If cash flow is the lifeblood of profitable companies, contracts are the DNA of the business itself.

Contract management systems enable companies to use fewer people on a smaller budget to quickly create contracts with artificial intelligence (AI).

No matter what the size of a business - they all live in a contractual world. The significance of creating a solid contract is tremendous. 

If a company requires proactive contract control, AI improves most of the management process by analyzing agreements and highlighting insights and trends. 

Among the many contract systems out there, ContractWorks and Evisort are reputable programs with powerful AI features that satisfy thousands of companies of all sizes.

If you're interested in which of these two provide the best contract tools, it's important to consider the advantages of contract management - especially software that digs into sensitive data. 

4 Essentials to Consider for Contract Management Software 

Flag Features for Contract Risk Mitigation 

Any serious organization needs to identify risks in agreements made within their organization. Some contract systems use AI to alert their team of any non-compliant language.

Deep Understanding of Data 

An ideal contract manager lets you track and parse data to make quick, top-level decisions.

A Central Hub

If a contract program doesn't consolidate multiple contracts from multiple locations, it can be tedious to keep track of the endless flow of incoming contracts.

Insights on External Contracts

Surprisingly, not all software solutions extend features to contracts made outside of their program. Avoid headaches by sticking to programs that offer external support.

Now that you know what to look out for, let's compare and contrast ContractWorks and Evisort.

ContractWorks

ContractWorks believes software should work for you, not against you. So they developed customizable contract management features that are accessible within minutes.

Features at a glance:

• Centralized repository

• Smart Document Tagging

• Electronic Signature

• OCR & Advanced Search

• Reporting

• Alerts

• Document Templates

ContractWorks securely stores all contract documents and related files in one, centralized area. Users enjoy customized alerts and reminders to stay on top of significant contract milestones. 

Their reporting tools can also sequence in-depth patterns to track any changes toward a goal.

Evisort

Evisort integrates across all platforms, and creates a single source of truth about your contracts, using AI to automate the difficult work.

Features at a glance:

• Centralized repository 

• Customized reporting 

• Proprietary technology to work on 3rd-party scanned documents 

• Flags terms for easy data accessibility

• Vendor Management

All of these features empower their user base to obtain insight into the most important aspects of a contract.

ContractWorks or Evisort?

Both ContractWorks and Evisort provide user-friendly software to deploy risk mitigators. If you're a start-up or relatively new company that only requires a short order of contracts, ContractWorks may be all you need.

Evisort, on the other hand, has machine learning baked in their software, which means their AI can work independently of the user. Although ContractWorks does use AI to perform tasks, the user must program instructions for their software to work.

This is because Evisort developed their AI for 5 years with more than 6 million documents off of the SEC EDGAR database. This gives it a 95% accuracy rate when automatically extracting metadata and clauses.

Many Evisort articles mention how convenient it feels to use software that's ready to use out of the box - no customer training required for the standard data fields.

Final Thoughts

The ability to analyze meaning and context without user guidance gives Evisort the edge. This proprietary feature allows users to pinpoint critical provisions in a fraction of the time compared to other programs that require setup processes to complete tasks. 

In either case, AI software can prevent overlooked errors while extracting key data at your fingertips. Since AI and contract systems evolve every day, don't neglect ongoing research and development about complex contract innovations.