Automation Hub and Advanced Search
Evisort’s Automation Hub™ allows you to find and report on unique clauses to get answers faster than ever without expensive review. Get insights in an instant with Evisort’s AI and easily search contracts – without writing a line of code. Watch this on-demand demo of Evisort's Automation Hub and Advanced Search to learn how you can:
Jay Combs (00:00):
Welcome, everybody. I'm Jay Combs. I am the Director of Product Marketing here at Evisort. And this is Riley. Please introduce yourself.
Riley Hawkins (00:08):
Yeah. My name's Riley Hawkins. I'm a friend of Jay's. Also, we work together at Evisort. I've been at Evisort for the last five plus years as a founding member of the company. I'm a lawyer by background, so this day cannot come too soon. The end of having to mainly review contracts is something that I and a lot of people have been waiting for, for a long time. And I lead a team at Evisort called Strategic Consulting, who would like to invite you to test this AI on our dime at any point.
So after this webinar, if you're at all excited about what you see here, we are really excited to work with you and I'm just excited to get started here. Jay so, I'll turn it over to you to kick it off. If folks have questions, you can drop it in the chat any time through here and we will either answer it live or we'll try to get to it later, or we'll send you a follow up. But happy to have folks engage in any way that they want to because this is exciting stuff.
jay Combs (01:11):
Yeah, right on. I am not a lawyer. I just wanted to disclose that. I am married to one, so still have some title of the lobby on just working at Evisort. Yeah, and like Riley said, please yeah, use the chat. We also have that Q&A box. I know Zoom has a separate chat and a separate Q and A box. If you do have questions, we encourage you to drop stuff in there. If there's something you want to know that maybe we're not addressing, pop it in there. We'll do our best to answer everything and you can always follow up afterwards. Definitely want to get as many questions answered as we can and go through this. All right. And so with that, here's the agenda real quick. I'm going to give you a quick overview. I'm not sure how familiar everybody is with Evisort, so I'll just give you a real brief overview of who Evisort is and what we do.
Then the big stuff. We're going to talk about what we've developed, the huge advancements with our artificial intelligence to help find unique clauses in your contracts and some of the other really cool stuff we've developed to help improve the document management experience and the search experience, which you think folks will really, really find beneficial. And then more importantly, we'll spend most of the time with Riley doing a demo so you can see everything live, no smoke and mirrors there. Just Riley doing his thing and ask questions and hopefully we get to talk with you more after this event. So thanks everybody for joining. Let's do it.
All right. So yeah, Evisort is an innovative solution for contract management and analysis. We serve a variety of different customers and different verticals all the way from super large enterprises down to smaller high growth companies with contract management needs. We have our main platform, which is called our contract intelligence platform, which really serves to protect scale and accelerate business. And I know that's kind of a jargony slogan, but let me explain.
The contract intelligence platform has really three key things. It has one, a central contract repository that can connect into your cloud repositories, be it Google or Microsoft or Box, your local repositories or local drives, or even email to be able to get your contracts into single source of truth. We know a lot of the bigger challenges with contract management for folks. Yes, there are advanced challenges out there, but a lot of folks just need to know where their contracts are and what's in them. And so we want to solve that base challenge in a really simple and easy way. So we have many out of the box integrations that can ingest your contracts and centralize them really in a matter of minutes or hours depending on how many contracts you have.
And then number two, once we get those contracts into a centralized location, and by the way with that central source of truth, we can continue to use your existing systems. We're not trying to replace those, we're trying to integrate with them because we know adoption of new systems is always hard and people have their preferences for the systems they already use. We want to work where you already worked.
Number two, contracts analytics. So once we can ingest those contracts, we can quickly analyze the contracts really in two ways. At an aggregate level. So you can see a summary view of what kind of contracts you have, who are the counterparties, what are the expiration dates, types of payment terms, breach notice, a lot of different data at an aggregate level that can help you drill down and sort out your contracts when you're trying to solve different problems. And then at the individual document level, pulling out key fields, metadata clauses so you can quickly zoom in and find and do reviews faster within the platform.
