Evisort - Detailed Review
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Evisort - Detailed Review Contents
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Evisort - Product Overview
Evisort Overview
Evisort is a leading provider of AI-driven contract lifecycle management (CLM) and contract intelligence solutions. Here’s a brief overview of its primary function, target audience, and key features:Primary Function
Evisort uses artificial intelligence to automate and streamline the entire contract lifecycle, from creation to execution and analysis. It classifies legal and business documents, applies legal analysis, and performs due diligence on contracts in real-time, significantly reducing the time and effort required for these tasks from days or months to minutes.Target Audience
Evisort’s target market includes a diverse range of professionals and organizations. Key demographics include:- Legal professionals and in-house legal teams
- Corporate counsel
- Procurement professionals
- Business owners of small to medium-sized businesses
- Enterprise clients across various industries such as legal, finance, healthcare, and technology.
Key Features
- AI-Powered Contract Intelligence: Evisort’s platform leverages advanced AI technology, including a contract-specific large language model (LLM), to analyze and extract insights from contracts. This allows for accurate and efficient contract management.
- Automated Contract Review: The system automates the identification of expiration dates, renewal dates, and other critical contract details, mitigating risks and ensuring compliance.
- Customizable Alerts and Reports: Users can set up alerts and reports to track specific clauses, such as limitation of liability or governing law clauses, across all contracts. This feature enables flexible and comprehensive risk assessment.
- Document X-Ray: This feature converts user questions into custom AI models that track desired data points across all contracts and related documents, enabling proactive monitoring of contractual rights and obligations.
- Scalability and Customization: Evisort’s platform is scalable and customizable to meet the unique needs of each client, making it suitable for businesses of all sizes, from startups to large enterprises.
- Integration with Enterprise Systems: Evisort can integrate with various enterprise systems such as ServiceNow, Salesforce, and SAP Ariba, allowing seamless data exchange and analysis.
Evisort - User Interface and Experience
User Interface
Evisort’s interface is created to be accessible to users with varying technical backgrounds. It features a clean and integrated design, particularly enhanced by the integration of user assistance platforms like Bento. This integration ensures that contextual help is seamlessly embedded into the Evisort UI, avoiding disruptive pop-ups and tooltips, and allowing users to choose what they want to see.Ease of Use
While Evisort is generally easy to use, especially for those familiar with contract management, it can present a learning curve for new users. Independent reviews indicate that some users find the platform a bit complicated initially, especially when building workflows. However, once users become familiar with the system, it becomes more manageable.Implementation and Onboarding
Evisort is known for its fast implementation times, with an average setup period of less than one month. The platform also offers proofs of concept using the client’s data, which helps in quick onboarding and ease of use.Features and Dashboards
Evisort includes several user-friendly features such as intelligent dashboarding, which provides self-populating dashboards that visualize contract data and summarize key metrics. These dashboards include sections for documents, expirations, and workflows, allowing users to filter and drill into contracts using various criteria like dates, contract types, and parties.Support and Resources
To enhance the user experience, Evisort offers multiple channels for customer support, including in-app chat, email support, and dedicated account managers for larger clients. This ensures that users can quickly get help when needed.Overall Experience
Despite some initial challenges, Evisort’s users generally appreciate its AI capabilities and post-signature functionality. The platform is rated highly on review sites like G2 and Capterra, with users praising its features and the value it adds to contract management processes.Conclusion
In summary, Evisort’s user interface is designed to be intuitive and user-friendly, with a focus on seamless integration and contextual assistance. While it may require some time to get fully accustomed to, the platform offers significant benefits in contract lifecycle management and analytics. Evisort - Key Features and Functionality
Evisort Overview
Evisort is a pioneering AI-powered contract lifecycle management (CLM) and analysis platform that offers a range of key features and functionalities, all of which are driven by advanced artificial intelligence and machine learning technologies.Contract Classification and Extraction
Evisort’s software can classify thousands of documents by type, including contracts, and extract crucial data points such as provisions, party names, dates, addresses, payment terms, and financial information in real-time. This process is automated, using AI algorithms to sift through large volumes of documents quickly and accurately.AI-Powered Search and Filtering
