Four Ways to Maximize ROI on Vendor Spend with Contract Intelligence

December 22, 2021

In our last blog post, we talked about six of the most common hurdles to vendor contract management, and how you can overcome them with contract intelligence — the application of artificial intelligence (AI) to contract lifecycle management. With contract intelligence, you can instantly turn your vendor contracts into searchable data so you can answer any question about your existing agreements. Contract intelligence also helps you optimize the entire contract process, from contract negotiation to creating contracts to managing contracts.

However, getting the most out of your vendor relationships isn’t just about getting past challenges as they arise. In order to realize the greatest possible return on your investment, you need to optimize how you work, both internally and with external partners. Here’s a look at four ways in which contract intelligence helps you do that.

1. Streamline change management with easy integration and adoption

If you want to maximize your vendor spend ROI, you need to beef up your contract analytics capabilities ASAP. In order to do that, you need a solution that’s effective from day one. Too many legal and procurement teams have adopted subpar contract management solutions only to find that those platforms take months to get up and running. A contract management system powered by AI will give you valuable business insights right away, but most contract management software isn’t there.

So how can you tell the difference between a real contract intelligence platform and the rest of them?

It’s easier than you might think. Genuine AI doesn’t need teams of human handlers to guide it and correct its errors along the way. Machine learning algorithms do the learning on their own — just point them in the right direction, and they’ll learn everything that’s in your contract portfolio.

You should be able to upload your contracts without any prior preparation and see the system pull key clauses from your contracts in real time, before your eyes. We call that the “Evisort Challenge.” If you can’t test a platform with real documents, do you really want to invest your precious money or time trying to implement it?

Once you’ve uploaded your contracts, you should expect to be able to view the information they contain in a digestible format. Evisort will automatically produce a contract intelligence dashboard for you in under 24 hours if you have your contracts stored in Box, Dropbox, Google Drive, Sharepoint, or OneDrive, thanks to the platform’s versatile integrations. There’s no need to migrate your contracts into the system, or to get IT involved (although if you want to use Evisort as a centralized repository, it does that, too). You can keep all of your contracts where they are, with existing folder structures and file names, so there’s no disruption to the way your team works.

This ease of adoption minimizes the time and effort required for vendor management and legal teams to implement Evisort, which in turn preempts the need to undertake a time-consuming, labor-intensive change management initiative. You can get your ROI right away.

2. Keep track of price increases

Once you have your contract intelligence system in place, you can start efficiently tracking key terms. Having vital information at your fingertips helps you to react swiftly and decisively when the unexpected happens. Instead of scrambling to find the contract terms you need across hundreds of different documents, you can get straight to crafting strategies and solutions.

Price increases are a great example. Many contracts provide that the price will periodically rise to keep pace with inflation as measured by the Consumer Price Index. With inflation well over 5% as of Fall 2021, how many of your contracts have recently increased in price, or are set to do so?

With Evisort’s Intelligent Dashboarding feature, you can keep these pricing provisions on hand without having to track them manually. When a trigger event occurs, you’ll be ready. Planning and managing a budget is exponentially easier when you can see at a moment’s notice how you’ll need to adjust your cash flows over time.

3. Anticipate data breach notification requirements

Data privacy incidents have been a landmine for companies that were caught unprepared — but it’s possible to prepare for them by learning what your team needs to do when they occur. If a data breach were to happen to your business tomorrow, would you know which customers have which breach notification requirements? Do all your contracts, whether third-party or on your business’s standard forms, have the same time requirements for breach notices?

With a contract intelligence system in place, you don’t have to wait until after a breach to get caught up. Lightning-fast AI review times make it easy for you to quickly find and compare specific clauses across your entire contract portfolio, even if the contracts are written on your vendors’ templates. If you already have that information ready to go, you won’t have to panic if a data breach happens. Act, don’t react.

4. Mitigate losses in response to supply chain disruption

Another issue that’s top of mind for vendor contract managers is supply chain disruption. Industries of all sorts have been hit by shortages of necessary parts and inputs, and those shortages are not projected to go away anytime soon. If your business is unable to deliver the full shipments that you’ve promised to all of your customers, how quickly can you determine how many and which of your customers will accept a partial shipment?

Contract intelligence doesn’t stop with your vendor contracts. With the speed of AI at your disposal, you can immediately pull up relevant clauses from throughout all of your customer contracts, too. With that information handy, you could preserve as much revenue as possible by sending partial shipments to customers who would accept them, without taking the risk of wasting inventory or shipping expenses on customers who wouldn’t. You could also check whether shipping delays or partial shipments on your end subject you to liability, enabling you to plan ahead. Evisort makes it easy to get to data that’s otherwise challenging to get to on short notice.

Evisort’s contract intelligence works from day one to help you get the greatest ROI possible out of your vendor spend.

Want to learn more about getting your money’s worth from your vendors through contract intelligence? Download our white paper, Six Best Practices to Maximize Value from Vendor Contracts.