And then number three, obviously analyzing your contracts and finding data and turning them into searchable data is just one part of it. You need to be able to create new contracts. So we have a contract life cycle management component called a workflow module that allows you to draft, red line, review, amend, approve, and sign contracts, all from this one end to end platform. So it all works together. It's easy to deploy and a lot of folks have had maybe less than fun experiences with the CLMs or contract lifecycle management systems in the past where stuff might take weeks or months or excuse me, months or even years to deploy. The value of our system too is that it is very quickly to deploy in a matter of weeks. Obviously, we try to start with key primary use cases and scale up as your needs expand. So we don't try to sell you everything all at once. We try to start with a very specific use case to help you get value right away.
All right, that's my spiel on the overall platform. Let me see if there are any questions. Doug, "Can we get a copy of this presentation?" I believe you can. We'll make sure we send out this stuff after the show. All right, let's get into the fun stuff. All right, so there's a lot in the platform, but two weeks ago we announced a couple different major products that we introduced. And the biggest one of those is what we're calling Automation Hub with quick AI. And historically, one of the key elements of the episode platform was be able to tag in a contract, highlight certain texts or language, tag it as a specific clause like confidentiality or miscellaneous expenses or something wrong, ESG or duty to defend.
Be able to find that across all of your contracts. And it's a great feature, highly powerful. But what we were hearing from our customers, they wanted more visibility into who is creating those clauses. How many they had. How many identifications that were out there. "Does this program have a key trademark tracking and monitoring?" We will get to that question in a moment during the demo. Thanks for asking that question. And so more visibility into how many custom clauses you have in a way to manage that so you can have control over who is actually creating these different types of models to find things in your contracts. The key thing here, what's different that you might see from other contract management systems out there is this is a self-serve no code system. Meaning you don't need to have a data science degree or expertise in order to use. It in order to create your own custom clauses.
It works instantly on your contracts. There's no heavy professional services that need to be set up in order to do it. It comes with the platform and you can create those custom clauses as you see fits. Very easy to use. And Riley's going to show you how you can actually do it. And we'll talk about how we can track IP and trademark language. The answer is yes, you can track that stuff and Riley might actually have an example where we can talk through that with you. So this is you. This is taking us a really long time to build and develop. And the key thing here, there's not just the management visibility into it, but the Quick AI that's behind it is it may sound simple and when you see the demo, it looks simple, but it's really a really powerful tool that gives you lightning in your fingertips, that some of our customers have said, to be able to quickly find unique clauses to your business.
A lot of systems will have standard out of the box clauses that come with the system, including us. We have a bunch, dozens of fields and clauses that come with our system, but for each individual customer, they have many unique needs. And this is what allows you to scale up and really find as many unique clauses or fields that you... Or actually clauses in your system that you need to support your business. All right? And then once you're able to train those models with the Automation Hub, the key thing is, all right, how do I take action on it? How do I find those fields in my contracts? How do I do audits? Maybe you're trying to find data or find contracts that need to update standard contractual clauses as part of your GDPR updates that needs to be done by the end of the year.
We've created a new search experience. Our existing search experience is great. It's kind of similar to what if you guys have ever used a Salesforce where you build different search rules and combine different things line by line, which is still really powerful and a lot of folks like, but the world has moved to searching. Similar to how Google does things, right? You go into a search bar, you type a couple things, there's a couple operators that you can use, and then you have a lot of filters that you can provide to really drill down into the data that you need. So you could start with 10,000 contracts, add a couple filters by counterparty, contract type, maybe search for specific types of terms like outdated privacy language, put some effective dates in there. You can quickly drill down to maybe tens of contracts or a single contract to get what you need in a matter of a couple clicks. So it really speeds up that search experience and helps you with your audits and remediation. All right.
