Cloud-based contract management software is the latest tool to help companies access all the information their contracts contain, speed up the contract process, and radically enhance risk mitigation. Deciding which contract management software is right for your company means identifying which software offers the most tools to directly benefit your company's management of contracts.
Old contract repositories depended on human efficiency. To work effectively, they required correct tagging of each page, routine check-ins, and hours of manual labor to enter the data. AI-powered contract management software learns as it goes, meaning it gets better every time an agreement is successfully completed. Letting AI do the grunt work frees human time and intelligence to deal with clients, create new ideas, and numerous other tasks that AI cannot.
In this article, we will discuss cloud-based systems that all offer:
- Complete life-cycle management
- Offer enhanced reporting and data analytics
- Provide contract templates
- Provide a centralized repository for all contracts
- Offer workflow management tools
- Set alerts for contract terms, expiration, and other key dates
Evisort
- Evisort is an artificial intelligence-based contract management software that uses machine learning to understand the language in your contracts. Evisort can:
- Quickly scan and offer a detailed review of hundreds of pages, pulling out relevant information and providing it for perusal in seconds.
- Evisort can sync with all repositories where contracts and supporting documents are located, saving valuable time in finding the needed information.
- Evisort comes pre-trained, meaning the machine learning algorithms are ready to work straight out of the box.
- Evisort can suggest new contract language based on algorithms determination of the success of language in previous contracts.
Evisort offers complete access to mobile devices.
Evisort's unique design works well for large global corporations and small firms. Most contract management systems work for small or large companies, where Evisort works well regardless of the organization's size.
Evisort can read, sort, and manage third-party contracts, and the AI facilitates linking third-party contracts to related in-house contracts. The ability to connect these third-party contracts means users can see the entire picture instead of finding pieces of information about any given deal in various places.
Apttus
Apttus contract management utilizes artificial intelligence in its contract management as well. Apptus comes equipped with Max, a conversational interface that allows users to input and extract data using voice technology.
Max assists in preventing bottlenecks in workflow and reduces the time from creating the contract to the signature phase.
Apttus seamlessly transitions old contracts into the new system.
Apttus can make intelligent AI recommendations regarding contractual language and potential workflow problems.
Apttus can track regulatory compliance.
DocuSign CLM
SpringCM has partnered with DocuSign to bring artificial intelligence to document management. SpringCM has automated analog processes into digital workflow, speeding up the rate of the execution of contracts.
- Create templates that auto-populate contracts with data found in other systems with approved language.
- Track changes across multiple platforms and maintain a complete record of changes. Tracking workflow in this manner helpss confclarityr who did what and when.
- Spring CLM has an excellent reputation for security, giving you peace of mind that your contracts are secure.
- Mobile access is available to limited portions of the system, such as completed contracts and e-sign capability.
Contracts are the foundation of any business. Automated contract management saves time, improves compliance, and is a potent risk mitigator. To find the right contract management solution, consider:
- Your budget- when weighing the cost of contract management software, remember to factor in the working hours saved and better contract compliance.
- Define your needs - define your business process to understand which contract management solution best suits your company's growth.
- Understand what type of questions to ask of vendors.
- How long will it take to implement the system fully?
- How much training is involved?
- Will the system fit with your existing IT platform?
- What type of customer service and training will be provided?