In our last blog post, we talked about six of the most common hurdles to vendor contract management, and how you can overcome them with contract intelligence — the application of artificial intelligence (AI) to contract lifecycle management. With contract intelligence, you can instantly turn your vendor contracts into searchable data so you can answer any question about your existing agreements. Contract intelligence also helps you optimize the entire contract process, from contract negotiation to creating contracts to managing contracts.

However, getting the most out of your vendor relationships isn’t just about getting past challenges as they arise. In order to realize the greatest possible return on your investment, you need to optimize how you work, both internally and with external partners. Here’s a look at four ways in which contract intelligence helps you do that.

1. Streamline change management with easy integration and adoption

If you want to maximize your vendor spend ROI, you need to beef up your contract analytics capabilities ASAP. In order to do that, you need a solution that’s effective from day one. Too many legal and procurement teams have adopted subpar contract management solutions only to find that those platforms take months to get up and running. A contract management system powered by AI will give you valuable business insights right away, but most contract management software isn’t there.

So how can you tell the difference between a real contract intelligence platform and the rest of them?

It’s easier than you might think. Genuine AI doesn’t need teams of human handlers to guide it and correct its errors along the way. Machine learning algorithms do the learning on their own — just point them in the right direction, and they’ll learn everything that’s in your contract portfolio.

You should be able to upload your contracts without any prior preparation and see the system pull key clauses from your contracts in real time, before your eyes. We call that the “Evisort Challenge.” If you can’t test a platform with real documents, do you really want to invest your precious money or time trying to implement it?

Once you’ve uploaded your contracts, you should expect to be able to view the information they contain in a digestible format. Evisort will automatically produce a contract intelligence dashboard for you in under 24 hours if you have your contracts stored in Box, Dropbox, Google Drive, Sharepoint, or OneDrive, thanks to the platform’s versatile integrations. There’s no need to migrate your contracts into the system, or to get IT involved (although if you want to use Evisort as a centralized repository, it does that, too). You can keep all of your contracts where they are, with existing folder structures and file names, so there’s no disruption to the way your team works.

This ease of adoption minimizes the time and effort required for vendor management and legal teams to implement Evisort, which in turn preempts the need to undertake a time-consuming, labor-intensive change management initiative. You can get your ROI right away.

2. Keep track of price increases

Once you have your contract intelligence system in place, you can start efficiently tracking key terms. Having vital information at your fingertips helps you to react swiftly and decisively when the unexpected happens. Instead of scrambling to find the contract terms you need across hundreds of different documents, you can get straight to crafting strategies and solutions.

Price increases are a great example. Many contracts provide that the price will periodically rise to keep pace with inflation as measured by the Consumer Price Index. With inflation well over 5% as of Fall 2021, how many of your contracts have recently increased in price, or are set to do so?

With Evisort’s Intelligent Dashboarding feature, you can keep these pricing provisions on hand without having to track them manually. When a trigger event occurs, you’ll be ready. Planning and managing a budget is exponentially easier when you can see at a moment’s notice how you’ll need to adjust your cash flows over time.

3. Anticipate data breach notification requirements

Data privacy incidents have been a landmine for companies that were caught unprepared — but it’s possible to prepare for them by learning what your team needs to do when they occur. If a data breach were to happen to your business tomorrow, would you know which customers have which breach notification requirements? Do all your contracts, whether third-party or on your business’s standard forms, have the same time requirements for breach notices?

With a contract intelligence system in place, you don’t have to wait until after a breach to get caught up. Lightning-fast AI review times make it easy for you to quickly find and compare specific clauses across your entire contract portfolio, even if the contracts are written on your vendors’ templates. If you already have that information ready to go, you won’t have to panic if a data breach happens. Act, don’t react.

4. Mitigate losses in response to supply chain disruption

Another issue that’s top of mind for vendor contract managers is supply chain disruption. Industries of all sorts have been hit by shortages of necessary parts and inputs, and those shortages are not projected to go away anytime soon. If your business is unable to deliver the full shipments that you’ve promised to all of your customers, how quickly can you determine how many and which of your customers will accept a partial shipment?

Contract intelligence doesn’t stop with your vendor contracts. With the speed of AI at your disposal, you can immediately pull up relevant clauses from throughout all of your customer contracts, too. With that information handy, you could preserve as much revenue as possible by sending partial shipments to customers who would accept them, without taking the risk of wasting inventory or shipping expenses on customers who wouldn’t. You could also check whether shipping delays or partial shipments on your end subject you to liability, enabling you to plan ahead. Evisort makes it easy to get to data that’s otherwise challenging to get to on short notice.

Evisort’s contract intelligence works from day one to help you get the greatest ROI possible out of your vendor spend.

Want to learn more about getting your money’s worth from your vendors through contract intelligence? Download our white paper, Six Best Practices to Maximize Value from Vendor Contracts.