The next step. When you view documents in Evisort, we've historically had really two ways to look at it. The PDF view of your original document and then an OCR text view. And what we heard from customers was that even when you were looking at the OCR text view, it looks different from your PDF. From the scan document you had. Folks were like, "Oh hey, I want to make sure this is matching up to my original documents." What we've done is really created this unified view that preserves the look and feel of your original PDF while making it fully searchable. So you can look at your PDF, and Riley will show you this exact contract and you can actually search in CTRL+F and link to specific fields and clauses right on the PDF itself, giving you that intuitive experience. So you have confidence that the text that was in your original document is what we're pulling up and analyzing with our system.
The next thing is document groups. And this is a especially important if you're maybe a legacy business and have been around for a hundred plus years or 50 years. You're going to have tons and tons of contracts, amendments that have evolved over time. It can be really hard to understand the relationship across those agreements. And we've always offered ways to have document groups to tie different agreements together. But what we've done now is made it a lot more intuitive to be able to move groups around, change the hierarchy, the logical relationships with groups. So you can do a drag and drop and determine what types of fields you need to see when looking at your different contractual relationships. So you can really get a better view of that latest operative agreement with a given counterpart.
Riley Hawkins (12:34):
Yeah, Jay, I think this is a really important use case because those complex customer and supplier relationships are hard to understand. Especially if things are stored in folders with different file names. And tying that all together is, and the AI's going to help with that. Ultimate thing is, "Hey, you've got all these contracts, they're stored in different places. How do we bring some level of organization to that?" And then use AI to help you answer any question that you ever had about your contracts and all these features come together. Just make that a really easy user experience too. And that was one of the things that when I was working at a law firm, somebody in the chat asked, "Hey, is this technology available for law firms?" A lot of corporations use Evisort across multiple different departments. A lot of them use it with their outside counsel.
We have law firms as clients. Bottom line is when I was at a law firm, I was having to go through and read documents, scanned PDF by scanned PDF looking for important language like assignment language for a merger for example. And it is time intensive. There's a lot of opportunity for error and it's expensive. And so what we're trying to do is really democratize AI, put it in the hands of legal professionals, procurement professionals, finance professionals to help them answer any question they ever had about their contracts in a couple of minutes as opposed to a couple of months. So yeah, Jay, I think those features you covered are really important. I'm excited to bring it to life with a demo here that I think will really spark the imagination of folks on the call.
jay Combs (14:07):
Yep, go for it and definitely have some questions coming in and I want to make sure we do answer them. There was one question around like Salesforce, we do have a Salesforce integration. I know that's a little different from this particular demo. I don't know if you have the answer to that off the bat for multi folder structure support, but certainly something we can answer offline and get back to.
Riley Hawkins (14:35):
Yeah. Absolutely. I think that's a great... I saw that question, specific question. Happy to follow up around that over email. I want to dive into the demo here just with limited time.
jay Combs (14:47):
Go for it.
Riley Hawkins (14:48):
You're giving me the go ahead?
jay Combs (14:50):
Do it. Let's do it.
Riley Hawkins (14:51):
All right. Awesome. So folks, for a long time Evisort has had the ability to take contracts from different places, whether that be Salesforce, whether that be SharePoint Box, Google Drive, local drive, somebody's desktop computer, and pull those in and extract information. In rapid time, we can analyze 75,000 contracts a day, more or less. And that's pretty incredible if you think about it. And something that we want you to try yourself, if you haven't tried that and you have questions about your contracts, take us up on something that we call the Evisort One Day service, which is on our dime.
We'll pull in all your contracts to Evisort. No cost to you and show you insights like what contracts are you entering into, are they executed? Who are the top counterparties, which contracts renew in the next 90 days? Which of your contracts need to be remediated for different data privacy provision? We've got dozens of AI models that work totally out the box, even on third party paper. What we're doing here now is really pushing the envelope. What more can we do? Because I bet everybody on this call has use cases in common and also use cases that are unique to them that come up and change. And on a Monday morning somebody walks into your office and says, "Hey, I need to know this about my contracts, how do I handle that?" And so let me show you what that looks like with a couple cool demonstration features.
