Automate contracts. This two-word edict comes from Jerry Ting, CEO of Evisort, and concisely sums up the vision behind the company he founded — Evisort — and our latest product, Contract Workflow, which automates the contract creation and approval processes all the way through e-signature.
As a Harvard-educated lawyer, he knows too well the manual process (and hours!) of reviewing and managing contracts. Why not use AI to do that? This question put him on the Forbes 30 Under 30 list and gave enterprises the kind of productivity gold they need to truly leverage more data and free up legal professionals to manage deals, instead of chasing down approvals from different departments.
The launch of Contract Workflow takes Evisort to new heights as the first end-to-end contract lifecycle management system built with AI, and Jerry was eager to share more. Here’s what he had to say:
Why create Contract Workflow?
To put it simply, because our customers asked for it. We’re lucky enough to have close relationships with our customers and frequently visit them at their offices. In doing so it became very clear what their pain points were and that there really wasn’t a solution for them out there that had AI for contract management and also robust, configurable approval and contract creation workflows.
Why is having an end-to-end contract management system important?
A number of key aspects are at play here. To start, so much can go wrong when clients use multiple solutions. We alleviate that risk. Customers want a clean end-to-end solution that enables them to create contracts, negotiate them, sign and manage without ever leaving that system. Being able to provide this was an extremely compelling vision for us.
Our first iteration is very well received by our customers — they love the way we thought about it. It is a modern, no-code platform that needs no professional services — it becomes more of an operating system than a management platform.
What differentiates us is that a solution like this simply does not exist in the marketplace. Most solutions are focused on either pre-signing activities or post-signing activities. None are truly end to end with AI-powered by deep learning.
We bridge these gaps, bringing lawyers, procurement, business operations, IT and sales all together with one end-to-end solution. If you consider a situation in which you have one client but 22 different stakeholders all needing to approve contracts, having one system that can do everything suddenly seems very appealing.
What makes Evisort stand out in the marketplace?
Again, I’ll point to what we hear from our customers: They tell us we offer not only what they need but also what they haven’t even considered. We cover all the bases and we do it in one end-to-end solution. No separate pre- or post-signature parts, just one consolidated, robust, enterprise-level technology.
And let’s go back to my last example of one client but 22 separate stakeholders: Without any sort of AI enablement, that process alone could potentially stretch for 9 to 12 months!
Our solution lets a large company hammer this out in a fraction of that time; smaller companies you can do it in half an hour.
We took the very best of what we saw out there in the industry and combined it into one solution driven by our vision of an AI-powered operating system.
Has the launch of Contract Workflow changed the direction of Evisort?
It extends our vision. Evisort AI is about analytics and data and being able to draw insights from your most important contracts. Contract Workflow empowers customers at the pre-signing and post-contract stages to use that data to proactively negotiate better terms, get approvals more quickly, and accelerate business. Contract Workflow amplifies the benefits and capabilities of Evisort, further streamlining processes for our customers.
What’s next?
I see a clear roadmap ahead into verticalized plays. This will require us to be even more focused on what we do to build tailored use cases that automate entire workflows. Financial services is a perfect example: There are five types of financial services contracts that move literally trillions of dollars weekly. How do we train our sights on those?
Customers are hungry for more data in other areas, such as vendor contracts, lease management, and healthcare. We can’t wait to keep building with them.
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