The platform provides powerful search capabilities, allowing users to find specific data points within contracts, including handwritten text and data from tables. This feature is enhanced by Evisort’s newly developed large language model (LLM) specifically for legal agreements, which ensures high accuracy and responsiveness in searching and analyzing contract data.Document Tagging and Auto-Tagging
Evisort uses AI to tag documents automatically, making it easier to organize and retrieve contract information. This feature streamlines the process of managing large contract repositories and ensures that all relevant documents are properly categorized.E-Signature and Contract Templating
The platform supports e-signature capabilities, enabling seamless signing of contracts electronically. Additionally, Evisort offers contract templating and creation tools, which help in drafting new contracts efficiently.Alerts and Notifications
Users can set up alerts and notifications for various events, such as contract expirations, renewals, or specific clauses like limitations of liability. These alerts can be customized to notify teams at regular intervals, ensuring that critical contract details are never missed.Dashboards and Reporting
Evisort generates instant reports and provides customizable dashboards that surface risks, opportunities, and actionable insights. This helps legal and business teams to proactively monitor their contractual rights and obligations across the organization.Integration with Existing Systems
The platform integrates seamlessly with a wide range of enterprise systems, including Salesforce, SAP Ariba, Box, SharePoint, and many others. This integration allows for automatic ingestion and analysis of contracts, enabling AI-enriched contract data to be delivered to the tools teams use daily.Security and Access Management
Evisort ensures secure contract management by allowing the establishment and management of different levels of user access. It also integrates with single sign-on authentication providers to enhance security and reduce internal risk.Contract Lifecycle Management
Evisort simplifies every stage of the contract lifecycle, from ticketing and drafting to editing, negotiation, and storage. The platform uses AI-powered workflows, risk analysis, and automated redlining to streamline these processes, reducing the time and effort required to manage contracts.AI-Driven Innovations
Evisort’s new generative AI engine, powered by its bespoke LLM, combines third-party and proprietary technology to deliver innovations in contract management. This engine enables the tracking of virtually any desired data point from contracts and related documents, enhancing the accuracy and responsiveness of contract analysis.Conclusion
These features collectively make Evisort a powerful tool for legal and business teams, helping them to manage contracts more efficiently, reduce risks, and drive greater business impact. Evisort - Performance and Accuracy
Performance and Accuracy
Evisort stands out for its high accuracy, precision, and speed in contract management:Accuracy
Evisort’s AI system offers significantly higher accuracy compared to many other contract management systems. For instance, it can achieve up to 90% accuracy in identifying and processing documents, which is a substantial improvement over systems that may only offer 60% accuracy. This high accuracy reduces the manual work required, saving significant time and resources.Precision
The platform is capable of not only identifying specific clauses but also extracting the relevant data from those clauses. For example, it can determine the termination date of a contract by identifying the effective date and calculating the duration, which automates tasks that would otherwise require manual intervention.Speed
The combination of high accuracy and precision results in faster contract review processes. This efficiency allows teams to focus on more substantive work, such as comparing vendors or optimizing workflows, rather than spending time on basic tasks like document review.Customizable AI
Evisort’s AI engine, particularly its Document X-Ray feature, is highly customizable. It conducts hundreds of experiments within seconds to optimize performance and selects the best large language model (LLM) for each specific request. This ensures that users get precise outcomes without needing advanced knowledge in prompt engineering. The system also provides suggestions for optimized prompt language, enhancing the precision of the results.Limitations and Areas for Improvement
Despite its strengths, Evisort has a few limitations:No Native eSigning Solution
Evisort does not offer a native electronic signature feature, which means users need to integrate a separate eSigning solution like DocuSign. This can be an extra cost and point of friction, especially for smaller businesses that do not already have such subscriptions.Limited Integrations
While Evisort integrates well with Microsoft platforms, it lacks native integrations with other popular tools like HubSpot, Slack, and Greenhouse. This can limit its utility for sales and HR teams that rely on these platforms.Steep Learning Curve
