Businesses create and use contracts for several reasons. Keeping track of contract terms, obligations, and contract provisions can be difficult, especially when you have a lot of contracts. Automating this process is one-way businesses can increase productivity while mitigating risk and improving compliance. Evisort is helping bring machine learning to contract management with its cloud-based contract management platform. Founded by Harvard graduates Jerry Ting, Jake Sussman & Amine Anoun, Evisort is taking the contract management eco-system by storm with its unique AI-powered platform.
The best way to automate contract management is through a contract management solution. Evisort provides a user-friendly system that supports the whole contract lifecycle. There are several options on the market, but many of them lack intelligent features that differentiate Evisort’s offering. Evisort allows companies to manage their contracts more efficiently since its AI can recognize patterns and extract critical variables (such as clauses, expiry dates, parties, etc.). This makes Evisort especially useful for contract negotiation and contract creation. The software’s AI can also be trained using existing contracts to identify clauses and provisions that are of specific interest to a business, in addition to pointing out any discrepancies automatically.
Using Evisort’s trained machine learning and AI, companies get a unique overview of contracts that allows for better negotiations with vendors and other business partners. When it comes to contract creation, most contract lifecycle management systems provide boilerplate contract templates that may not necessarily fit a business’s needs out of the box. Evisort’s contract generation tool can be trained to automatically generate based on the AI’s understanding of previous contracts.
Additionally, Evisort can scan contracts and flag language that could jeopardize a company. The system will also suggest alternative clauses that reduce the risk, which will save the legal team or contract manager valuable time.
So we’ve established that a good contract management platform should be AI-driven in order to be competitive. This is an essential feature of contract management software, but not the only one. Other features should include:
Secure Contract Repository
A secure, centralized storage for contract documents that includes all contract data search so that contracts can be found easily. Contracts are stored securely, and a versioning feature provides easy access to previous versions of contracts for review.
The system notifies you about timelines for obligations, terms, and key provisions. A critical part of contract management, this feature will send you reminders about upcoming renewals and alert you to occurrences of noncompliance and pending obligations.
A full text and advanced search functionality that allows users to find contracts based on search parameters such as contract title, author name, business division, clause, provision, and more.
A function for signing contract documents electronically. Sending contracts out to be signed by hand is inefficient. eSignature functionality is a fast, legal way to get consent and has added benefits like security verification.
A way to easily create new contracts or correct existing contracts, preferably driven by machine learning. This tool expedites the process of contract creation for standard contract types using a clause library and template automation. Additionally, it aids the amendment process with document uploads, an amendment wizard, and workflows that are amendment specific.
Reports on the performance of contracts allow you insight into their work patterns so that you can see where there are barriers in the process and get rid of them. Reports also show you if your contracts were renewed on time, whether your obligations were met and whether the cycle times for deals were adequate
The software should be able to automate the process of creating a deal by allowing users to outline standard contract types and their correlating metadata rules. This way, you don’t have to check the latest guidelines and policies each time you create a contract.
The contract management system should have clause libraries and automated templates. A standard clause library with commonly used clauses and their variations will help you to use the same language across all business contracts. Furthermore, automated templates save time by allowing you to quickly transfer key metadata and selected clauses into specific areas of documents.
Software workflows like those automated in Evisort allow for a clean approval process by letting users select participants to participate in the process as well as a routing order. Additionally, notifications provide instant updates on the approval process.
When your company receives contracts created by third-parties, you have to spend time checking that the agreement complies with your standards. After learning what standard clauses look like, a contract discovery tool uses AI to look for variations in the clauses of these contracts.
Managing the contract lifecycle is an elaborate process that requires supreme attention to detail and knowledge of the risks involved in managing contracts. Evisort allows you to control the process by breaking it down into a series of activities that can be customized for your unique use case. Additionally, using an AI-driven system allows for better oversight, less risk, and quicker processes.