Evisort is an AI-based contract management software that is changing the landscape of contract management. Contracts are a necessary part of the business at almost every level but overseeing them manually is often a long and tedious process. Evisort, using AI-based technology, is making the job much more efficient.
Before software like Evisort, it was extremely complicated for companies to understand every aspect of each contract they had. In addition, this knowledge usually rested solely with the personnel who worked exclusively with the contracts. Often, this led to a disconnect between departments and missed information that could have made future agreements more productive. The data was not widely disseminated or understood throughout the company. Evisort makes it easier for everyone who needs to understand the contracts, or parts of contracts, to do so.
The concept behind Evisort was born in the legal field. Legal documents entered into court cases are printed out. In even non-complex legal matters, the volume of paper can quickly spread to boxes upon boxes of information. Now, imagine a complex lawsuit including multiple entities and spanning a decade. A founder of Evisort looked at this problem and realized the amount of time it would take for legal experts to comb through these volumes of information. He then questioned how much critical data was being missed. This observation led to the birth of Evisort. Years later, the company is growing, having recently announced an increase in hiring.
Using machine learning algorithms, Evisort frees up countless staff-hours. Even more importantly, Evisort can track renewal and expiration clauses and automatically generate alerts for the required contract action. In fields where contracts are a large part of everyday business, the sheer volume of documents meant a considerable investment in time, just tracking contracts. Then there was the job of creating contracts. Of course, templates have been around for a long time. However, the more diverse the business world becomes, the more varied contracts need to be to keep up.
The most interesting ability Evisort brings to the table is that it can read and understand contracts. Understanding means that the software can correctly classify the contract, store it in the appropriate location, and make it searchable by a wide array of search queries. If someone needs to see all contracts, companywide, with approaching end dates, Evisort can provide the information with a few keystrokes. Perhaps, instead, there is a reason to review every contract with a particular clause, then Evisort makes the search effortless.
Evisort can create automatic alerts to expiring contracts or approaching dates in specific clauses of the contract. It is easy to imagine how much simpler this makes tracking active contracts, especially for companies who have or manage a large volume of active contracts. AI works across multiple user interfaces, allowing anyone with access to use the software.
Before AI started playing a role, contract management software required each contract page to be appropriately tagged by hand. Not only did this create time-consuming work, but one mistake could make entire contracts almost impossible to find. The sort functions were minimal, in comparison to what software like Evisort can do.
Thanks to machine learning, Evisort can draw insights from contracts. These insights allow the software to track the entire life cycle of a contract and form conclusions about possible weaknesses in specific clauses. The software’s ability to learn from the contracts is helping companies understand their contracts better. In understanding what works and what does not work in their contracts, companies can identify weaknesses sooner. In response, they can create more effective contracts to cover more contingencies.
Evisort comes with one other bonus, and financially it is a huge one. Designed to fit into existing IT platforms, Evisort is user-friendly. The seamless insertion saves companies and firms large sums of money and effort in not having to redesign their IT department to accommodate the software. Seamless integration also lowers the learning curve. A faster integration makes it easier for more members of the firm or company to use the software quickly.