Evisort Revolutionizes Use of AI for Contracts with Document X-Raytm

New generative AI release helps organizations know everything about their contracts with unrivaled ability to customize AI models

SAN FRANCISCO, Jan. 23, 2024 /PRNewswire/ -- Evisort, the leader in artificial intelligence (AI) for contract lifecycle management (CLM) and analysis, today announced the release of Document X-Raytm to provide organizations unprecedented visibility into their agreements. While most contract AI technology offers only a limited set of data extractions, Document X-Ray lets organizations customize their AI journey on an unlimited basis with responsible, generative AI. The result is flexible, in-depth, user-driven contract analysis optimized for individual enterprises of any size and industry.

As Evisort will demonstrate at a live webinar on Thursday, January 25, Document X-Ray advances AI-powered contract intelligence in three key ways:

• It trains with a simple question: Document X-Ray turns users' natural language questions ? such as "Are any rebates or discounts available?" ? into AI models that automatically populate data fields for all agreements.
• It goes far beyond contract clauses: Document X-Ray lets users track terms at any level of granularity in their contracts, and even extends its analysis to related transactional documents like order forms, SOWs, and invoices.
• It doesn't just extract, it generates: Not only does Document X-Ray accurately extract text from contracts (including handwritten notes and data from tables), it can summarize complex terms for non-legal audiences, calculate dates and amounts, assign ratings and risk scores, and more.

Having complete visibility into contract data at scale empowers businesses to surface untapped revenue opportunities in customer and partner contracts, reduce costs by spotting redundancies in vendor agreements and fully leveraging rebates and discounts, manage cash flow by fully understanding payment terms and schedules, and efficiently monitor compliance by tracking contractual terms that impact regulatory audits and risk profiling.

Organizations can gain even greater business value by sharing contract data from Evisort with connected enterprise systems such as ServiceNow, Salesforce, SAP Ariba, and hundreds more ? including other contract management systems.

"Forward-thinking legal and business leaders should never be limited by what a legacy CLM company is able to offer by bolting on generic, third-party AI," said Evisort Founder and CEO Jerry Ting. "Evisort builds enterprise-grade contract AI worthy of the world's greatest corporations, and gives them control to make it their own. With Document X-Ray, we're ushering in a new era of what is possible."

Document X-Ray leverages Evisort's AI proprietary orchestration engine and contract-specific large language model (LLM), as well as leading third-party LLMs. Designed in accordance with responsible AI principles, it expands Evisort's existing capabilities for user-customizable AI, already used by premier corporations like Microsoft, BNY Mellon, and NetApp to track tens of millions of unique contract clauses. Said Microsoft Senior Director of Legal Operations Tom Orrison, "Evisort makes it simple for our teams to train custom algorithms so we can react quickly as our compliance needs change."

Workday's Director of Legal Operations Greg Bennett agreed. "Workday requires visibility into contract language beyond what traditional tools can provide. With Evisort, we're able to continually customize our AI experience to rapidly extract information from our agreements ? and share that data with our business."

"Evisort's contract-specific LLM is a game-changer in the contract management space," added Michelle Gonzalez, Corporate Vice President and Global Head of M12, Microsoft's Venture Fund. "With Document X-Ray, they are pushing the boundaries of generative AI even further, enabling customers to tailor their AI workflows to their specific needs. We are thrilled to be part of their journey and witness the impact they will have on the market."

About Evisort
Evisort is the leading transformative business solution for contract lifecycle management and analysis. Powered by proprietary artificial intelligence (AI) trained on 11M+ contracts and 1B+ data points, Evisort's technology parses the nuanced context and meaning of legal language and helps operational teams scale faster, reduce costs, and deliver greater business impact. Evisort is the first AI-native CLM company to achieve ISO 27001 and 27701 certifications in addition to SOC 2 Type 2 certification. Headquartered in San Francisco, the company supports legal, finance, sales, procurement and IT organizations around the globe. For more information, visit www.evisort.ai or connect with us on LinkedIn.

SOURCE Evisort