Evisort

Evisort: AI-Powered Contract Lifecycle Management

What is Evisort? Evisort, now part of Workday, is a leading AI-native platform designed to streamline and enhance contract lifecycle management (CLM). It offers a comprehensive suite of tools that automate processes, reduce risks, and uncover opportunities within your contracts. Evisort stands out by using its proprietary AI, including the first large language model (LLM) specifically built for contracts, ensuring better accuracy, security, and control over your AI journey.

Key Features and Benefits

• Risk Mitigation: Evisort automatically identifies and remediates risky language within contracts, ensuring compliance with regulations and aligning with strategic initiatives.
• Opportunity Identification: The platform helps uncover hidden revenue potential in customer contracts and cost savings in vendor agreements, enhancing your financial performance.
• Obligation Tracking: Evisort enables effective relationship management by tracking obligations and auto-renewal dates, eliminating guesswork in budgeting and forecasting.
• Compliance Automation: Streamline compliance processes to meet industry standards and regulations.
• Customization: Tailor the platform to meet the specific needs of your business.
• Fast ROI: Experience a significant return on investment through the elimination of manual processes and improved contract management efficiency. Customers report saving hundreds of hours through automation.

How does Evisort work?

Evisort's platform uses advanced AI to analyze contracts, identify key terms, and provide actionable insights. Here's a breakdown of its core functionalities:

1. AI-Powered Analysis: Evisort’s AI engine scans contracts to identify clauses, obligations, and risks. This includes the use of its proprietary Large Language Model (LLM) designed specifically for contracts, enhancing accuracy and reducing false positives.
2. Risk Assessment: The platform automatically flags risky language and clauses that could lead to compliance issues or financial losses. Users can customize risk parameters to align with their company's policies and regulatory requirements.
3. Opportunity Detection: Evisort helps identify untapped revenue potential within customer contracts and cost-saving opportunities in vendor agreements. This allows businesses to optimize their financial performance and improve profitability.
4. Obligation Management: The system tracks critical obligations, such as renewal dates, performance milestones, and compliance requirements. Automated alerts ensure that no deadlines are missed, reducing the risk of penalties and ensuring smooth contract execution.
5. Reporting and Analytics: Evisort offers comprehensive reporting and analytics capabilities, providing insights into contract performance, risk exposure, and cost savings. These reports help stakeholders make informed decisions and track the effectiveness of their contract management strategies.

Why choose Evisort?

• AI-Native Platform: Unlike other CLM providers that license generic, third-party AI, Evisort builds its own industry-leading, proprietary AI, providing better accuracy and control.
• Customers' Choice: Recognized as a "Customers' Choice" in the 2024 Gartner Peer Insights™ "Voice of the Customer" for CLM and a Visionary in the 2024 Gartner Magic Quadrant™ for CLM for the third year in a row.
• Cost-Effective Solution: Evisort has transformed the ability to manage contracts, saving hundreds of hours of manual processes, as noted by the Chief Financial Officer at Five Rivers Health Centers.

Who is Evisort for?

Evisort is designed for savvy contracting professionals at global brands and is suitable for:

• Legal teams seeking to automate compliance and reduce risk.
• Finance departments looking to uncover revenue opportunities and cost savings.
• Procurement teams aiming to manage vendor relationships and track obligations.
• Any business that wants to streamline its contract lifecycle, reduce manual effort, and drive value across the organization.

Conclusion

Evisort offers a powerful, AI-driven solution for contract lifecycle management. By automating compliance, spotting opportunities, and tracking obligations, Evisort empowers businesses to transform their contracting processes and drive significant value. As part of Workday, Evisort continues to innovate and lead the way in AI-powered contract management.