Trawling through masses of legal documentation isn’t exactly conducive to high productivity, especially when mundane tasks have a tendency to consume significant time.
But these tasks are highly important, mandatory for invested parties to execute their respective duties to full effect. But with modern technology contract management becomes significantly easier, in fact, machines can be leveraged to take the legwork out of things.
One company that’s pioneering within the field of AI is Evisort, a contract management company that raised an impressive $4.5 million in seed funding in 2018. The company has gone from strength to strength, offering unique business solutions for representatives of the legal profession.
But how exactly is Evisort addressing common business bottlenecks? Let’s take a look at some of the company’s core principles:
How is Evisort Addressing Business Bottlenecks?
Let’s paint a picture that is relatively common within the legal profession: You have a 10k contract in multiple repositories and little insight into what’s what. Conventionally this situation would call for considerable manpower, but with Evisort contract management is an effortless process.
This AI-powered Contract Management System is centered on the following principles, features which propel the software to new heights:
Custom Reporting and Tracking
Data is a gold mine that can be tapped into using AI, where considerable volumes of data can be transferred using machine technology. The data within your repository can offer a gold mine of insights, however it must be actionable to be of use.
Fortunately, Evisort activates critical data so it can be used effectively, preventing you from having to dig through the bedrock. With the ideal CMS you can easily track information and query your contracts, across critical areas like key provisions, expiration dates, contract value and more, with the ability to take action.
3rd Party Paper Accessible
Though it doesn’t come standard with all CMS solutions, Evisort is 3rd party paper accessible. This differs from systems that only allow you to access insight on contracts created in the provider’s system, where there’s no accessibility for documents created by 3rd parties. This is a flawed approach, because what good is data if you can’t compare and contrast it among contracts?
Fortunately, Evisort overcomes this obstacle because it’s 3rd party paper accessible.
Evisort uses a Central Management System (CMS) approach to provide a single source for managing multiple contracts, uniting contracts from different locations and organizing them sufficiently. This is crucial for companies who face problems when it comes to storing contracts effectively.
Establishing a single source of truth makes life significantly easier, enabling access to insights from many contracts across your organization, when and where you need it most. Evisort preferences a single repository for ease of use and functionality.
Accuracy is a preconceived industry standard but isn’t guaranteed when human error is factored in. Evisort helps companies overcome discrepancies, reducing errors that can have unintended consequences.
Evisort offers an automated way to extract data from contracts; however, not all AI is created equally. In fact some systems are limited because they’re only as potent as the human who developed them, something referred to as rule-based AI or RPA.
AI can be trained to track information in a single location, but if and when information moves results are inaccurate. Evisort uses Machine Learning AI to intuitively locate data within your contracts, regardless of where the page is located.
Contract Risk Mitigation Review
A centralized repository enables you to identify risks surrounding non-compliance for your organization contracts. This is pertinent among the agreements you’ve made within your contracts, and systems like Evisort even enable you to cross-reference your standardized language with other languages in 3rd party documents. You can consequently identify where languages are non-compliant.