Artificial intelligence software is the latest tool for flawless contract management. Contracts are known for their length and complexity, but artificial intelligence is helping companies manage contracts efficiently. According to some sources, up to ten percent of contracts are lost or misfiled. The loss or misfiling of contracts represents a significant loss of revenue and can expose organizations to ramifications both in reputation and legal action.
Contracts contain a wealth of information, but before artificial intelligence, companies could only extract a tiny percentage of the information available. AI-based software paves the way for companies to access and organize all the data available in their contracts.
Evisort and SpringCM both use artificial intelligence to manage the lifecycle of contracts. However, not all artificial intelligence is created equal. In this article, we will explore what each of these artificial intelligence-based software programs can do.
SpringCM contract management software offers a search feature that allows you to search by custom tags, phrases, and clauses. Customers can also utilize the advanced search options allowing them to specify the span of the search to specific folders, content attributes, or properties.
The artificial intelligence of SpringCM allows users the ability to train and refine search algorithms based on the specific needs of the organization. The AI, once trained, can identify nonstandard clauses and help standardize language across contracts. The AI helps identify contractual issues and generates warnings so that early action can mitigate risks.
Document generation is simplified by creating templates that allow information to be merged from various other locations across the platform. Electronic forms can utilize combined data from users, as well as external systems such as SalesForce.
SpringCM offers customizable reports so that users have access to data-driven insights. Data and metadata can be compiled to generate reports, charts, and graphs.
The cloud-based repository offers an intuitive folder structure, making it easy to search and use while providing scalability and security. The drag and drop feature and the ability to upload large batches of information are vital features for ease of use.
Mobile access lets users access data while on the go. The mobile access provides full searchability from a mobile device, ensuring users have access to any data they may need wherever they are.
Evisort contract management software leads the industry in ease-of-use with pre-trained artificial intelligence. Evisort provides one dashboard with every source of contract information, syncing with all repositories to locate contracts and supporting documents.
Data extraction is done by AI, which automatically categorizes clauses, generates tags, and enables sophisticated search functions. Evisort’s artificial intelligence solutions learn to understand the content of your contracts, enabling automated filing and report generation. Understanding the language in contracts reduces the work it takes to ensure contracts end up in the right place.
The insights provided by machine learning allow the software to track the entire lifecycle of a contract, identifying potential weaknesses in specific clauses. Machine learning is helping companies to understand their contracts better and allowing them to create more effective contracts.
Evisort automatically generates alert for non-standard language, approaching dates of expiration and renewal, and any other required contract action. Evisort also provides users the ability to set customizable alerts for their business-specific needs. Alerts about any approaching necessary action provide significant risks mitigation.
Both Evisort and SpringCM offer many of the same features. Discovering which is the right contract management solution for your organization will depend on your particular needs. Evisort has the unique ability to work well for small companies or large enterprises. SpringCM works best for larger companies that employee over 200 employees.
The artificial intelligence capabilities of Evisort come pre-trained, meaning the software is usable straight out of the box. The artificial intelligence of SpringCM is dependent on on-site machine learning that can take quite some time to work efficiently. If getting your contract management system up and running promptly is essential, then Evisort is the clear winner in this department.