AI Software Helping Businesses Manage Their Contracts
Artificial intelligence (AI) has experienced explosive growth in the last five years, with companies gaining considerable traction based on an increase in hiring. The ever-growing list of applications for the technology now includes helping businesses manage their contracts and other documents. All companies that deal with a significant volume of repetitive documentation, such as legal firms, HR departments, and large corporations can benefit from a contract management software. Let’s explore how the impact AI has had on such software:
- Pattern Recognition: AI has the ability to quickly scan huge volumes of data and recognize patterns that might be unseen or unnoticed by humans. These patterns can also help AI-based software quickly and efficiently identify anomalies in the patterns. This means AI software can help identify anything from unsigned to expiring contracts, missing employment data, missing clauses in important standard contracts, or virtually any other application that the human brain can imagine.
- Optimization: AI software can effortlessly identify the highest value contracts, the lowest value contracts, the longest-running contracts, or a myriad of other applications. What would have once taken human employees a vast quantity of time to sort through can now be done in seconds.
- Categorization: Many new AI-based software brands can automatically categorize documentation, saving time and removing the potential for human error when entering data. In practical application, this means that you should never have a non-compete agreement misfiled under another employee’s name, never experience the frustration of having one vendor contract misfiled among a huge stack of customer contracts. If you have ever dealt with a lost or misfiled contract then you can easily see the value of a system that makes this almost impossible.
Considering how new the technology is, it is astounding how fast the choices for AI-based data management software is growing. It is a significant investment for a company, so before investing in such software, it is recommended that you carefully evaluate just what you need the software for. How will it be most utilized within your company? Once you have those answers established, you can focus on which package is the best fit for your company. Some of the most popular AI-based contract management software on the market today are:
- Evisort– The concept behind Evisort was born in 2016, by co-founders’ Jerry Ting, Amine Anoun and Jake Sussman. Evisort uses proprietary AI algorithms to “understand” a document, having over fifty different search and reporting fields. Evisort found its first foothold in the legal realm, where it is revolutionizing how law firms operate. It is replacing the cobbled together multi-software systems of the past into one space. This means that information no longer has to be entered into various places to be usable by everyone in the firm. Evisort is currently experiencing significant growth, having received 4.5 million dollars in seed funding.
- Infosys Nia—This software focuses on combining machine learning and deep knowledge of a particular company to ensure innovation and allow ongoing automation. Infosys Nia allows companies to create function-specific solutions. This means, in essence, that companies can build their own experience with the software. The diverse modular set of Infosys Nia allows companies to customize the product to fit their specific needs, making the software useful across various industries.
- Visdom by Cobblestone Software—Visdom simplifies contract management by doing hours of manual work with a few clicks. Visdom incorporates a risk assessment mapping tool that allows the system to identify issues with contracts, based on parameters set by the user. Visdom also has the capability to make recommendations based on real-time data. These pre-set recommendations appear onscreen, giving an entire team contract visibility.
These are only a small sample of the available software for contract management. Whatever brand you chose to best meet the needs of your company, this investment will pay for itself many times over in working hours, risk reduction, and ease in accessibility. This frees up time for employees to focus on the important parts of growing your business instead of keeping them chained to constant data management.