AI-driven contract management software is the new kid on the block in contract management solutions. Evisort leads the field with sophisticated AI technology that is capable of automatically extracting critical information like dates, names, and specific clauses from documents.
Evisort can learn the language used in contracts, and handle automatic tagging and storage, freeing your workforce for more creative and productive pursuits.
Unlike other AI-driven software, the machine learning algorithms used by Evisort requires no pre-training for full functionality. The software is cloud-based, meaning all contracts and supporting documents are located in one secure repository. The repository is accessible from mobile devices, putting essential documents in your hands wherever and whenever you need them.
Evisort, created by Harvard law students and MIT data engineers, as a solution for legal offices and court systems, has seen unprecedented growth. The software has since found a home in industries and organizations of all sizes who needed a better way to manage their contracts.
What can Evisort do for contract management?
Designed for easy integration with other departments like procurement, accounting, and sales, Evisort alleviates confusion across departments. Documents stored inside a different system, it can still be accessed by Evisort. The ability to extract information from other systems means that Evisort can create a complete picture of every stage of the contract lifecycle.
Evisort can learn from documents, and to make suggestions for changes based on what did and did not work in previous contracts. If a particular clause fails in a contract, Evisort can remember the failure and suggest a different phrase with a better success rate.
Companies are learning more about the vast quantities of data stored within their contracts. Evisort can help businesses mine their contracts for data that is useful in sales, vendor selection, financial gain, and employment information. New benefits continue to arise from the process of accessing the data in contracts, but given the explosive growth of big data, data mining your documents has enormous potential.
Evisort is a potent tool for risk mitigation. Evisort automatically generates risk mitigation alerts such as approaching expiration dates, unfulfilled terms, and non-standard language. Companies can also customize their alerts based on their specific needs. Risk mitigation in contracts plays a vital role as unfulfilled contracts are costly, reputation-damaging and can lead to litigation.
Evisort tracks the complete lifecycle of a contract. From templates to help create contracts with a high rate of success to managing workflow throughout the life of the contract, Evisort has the tools to keep deals on track. The workflow management in Evisort facilitates teamwork and tracking changes to alleviate the confusion that can arise when multiple people across multiple departments are involved in a project. Evisort keeps track of who makes changes and when those changes occur, alleviating the guesswork.
Contracts are the foundation of any business. These legally binding agreements dictate the terms under which a company does business with its customers, employees, and vendors. Given that most companies are built on contracts, it is no surprise that contract management software is fast becoming a necessity for good business practices.
Is Evisort right for your company?
Evisort is designed to handle the contract management needs of small firms to multi-national organizations. If your company deals in a significant amount of contracts, Evisort’s artificial intelligence will change how you do business. That said, if you only need a searchable repository for your contracts, there are less expensive products that will get the job done.
Evisort will grow with your business, so if you have just reached enough scalability to need a contract management system, Evisort can keep up with your growth. You may be able to find a product that will cover your needs right now but will be unable to keep pace as your business grows. When deciding on the right contract management solution, look at where you want your business to be in five years, and purchase a product capable of handling the growth trajectory you hope to achieve.