Artificial intelligence has changed the face of contract management, and software can now manage vast quantities of information. In the recent past, that management would take significant time and resources, costing companies millions of dollars. In addition, today’s contacts have grown more complicated, increasing in volume and scope. They have outgrown traditional contract management software.
Standard contract management software, without the benefit of AI technology, only stores and organizes data. It is wholly reliant on human input. This reliance on humans to input and tag the contracts correctly means that mistakes can be costly and difficult to correct. AI-based contract management software virtually eliminates the risk of human error.
Evisort, a newer player in the field, makes contract management software that comes “pre-trained.” The out of the box functionality decreases training time and allows instant usability. The pre-training, along with advanced machine learning capabilities, sets Evisort apart from competitors.
Evisort’s proprietary machine learning algorithms enable the software to read and learn from contracts. Evisort can understand meaning and context in contractual language, eliminating the need for any data entry when entering contracts.
AI-powered contract management software capabilities:
- Easily search and extract both data and metadata
- Cloud-based storage allowing access from any device
- Hundreds of contracts uploaded at one time, making starting with AI-driven contract management software quick easy
- Keeping language consistent across all contracts
- Risk mitigation by alerting to approaching dates and identifying non-standard clauses and language
- Sort contacts by a variety of parameters
- Contract creation becomes less labor-intensive when you can access templates, as well as easy access to hundreds of similar contracts
In addition to the above capabilities, Evisort offers specific functions, such as:
- Compliance tracking
- Lifecycle tracking
- Specialty contracts
- Various tools for workflow management
- Extensive reporting options
Since it’s inception, Evisort has continued to grow and expand its capabilities. A partnership with Linguistic Systems allows Evisort to now offer AI-based contract translation and analysis in 120 languages. Machine learning commonly takes place in standard English. Evisort’s sophisticated algorithms allow machine learning to take place in any of the 120 languages.
Evisort does not just translate the document into English. It is also capable of reading and learning from the text in its native language. For companies and enterprises that operate in the global marketplace, this has grown their capabilities for data analysis and extraction.
Other AI-based contract management software is bests suited for small to mid-sized companies or individual departments within a company. Evisort is capable of handling the contract management needs of small firms to Fortune 500 companies. The capability of having one system for contract management across an entire enterprise improves workflow efficiency. Evisort provides the ability to see all aspects of a contract’s life-cycle, including third party related contracts, within seconds.
Evisort also changes the way companies can access and use the data contained within a contract. Contracts are an integral part of virtually every business. From employment agreements to supply vendors, each contract contains a wealth of information. The applications for the information contained within contracts seem almost infinite.
Data mining can uncover patterns in large volumes of information, helping companies learn how to repeat successful endeavors. These patterns can also reveal unrecognized risks and provide information about avoiding uncertainties in future contracts.
Forecasting and predicting likely outcomes have applications in every field and industry. An example would be legal firms being able to give educated predictions of the likelihood of winning a jury trial based on the pattern of previous cases.
Mining contracts for data can also provide a very targeted audience for marketing. This targeting reduces the costs of advertising while improving results. The same information can help a company tailor a pitch to a potential client based on information found in their contracts. Data is a valuable currency in the business world, and Evisort allows companies to extract the data efficiently.