Contract AI Software Solutions for Smarter Contracting

Contract AI software solutions are revolutionizing the way businesses approach contracting. By automating routine tasks and providing data-driven insights, these solutions can help organizations streamline their contracting processes and make more informed decisions.

Contract AI software can analyze large volumes of contract data in seconds, identifying potential risks and areas for improvement. This can help businesses reduce the time and resources spent on contract management.

With the ability to analyze complex contract data, businesses can uncover hidden patterns and trends that may have gone unnoticed before. This can lead to significant cost savings and improved contract outcomes.

Contract AI software can also help businesses automate routine contract tasks, freeing up staff to focus on higher-value activities.

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Contract AI software features are designed to streamline contract management, reduce risks, and improve efficiency. Customizable AI for clauses unique to your business can be guided to recognize terms and language particular to your industry or business without writing a single line of code.

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Contract AI software offers a range of features, including contract transformation with artificial intelligence, automated data entry, and intelligent contract workflow. Contract Insight features include compare contract software, digital signature software, contract management reports, and OFAC search integration.

Some notable features include contract summarization, which generates summaries that highlight key points and relevant information, and on-demand contract generation, which allows contract professionals to initiate the creation of draft contracts on demand. These features can be accessed through a user-friendly chatbot, like IntelliDraft.ai, which leverages a database of thousands of real-life clauses to generate new clauses from real machine learning data.

Here are some of the key features of contract AI software:

The Theory Calculator is a powerful tool that provides users with recurring automated data analysis and on-screen recommendations to guide them throughout the contract administration process.

With VISDOM's Theory Calculator, you can simplify key date notifications and get overall contract visibility. This feature is particularly useful for managing complex contracts with multiple deadlines and requirements.

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The Theory Calculator can identify sensitive data, such as PII, employee data, routing numbers, credit card numbers, SSN, or other information, to help you redact or eliminate it as needed.

One of the key benefits of the Theory Calculator is its ability to provide recurring, on-screen recommendations and reports that help you stay on top of your contracts. This can save you time and reduce the risk of errors or missed deadlines.

Here are some of the key features of the Theory Calculator:

By using the Theory Calculator, you can streamline your contract administration process and make more informed decisions with confidence.

You can guide Evisort to recognize terms and language particular to your industry or business without writing a single line of code.

Evisort's customizable AI is a game-changer for businesses looking to tailor their contract management software to their unique needs. With this feature, you can create a bespoke AI system that understands your industry-specific terminology and language.

Customizable AI for clauses unique to your business can be achieved through Evisort's intuitive interface, which allows you to train the AI on your specific language and terms.

This level of customization is a major advantage over other contract management software, which often rely on generic AI models that may not fully understand your business needs.

By leveraging Evisort's customizable AI, you can streamline your contract management process, reduce errors, and improve compliance.

Here are some key benefits of Evisort's customizable AI:

Contract management can be a tedious and time-consuming task, but with the right tools, it can be streamlined and automated. AI-based contract analytics enable advanced search capabilities, allowing organizations to find relevant contract information quickly.

Automating contract management tasks can save a significant amount of time and reduce manual effort. For example, automated alerts can show what's on the horizon, ensuring that deadlines are met and the right people are notified in a timely manner.

Contract automation can transform standard templates into customized, intuitive workflows, empowering teams to generate accurate, compliant contracts in record time. This can elevate operational productivity, cut human errors by 80%, and manage the entire contract lifecycle with unmatched simplicity and precision.

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Automating contract management can save organizations a significant amount of time and resources. With AI-powered contract analytics, organizations can automate tasks such as amendments, compliance checks, and e-signature integration.

Contract data can be extracted and connected across the organization, making it easily searchable and accessible. This enables teams to collaborate more effectively and reduce the risk of errors.

Automating data extraction and contract management can also help organizations stay on top of deadlines and obligations. With AI-powered tools, organizations can track and find critical clauses across all contracts, including third-party paper.

Contract workflows can be automated and streamlined, allowing teams to focus on more strategic tasks. With AI-influenced workflows, organizations can improve efficiency and reduce unnecessary review cycles.

Automating contract management can also help organizations reduce risk and improve compliance. AI-powered tools can identify potential issues and provide proactive alerts and escalations.

By automating contract management, organizations can free up resources and focus on more strategic tasks. With AI-powered tools, organizations can streamline contract management, reduce risks, and improve efficiency.

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Language Translation is a crucial aspect of contract management, and AI-powered tools can significantly simplify the process. AI can assist with on-demand contract translation between languages.

However, accuracy may vary due to local colloquialisms and linguistic nuances. This is why a validation process should be implemented to ensure the integrity of the translated contract.

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To choose the right AI contract analysis software, you need to consider your specific use case. Clearly defining the purpose of AI in your firm's contract management will make it easier to identify a solution.

Before selecting a software, consider the areas where specific AI contract analysis software may already be available, such as contract review and negotiation, or contract data extraction and analysis.

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Using AI-powered contract technology comes with risks, but not using it is a bigger risk. A big risk with AI-powered contract technology is not using it, as Thomson Reuters' Senior Product Marketing Manager Craig Vaughn suggests, likening it to a law firm still using typewriters.

If AI is trained on bad information, it will return bad information, highlighting the importance of proper training. The team training the AI should be versed in both the technology and the law to ensure that AI retrieves the right information.

More is not necessarily better when it comes to data input, and human expertise is essential to ensure that AI retrieves the right information. The technology needs to be trained to understand the legal concepts and assign meaning to various contract provisions.

A force majeure clause can be found by AI without looking solely at documents that contain the words force majeure, just as an attorney would, with proper training.

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To choose the right AI contract analysis software, you need to narrow down the options. Consider your firm's specific needs and the purpose of AI in your contract management.

First, define your use case. What's the main reason you're looking for AI contract analysis software? If you can clearly identify this, you'll have an easier time finding a solution.

AI contract analysis software is available for various areas, such as contract review, clause analysis, and document management. Identifying your specific needs will help you find a software that fits.

Don't be overwhelmed by the many options available. Weighing considerations like contract management needs will help you make a more informed decision.

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To choose the right AI software for your contract management, you need to clearly define the purpose of AI in your firm. This will help you identify a solution that meets your specific needs.

Defining your use case will also help you avoid wasting time and resources on software that doesn't address your unique challenges. You can start by considering areas where specific AI contract analysis software may already be available.

Some areas where AI contract analysis software may be available include contract transformation with artificial intelligence, such as VISDOM, which systematically analyzes contracts and transforms them into building blocks for improved contract oversight.

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Customizable AI can also be used to recognize terms and language particular to your industry or business, without writing a single line of code, thanks to solutions like Evisort.

Automated data entry is another area where AI contract analysis software can make a significant impact, freeing up your team to focus on more strategic tasks.

When choosing the right AI software, it's essential to consider the total cost involved. Some vendors charge a fee for the initial upload of your documents.

This fee can add up quickly, so it's crucial to find a solution that's transparent about its pricing policy. Some vendors charge a fee to house your documents in their software, which can be an ongoing expense.

To avoid any surprise costs, look for a solution with a clear and transparent commercial pricing policy. This will help you understand what you're getting into and make an informed decision.

When choosing the right AI software, it's essential to consider the vendor's expertise. Look for a vendor with a history of development with AI and language models.

A vendor with both data scientists and experienced attorneys on their team can bring a unique combination of skills to the table. This collaboration can result in proprietary content that's invaluable for legal professionals.

Don't be afraid to do your research and ask questions. A vendor with a strong track record of developing effective AI solutions is a good sign.