Contract analysis software brings many key benefits to any organization. One of the key benefits is to improve the entire contract review process and easily integrate documents. Such software is fueled by the latest developments in artificial intelligence (AI) which allows you to automatically locate, extract, and review key information and data points in just minutes ”“ something that previously took hours.
Not only does such software enhance visibility into your contracts, making it easy to get a speedy snapshot of important contract terms, but it can also quickly and intuitively respond to changes in law, terms, provisions, clauses, deadlines, and due dates. Additionally, it allows you to better communicate risks both within your project team as well as to your clients. Ensuring seamless integration is key to successful customer lifecycle management. AI will aid you in developing and improving your company’s relationship with your clients.
In recent years, the use of machine learning (ML) for natural language processing (NLP) has enjoyed a big success in performing tasks that were previously only done by humans. Most notably, the use of deep learning has really taken off in this field, allowing models to learn from large amounts of data, while reducing human error.
As a result, contract analysis software can learn from businesses’ data to rapidly uncover valuable insights. The ability to get a bird’s-eye view of a contract can not only increase productivity but also efficiency in the due diligence process of many businesses, including law firms. But how does it work?
Underlying concepts can be broken down into two main categories of artificial intelligence:
Within these AI contract process systems, various techniques are utilized to reach the desired results:
Let’s break this down a little further. There are many systems that can comprise a contract review software system. Keep in mind that most contract analysis software solutions incorporate several different technologies to achieve the desired result for the user.
With the right contract analysis software for your needs, you can:
Evisort was built on AI and machine learning to create a powerful and effective contract analysis tool that assists users, including legal teams:
Evisort’s artificial intelligence algorithms were developed by scientists from deep learning labs at MIT, legal research experts from Harvard Law School, and an advisory network of business and legal experts. Evisort’s software is based on these four steps: classify, extract, report, and track.
Our software sifts through thousands of documents in folders or a document management system, classifying by document and contract type.
Our software extracts provisions, party names, dates, addresses, payment terms, financial information, and other important contract data in real-time.
Our contract management software allows you to keep track of your obligations, liabilities, and renewals, driving operations with live tracking.
Our contract management solution generates instant reports with the answers to your contracting and benchmarking questions.
To get a free demo and learn more about our contract analysis software, contact us today. Easier, more productive contract analysis and due diligence is within your reach! If you found this article interesting then check out our whitepaper on changing approaches to contract management for procurement.
Contract analysis software brings many key benefits to any organization. One of the key benefits is to improve the entire contract review process and easily integrate documents. Such software is fueled by the latest developments in artificial intelligence (AI) which allows you to automatically locate, extract, and review key information and data points in just minutes ”“ something that previously took hours.
Not only does such software enhance visibility into your contracts, making it easy to get a speedy snapshot of important contract terms, but it can also quickly and intuitively respond to changes in law, terms, provisions, clauses, deadlines, and due dates. Additionally, it allows you to better communicate risks both within your project team as well as to your clients. Ensuring seamless integration is key to successful customer lifecycle management. AI will aid you in developing and improving your company’s relationship with your clients.
In recent years, the use of machine learning (ML) for natural language processing (NLP) has enjoyed a big success in performing tasks that were previously only done by humans. Most notably, the use of deep learning has really taken off in this field, allowing models to learn from large amounts of data, while reducing human error.
As a result, contract analysis software can learn from businesses’ data to rapidly uncover valuable insights. The ability to get a bird’s-eye view of a contract can not only increase productivity but also efficiency in the due diligence process of many businesses, including law firms. But how does it work?
Underlying concepts can be broken down into two main categories of artificial intelligence:
Within these AI contract process systems, various techniques are utilized to reach the desired results:
Let’s break this down a little further. There are many systems that can comprise a contract review software system. Keep in mind that most contract analysis software solutions incorporate several different technologies to achieve the desired result for the user.
With the right contract analysis software for your needs, you can:
Evisort was built on AI and machine learning to create a powerful and effective contract analysis tool that assists users, including legal teams:
Evisort’s artificial intelligence algorithms were developed by scientists from deep learning labs at MIT, legal research experts from Harvard Law School, and an advisory network of business and legal experts. Evisort’s software is based on these four steps: classify, extract, report, and track.
Our software sifts through thousands of documents in folders or a document management system, classifying by document and contract type.
Our software extracts provisions, party names, dates, addresses, payment terms, financial information, and other important contract data in real-time.
Our contract management software allows you to keep track of your obligations, liabilities, and renewals, driving operations with live tracking.
Our contract management solution generates instant reports with the answers to your contracting and benchmarking questions.
To get a free demo and learn more about our contract analysis software, contact us today. Easier, more productive contract analysis and due diligence is within your reach! If you found this article interesting then check out our whitepaper on changing approaches to contract management for procurement.