Comparing Contract Management Platforms Evisort and Icertis

291

Contracts are the foundations of the business world, and one of the newest frontiers for artificial intelligence. Contract management has historically represented tedious working hours, missed opportunities, and non-compliance due to lost or misfiled contracts. Implementation of software management software is freeing up valuable time while also saving companies large sums of money frequently left on the table due to poor contract management.

computer_pc_apple_business_workplace_home_office_desktop_computer_photo

Data is a currency in today’s marketplace. Contracts, and their supporting documents, contain large volumes of data. However, without AI-based software, the data and metadata in contracts were of little use to companies as it was too labor-intensive to extract all relevant data. Now, data is accessed and compiled with just a few keystrokes across all contracts, including third-party agreements.

Companies around the globe are finding innovative ways to use the data contained in their contracts to drive sales, grow their footprint, and improve marketing. Increased access to data, risk mitigation, and increased compliance are just a few of the benefits of contract management software.

New contract management software, utilizing artificial intelligence, is playing a significant role in helping companies manage their contracts more efficiently. Icertis and Evisort are both AI-based software platforms at the forefront of the change in contract management.

Evisort

Founded in 2016 by Harvard Law and MIT researchers, Evisort takes machine learning to a new level in creating AI that can understand the meaning of the language in contracts. The capability to decipher meaning automates the storage of contracts, ensuring that contracts and their supporting documents are never lost or misfiled.

The AI-driven insights allow the software to track the entire lifecycle of each contract and identify possible non-compliance issues and weaknesses. This information helps companies to understand their contracts better, and as a result, formulate more effective agreements. The capability to understand contractual language also helps Evisort identify the non-standard language in contracts, and suggest changes based on the success of previous clauses.

Evisort automatically tags documents, identifies non-standard language, and generates alerts for various contractual actions. Tracking active contracts, across multiple user interfaces, simplifies the contract management process. These capabilities make Evisort invaluable for risk mitigation.

Evisort integrates seamlessly with almost all IT platforms. Integration into existing platforms reduces the learning curve when the software is implemented. The artificial intelligence in Evisort comes pre-trained, further reducing the time needed to use the software effectively.

Icertis

Icertis joined with DocuSign to become a leading provider of contract management software that can be used across various enterprises. The AI-driven software allows comprehensive compliance tracking across the lifecycle of a contract.

Built-in analytics help drives smarter contracting decisions on a platform that offers maximum flexibility. The comprehensive lifecycle management capabilities of Icertis let companies easily identify how the contract is performing at each stage of the lifecycle. Icertis offers in-depth reporting both standard and customized for the users’ particular enterprises.

Icertis offers full training on the set-up and use of the software. Step by step support is available as Icertis does not come pre-trained and uses machine learning to adapt to the needs of each customer. Icertis integrates well with most existing IT platforms, saving time, money, and effort in deployment.

Comparison

Both Evisort and Icertis offer these vital features:

  • Compliance tracking
  • Full-text searches
  • Lifecycle tracking
  • Easy extraction of data and metadata
  • Capability to manage third party contracts
  • Pre-built contract templates
  • Specialty contracts
  • Use from mobile devices
  • Workflow management
  • Use in multiple languages
  • Comprehensive contract templates

Evisort distinguishes itself by coming pre-trained. The out-of-the-box capabilities are ideal for companies that need a contract management solution that does not require intensive training for users.

Icertis contains more overall features, but it does take time to learn about your contracts and training to help take full advantage of all the software can do.

Evisort has a slight advantage over Icertis when it comes to compliance tracking and automated alert. Icertis’ alerts are highly customizable, but Evisort has a sophisticated alert system built-in.

Icertis is built for large businesses around the globe, but may not be the right solution for small to mid-sized companies. Evisort has the capability to work well for businesses of any size.

Like this post? Let us know!
  • CoolAF (0%)
  • Cool (0%)
  • Whatever (0%)
  • Boring (0%)
  • WTF (0%)
Summary
Title
Comparing Contract Management Platforms Evisort and Icertis
Description
Contracts are the foundations of the business world, and one of the newest frontiers for artificial intelligence.

More News from Nexter