Users have reported that Evisort can be difficult to use, with some describing it as “finicky at times” or requiring time to get up to speed. This steep learning curve can be challenging for smaller businesses with lean legal teams. In summary, Evisort excels in accuracy, precision, and speed, making it a powerful tool for contract management, especially for larger enterprises. However, it has limitations in terms of eSigning capabilities, integrations, and user ease, which may affect its suitability for smaller or scaling businesses. Evisort - Pricing and Plans
Pricing Structure Overview
When considering the pricing structure of Evisort, a key point to note is that the company does not publicly disclose its pricing details. Here are some key points to help you understand their pricing model:Custom Pricing
Evisort’s pricing is highly customized and varies based on the specific needs and requirements of each business. This means there are no standard, publicly listed pricing tiers.Cost Range
The annual cost for Evisort can range widely, from a minimum that varies based on the company’s specific requirements to a maximum of up to $300,000. The average annual cost is approximately $100,000.No Free Plan or Trial Pricing
Unlike some other contract management software, Evisort does not offer a free plan or a free trial with specified pricing. However, you can request a demo to see how the software works with your contracts.Features Across Plans
Since Evisort’s pricing is custom, the features included can also vary. However, some common features that Evisort offers include:- AI-powered contract creation and analysis
- Contract data extraction and AI-generated redlines
- Workflow automation and e-signatures
- Advanced search and document management
- Customizable alerts and executive-ready reports
- Integration with various third-party systems like Salesforce, Google Drive, and Adobe Sign.
User Feedback on Pricing
Users have noted that the lack of transparency in Evisort’s pricing can make it challenging to get initial estimates and gain internal approval. However, many users also highlight the long-term value of Evisort in streamlining processes and mitigating risks.Conclusion
In summary, while Evisort does not provide a one-size-fits-all pricing plan, its custom pricing ensures that businesses can get a solution that aligns closely with their specific needs, albeit with a potentially significant investment. Evisort - Integration and Compatibility
Integrations with Productivity and Collaboration Tools
Evisort integrates with various popular productivity and collaboration tools, enhancing its usability and efficiency. For instance, it integrates with Microsoft Teams, allowing users to streamline contract collaboration and approvals directly within the Teams environment. It also integrates with Microsoft Word for the Web, enabling users to draft, edit, and negotiate contracts in a familiar interface.Cloud Storage and File Management
Evisort seamlessly syncs with several cloud storage solutions, including OneDrive, SharePoint, Google Drive, Box, and Dropbox. This two-way data synchronization ensures that contract data remains up to date and accessible across different storage systems without extensive IT support.CRM and ERP Systems
Evisort connects with CRM systems like Salesforce, streamlining sell-side contract generation and review. This integration boosts productivity, minimizes errors, and converts contracts into searchable data and actionable intelligence. Additionally, it integrates with ERP and procure-to-pay systems, facilitating smooth data exchange and contract management across these platforms.E-Signature Solutions
Evisort integrates intuitively with e-signature tools such as Adobe Sign and DocuSign. Documents ready for signature can be sent directly from Evisort via these platforms, and once signed, they are automatically returned to Evisort’s workflows.Workflow Automation
Evisort works with workflow automation tools like Zapier, Tray.io, and Workato, allowing connections to over 5,000 commonly used applications, including Microsoft Outlook, Zoho CRM, Clio, and more. This enables automated workflows that boost legal productivity across the organization.Security and Compliance
Evisort ensures secure data handling with compliance to ISO 27001:2013, 27701:2019, and SOC 2 Type 2 certifications. It also supports Single Sign-On (SSO) via SAML, enhancing security and ease of access.Custom and In-House Systems
The platform’s API allows for integrations with in-house, SaaS, or custom systems, enabling the upload and download of contracts, tracking and searching of clauses and metadata, and the generation and management of contracts. In summary, Evisort’s extensive integration capabilities make it highly compatible with a variety of tools and platforms, ensuring that users can manage contracts efficiently without disrupting their existing systems and workstreams. Evisort - Customer Support and Resources
Customer Support
While the specific contact details for customer support are not explicitly outlined in the provided sources, you can reach out to Evisort through their general contact information. Here are a few ways to get in touch:- You can contact Evisort at their office located at 130 Sutter Street, Floor 2, San Francisco, California 94104.
