Evisort Enters New Era with Generative AI for Contract Intelligence
December 19, 2022
Evisort, the no-code contract intelligence platform beloved by legal, procurement and sales operation teams worldwide, is entering a new era with the launch of the industry's first generative artificial intelligence (AI) capabilities.
Evisort AI Labs is pioneering new ways to draft and negotiate contracts with generative AI
SAN FRANCISCO, Dec. 20, 2022 /PRNewswire/ -- Evisort, the no-code contract intelligence platform beloved by legal, procurement and sales operation teams worldwide, is entering a new era with the launch of the industry's first generative artificial intelligence (AI) capabilities. Evisort's reimagined AI technology provides transparent, understandable contract recommendations to drive decision-making and contract execution.
Evisort's generative AI builds upon its existing AI capabilities by creating entirely new content. The Evisort AI Labs' innovation empowers legal and contracting professionals to use Large Language Models to draft, redline and negotiate contracts automatically — freeing up time for strategic counseling. Evisort AI Labs' technology can also suggest edits that speed re-negotiations on existing complicated contracts.
"Generative AI is the natural next step to enable decision execution that makes contract management easier. Rapid advances in cloud computing and machine learning developed over the last decade have enabled Evisort to create this innovation," said Evisort Co-Founder and CTO Amine Anoun.
Evisort debuted the new capability publicly on December 18. Legal professionals and business stakeholders can use Evisort's generative AI to compare proposed language to accepted guidelines and direct the system to automatically rewrite using their own common language for unsuitable clauses, drastically speeding up contract negotiation and providing better business outcomes. The technology gives complete visibility into the data and intelligence behind every automated contract negotiation recommendation. Generative AI use cases include streamlining sales, vendor onboarding, and supply chain contracting.
"Before going to Harvard Law, I was in sales. One step required for signing a new deal is waiting for legal contract approval, and at the end of the quarter, that gets tough for both sales and legal," said Evisort Co-Founder and CEO Jerry Ting. "Evisort's generative AI empowers legal professionals to accelerate deals for sales teams by enabling decision execution that helps to drive revenue for organizations."
In the context of contracts, Evisort believes that applying generative AI to aid in negotiation is only the beginning.
"Evisort's customers are interested in using AI to draft completely new contract templates, ensure compliance with regulations and manage their supply chains. We are at the genesis of the real commercialization of AI," said Anoun.
Evisort recently announced the industry's first smart OCR AI with multi-language capabilities and expanded its clause library to help customers accelerate end-to-end contracting. Evisort also became the first AI-native CLM company to be certified for both ISO 27001 for information security and ISO 27701 for privacy and has held SOC 2 Type 2 certification since 2019.
Evisort is the leading transformative business solution for contract lifecycle management and analysis. Powered by proprietary artificial intelligence (AI) trained on 11M+ contracts and billions of data points, Evisort's technology parses the nuanced context and meaning of legal language and helps operational teams scale faster, reduce costs, and deliver greater business impact. Evisort is the first AI-native CLM company to achieve ISO 27001 and 27701 certifications in addition to SOC 2 Type 2 certification. Headquartered in San Francisco, the company supports legal, finance, sales, procurement and IT organizations around the globe. For more information, visit www.evisort.com or connect with us on LinkedIn or Twitter.
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