboard comes in. It can help surface critical contract data to reps and help sales teams better forecast their deals for the quarter.
- Now, the sales team can see exactly where their contracts are, how many approvals are left, what may be blocking a deal—the perfect combination of speed and visibility for sales without sacrificing necessary legal control.
Announcing Ironclad Insights: Data Visualization in Ironclad
- Digital contracting has made contract data accessible for the first time, and it’s becoming richer and richer seemingly every week; in ten years, contract data will be part of every company’s intelligence model.
- With Ironclad Insights, you can visualize contract data right within your CLM, and answer questions like, “Is work being distributed evenly across my team right now? How much have we gotten done in the last 6 months, and how is it trending? How many turns does it take to complete our sales agreements?”
- These insights and more will be available out of the box. They’re always up to date, detailed, and accurate because they’re informed by Ironclad contract data.
There's no reason why legal departments can't be just as agile, adaptive, and responsive.
How the Texas Rangers Used Ironclad to Adapt to COVID-19
- To finance a $1.2 billion new ballpark, the Texas Rangers MLB team needed to efficiently sell over 2,000 new contracted seats and suites. That meant thousands of contracts that would all go on sale at once.
- With Ironclad, their legal team could work in lockstep with sales and ensure the contracting process went as smoothly as possible.
- When the season was suddenly postponed due to COVID-19, the Rangers once again used Ironclad to amend hundreds of agreements just 10 days before opening day.
Mary O'Carroll's Top Tips to Prepare for 2022
- Invest in yourself. There are countless ways to level up. Whatever it is, just give it the time, attention, and budget it deserves. Your future self will thank you.
- Embrace change. We have to embrace change because business environments are changing fast, whether we like it or not. Don’t be afraid to question the way things are and ask yourself and your team, “Isn’t there a better way to do this?” If you think there might be, think like a maker and start to build the next step forward.
- Build relationships. Legal, sales, procurement, marketing, whatever you do—all our jobs are ten times more complex than they were just five or ten years ago. When you put together what you know with what I know with what folks like us around the world know—then you have the complete picture of where we are today, and you’ll be truly prepared to take the right action tomorrow.
Thanks again to everyone who made State of Digital Contracting Winter a success. We’d love to see you again on March 17th for our next virtual installment of State of Digital Contracting, and registration is already open! You can register here.
Local to San Francisco? Join us for an exclusive in-person premiere on March 8th, including a networking dinner at Radhaus. Get the details here.
Table of contents
- Watch the Full Recording
- Product Keynote: Revealing & Resolving Contract Bottlenecks
- The Making of an Ironclad Feature
- A New Look (& Powerful New Functionality) for Ironclad Dashboard
- Introducing Turn Tracking in Ironclad Dashboard
- Spotlight: Ironclad for Sales
- Announcing Ironclad Insights: Data Visualization in Ironclad
- How the Texas Rangers Used Ironclad to Adapt to COVID-19
- Mary O'Carroll's Top Tips to Prepare for 2022