- They also provide a phone number: (888) 384-7678.
Additional Resources
Evisort offers a range of resources to help users effectively use their AI-powered contract management software:Documentation and Guides
Evisort likely provides detailed documentation and guides, although specific links are not provided. Typically, such resources include user manuals, FAQs, and step-by-step guides on how to use the platform.Product Overview
The Evisort website offers a comprehensive product overview that explains how the software can help in creating, collaborating, managing, analyzing, and reporting on contracts. This includes features like AI-powered search engines, optical character recognition, and foreign language recognition.Integration and Connectivity
Evisort provides connectors and pre-built integrations that enable collaboration and data integrity across various systems such as ERP, CRM, procure-to-pay, cloud storage, and e-signature systems. This ensures seamless integration with existing IT environments.Training and Onboarding
While specific training programs are not detailed, the platform’s design suggests a user-friendly interface. Features like dynamic contract templates, automated workflow processes, and AI-generated redlines are intended to streamline the onboarding process and make the software easy to use.Community and Feedback
Evisort’s enhanced AI engine, such as the Document X-Ray™ feature, includes user feedback mechanisms to optimize performance. This indicates that user input is valued and used to improve the service.Updates and Announcements
Evisort keeps users informed about new features and enhancements through press releases and updates on their website. For example, recent announcements include the extension of their AI leadership with advanced AI orchestration for contract intelligence. By leveraging these resources, users can effectively manage their contracts, reduce manual work, and make informed business decisions. If you need more specific support, contacting their customer service directly would be the best course of action. Evisort - Pros and Cons
Advantages of Evisort in the Legal Tools AI-Driven Product Category
Evisort offers several significant advantages that make it a valuable tool for legal professionals:Efficiency and Time Savings
Evisort’s AI technology automates many tedious and time-consuming tasks, such as contract review, data extraction, and document analysis. This automation enables legal teams to focus on more substantive work, reducing the time spent on manual tasks by up to a third in any given year.Improved Accuracy
Evisort’s AI algorithms are highly accurate in identifying and analyzing contract data, including specific clauses, risks, and contractual obligations. For instance, the platform can immediately process and organize documents, extracting relevant data points such as termination dates and payment terms with high precision.Enhanced Contract Management
Evisort provides comprehensive Contract Lifecycle Management (CLM) capabilities, allowing legal teams to draft, negotiate, and manage contracts more efficiently. The platform integrates seamlessly with various enterprise systems, enabling users to track and analyze contract data across the organization.Risk Reduction
Evisort’s AI can identify over 30 different types of risks in contracts instantly, helping legal teams to mitigate potential issues and make informed decisions. This immediate risk analysis is particularly beneficial during mergers and acquisitions and contract negotiations.Cost Reduction
By automating repetitive tasks and reducing the need for manual data entry, Evisort helps law firms and legal departments save costs. This cost efficiency is achieved through the reduction in time and effort required for legal research, document review, and administrative tasks.Advanced Reporting and Analytics
Evisort offers advanced reporting capabilities, enabling legal and business teams to analyze contract data effectively. Users can search contracts quickly for crucial financial data, such as payment terms, rebates, and discounts, ensuring accuracy and compliance.Disadvantages of Evisort
While Evisort offers numerous benefits, there are some limitations and potential drawbacks to consider:Limited Contextual Understanding
Like other AI systems, Evisort may struggle to fully grasp complex legal concepts, context, and nuances. This limitation could result in inaccuracies or misinterpretations of legal information, although Evisort’s domain-specific training aims to minimize such issues.Dependence on Data Quality
The accuracy of Evisort’s outputs depends on the quality of the data it is trained on. If the training data is incomplete or biased, the AI’s performance could be affected. However, Evisort’s training on a large dataset of over two trillion tokens helps mitigate this risk.Need for Live Testing
To ensure the AI system’s capabilities, users are advised to conduct live testing. This involves uploading contracts to the system to see how it performs in real-time, which can help identify any potential issues or limitations. In summary, Evisort’s AI-driven contract management platform offers significant advantages in terms of efficiency, accuracy, and risk reduction, but it also has some limitations related to contextual understanding and data quality. Evisort - Comparison with Competitors
When Considering AI-Driven Contract Management Tools
Evisort stands out with several unique features, but it also has competitors that offer distinct advantages. Here’s a comparison of Evisort with some of its key competitors:
Evisort
- AI-Powered Contract Analysis: Evisort uses advanced AI to extract clauses and data fields with high accuracy, including support for multi-language OCR and foreign language documents.
