Evisort

TL;DR

• AI-native contract management platform acquired by Workday that automates entire contract lifecycle
• Features proprietary contract-specific AI and the first large language model built for contracts
• Helps identify risks, spot revenue opportunities, and track obligations automatically
• Ideal for legal teams, procurement, finance, and compliance professionals at enterprises

What is Evisort

Evisort is an AI-powered Contract Lifecycle Management (CLM) platform that transforms how organizations manage contracts from creation to renewal. Acquired by Workday, Evisort leverages proprietary artificial intelligence, including the first large language model specifically designed for contracts, to automate contract analysis, risk identification, and obligation management. The platform serves as a comprehensive solution for legal, procurement, and finance teams to gain complete visibility into their contract portfolios while reducing manual effort and accelerating business processes.

Key Features

Contract Intelligence: Uses proprietary AI to automatically extract and analyze key contract data, identifying risks, opportunities, and obligations without manual review.
Custom AI Model Training: Allows teams to train custom AI models specific to their compliance needs and business requirements, providing flexibility as regulations change.
Risk Identification: Automatically surfaces risky contract language and misalignments with regulations, strategic initiatives, and financial goals to safeguard business interests.
Revenue Optimization: Discovers untapped revenue potential in customer contracts and identifies cost savings opportunities in vendor agreements.
Obligation Tracking: Monitors all contractual obligations, auto-renewal dates, and notification requirements to prevent missed deadlines and improve budgeting accuracy.
Document Generation: Provides automated contract creation capabilities with customizable templates and workflows for faster agreement processing.
Self-Configurable Workflows: Offers flexible, user-friendly workflow automation that adapts to specific business processes without extensive technical expertise.
Enterprise Integration: Seamlessly connects with existing business systems as part of the Workday ecosystem for unified contract management.

Who is Evisort for?

Legal Operations Teams seeking to automate contract review and reduce manual analysis time
Procurement Managers needing visibility into vendor agreements and cost optimization opportunities
Finance Professionals requiring accurate contract data for budgeting and forecasting
Compliance Officers managing regulatory requirements across large contract portfolios
Enterprise Organizations with complex contracting needs across multiple departments
Healthcare and Financial Services companies with strict compliance requirements
Global corporations managing international contracts and multi-jurisdictional compliance

Key Use Cases & Applications

Automated Compliance Management: Organizations use Evisort to automatically monitor contracts for regulatory compliance and quickly adapt to changing requirements
Revenue Recovery: Companies identify missed billing opportunities and underutilized contract terms to recover lost revenue
Vendor Cost Optimization: Procurement teams analyze vendor contracts to identify consolidation opportunities and negotiate better terms
M&A Due Diligence: Legal teams rapidly review thousands of contracts during mergers and acquisitions to identify risks and obligations
Contract Migration: Organizations transitioning from manual or legacy systems use Evisort to digitize and analyze existing contract portfolios
Auto-Renewal Management: Finance teams prevent unwanted auto-renewals and optimize subscription spending across the organization
Multi-Jurisdictional Compliance: Global companies ensure contracts comply with varying regional regulations and standards

Pros

Proprietary AI technology specifically built for contracts provides superior accuracy compared to generic AI solutions
Rapid ROI demonstrated by customers reporting significant time savings within the first month
User-friendly interface with self-configurable workflows requires minimal technical expertise
Comprehensive platform combining document generation, workflows, and AI in one solution
Strong enterprise backing through Workday acquisition ensures long-term stability and development
Proven track record with Fortune 500 companies including Microsoft, BNY Mellon, and McKesson
Named a Visionary in Gartner Magic Quadrant for CLM for three consecutive years

Cons

Pricing requires direct contact with sales team, making it difficult to assess cost-effectiveness upfront
Platform complexity may require significant onboarding time for organizations new to CLM systems
Integration with non-Workday systems may require additional configuration and technical resources
AI model training effectiveness depends on quality and quantity of existing contract data
Limited information available about data residency options for international compliance requirements

Pricing Info

Pricing is not publicly available. You need to contact them.

FAQs

How does Evisort's AI differ from other CLM providers?

Evisort builds proprietary AI technology specifically designed for contracts, including the first large language model created exclusively for contract analysis. Unlike competitors who use generic third-party AI, Evisort's custom-built solution provides better accuracy, security, and control. Users can also train custom AI models to meet their specific compliance and business needs.

What kind of ROI can organizations expect from Evisort?

According to customer testimonials, organizations report significant ROI within the first month of implementation. For example, Keller Williams achieved meaningful returns in just one month, while Five Rivers Health Centers saved hundreds of hours of manual processes. The platform's automation capabilities typically reduce contract review time by 80-90%.

Does Evisort require extensive IT resources for implementation?

Evisort is designed with user-friendly, self-configurable workflows that minimize IT dependency. The platform features an intuitive interface that allows business users to set up and modify workflows without extensive technical expertise. However, initial implementation and integration with existing systems may require IT involvement.

What types of contracts can Evisort handle?

Evisort can process and analyze virtually any type of business contract, including vendor agreements, customer contracts, NDAs, employment agreements, lease agreements, and partnership contracts. The AI is trained on millions of contracts across industries and can be customized to recognize organization-specific contract types and clauses.

How does Evisort integrate with other business systems?

As part of the Workday ecosystem, Evisort offers seamless integration with Workday applications. The platform also provides APIs and integration capabilities for connecting with other enterprise systems like CRM, ERP, and document management platforms, though specific integration requirements should be discussed with their implementation team.

Still have questions? We're here to help!