Evisort Contract Management Solution

An Evisort Contract Management Solution is an AI-powered contract management system produced by Evisort Inc..

• Context:
  • It can (typically) be used to create an Evisort-based Contract Management System.
  • It can (typically) read and extract contract data.
  • It can (typically) track key contract clauses and contract obligations.
  • It can (typically) provide data analytics and business insights.
  • It can (typically) automate Contract Workflows.
  • ...
  • It can integrate with common Contract Storage Systems.
  • It can Ingest Contracts.
  • …
• Example(s):
  • Evisort Platform, 2023.
  • …
• Counter-Example(s):
  • Ironclad Jurist.
  • LawGeex AI Contract Review Platform,
  • Kira Systems, a competing AI contract review tool.
  • Casetext CoCounsel,
  • Ironclad CAI,
  • DoNotPay (Virtual Legal Assistant,
  • Cognitiv+.
• See: Contract Lifecycle Management System, AI-Based Contract Analytics System, AI for Legal, Contract Review System, Contract AI System, Legal AI Chatbot, Contract Analysis, Contract Management System.

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References

• Website: https://www.evisort.com

2023a

• (LinkedIn, 2023a) ⇒ https://linkedin.com/company/evisort/about/
  • QUOTE: ... Evisort offers the next generation of AI-powered contract intelligence. Evisort’s AI platform for contract lifecycle management and analysis connects contract data, unlocks productivity, and delivers digital workflows that create great experiences across the enterprise. Powered by proprietary AI trained on 11M+ contracts and 1B+ data points, Evisort is the first AI-native CLM company to achieve ISO 27001 and ISO 27701 certifications in addition to SOC 2 Type 2 certification.

2023b

• (LinkedIn, 2023b) ⇒ Sr. User Experience Designer." Job Description
  • SUMMARY
    • Developing "next-generation" ideas and wanting to be a "transformative" product indicates they are still actively innovating and advancing their AI technology.
    • Doing "competitive research" suggests they closely monitor the market landscape and differentiate themselves from other vendors.
    • Using analytics data, prototypes, and user testing shows they follow a user-centric design process to improve experiences.
    • Aligning design with business outcomes demonstrates their focus on business impact beyond just technology.
    • Supporting both current applications and future ideas implies they balance improving existing products while also building new innovations.

2023c

• (LinkedIn, 2023c) ⇒ Senior Data Scientist I, NLP." Job Description
  • SUMMARY: the job reflects an advanced NLP team working on cutting-edge techniques and deploying impactful AI products for the legal domain.
    • Using "cutting-edge AI technology" indicates they are developing innovative NLP and machine learning approaches.
    • Supporting "exponential growth" shows they are rapidly scaling their data science capabilities.
    • Building end-to-end NLP products demonstrates their technical depth in developing AI solutions.
    • Deploying models into production to deliver business impact highlights their focus on real-world outcomes.
    • Advancing state-of-the-art NLP and staying up-to-date on trends like generative AI and LLMs shows they are pushing the boundaries of legal AI.
    • Mentoring team members points to their commitment to growing in-house talent.
    • Strong backgrounds sought in deep learning, Transformer models, and NLP tasks conveys the complexity of problems they tackle.

2023d

• (Evisort, 2023) ⇒ https://www.evisort.com/product/overview
  • SUMMARY:Here is a summary of the key points from Evisort's website:
    • In 2023, Evisort released an AI-powered contract management system to help companies streamline contract management processes Evisort product overview:
    • Evisort's software uses machine learning to read and extract contract data, track key contract clauses and contract obligations, provide data analytics/business insights, and automate contract workflows.
    • Key features include: ingesting contracts from other systems, contract drafting/contract negotiation with contract templates, finding information with a contract search engine, tracking deadlines/terms, creating contract analytics reports, managing contract lifecycles, and enabling cross-team collaboration.
    • Benefits touted are increased operational efficiency, contract risk mitigation, faster contract execution, better visibility into contract data, and centralized enterprise contract management.
    • Target customers are legal teams, procurement teams, sales teams, finance teams, and IT teams in corporations and law firms.
    • Evisort claims its AI model can achieve up to 90% accuracy in analyzing contracts through training on over 1 billion contract data points.
    • The platform integrates with other business systems via API and offers workflows, analytics, audit trails, version control, and other collaborative features.
    • Overall, Evisort aims to use its AI technology to help companies unlock the value in their contract data, improve contracting processes, and gain strategic insights.

2023e

• (Ecisort, 20236) &Arr; https://www.evisort.com/product/overview Video Presentation
  • SUMMARY:
    • Evisort is an AI contract management system that uses machine learning to extract data from contracts, making the information actionable across the business.
    • The software integrates with common storage systems like Google Drive and SharePoint to bring contracts into Evisort's platform.
    • Evisort's AI scans contracts, uses OCR to convert to text, and extracts important information like parties, dates, obligations, etc.
    • Custom AI models can be built to find unique clauses or language without coding, like for regulatory compliance.
    • The extracted contract data powers an intuitive search engine and custom analytics dashboards for stakeholders.
    • Workflow automation is enabled using the data to generate contracts from templates, speed up reviews/approvals, and maintain compliance.
    • Key benefits highlighted include faster contract execution, risk reduction, efficiency gains, and data-driven decisions.
    • Overall, Evisort aims to leverage AI to unlock value from contract data across the enterprise and improve contracting processes.

2023f

• (Gartner, 2023) ⇒ https://www.gartner.com/reviews/market/contract-life-cycle-management/vendor/evisort/product/evisort-contract-intelligence-platform
  • On March 21, 2023, Evisort Inc. announced the launch of its next-generation AI contract processing with advanced OCR ingesting capabilities.
  • Evisort's proprietary AI has been enhanced to ingest and analyze up to 450,000 contracts per day. This allows organizations to rapidly build a complete, intelligent contract repository within days instead of months.
  • The new OCR improvements address challenges like deciphering handwriting, blurry text, tables, headers, footers and watermarks. Evisort's AI can now recognize multilingual handwriting and typed text in languages like Chinese, Japanese, and Korean.
  • This enables enterprise customers to gain insights into worldwide operations, including regional offices, through connected contract data.
  • Evisort AI Labs has also trained generative AI models that assist users with contract drafting, contract redlining, and contract negotiation based on existing contract data and large language models.
  • By eliminating siloed contract data, business leaders can strengthen global ecosystems and educate stakeholders on using contract data to enable frictionless global operations.
  • Evisort believes that allowing AI-powered contract data insights to flow across the organization is key to accelerating AI business impact. Knowing contract terms helps teams adapt to changes in regulations, laws, supply chains, sales obligations etc.
  • At Legalweek 2023, Evisort and Epiq will host a live session on how AI and generative AI are reshaping the legal landscape. Evisort CEO Jerry Ting will discuss transforming legal teams through AI.

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