- Customizable AI Models: Users can train Evisort’s AI to recognize and surface clauses unique to their business, all without requiring any coding.
- Comprehensive Contract Lifecycle Management: Evisort covers every stage of the contract process, from drafting and negotiation to execution and analysis. It integrates with various systems like Salesforce, SAP Ariba, and SharePoint.
- Actionable Insights: The platform provides deep insights and actionable intelligence through advanced data analysis, helping businesses identify risks and opportunities.
Competitors and Alternatives
Summize
- Contract Lifecycle Management: Summize specializes in contract lifecycle management software, focusing on legal technology. It offers tools to streamline legal operations and accelerate contracting processes.
- Key Difference: Summize is more focused on the legal sector, whereas Evisort has a broader application across various industries.
Lexion
- Contract Management Systems: Lexion offers tools to streamline legal operations and accelerate contracting processes. Its platform includes AI-powered contract management systems.
- Key Difference: Lexion is known for its ability to centralize legal work and improve efficiency, but it may not offer the same level of customizable AI models as Evisort.
Arteria AI
- Contract Lifecycle Management Solutions: Arteria AI transforms contracts into structured data, primarily serving the legal and financial sectors. It offers a platform that connects critical contract information.
- Key Difference: Arteria AI is more focused on structuring contract data, whereas Evisort provides a more holistic approach to contract lifecycle management.
ContractPodAi
- AI-Driven Contract Management: ContractPodAi offers a comprehensive suite of products for AI-driven contract management. It includes features for creating, reviewing, negotiating, and managing contracts.
- Key Difference: ContractPodAi has a wide range of products, but Evisort’s integration capabilities and customizable AI models might be more appealing to some users.
LinkSquares
- AI-Powered Contract Management: LinkSquares specializes in AI-powered contract management and legal project management. It offers a platform that facilitates the creation, review, management, and signing of contracts.
- Key Difference: LinkSquares is known for its centralization of legal work and improvement of efficiency, but it may not have the same level of AI customization as Evisort.
HyperStart CLM
- Comprehensive Cloud-Based Contract Management: HyperStart CLM is designed for small and mid-size companies, offering advanced AI capabilities with 99% accuracy for contract reviews, storage, tracking, and management.
- Key Difference: HyperStart CLM is more geared towards smaller organizations and offers quicker setup times (as little as 3 days) and flexible pricing plans, which might be more appealing to businesses that need rapid deployment and cost-effectiveness.
Unique Features and Potential Alternatives
- Customization and Integration: Evisort stands out with its customizable AI models and extensive integration capabilities with various business systems. However, if customization of reports and dashboards is a priority, alternatives like HyperStart CLM might offer more flexibility.
- Geographical Support: Evisort’s support is primarily focused in North America and English-speaking regions, which could be a limitation. If global support is necessary, other platforms might be more suitable.
- AI Accuracy and OCR: While Evisort has strong AI capabilities, it has been noted to struggle with low-quality documents and complex provisions. Alternatives like HyperStart CLM, which boast 99% accuracy in metadata extraction, could be considered for better performance in these areas.
