How It Works: Contract Analysis Software
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:
- Systems that apply predetermined rules.
- Systems that train themselves, either with user supervision or without it.
Within these AI contract process systems, various techniques are utilized to reach the desired results:
- All systems use natural language processing (NLP), as the review of contracts requires the ability to process words.
- Some systems also use a type of artificial intelligence called deep learning that helps properly categorize data.
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.
- Rules-Based Systems allow for the creation of manual “rules” that describe the provisions, with the software able to find any language that fits within the parameters of those rules.
- Unsupervised Machine Learning Systems study data and automatically group clauses or provisions into similar groups, or into groups of outliers.
- Supervised Machine Learning Systems study the data fed to it, learn what language is relevant, and then build models which are tested against a set of agreements that the system is unfamiliar with in an effort to determine its readiness.
- Natural Language Processing takes a look at how applications can work with human language rather than images.
- Deep Learning systems learn to correctly represent data. Take this example: classical machine learning will attempt to learn whether an image is of a dog, while deep learning also tries to determine which parts of the image make up a dog, such as tail, ears or eyes.
With the right contract analysis software for your needs, you can:
- Import contracts from anywhere, in any format.
- Get a big-picture view of your project so that you can better communicate risks.
- Enjoy powerful and flexible search capabilities, whereby you can find documents based on presence or absence of any clause, text within a provision, and custom tags.
- Find any provision in any contract, in any language.
- Compare contracts to a form so you can see exactly where changes have been made across all agreements.
- Export to other systems.
Key Features of Evisort’s Contract Review Software
Evisort was built on AI and machine learning to create a powerful and effective contract analysis tool that assists users, including legal teams:
- Powerful contract search;
- Document tagging and auto tagging with AI;
- Contract templating/creation;
- Dashboard with important dates;
- Secure contract repository in the cloud; and
- Easy integration and import of documents;
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.
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