Webinar: How to use AI technology to transform your business
A Deloitte survey of over 2,600 business leaders showed that 82% of respondents said AI increases job satisfaction and enhances performance.
Those are the sorts of goals every business owner strives for. For organizations that are new to AI technology, though, it can be hard to know where to begin and how exactly AI can help your team succeed.
In this webinar, hosted by the Sourcing Industry Group, Evisort's Chief Marketing Officer Michaela Dempsey, and Director of Strategic Consulting, Tom Boyd spoke about how to empower teams with connected contract data, and the benefits of utilizing AI-based technology in contract management.
Attendees walked away with an understanding of how they can use AI technology to connect critical business systems, accelerate sales decisions and report easily on key metrics, related to issues like ESG and compliance.
Here are three of the key takeaways from the webinar, as shown through three different case studies.
AI technology provides full transparency and visibility into your contracts and can save your company tens of thousands of dollars
Take the case of Plug Power (recently rebranded as Plug). Until they started using Evisort, Plug, a United States-based hydrogen technology supplier, had been keeping all their old contracts in boxes in physical storage facilities, adding up to thousands of dollars annually to house their documents.
While the repository kept their contracts safe, Plug leadership knew they needed a better contract management system, but they didn’t know how long it would take for them to onboard and what sort of return on investment they’d receive.
They were happily surprised to see that with Evisort, they could:
- Upload, scan and analyze 10,000 of their contacts in only 15 hours. Within a day, all of their contracts were turned into searchable, mineable data. It was like having an internal Google search engine on all their contract data.
- Establish significant cost savings. Evisort tracked all of Plug’s contract deadlines, and provided notifications about upcoming deadlines, giving stakeholders time to determine whether they still needed a specific service or supplier, or if any services were overlapping. This insight allowed Plug stakeholders to reduce expensive surprises, and also negotiate better deals with vendors. Plus, they no longer had to pay rent for physical storage.
As Joshua Klein, Director of IT at Plug said: “With Evisort, now, not only does Plug have a searchable historical digital archive, we have peace of mind and complete visibility into all contract data.”
AI technologies can automate contract creation and get what you need faster
This capability was demonstrated clearly with the case of Care Initiatives, a not-for-profit skilled nursing and long-term care provider that owns and operates more than 50 nursing homes, assisted living facilities, and hospice offices in Iowa.
Before working with Evisort, Care Initiatives relied on a manual workflow for contract drafting, redlining, approvals, and sign-offs. Instead of having stakeholders review and edit contracts digitally in one central place, team members would sometimes have to physically mail out paperwork and approvals could take days at a time.
By working with Evisort to digitize their contracts and automate their workflows, Care Initiatives was able to cut that approval time down to only one hour. Not having to manually hunt down signatures, create entirely new first drafts of contracts, or wait for post office carriers, was life-changing for Care Initiatives staff, hospice patients, and their families.
Quicker approvals and sign-offs weren’t the only way that Evisort helped Care Initiatives transform their business.
For the first time, with Evisort’s help, Care Initiatives was able to input their full portfolio of legacy contracts in one, easily accessible digital repository. Having the ability to quickly search and pull up contracts resulted in:
- Improved response time and results for annual random facility audits.
- Less stress for compliance officials and stakeholders, knowing that their contracts were in full compliance with federal and state standards.
AI can mitigate vendor, financial, and regulatory risk
One of Evisort’s oldest clients is a global specialty insurance company, with customers and vendors across Ireland, North America, Australia, and Japan. The company approached Evisort because they needed one centralized, digital location that allowed them to have an all-around view of their obligations and risks.
Additionally, because they had clients in so many different countries, the insurance company needed to easily organize and produce reports documenting compliance with specific requirements for each government where they did business. They needed to make sure all their t’s were crossed, and there i’s dotted-- which could be difficult when dealing with so many different – and changing – regulations.
After working with Evisort, the company was able to:
- Search and identify all obligations within each contract and across all contracts in aggregate. Evisort’s AI technology allowed the insurance company to accurately pull all the related data they needed on things like privacy data clauses and renewals - even when the contracts were written in a different language.
- Monitor ongoing supplier performance in order to ensure that each party was delivering on the terms of engagement. Having access to their full portfolio of contract data allowed the insurance company to communicate with their suppliers and make sure everything was on track and deadlines were being reached. And in the case of any sort of data breach, the insurance team was able to quickly scan contracts to make sure they were in compliance with federal, state, and local notification requirements.
With Evisort, the company was able to reduce regulatory risk and more easily provide compliance with governmental policies, allowing stakeholders to sleep better at night.
Interested in learning how Evisort can help transform your business with AI technology? Schedule a demo today!
Find out how
can help your team
Test Evisort on your own contracts to see how you can save time, reduce risk, and accelerate deals.