In summary, Evisort offers a powerful AI-native platform for contract lifecycle management with unique features such as customizable AI models and extensive integration capabilities. However, depending on specific needs like global support, report customization, or quicker setup times, alternatives such as Summize, Lexion, Arteria AI, ContractPodAi, LinkSquares, or HyperStart CLM might be more suitable.
Evisort - Frequently Asked Questions
Frequently Asked Questions about Evisort
What is Evisort and what does it do?
Evisort is an AI-powered contract lifecycle management (CLM) solution. It automates and streamlines contract workflows, reducing the time spent by lawyers and business executives on organizing, reading, tracking, and performing due diligence on contracts. Evisort uses advanced artificial intelligence to classify legal and business documents, apply legal analysis, and perform real-time contract analysis.How does Evisort use AI in contract management?
Evisort leverages AI to automatically aggregate contracts from across the business, create streamlined approval processes, and provide real-time analysis. The AI can detect clauses automatically, extract data from documents, and track over 60 key data points such as indemnification, limitation of liability, and governing state. It can also analyze and track risk, compliance, and other provisions in more than 230 contract types.What are the key features of Evisort?
Key features of Evisort include:- Contract creation and approval workflows
- Automated identification of expiration dates, renewal dates, and periods
- Mitigation of risk through out-of-the-box and custom search provisions
- Real-time analysis and due diligence on contracts
- Integration with various third-party tools like Salesforce, Google Drive, and Dropbox
- Ability to track clauses and generate custom reports
- Streamlined workflows for pre-signature contract generation and post-signature contract review and analytics.
How does Evisort handle legacy contracts and historical data?
Evisort can handle legacy contracts by syncing with current storage systems and extracting data from existing agreements. It can turn static repositories of scanned image files into queryable, actionable data, allowing companies to gain visibility into past agreements and benchmark for future negotiations. Evisort can upload and fully index thousands of documents within hours.What is the pricing structure for Evisort?
Evisort’s pricing structure varies based on the specific requirements of the company. There is no fixed pricing plan, and costs can range from a minimum that varies by company to a maximum of up to $300,000 annually. The average cost is approximately $100,000 per year. Evisort does not offer a free plan or a free trial, and pricing estimates can be challenging to obtain initially.Does Evisort offer any integrations with other software?
Yes, Evisort integrates with a variety of third-party tools and platforms, including Salesforce, ServiceNow, Google Drive, SharePoint, Adobe Sign, Dropbox, and Zapier. These integrations help in automating workflows and ensuring seamless data transfer between different systems.How does Evisort help in reducing risk and improving efficiency?
Evisort reduces risk by automating the identification of critical clauses such as limitations of liability and governing law. It also sets up alerts for missing provisions, ensuring that legal teams are notified promptly. This automation improves efficiency by reducing manual work, allowing teams to focus more on actual contract review and analysis rather than administrative tasks.Can Evisort be used for due diligence and contract negotiation?
Yes, Evisort is particularly useful for due diligence and contract negotiation. It streamlines the review of thousands of documents, saving time and money by reducing the reliance on costly outside counsel. Evisort also helps in negotiating favorable terms by providing a clear view of historical agreements and clauses.How does Evisort handle contract expiration and renewal notifications?
Evisort automates the process of identifying contract expiration and renewal dates. It allows users to set up custom alerts and notifications, such as weekly emails for contracts coming up for expiration, ensuring that critical deadlines are not missed.What kind of reporting capabilities does Evisort offer?
Evisort generates massive amounts of data and allows companies to run unique reports on demand across multiple or select fields. Users can create custom reports based on specific clauses or provisions, and the platform supports unlimited reporting capabilities.Is Evisort worth the investment?
User feedback indicates that Evisort can significantly modernize and streamline contract management practices, mitigating risk and reducing costs. However, some users have expressed concerns about the lack of pricing transparency and the difficulty in obtaining initial pricing estimates. Overall, the decision to invest in Evisort depends on the specific needs and budget of the company.