Connect with us

Business

How Evisort is changing contract management

Let’s take a look at some of the challenges facing companies today before looking at how Evisort is addressing them with AI solutions:

futures contracts
Image: Unsplash

Contracts are the driving force behind any great business, they are the glue holding organizations together via connections with others, driving growth and helping companies realize their vision.

But contract management can be laborious at the best of times In fact, it’s often a tedious process that can eat into productivity. Many companies fail to connect contracts with business value, especially large businesses required to manage tens of thousands of contracts simultaneously.

Contracts are commonly misplaced, whether in paper form, as an email attachment or a file lost in translation on a server somewhere. Few companies can handle contract management effectively, something which leads to value loss. However, the emergence of AI technologies continues to help companies overcome challenges.

In the wake of increasing expectations and demands, Evisort has pioneered a contract automation approach to activating data within contracts, utilizing a machine-based learning system that reads and analyzes contracts. The concept involves scanning legal documents using AI technology, and though the service is mostly used among legal firms, Evisort’s practices are expanding into other industries.

Evisort is addressing specific challenges facing companies today, merging data management systems with cloud storage. Let’s take a look at some of the challenges facing companies today before looking at how Evisort is addressing them with AI solutions:

Challenges Faced by Today’s Companies

The biggest challenge is keeping track of a huge volume of contracts, those which lack uniformity, are difficult to manage, update and organize. Most companies don’t have a central location for organizing information, at which point extracting data is a near impossibility.

At this point, it’s difficult to see a way for companies to view detailed and complicated outsourcing agreements, let alone determine clauses across various divisions or locate negotiation terms and renewal dates.

By conventional means, businesses must leverage significant manpower to improve, execute, draft and update contracting processes, contracts, and transactions. But AI firms can address these challenges, experiencing pronounced productivity boosts and contracting efficiency. The Evisort philosophy directly addresses these concerns in the following ways:

Evisort’s AI Approach

AI contracting software helps companies manage contracts in three ways:

  • It changes or enhances the tools a firm utilizes
  • It impacts processes firms contract
  • It influences the content of contracts

So, let’s picture a scenario that’s common in today’s business landscape. You have a staggering volume of contracts to manage, all with different negotiation terms and renewal dates. You would usually need to hire a team of contract managers to review and extract the information necessary to proceed, but this would consume considerable time and resources.

Fortunately, with Evisort’s AI software, you can address the aforementioned complications, which enables you to:

  • Quickly organize renewal dates and renegotiation terms
  • Clarify content and easily extract data
  • Review contracts effortlessly
  • Access and organize contract data easily
  • Decrease dispute potential of contracts
  • Elevate the number of contracts you can execute and negotiate

Here AI is used to effectively navigating your way through data, extracting meaningful insight and analysis, alongside significantly reducing the burden of mundane work. Process automation significantly improves the efficiency of business operations too.

Evisort’s Seed Funding

Evisort has realized its ambitions by obtaining considerable seed funding, including $4.5 million in seed funding from Village Global. It has also established investor partnerships with:

The monetary support from seed funding has facilitated progressive initiatives, creating a growing network of experts to partner with. One of these, Francisco Meza, was introduced to lead the engineering team, where he can competently leverage nearly two decades of engineering experience.

Evisort is a pioneer of cutting edge AI technology, particularly its application within the legal profession. Evisort seems set to transcend the world of contract management, having already made huge steps en route to revolutionizing the way companies interact with contracts.

Have any thoughts on this? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

Editors’ Recommendations:

Comments

More in Business