That’s where Evisort can help.
Evisort provides contract intelligence and contract lifecycle management (CLM) software to help customers overcome security, data, and risk management issues. Trained on millions of contracts, the company’s proprietary AI engine utilizes natural language processing and machine learning to instantly identify key clauses and metadata from any contract to provide accurate and real-time analysis. Clients can even train the AI to pull their own clauses based on templates built from clauses.
“Simple contract management software doesn’t provide information about obligations and agreements. Many providers that claim to provide AI offer either rudimentary, rule-based workflows or human-in-the-loop processes that introduce more risk into an already fragmented contracting process,” says Jerry Ting, Co-Founder and CEO of Evisort. “Our unique offering gives business leaders trustworthy and accurate information, empowering them to make strategic decisions in the organization’s best interest and optimize new contracts based on data from past agreements.”
Reducing Overall Risk
Evisort’s easy-to-use, end-to-end contract management solution is built on three core pillars.
The first is a repository that integrates seamlessly with leading SaaS platforms, enabling a market-leading implementation time of under 30 days. Evisort offers pre-built integrations (Salesforce, for example) and custom integrations via APIs that can synchronize data. This allows teams to keep working with the systems they already use, including Tableau and PowerBI.
Next in the line is an AI-powered analytics and search engine that puts vital data at the fingertips of in-house counsel, M&A analysts, contract managers, auditors, and business leaders. Last but not least, the solution’s CLM workflows help teams standardize and streamline processes to reduce overall risk and accelerate sales cycles.
Evisort’s platform works just like a Google search engine for a company’s entire body of contracts. The platform also helps teams manage the entire contract lifecycle, from project intake to negotiation, contract execution, and ongoing supplier or customer relationship management. Legal, procurement, and business stakeholders can collaborate directly within Evisort to discuss opportunities and negotiate a contract draft.
“The fact that users can work within the intuitive Evisort platform and leverage the power of highly accurate AI without ever writing a line of code is a huge differentiating factor,” says Jake Sussman, Co-Founder and COO of Evisort.
Helping Manage Contract-Related Risks
We are committed to empowering our customers to understand their organization’s obligations and successfully manage their supply chain, cash flow, enable revenue recognition, and overall risk exposure
The Evisort platform surfaces vital information to decision-makers, empowering them to manage contract-related risks for their organizations. Many Evisort customers use the platform to keep track of existing agreements with suppliers so that they can better negotiate future contracts. Evisort also helps companies understand if certain terms are routinely changed during negotiations, prompting them to review the contract for possible updates.
In one instance, Plug Power, a hydrogen fuel cell manufacturer and service provider, decided to work in liaison with Evisort to improve the visibility and traceability of their contract processes. “The team was able to take 8,000 contracts and inject them into Evisort’s solution in just over 15 hours,” says Joshua Klein, Director of IT at Plug Power.
With Evisort, Plug Power can now search and retrieve critical contract information, and the automated dashboards, reports, and customizable alerts ensure they are never caught off guard.
An Absolute Game-Changer
What separates Evisort from the competition is its powerful, proprietary AI. It allows the solution to turn contracts into searchable data in a rapid and accurate manner. Evisort’s AI helps customers quickly find essential provisions, clauses, and metadata, track actionable data in automated dashboards, and accurately report vital information about deals, compliance risks, partners, and customers.
Nancy Krystal, In-House Counsel at the Jelly Belly Candy Company, shares her team’s experience with Evisort AI: “Although some people at Jelly Belly were initially skeptical of using AI, we were blown away by the difference Evisort made for every single person on the team. Evisort’s platform could not only identify and extract the data we needed, it also helped us draft and negotiate new contracts based on what we used in the past. We saved valuable time and money, since we were no longer looking to outsource the work.”
Democratizing AI across Business Operations
Today, customers across various industries, including Microsoft, BNY Mellon, McKesson, NetApp, Keller Williams, and Jelly Belly, rely on Evisort’s contract intelligence and CLM platform. Backed by leading investors, including TCV, General Atlantic, Vertex Ventures, M12, Breyer Capital, Amity Ventures, Village Global, and Serra Ventures, Evisort plans to continue investing in its platform and enhance the capabilities of its AI. The company is also investing in customer-facing teams to ensure an amazing experience for every customer.
“Our unique offering gives business leaders trustworthy and accurate information, empowering them to make strategic decisions in the organization’s best interest and optimize new contracts based on data from past agreements”
These developments are backed by Evisort’s extensive talent in data science, engineering, and product teams. The company celebrates its diversity regarding the team’s education, background, and life experiences. As a remote-first company, they are now adding geography as an aspect of that diversity. Evisort has already created “culture hubs” in cities where the company has a quorum of employees.
As companies increasingly consider intelligent contract management a crucial part of their business, Evisort’s tested and trusted platform is helping drive this strategy forward.. Democratizing AI across business operations and putting meaningful data into the hands of the people who need it the most, the company enables organizations to make good decisions and protect their businesses when competition is fiercer than ever.