It is an all too familiar problem in business. You can remember sending the contract months ago, but you can’t remember the exact agreement or the expiration date of the contract. When you go to search for it, it has seemingly disappeared off the face of the earth.
You check your sent folder, your entire hard drive, every storage platform your organization uses, and come up with nothing. With Evisort, never feel that panic of losing an important document again.
This Evisort review shows how incorporating this platform into your business can improve your efficiency and flexibility when it comes to reviewing and managing legal documents. According to the Harvard Business Review, poor contract management can account for a loss of 5%-40% of a contract’s value. Let Evisort help eliminate that potential loss.
The History of Evisort
Jerry Ting, one of the founders of Evisort, originally wanted to become a lawyer. After speaking to mentors and advisors, they warned him to prepare for hours spent reviewing mind-numbing legal documents looking for the same clauses over and over.
Convinced there was a faster way, Jerry teamed up with Amine Anoun and Jake Sussman to found Evisort in 2016 in Harvard’s Innovation Lab. There, they developed the technology, and in 2018 they opened their offices in Boston and Silicon Valley. Today, Evisort has raised over $20 million from venture capitalists and currently manages over $40 Billion worth of corporate contracts for over 100 companies.
What Evisort Does
Evisort, which stands for Evidence Sorter, uses Artificial Intelligence with in-depth knowledge of legal language to organize and extract data from contracts stored across multiple platforms. As contracts continue to increase in size and complexity, AI is necessary for organizations to practice due diligence related to document review and management adequately.
AI can spot patterns and report on critical issues early on in the review process, saving companies time and money.
DropBox and One Drive helped move companies from paper to digital, Evisort aims to go further.
Review Multiple Contracts in Seconds
In the past, manual data entry was essential for keeping track of multiple agreements across an organization. Necessary fields such as Party Names and Termination Dates and key legal clauses such as Limitations of Liability had to be manually tracked. The potential for human error in tracking these key components was high. Evisort eliminates the need for manual data entry.
Evisort’s AI management system exports all contracts and stores them into a word document where it extracts keywords such as party name, agreement date, termination date, etc. to allow you to search and access legal documents quickly and seamlessly. Questions such as, “What were the terms of that agreement?” or “When does this contract review?” can be answered in seconds.
Evisort can search across multiple storage platforms such as DropBox, Google Drive, and others to find the specific contract you need. The search feature allows businesses to decrease their turnaround time on legal reviews, allowing them to focus more on their business acquisition.
With Evisort, issues are spotted at an earlier stage in the deal process. This increased efficiency leads to increased budgeting predictability. Companies no longer need to hire a due diligence lawyer to review and organize their legal documents which means more money allocated towards business acquisition.
Manage Contracts to Eliminate Error
Human error is inevitable in any business. Evisort takes steps to eliminate these mistakes.
Evisort can send email reminders when specific contracts are set to expire soon and creates an accessible calendar shared across the company showing key dates for all contracts.
Evisort tracks compliance and flags contracts with non-standard provisions. Evisort can even identify clauses in your contracts that do not comply with company policy, saving you legal problems down the road.
Clients can manage the level of user access privilege for members of their organization, such as admin or read-only, and define which members have access to certain documents.
What Sets Evisort Apart
Evisort has no industry focus and no limitations to the size of a company it can serve. This flexibility means the company has the potential to work with businesses outside of the legal industry which is new for an AI document review organization.
Evisort can deal with contracts across multiple languages better than its competition by using machine learning support translation services. Machine learning allows the software to learn over time and compare information across languages which are imperative as businesses continue to become more global.
The process for tracking a contract’s entire life cycle is much more in-depth than other companies, and the setup and training process is much more user-friendly and the learning curve less steep.
This review provides users with the history of the company, the potential the platform has to increase efficiency and flexibility across an organization, and how Evisort sets itself apart from the competition.