Product Overview of Evisort
Evisort is a cutting-edge, AI-powered contract management platform designed to streamline and optimize the entire contract lifecycle for legal, procurement, sales, finance, and IT teams. Here’s a detailed look at what Evisort does and its key features and functionality.
What Evisort Does
Evisort centralizes contract management by ingesting existing contracts, extracting relevant information, and providing actionable insights without the need for manual data entry. This platform leverages advanced machine learning algorithms to understand the meaning of words within contracts, enabling teams to be more strategic with their time.
Key Features and Functionality
Automated Contract Ingestion and Data Extraction
Evisort can ingest thousands of documents quickly, including scanned image files and PDFs, and extract over 60 key data points such as party names, payment terms, expiration dates, indemnification clauses, and limitation of liability.
AI-Powered Contract Analysis
The platform is pre-trained on over 10 million examples of clause language, allowing it to detect and extract clauses automatically and accurately. It can read a 15-page document in under 30 seconds and convert static repositories into queryable, actionable data.
Customizable AI Training
With Evisort’s Automation Hub, users can train the platform’s AI to recognize clauses unique to their business with just a few examples, without requiring any coding experience. This feature helps in finding and reporting on unique clauses within the company’s contract portfolio.
Advanced Search and Document Management
Evisort offers an Advanced Search feature similar to Google’s search engine, which quickly turns contracts into searchable data. The platform also includes a new document groups experience, allowing users to associate related agreements through hierarchical relationships, and a new document viewer with PDF preview and commenting capabilities for enhanced collaboration.
Contract Workflow and Collaboration
Evisort streamlines contract generation with integrated intake forms that pre-populate contract templates, accelerates stakeholder review with AI-generated redlines, and enables collaboration through commenting and tagging reviewers directly in the document viewer.
Reporting and Analytics
The platform generates executive-ready reports and allows users to run unique reports on demand across multiple or select fields. It also integrates with enterprise-wide systems like ERP and CRM, synchronizing contract data to reduce risk and accelerate decision-making. Users can export data and reports into Excel or other business intelligence tools.
Compliance and Due Diligence
Evisort automates due diligence processes, saving time and money by streamlining the review of thousands of documents. This is particularly beneficial for companies undergoing M&A, VC evaluations, or other critical processes.
Integration and Implementation
Evisort supports over 238 contract types and 64 contract fields and provisions out-of-the-box and can be implemented in less than 30 days. It offers standard integrations that allow rapid contract ingestion without significant IT effort.
Benefits
- Time Savings: Evisort significantly reduces the time spent on manual data entry and contract review.
- Accuracy: The platform ensures high accuracy in extracting and tracking contract data.
- Enhanced Decision-Making: By providing actionable insights and executive-ready reports, Evisort supports better decision-making.
- Risk Reduction: It helps in staying ahead of deadlines and customizing alerts to ensure compliance and reduce risk.
- Improved Collaboration: Evisort facilitates seamless collaboration among teams through advanced search, commenting, and tagging features.
Overall, Evisort’s Intelligent Contract Management Platform is a powerful tool that leverages AI to transform contract management into a streamlined, efficient, and strategic process.