Evisort is the latest in a line of innovative new startups using AI and Machine Learning to take established industries into whole new directions. With their recent $4.5 million round of seed funding, Evisort is poised to become a disruptive force in the legal world. Evisort’s proprietary contract management software claims to understand the meaning of documents. As such, the software is purported to pull all of a document’s important data from a company’s contracts and present in a way that is easy to use. If true, the potential savings in time and money are astronomical. Let us take a look at the software to see if it meets Evisort’s lofty goals.
In our tests, we were able to scan and upload PDF documents directly to Evisort’s application. We did not need to perform the painstaking task of entering individual pieces of information from the document. Evisort’s artificial intelligence automatically parsed all pertinent information within seconds.
Evisort’s contract management software does not require any data entry, nor does Evisort leave the reader to sift through endless online archives.
The tab titled Overview contains overarching information about the contract. Based on the overview section, Evisort does not merely haphazardly gather information. Instead, as the portmanteau Evisort suggests, the artificial intelligence software effectively extracts “evidence” and presents in a meaningful way.
Any user will be able to utilize Evisort with minimal difficulty. It’s about as challenging as using Google.
Now, to the proverbial meat and potatoes: Evidently, Evisort founders originally planned for the service to sort evidence exclusively for law firms. However, based on our experience with the software, there isn’t anything that would prevent a business in any niche from using it. Users can upload any contract to Evisort’s system, allowing a company in any domain to analyze and organize documents effectively.
Evisort’s system coherently organizes information with subheaders. Under general information, Evisort includes the following: who wrote the contract, the type of contract, the owner of the contract, and the contract parties. Immediately, the reader will know who to contact for reviewing or negotiating the agreement. In the subsequent section, Evisort shows applicable dates such as when the contract went into effect and when it expires.
Within the Content tab, there’s a box titled Contract Summary, which offers key points that link directly to the accompanying content. Therefore, a reader will not have to skim the entire document for key points. Furthermore, developers created a specific feature that increases readability and usability. When a reader clicks on a key point, the link not only leads directly to the section. The relevant section is also highlighted in yellow. Another feature allows users to edit the information.
In the Document Analyzer section, the user can utilize the filter to search for documents similar to the original. Rather than sifting through stacks of paperwork or online archives to discern which contract provisions have similar lexicon, employees and attorneys can direct the artificial intelligence to provide accurate and instantaneous results.
In the search results of the Document Analyzer section, each document can be exported to an excel file or downloaded. It’s noteworthy to mention at this juncture that Evisort is compatible with many common software solutions. Consequently, users can easily work with the content.
One of the most competitive features of Evisort lies in the Expiring Contracts section. Evisort does not just merely output relevant data. The contract management software offers real-time analytics. For example, Evisort can visually show contract expiration dates on a calendar.
Additionally, Evisort offers a bar graph and pie chart. In three different graphics, Evisort offers helpful and relevant information. Not to mention, the layout of the information appears sharp and professional.
Evisort is a user-friendly and robust solution if you’re looking for contract management. The question becomes: Do you need it? If you’re a small startup dealing with minimal contracts or documents, perhaps not. However, if contracts are something you deal with on a regular basis, automating their management is something that will likely save you significant time.