The world of contract management software was once a small, niche market. It has now grown into a large and thriving industry as the world has learned how much time and money contract management software can save.
In 2020, consumers have more choices than ever in contract management software. To choose the best software for your organization, here is a list of the best contract management software available in 2020.
- Evisort—Leading the field in AI-driven contract management software, Evisort keeps expanding what their product can do. A recent partnership with Linguistic Systems, Inc., helps businesses around the globe analyze contracts and other documents in 120 different languages.
Machine learning, historically, took place primarily in native English. The new partnership between Evisort and LSI extends the capability of machine learning to other languages. Comprehensive data analysis can now take place in any combination of the 120 different languages, leading to improved contract management and analytics for global companies.
Evisort takes the lead in contract management with artificial intelligence by using machine learning to pre-train its software. The pre-training means that Evisort is ready for use right out of the box.
Evisort was founded in 2016 by Harvard Law and MIT researchers. The artificial intelligence algorithms simplify contract management and help companies mine their contracts for data. Evisort’s artificial intelligence is capable of understanding meaning and context in contractual language, reducing the need to read contracts.
- ContractWorks—ContractWorks also uses artificial intelligence to manage contracts, and has recently implemented a bulk drag and drop feature. The feature allows users to drop large volumes of contracts into the software, and the software will do the sorting, tagging, and filing automatically.
ContractWorks make the contract review process simple by helping users quickly identify the information they need. The enhanced functionality reads the contents of documents and creates an outline that allows users to search by key terms or clauses. Users can then jump to specific sections of the agreement to review the section they were seeking without having to comb through the entire document.
Contract Works allows users to build customized reports based on any metrics they choose. The ability to design reports to fit specific needs gives users the capability to draw information that is relevant to the needs of the organization.
- Icertis—Icertis has built an easy to use contract management platform that excels in ensuring regulatory compliance in documents and contracts. Built-in templates include government contracts, supporting the compliance features of the software.
Icertis also covers the full lifecycle of contract management, starting with an AI-supported setup and continuing to contract creation. Approvals, negotiations, and renewals complete the lifecycle, and customizable alerts help ensure that each stage of the contract is fulfilled.
Icertis is known for its risk mitigation capabilities, from alerts to identification of hidden risks to help ensure that organizations fulfill all their contractual obligations.
- Ultria—Ultria announced a new artificial intelligence solution designed to work in concert with its contract management portfolio. The new solution, Ultria ORBIT AI, is designed to assist users throughout the lifecycle of contracts by streamlining workflow and ensuring post-contract compliance.
ORBIT AI can extract data and metadata, allowing companies to access the entire wealth of information contained in its contracts. ORBIT AI consists of three different functions, a guide, an explorer, and a protector. The three functions are powered by Ultria’s AI capabilities and services to streamline contract management.
The guide covers the initial stages of intake request, authoring, and negotiating the contract. The explorer works as a companion to add intuitive searching and improving reporting and analytics. The protector, as the name implies, safeguards against the complex and rapidly shifting landscape of regulatory compliance.
When choosing the software management software that is right for your organization, there are a few key things to keep in mind. Purchase software that will not only suffice for your current needs but can take your company where you want to go. Some software is better suited to large corporations, and other options work better for small operations with limited contracts to manage.
Not all artificial intelligence is created the same, and you must understand the time it will take to train users and to train the software before you have a fully functional system. Do you have the time and resources to prepare the software, or do you need a system that is ready to go upon installation?
Identify the essential tools you need in your contract management system. Is ease of use crucial for you, or do you need superior risk mitigation? Many of the software platforms available meet multiple needs but do some jobs better than others.
Your contracts are the foundation of your business, and they are also where reputations can be solidified or destroyed. Contract management software powered by artificial intelligence should give you every tool you need to protect the reputation you have worked to build.