This is an example of a contract that's a little bit nicer, but Evisort can analyze any contract. And when I say any contract, I really mean any contract. Even a contract that looks a little bit more like this. This actually is a Babe Ruth contract from the 1920s, is about as bad as it gets when it comes to a scanned document. But Evisort can handle this with some really advanced technology that makes any document searchable. And then we have AI that'll go through and pull out lots of important information from those and present it back in a way that's really easy to understand for lawyers, contract managers, procurement professionals, folks in sales, what have you. So I'm going to take these two documents and I'm going to upload them into Evisort right now to show you exactly what I'm talking about. So two things are going to happen when contracts come into Evisort and you can upload them into Evisort.
But typically we're grabbing contracts from your Box folder, your Google Drive folder, your SharePoint, and other repositories of folders that you might have. And we're taking those and we're making those documents, number one, fully searchable, even those really poorly scanned documents. So if you're wondering what did Babe Ruth get paid in terms of salary back in the 1920s, you can CTRL+F. Even on those really poorly scanned documents and see them exactly as they were originally executed, but now they're fully searchable. Even things like, hey, if we wanted to know, "Hey, did Babe Ruth's contract really extend until 1924?" We can see that. That's just a little footnote in this document. So point is that as somebody who deals with contracts on a day to day basis, the ability to see and search on those contracts and see how they were originally executed, but also be able to have the full ability to interrogate those, is extremely important.
But we go one step further because it's kind of a silly example. Let me show you that agreement, that other agreement, more classic commercial contract that I uploaded just a second ago. We'll actually take every document and plot a long list of information. Hey, who are you contracting with? What's the governing law? If there's a change in California regulatory law, that would never happen, but if it did, what would be the contracts that are impacted by that? When your contracts start, how long are they for? Do they automatically renew? We can pull out all that information in seconds for thousands of documents at a time, and then a long list of key clauses too.
And so I think some folks will look at this and they'll say, "Yeah, that resonates with me. I track some of these things." But you might also say, "Hey, this is actually a good start. But there are other things that I have to look for in my agreements." And actually every week, month, quarter year, there are new things that come up out of the blue. And this is something that we've heard from our customers for years. And a lot of our customers have tried other AI tools in the past, but one of the barriers to them really getting the full value of those is that they couldn't actually teach the AI themselves easily. How to find new language as new contractual questions came up. So with our Automation Hub, what we're doing is we're giving folks the ability, with no technical knowledge, just a need to find one answer to a question about contracts, that with only that level of skill set, to be able to train AI to find really important information in your contracts. And I'll give you some examples.
So I have a client that was wondering, "Hey, we're going to cancel some vendor contracts this year. It's just, it's inevitable because we want to make sure that our supply chain is efficient and we're not overspending economic challenges this year, but we want to know any of the contracts that have an early termination penalty." So what you can do with episodes Automation Hub is you can give the system an example of a contract with early termination fee language and you can say, I don't want to just find this language in this document, but I want to find all the other contracts with early termination penalties. And what the system will do is it will take what you gave as an example and it'll find all the similar language across the rest of your contract. So a due diligence project to the question that I got from John about whether this could be used by law firms who oftentimes get handed due diligence projects like that.
But a lot of times that gets handled in-house too. For any due diligence project on contracts that would've otherwise been opening and closing scanned PDF documents. We can give you the ability to, with a couple of examples, have the AI do that hard work and go through every single contract and find relevant language and pull it out and make it searchable. And we'll show what that search experience is in a second. But the bottom line is it's not just early termination penalties, right? It's going to be outdated data privacy language for GDPR and CPRA remediation that we want to track. It's going to be, "Hey, do we have any rebates available in our contracts?" It's going to be, "Hey, what of our contracts mention a rate change or a price adjustment? Because we don't want to get the price changed on us out of the blue." That any language, any clause, any provision that you ever wanted to track, Automation Hub allows you to do that with just a couple of examples.
