What is contract analysis?
Discover how contract analysis unlocks insights, reduces risk, and drives smarter decisions with AI-powered visibility into every stage of the contract lifecycle.
Why contract analysis matters.
Contract analysis can add value to your business¡¯s bottom line because contracts are the foundation of all business cooperation. Think of contracts as the software for business. We all know ¡°bugs¡± in software cause machines to operate ineffectively. In much the same way, contracts can have errors that sap profits from your business, such as:
Unforeseen edge cases that weren¡¯t addressed
Clauses that aren¡¯t specific enough to provide an effective outcome
Lack of provisions for dispute resolution
Inadequate protection against liabilities and termination effects
Outdated language that hasn't kept pace with modern developments
Contracts that need to be changed to reflect a new law or regulation
Unforeseen conflicts between several existing contracts
Lack of a defined lifecycle
Some of these problems stem from a lack of adequate contract visibility and oversight. During the negotiation process, not having instant access to your contract library puts you at a disadvantage because you can¡¯t see prior agreements to get a feel for what¡¯s a fair offer.
Even if a contract is airtight, many more problems can arise if your company mishandles contract management. These mistakes are very common among even the largest enterprises and are often easily avoidable. Such mistakes include:
Miscommunication of responsibilities
Missing deadlines and time windows
Overshooting termination dates
Underestimating costs of fulfillment
Lack of insight into crucial contract terms
Overextending the company¡¯s capacity to fulfill contracts
Failing to renew expired contracts
Accidentally renewing contracts that have outlived their effectiveness
Missing opportunities to renegotiate better terms
Taking too much time to review contracts
Ineffective contract risk management
Lack of centralization causing wasteful handling
If any of these sounds like a mishap that your company has experienced, you¡¯re not alone. Many companies that have experienced painful losses due to poor contract handling need a solution.
AI automation: The better way to manage contracts.
AI has entered the domain of business contract management. We¡¯ve all seen software that helps compose, build, transfer, or otherwise inventory contracts. Using AI provides more value.
²ÝÝ®ÊÓƵ Contract Lifecycle Management, powered by Evisort AI, is a complete contract management solution by using AI to change the game. It uses a deep learning AI system trained in legal contract language to automate the process of manual tagging, data entry, and logging of contracts. It serves as a centralized repository for all your contracts with integration for all common office tools to allow easy import, export, and access to your contract library.
²ÝÝ®ÊÓƵ Contract Lifecycle Management also enables you to search and compare contracts by terms, clauses, and any data points you use. The system can learn to tag and set rules for new clauses. It applies new rules to existing and future contracts.
The unprecedented AI versatility in ²ÝÝ®ÊÓƵ.
²ÝÝ®ÊÓƵ Contract Lifecycle Management is fluent in more than 100 contract types, capable of scanning, tagging, storing, and analyzing many different categories of contracts, including:
Client agreements
Vendor agreements
NDAs
Employment contracts
Lease documents
Loan documents
Investment documents
Work orders
Purchase orders
Compliance agreements
²ÝÝ®ÊÓƵ Contract Lifecycle Management puts your contract data at your fingertips by letting you search through your entire contract library in seconds to find important information, such as:
Party names and contacts
Service, beginning, expiration, and renewal dates
Agreement terms
Fees
Payment terms
Noncompete clauses
Nonsolicit clauses
Governing laws
Limitations of liability
Lease abstraction
Confidentiality
Total contract visibility.
If you handle contracts and are in charge of review, ask yourself: How many hours have you burned reading through pages of contract legalese? ²ÝÝ®ÊÓƵ Contract Lifecycle Management provides an automated system to reduce days of work to mere seconds. You will never have to manually read a contract again.
²ÝÝ®ÊÓƵ Contract Lifecycle Management imports contracts from any source, from local hard drives to software such as Sharepoint and DocuSign, to scanned-in paper. It can also export document data to common office tools, allowing you to turn complex contract data into simple graphs, spreadsheets, and visual data for easy communication.
Automating contract management offloads the drudgery of grunt labor, freeing time to take action on data. By integrating with other enterprise software, ²ÝÝ®ÊÓƵ Contract Lifecycle Management expedites teammate communication and collaboration, making it easier for your team to stay in the loop. Teammates unfamiliar with ²ÝÝ®ÊÓƵ Contract Lifecycle Management reap its benefits through the tools they use.
But more importantly, when used as part of a comprehensive contract analysis process, ²ÝÝ®ÊÓƵ Contract Lifecycle Management helps you reduce risk by avoiding human errors from manual contract review.
What can efficient contract analysis do for you?
²ÝÝ®ÊÓƵ Contract Lifecycle Management helps businesses in more ways than can be covered here. Some of those ways include:
Identifying and mitigating risks
Reducing costs of review and fulfillment
Streamlining workflows
Protecting against legal snares
Helping with planning projects
Helping manage vendors and procurement
Identifying compliance issues on both sides of the agreement
The AI technology in ²ÝÝ®ÊÓƵ Contract Lifecycle Management instantly extracts and uploads key information to the platform, making it available for viewing anytime. Contract expiration alerts mean that analyzing contracts for hours on end is now a task of the past.
Once your company experiences agile contract analysis and results emerge in your KPIs, you will feel confident in taking on new business commitments. Setting up new deals becomes much easier when you have your entire contract library at your fingertips during negotiation. You can then operate more efficiently and take bolder steps to grow your business.