The Future is Here—How you can Automate Your Contract Management

 Jafri Suzana
  Sep 10, 2019

Contract management is one of the costliest and labor-intensive parts of any operation. Entire departments are often dedicated to contract management, and a large portion of that work is simply data entry across multiple platforms to keep the ball rolling on managing the life-cycle of a contract. New developments in the software are revolutionizing this process.

Older document management software can't keep pace with today's business environment. They did a decent job keeping documents stored and accessible in house, although they did require a lot of employee hours inputting data that was then only accessible from within the system. In today's climate, business contracts span the globe, are often discussed, drafted and signed in one day and require the ability to work on them from anywhere at any time. Older document management software just does not have the capacity or flexibility to be used in this manner.

Artificial intelligence (AI) has found its latest niche in the contract management arena. The advances brought about by AI in the past half a decade are startling. Contract management software like Evisort can actually understand your contracts, filing them automatically into cloud-based storage that makes them accessible and shareable at any time and any place. By understanding and classifying your contracts, based on a pre-determined set of parameters, users are able to access specific information from all contracts in any format they need. The possibilities seem limitless. Do you need a list of all contracts expiring within the next 30 days? A couple of keystrokes can put that on your screen. Do you need to have someone review the number of non-disclosure agreements you have? It can be generated in seconds.

AI Based Contract Management Software

AI-based contract management software also removes the inevitable factor of human error. Any firm dealing with a large number of contracts knows the frustration of that one contract that was somehow misfiled in whatever document management system that they use. Countless man-hours are used tracking down contracts and other documents that have found their way into the wrong file. AI-based software virtually does away with this issue.

Evisort is one of the most cutting-edge, AI-based, document management software on the market today. Evisort was initially designed to handle court documents but has since found its market expanding to include legal firms, HR departments, hospitals, and large corporations. Evisort's proprietary algorithms read, sort, file, and index contracts. This allows users to determine a host of factors with just a few keystrokes. Do you need to know which contracts have not been signed, companywide and across all types of contracts? Evisort can provide that in seconds. Do you need to search all contracts containing a specific clause? No problem. As an added bonus, Evisort works with virtually all formats of data including PDF, word, and charts and graphs.

The uses for this kind of software seem only limited by the user's imagination. It allows companies to work more efficiently, and focus their time and resources on growing new business. It also helps mitigate risk. You can set alerts for expiring contracts, contractual deadlines, and a variety of other applications that helps to lower the risk profile of your company. A transposed number entered into a date field could have catastrophic results if it went unnoticed, causing a company to miss an important contractual deadline.Evisort and other AI-based contract management software remove these risks, giving users peace of mind.

The Future is Here—How you can Automate Your Contract Management

Jafri Suzana

Jafri Suzana is an Internet Marketer.

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