And that is pretty revolutionary technology that is available to anyone. And again, we'd love you to let us show this to you on your own contracts. Again, we'll do this with you at no cost to you, put your contracts in Evisort, whatever that most recent contractual question is that you had, whether that's something about GDPR or ESG or some internal business policy we'll help you answer that and prove that this AI works on your own contract. We'd love to do that with you. It's really exciting when folks see that it opens up their mind to the possibilities of what they could do with AI today. Anything you'd add to that, Jay? I know you're pretty excited about this future as well.
Jay Combs (21:49):
No, I think that's spot on. I think you're going to cover probably some of the things I would clarify when you get to the Automation Hub. But before you do that, since we're talking about people's own contracts for a second, there are two questions in here. One on the repository or two on the repositories. So, "Can Evisort search contracts located in other repositories." "Are there ways to upload and create a structure within Evisort from this repositories?" And, "Is there an automatic pull of documents from sources or from other repositories into Evisort?" So I know that's a big part of it and just wanted to answer those two questions before you dive into the Automation Hub.
Riley Hawkins (22:28):
Yeah, absolutely. So we have out of the box integrations with a lot of the tools that are common in the industry for storing contract, Google Drive, OneDrive, SharePoint, Box, AWS, Salesforce, DocuSign, Adobe Sign, so we can pull documents from those. It's extremely easy to set up those integrations as long as you're an admin with the right privileges, you can pull in documents from multiple locations into Evisort in rapid time, basically instantaneously as soon as you establish that integration. And I saw a question in the chat. "You mentioned uploading 75 contracts." I said 75,000 contracts a day that we can analyze. Last week I did, just to show somebody the power this said, they'll let them bring in 50,000 contracts from their Box environment into Evisort. And we were able to not only migrate those into Evisort, but analyze those for all the things that I was just showing, right?
Renewal information, expirations, key clauses. And then in real time they were able to train some new AI models to look for language that was specific to them. So all of this is extremely fast and it has a lot to do with the integrations we have and also just the power of AI and how fast it works. It also can, as we bring in contract, we can use the AI insights that we get to help bring a greater level of organization to documents. Because we'll classify your contracts by type, we'll group them by party. So as contracts come in, we can actually use the AI to do some cleanup of contracts as well.
I'd never say get your house in order and then use a tool like Evisort. No, use Evisort to help get your house in order and bring a greater level of organization to documents. Cause we all know that over time folder structures get messy, file names are not a good way to track documents. What's actually in the contract is what we want to use. And that's where Evisort's AI comes in, actually reading every agreement, classifying it, tying it to other documents, telling you whether it's executed or not. And that can be extraordinarily helpful as a part of an organizational initiative.
Awesome. So I'm going to keep it moving Jay, if there's any other key questions you want me to direct and we'll have some time I think for that and also happy to answer any questions separately with folks. Love the engagement that we're getting so far. What I want to show is once you train the AI to go after certain clauses, you have this hub in Evisort that's basically a library of every single use case that you've used our AI for. So I have a client that is looking at doing some data privacy remediation, a couple clients actually. It's a hot use case at the moment. And they don't want to just know which of their contracts have outdated language. They want to know what do they need to do to amend these contracts. And that's not just a data privacy use case, that's any remediation effort, ESG or you have new best practices for vendor management and vendor contracts.
And so you want to know which contracts you can remediate and how. So have a client that built an AI model that tells them which contracts they can amend and how. I have clients that are building models to help understand their ESG profile across their supply chain, which of their vendors have made strong contractual commitments to different ESG requirements like financial integrity or antitrust and anti corruption. And I have clients that are trying to reduce cost and so they're looking for contracts where they can pay a little bit later than maybe they ordinarily thought that they could. So as you see this, you can think about use cases that maybe would apply to you. The bottom line is there's always going to be new stuff. And so the Automation Hub shows you the AI that you've built so far, helps you manage it, see how it's progressing and update it over time.
