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Contract management software has changed the way businesses are managing their contracts. What was once an arduous and time-consuming task can now be handled with ease. Kira Systems and Evisort use AI-driven software to manage contracts innovatively.

Deciding which contract management software (CMS) for your business requires exploring exactly what you need the CMS to do. Before AI-driven CMS, contract management software only stored and organized contracts. With AI, both Kira Systems and Evisort have the capability to:

  • Identify contract types
  • Recognizes patterns and allows companies to extract essential information such as dates, clauses, parties, etc.
  • Serves as risk mitigation by sending alerts regarding dates.
  • More easily draft new contracts
  • Powerful project and contract summaries with just a few keystrokes
  • Search capabilities across contracts in different departments
  • Import documents easily
  • Cloud-based storage that makes contracts accessible from anywhere
  • Are designed to work with existing IT set-up
  • Built-in data security
  • Efficient workflow management with intuitive dashboards
  • Removal of human error in filing contracts. Contracts filed without AI-driven systems could easily be mistagged or misfiled, causing disastrous results.

Manual contract reviews are arduous and time-consuming tasks. AI-driven CMS frees up valuable time in the contract review process. Harvard Business Review estimates that between five to forty percent of the value of a contract is lost due to poor contract management. CMS is allowing companies to reap the full benefits of their contracts by identifying lost value. CMS significantly mitigates the risk of missing contractual deadlines. Both Kira Systems and Evisort can issue automatic alerts regarding contractual obligations and date alerts.

Kira Systems and Evisort use machine learning algorithms, but here Evisort has an advantage. The machine learning comes “pre-trained” for over 50 functions. Kira Systems also does not offer the same level of machine learning that allows the software to learn from the contracts, and identify ways to improve future contracts. Kira System has more time on the market. The company was founded in 2010, where Evisort did not enter the scene until 2016.

Kira Systems is highly customizable, but if quick set-up and out-of-the-box usability are essential, then Evisort does a better job.  Though Kira Systems comes pre-set to operate in dozens of languages, Evisort utilizes machine learning supported translation services. Using machine learning in translation means that algorithms will allow the software to learn, and then compare, contractual information across language barriers.

There are advantages to Kira Systems and Evisort, but as business becomes more global, Evisort seems ahead of the game in dealing with contracts in multiple languages. Evisort’s pre-trained sort and search features save valuable training time in system use. Evisort is ahead of the game in data mining techniques. Companies have a wealth of information buried in both new and old contracts, and Evisort makes mining that data simple. Evisort’s features also allow companies to extract data from third-party contracts.

Kira Systems offers more templates for contract creation. The templates provide the ability to create contracts of various types seamlessly. Evisort also provides a seamless process for tracking the entire life-cycle of a contract and extrapolating data to make future contracts more successful.  The decision here will rest with how your company does business. The more significant number of templates offered by Kira Systems provides instant value. However, Evisort’s life-cycle management and machine learning for better future contracts is a powerful tool.

Whatever your choice in contract management software, AI and machine learning will allow a system that grows with your business. Cost savings for personnel time, risk mitigation, and missed money in contracts invest in AI-driven CMS a wise investment. Kira Systems offers more templates for contract creation. The templates provide the ability to create contracts of various types seamlessly.

These CMS solutions are implemented throughout various industries and practices. It is easy to imagine that they will come soon by the standard for contract management.

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