Is your company manually managing contracts worth thousands of dollars? Many businesses have found ways to automate their contract process using software and AI.
The lifeblood of a company consists of contracts. They preserve employee relationships and protect your company as well as business arrangements. But the process of creating contracts over a company’s lifetime is costly and time-consuming.
Evisort believes their AI software solves these two problems at once. Evisort provides contract software that quickly and efficiently automates the contract process. They’ve seen rapid growth and lots of hiring in recent years because their software easily adapts to virtually any industry or enterprise. They’ve recently closed a $15 million Series A funding to expand their network and build stronger relations with Microsoft.
If your organization wants to grow but not overspend, it’s necessary to familiarize yourself with exactly how modern software can reduce costs and save time when creating contracts — here’s how AI can automate your contract process.
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Legal Review
Before we continue, we want to emphasize how important choosing the right contract management solution is. Evisort customers usually notice benefits immediately after the system’s AI begins working. However, it’s important to understand what AI or machine learning contract software is before jumping in.
Everybody knows that automation, machine learning and AI are concepts that are changing industries everywhere. Similarly, automating legal review processes can cut costs and save time.
This is especially true for organizations that deal with hundreds of contracts a year.
The labour costs to manually manage and maintain contracts can be huge. Not to mention the risk to the business if something falls through the cracks.
Contract management software allows for the following advantages over manual contract management:
- Automatic tagging of key provisions and clauses using AI.
- Centralization of all data in a secure contract repository.
- Improved communication and transparency within the business.
- Custom alerts for all important dates (Deadlines, Renewal, Expiry)
- Quick identification of high risk contracts using a powerful search and comparison feature.
- The ability to report on all contracts at once.
- End to end contract creation using templating saving time and effort and keeping partners happy.
- E-signature support to reduce turnaround times.
These features not only save time but it keeps contracts uniform, reducing risks.
Agreements and Signing
Anyone in an administrative department or any overseer of contracts knows how painfully slow email threads feel — especially when a deadline is fast approaching.
A robust contract system lowers signing wait times for all parties involved. Negotiations, mergers, and deals will be more efficient with automation at the steering wheel.
Contract management software can streamline the negotiation process by:
- Track dates, deadlines, drafts.
- Vendor role changes.
- Highlight poorly defined duties.
- Prioritize the needs of multiple parties at once.
Without AI, a drafter must track many stages of the contract draft. This can be a painstaking process because they need to manually keep track of everything and constantly verify the most current draft contains all agreed terms.
Evisort grants revision access to all parties so everyone is privy to any changes with a version history. Evisort is especially appreciated during these time-consuming back and forth negotiations.
Monitor Compliance
A contract’s entire content (descriptive elements and data) is completely searchable and transparent. This means the amount of time spent on searching and verifying details is drastically reduced. Contract management software also generates summary sheets when someone needs to look at key terms, dates and any deliverables determined by the contract.
Monitoring benefits:
- Easy access to key data.
- Accurately monitor compliance.
- Recorded payments.
- Duplication alerts.
- Complete management control.
- Notifications about unfulfilled terms and upcoming renewal dates.
Searching for any term within a contract saves a lot of time and billable hours. This allows contract managers to spend more time on making plans to cancel, renew or change other contracts for the upcoming annual term.
If you feel like tracking terms, renewals, particular conditions and deadlines is one of the biggest challenges for your business, you’re not alone.
The amount of time, money and energy it takes to perform even just a couple of contract functions can be stressful.
AI benefits for Contract Management recap:
- Command AI to manage contract content throughout the lifecycle process.
- Save time during the negotiation stage.
- Reduce billable hours without compromising quality.
Whether you’re a startup that’s cash-conscious or an established company that needs to improve your bottom line, software solutions offered by companies like Evisort can help your company cut costs and save time for more important things.