Even if you don't know if any of your contracts have a clause, you can pull language right off of the internet. And I have a lot of new GCs at companies that'll start by saying, "Hey, I'm actually curious if we've agreed to any arbitration language." So I'm going to go on Google and I'm going to look up a sample arbitration clause and I'm going to use that to train a new AI model and I'm going to pop that in here. And then I have a model now that's looking at that language and that's the start to just see if there are any contracts that I have out there where we've waived jury trial and we've opted in the arbitration or mediation. So the examples and the use cases are abundant. And again, would love to show you this in action on your own contracts, anything you'd add there, Jay?
jay Combs (26:45):
I've seen a couple questions come in here. So one is there, there's one longer question that's got three or four parts here, so parsing through that. But there's a simpler one first, "How many samples do you need to feed the AI before it can accurately find similar clauses in those other contracts?" And maybe you want to start with a single, but there are ways to add additional samples to refine that search.
Riley Hawkins (27:13):
Totally. It's a great question. When I was, I use a previous generation, a tool in my past life and I was given the system thousands of examples. So maybe the person who asked that question is says experience with a tool like that. That's not what we're talking about here. We're talking about one sample to get started. And when language is more standard, one is great. If you expect language to vary a little bit, I usually say sweet spot's about 10 to 15 examples. And that can be a mixture of examples in your own contracts plus examples of clauses that you find online. But ultimately we're talking about maybe a dozen examples to have a model that's going to be pretty effective across your agreements. And you can always add to that over time, let's say you acquire a company, you add a couple examples to make sure adequately capturing language in those acquired contracts. So it can be a living and breathing thing.
But we're talking about a very small amount of examples to get started, which is pretty unique. And just the way that the most cutting edge AI operates these days. And it happens fast too. How long is it? "How long did it take to acquire and process those 50,000 contracts?" is a question that I got. It was eight hours for that particular customer. It took us from ingestion to full analysis of those documents. So that's another really good question.
And then it's all about actionable intelligence, like you said Jay, it's like, "Hey, we can find this information, what do we do with it?" And somebody asks the question about alerts. You can actually set up alerts that let you know anytime you enter into in a contract with particular language and you can have that come into your inbox on a regular basis. So you're never caught unaware about contracts with non-standard language. That I think allows people to be really proactive with a lot of this insight. I love that as the next generation of AI, right? It's not just artificial intelligence. Is it actionable insights that which you actually do something with. So I love that question.
One other way to take action on this is to search on it. And Jay mentioned that searching in Evisort on your contracts is a lot like Google searching for something on the internet. It's that easy. So for example, if I wanted to just start with a text search, "Hey, show me all the contracts that mentioned price adjustment," and we'll actually show you where that language shows up in each one of those agreements. I think there's a lot of folks on the call, maybe folks from the legal side that are used to having technology like this when they research cases and they look at precedent and I think it's been way too long that we haven't been able to look at precedent in our commercial contracts. Why not? Why can't we look back and see what we've agreed to in the past? Even if that's just a basic tech search?
But Evisort takes a lot farther than that. So in this environment here, I've got 3000 contracts and we have contract companies that have that many all the way up to millions of contracts in Evisort. So I like to call this the upside down pyramid, kind of a magical thing. But we start with all of these contracts and we don't know what is in any of them. And what we need to do is we need to go and we need to find a specific set. So maybe I'm looking at, "Hey we're we've been buying a lot of software lately. I want to know how many agreements that we have entered into that talk about software. So I'm starting there, but really I'm curious what we've entered into just in the last couple of years." So Evisort's AI tracks effective dates. So I want to look at just the last three years.
So I went from 3000 contracts to 1400 contracts and then with my effective date filter, now I'm down to 286 contracts. And then maybe I want to know, "Okay, so these contracts are all entered into the last couple years, which of these contracts are actually coming up for expiration?" Cause I want to see if there's some opportunity for us to maybe consolidate some of these software vendors or suppliers into one. I could say, I actually want to add one more filter, which is, are any of these contracts coming up for expiration or renewal in the next 90 days? And so I could say, "Hey, show me all the contracts that have a renewal notice date in the next, I don't know, we'll go six months," and all of a sudden we went from 3000 contracts to 20 contracts with suppliers that we could maybe consolidate or cancel if we don't need these software services anymore.
