Artificial intelligence is streamlining many functions in business, and contract management is particularly well-suited to AI-based software management. Whatever the size of the company, effective contract management is tedious and challenging work without AI-based software.
Contracts are generally large and cumbersome documents, especially with their various appendages and addendums. A manual review of numerous lengthy documents takes significant resources. Thankfully, AI-based contract management software removes that burden, allowing people to focus on the creative aspects of their work.
Utilizing the power of AI, contract management software is saving time, money, and mitigating the risks of human error. When deciding which contract management software is right for your business, you need to analyze what you need contract management software to do.
Evisort and ContractWorks are both AI-enhanced contract management software. ContractWorks has been around for quite a while. While Evisort is newer on the market, the company has experienced steady growth since its inception, receiving millions of dollars in seed funding.
Here are some functions of both software:
- Full-text search
- Compliance tracking
- Contract lifecycle management
- Pre-built templates
- Specialty contracts
- Workflow management
- Designed to work with most existing IT systems
Deciding which software is the right choice for your business will depend on which additional features best suit your needs. To begin to understand the differences, you have to understand the fundamentals of machine learning. Machine learning is the part of the AI process that allows the software to begin to learn your contracts. At its core, machine learning allows the software to access, learn, and improve from experience.
ContractWorks and Evisort use machine learning to drive the AI capabilities of their contract management software. However, not all machine learning is created equal. Evisort’s software comes pre-trained in over 50 functions. ContractWorks does not offer the same level of pre-training, meaning that it will take longer to have fully functional contract management software. ContractWorks’ machine learning lacks some of the more sophisticated capabilities that Evisort includes.
Evisort also partnered with Linguistic Systems to provide contract translation analysis in 120 languages. If your company operates on a global scale, this function may be the deciding factor in the right contract management software for you.
ContractWorks design works best for small to mid-sized companies or for individual departments inside a larger corporation. Evisort’s design and capabilities are suitable for businesses of any size. Evisort’s unique AI algorithms enable it to track contracts across an entire enterprise.
ContractWorks places a heavy emphasis on contract storage, tracking, and signing. ContractWorks functions best as an easily searchable contract repository, instead of a complete contract management system. If these are the primary needs for your business, then ContractWorks may be the right choice.
Both Evisort and ContractWorks act as risk mitigators for contracts. Evisort’s more sophisticated machine learning allows it to identify and send alerts regarding non-standard language in a contract. Evisort also has automatic alerts for things like approaching expiration dates, missing signatures, and clause dates.
ContractWorks can send approaching date alerts, but these must be set-up by the end-user. ContractWorks cannot automatically warn of non-standard language, leaving companies exposed to risk unless each contract undergoes a manual review.
Both ContractWorks and Evisort are great at compliance tracking. ContractWorks readily identifies non-compliance but cannot learn from non-compliance. The machine learning in Evisort allows it to identify the causes of non-compliance. The software can then suggest changes to increase compliance in the future.
There is a vast quantity of data in contracts. Evisort is the first contract management software that can mine data from all documents, including third-party contracts. The data has multiple uses, including driving sales and future growth. The data can provide highly targeted advertising, as well as identifying patterns in successful or problematic contracts.
Evisort can grow with your company. With cloud-based storage and access from any device anywhere, your company will not outgrow the capabilities of Evisort. ContractWorks’ software is more limited in scope. Though it can handle a large volume of contracts, it does not function across departments within a growing company. The ultimate decision about which is the better choice for your business will depend on what you need your contract management software to do.