Evisort is a leading provider of business solutions for AI-powered contract management and analysis. Evisort’s contract management solutions allow organizations to automate contract review and reporting with AI, empowering high-performance teams to focus on higher-value projects and deliver better business outcomes. With their proprietary AI, they give organizations the ability to easily find useful data in contracts and other agreements, making data management simpler, faster, and more efficient. By bringing AI to contract and vendor management, Evisort provides transparency across all obligations and rights while drastically reducing the hours spent conducting manual searches and reviews. Through their Contract Intelligence Platform, Evisort offers implementation within 30 days and fast ROI. Evisort serves procurement, legal operations, and other teams in businesses from a wide variety of industries. Prominent customers include Microsoft, BNY Mellon, McKesson, NetApp, Keller Williams, and Jelly Belly. Headquartered in California’s Silicon Valley, Evisort has a remote-first workforce of more than 200 employees across the U.S. and Canada.
In an interview with Evisort, we learned about its genesis, products, and vision for the future. Below are the key highlights.
Bringing ease to contract and vendor data management
When our co-founders Jerry Ting, Jake Sussman, and Amine Anoun started building Evisort, they saw an opportunity and a critical need for modernizing how contracts are managed. Every time a business sells, buys, hires, or leases, a contract is created; however, this critical data is frequently reviewed and tracked manually at high costs, at slow speeds, and with low accuracy. In fact, McKinsey estimates that suboptimal contract terms and conditions, combined with a lack of effective contract management, can cause an erosion of value equal to 9% of a business’s annual revenues. For the 2021 Fortune 500, this 9% would have equaled nearly $3 trillion in lost value.
Our founders envisioned a contract world where AI can do tedious, time-consuming tasks faster and with better accuracy, allowing humans to focus on higher-level tasks within an organization. Then, we created it through our proprietary AI that is trained on over 10 million contracts and billions of data points. Our AI instantly turns contracts into searchable data, helping teams quickly identify key terms and non-compliant language across entire portfolios. For Care Initiatives, a healthcare company using Evisort to track vendor contracts and compliance, this visibility is crucial. “At Care Initiatives, we have legacy contracts going back to the 1980s and Evisort’s OCR was able to make every single one, even the blurriest scanned PDFs, fully searchable. Now, we can search and find every obligation we have to our customers and vendors. Using Evisort is as easy and powerful as searching on Google,” said Care Initiatives Manager of Legal Operations.
"As a business we always aim to recruit & promote internally, providing our team members with ways to enhance their skills & experience".
The AI uses context to classify clauses based on content instead of titles or formatting. Also, Evisort’s advanced contract analytics and intuitive interface help users quickly find essential provisions and metadata, track actionable contract data in automated dashboards, and accurately report on mission-critical information about deals, partners, and customers with customizable reports. Beyond its functionality, it’s just as critical that any contract management solution be fast and easy to implement and use. Our platform can be implemented within 30 days without the need for file migration or heavy IT workloads.
Supplier and contract data at your fingertips
Evisort’s mission is to democratize contracting and minimize the human hours needed to review and search for contracts with real AI. Our cloud-based platform is an easy-to-use, end-to-end contract management solution with three core pillars:
A central repository that integrates seamlessly with other popular business software platforms, enabling implementation within 30 days,
AI-powered analytics to put vital data at the fingertips of in-house counsel, contract managers, and business leaders,
Contract lifecycle management tools to help standardize and streamline operations.
Contracting and legal operations teams can reduce deal cycles by using our no-code workflow tool to coordinate approvals, draft documents, collaborate on redlines, and sign agreements, all in one platform. Our customers have complete visibility into historical customer and vendor relationships with our industry-leading algorithms that understand third-party contracts right out of the box. Finally, our platform gives business leaders more time and information to analyze their business relationships, make strategic decisions in the best interests of the organization, and optimize the terms of new contracts using language and data from previous agreements.
When technology is your forte
The Evisort difference is our powerful, proprietary AI. Legacy document storage or contract management software doesn’t give business teams the accurate business intelligence and intuitive collaboration tools they need. That’s why we created the Contract Intelligence Platform–a holistic, AI-fueled, solution that rapidly boost businesses’ contract management and analytics capabilities and helps support better business outcomes. Our other differentiator is our fast implementation and ease of use. We offer implementation within 30 days by centralizing contracts without requiring file migration or IT support, thanks to two-way synchronization with existing business systems such as Salesforce and cloud-based storage platforms. Evisort’s AI delivers a rapid return on investment by making it easy to track and search contract clauses and metadata without manual data entry. It enables teams to efficiently draft, redline, approve, sign, report on, and renew contracts. Finally, we firmly believe in “try before you buy.” To that end, we offer a comprehensive demo using potential customers’ own contracts that we’ve never seen before. It allows them to experience first-hand what is really possible with the Evisort platform.
Supporting innovation in procurement and contracting
Evisort’s goal is to make the challenging jobs of procurement and contract professionals easier and better, which helps an organization as a whole perform more efficiently. When they can quickly find useful data in contracts and other agreements to better negotiate and drive operational excellence, they can function as more strategic business partners within a company and ultimately help improve revenues and outcomes.