So that's the power of the search and it's something that anybody can use is given that information directly to end users. Plenty of permissions, in Evisort that makes sure that folks only see what they want, but then they feel comfortable logging, to Evisort and looking up any question that they have. They can save these reports, users can save these reports and share these with each other. So if I'm somebody in legal that supports procurement and I get a question about upcoming renewals, I can create a search like this and I can share it with somebody on my team so that they now have access to this custom report. We can also export it to Excel. I've got a lot of clients that'll do that, send that to a tax auditor or outside council. So legal analysis can happen on top of some of this data, but really powerful search capabilities.
jay Combs (32:19):
Hey Riley, the one thing too, I'm sure a lot of global customers or users might ask, and I see this in the chat right now, how does our AI work with different languages, be it Spanish or Japanese or something else?
Riley Hawkins (32:34):
Yeah, that's a great question, Jay. In general, the AI that we have is, and some of the out of the box fields are English focused. But importantly that those AI models that you build yourself that are looking for certain clauses or provisions, can be trained in other Latin languages as well. So if you wanted to track assignment provisions in Spanish, you could give the AI examples of some Spanish written assignment clauses and build a model specifically to attract that language. So there's some capacity to operate on a global level with this artificial intelligence as well.
And searching on those clauses is something that honestly I still love to do because it's so different than what I was used to doing as an associate. So for example, I have a lot of clients doing some of this data privacy remediation. They've built models that are looking for certain outdated data privacy language and they'll then want to see, "Hey, where's that language show up in my data processing agreement?" So they'll filter down, "Hey, I want to look at my DPAs and I want to know any DPA that shows outdated data privacy language." And this is the kind of thing for folks on the call you might have done in a spreadsheet, right? Open and close a bunch of scanned PDF documents and then have in one of the columns in that spreadsheet, put the actual language at each once so you can make a decision about how to remediate.
With this you'll see that, as I filter we're pulling language from each one of these agreements. I could export it into a CSV if I wanted, but it's also right here. And one thing that you'll notice is that the language is not the same in each one of these agreements. So this language is going to vary from contract to contract. And that's really the power of the AI, is that with automation and with the AI that we provide out of the box, we're really looking more for the meaning of language and clauses as opposed to just the presence or absence of keywords or phrases. Because as everyone on this call knows, is that contracts vary a lot in the way that they were written. So we really need that ability to find language even when it's different in those third party examples or negotiated versions of our customer agreements. And that's the power of Evisort's AI and the Automation Hub.
All right, one last thing Jay, I'll show and then you can tell me if I missed anything. But how do I group documents? And there's even some questions in the chat about, "Hey, I have some pretty complex vendor and supplier relationships." So what Evisort does is we can group documents according to party and even if the party name changes from time to time, you could group those documents together. And then what I love to do is actually sort these documents based on effective date, right? Because that's something that Evisort pulls out and I could say, "Hey, show me all the contracts that we've entered into with this vendor over the last few years." Look, we started with a distribution agreement, then we had an SOW, then we had an amendment to full list, right? Whether it's three contracts or 20 contracts of all the contracts you've entered into order forms, SOW's, amendments.
And what's cool too is, because we're extracting that key language, of course we have a lot of Ts & Cs type provisions in our master agreement, but when we get to the amendment we can see, "Oh look, the pricing changed and the term changed." And those are the questions that I hear a lot from folks that have to manage contracts is somebody's going to ask me, "What have we entered into with this customer or this vendor?" And I need to go and I need to know what's the latest and greatest with that customer. And so Evisort, even if these documents were in different folders, could find all the agreements with that party and show you the most up to date terms so you could get back to that person in about 60 seconds and let them know, "Hey actually, just so you know, we recently entered into an amendment or an SOW where we changed the price, we changed the term with this customer. So you should be aware of that before you go and reach out to this customer for renewal or before you go and reach out to this supplier to renegotiate the contract."
And for those more complex supplier and customer relationships, you can actually group these together and establish family trees between documents as well. So there's a real nice visual representation of documents and I think I've done that already with these documents here. If I ever were to come across this agreement in the wild, I'd know it was a part of a group and I could see that group and I could see that this document has documents that are linked to it in a parent child type of organization. So for folks that have more complex customer and supplier relationships to establish those and then even see for certain contracts, "Hey, which contracts amend which master agreement?" We can pull out language around parent contract reference information to even provide more data to be able to connect these documents to each other. So that's a super powerful feature for folks who've been contracting with other companies for a long time, which I know a lot of our attendees are in that boat. So really cool feature.
How do we do Jay?
jay Combs (37:35):
I think we're doing pretty good, but I think some folks are skeptical. And you know what? You should be skeptical of any AI in contract management or in general you should try it for yourself. And so there is a question of, "Hey, I'm skeptical I can only pull some language plows with one sample without pulling a lot of false positives." So what I would say to that is I would invite you to do a demo with us and really dive deeper into the AI cause we can really talk a lot of technical stuff with you, happy to do it. But I think the best way to do it is to show it with your own documents. And that's something we advise any prospect that we talk to, any customer. Test it for yourself. We want to advise you as best we can. But at the end of the day, it's important that you try this with your own contracts, with your own environment so that you understand that it meets your needs.
And not just with Evisort but with anybody else you're looking at. If you cannot do that or test it, you know what? There might be something there that is, you need to take a more critical eye to. So it's something we invite you to do and I think that's the best way to answer it rather than me just rolling off a bunch of stats or explanations. So I don't see the name of the person who asked that question, but I would just invite you to do a demo with us and we'll go as deep as you need to go.
Riley Hawkins (39:03):
I think that the skepticism is warranted in this, in our industry, especially. I think in CLM and contract management, a lot of unfulfilled promises over the years. Technology has come a long way and we want you not to just trust what we say, but also to test it yourself. You wouldn't buy a car without test driving it. So we encourage you to take Evisort for a test drive. Again, we can analyze thousands of contracts in a day, show you some real time insights. And that then starts to give folks a better understanding of just how the AI works. Look at no solution is perfect and we'll be candid about that, but I think you'd be surprised just how much insight and data is locked away in those scanned PDF documents that you could have tomorrow. And we want you to take us up on that challenge.
So appreciate folks joining today and the level of engagement it was. It's awesome to see your questions. And one last question that chat was, "What's our customer base like?" You've got hundreds of customers across different industries jay mentioned, at large Fortune 500 companies down to high growth companies. So I'd be happy to share some of those customer stories too on some further calls. But some people doing some really exciting things with Evisort technology for years now. So super exciting stuff. Anything you want to close with Jay before we let these folks go?
jay Combs (40:32):
Yeah, couple things. Yeah for folks, just like you said, getting a sense of how mature is this technology? You can certainly... We've got lots of reviews up on Gartner Peer Insights, you can certainly talk to analysts, you can look at data... G2 or Capterra. There's a lot of insight by talking to your peers and we encourage you to do that special as you're sharing it within your company. There's lots of people you can talk to including us, obviously. But definitely want to get that, those third party references out there. And there's plenty of them on those sites. And again, I just reiterate. Test it. Like it's one thing to see us do the demo on here and there's a lot of questions and we're probably not answering everybody's to the detail that they need to make a final decision, but just test it.
We can spend a lot of time with you doing these demos, we do it all day. So we're just really encourage you to take that critical eye, do the right evaluation, have it work with your contracts. Cause that's really going to be where the proof is and we're excited also to show it off.
So that's all I got. I really appreciate everybody attending. We are going to send out the deck, we're going to send out the recording of this as well so you can share it as needed. And there are a couple questions we didn't get to. We're going to try to answer those as follow ups to this call. So hang in there if we didn't get to your question on this presentation. Thanks for joining.
Riley Hawkins (42:11):
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