Contracts, with their various addendums and supporting documents, are extensive and cumbersome. Without contract management software, manual management is time-consuming and prone to human error. A contract management system can alleviate the tedious tasks of manual management, freeing people to focus on more important aspects of their jobs. 

Contract management software is saving companies time, resources, money, and removing the risk of human error. Misfiled contracts, at best, result in numerous wasted working hours. In some cases, such errors can be catastrophic for the contract in question. Such mistakes can cost a company valuable clients and even lead to litigation. 

When deciding on the right contract management solution, you must have a clear picture of what contract management software can do. In understanding the complete range of possibilities, you can make an informed decision about the right software for your company. 

You have finally decided to upgrade your contract management solution, but now you have to decide on the best software for your specific needs. Evisort and Contract Management offer many of the same advantages:

• Utilization of artificial intelligence 

• Custom reporting

• Secure contract repository

• Specialty contracts

• Full-text search capacity

• Compliance tracking

• Life cycle management 

• Built-in templates

• Risk mitigation

Evisort

Evisort offers a unique artificial intelligence whose machine learning algorithms come pre-trained. The pre-training is a clear advantage if you want your contract management solution up and running as soon as possible. Evisort also offers:

• The software comes pre-trained in over 50 functions. 

• Risk mitigation that is built-in such as approaching deadlines, expiration alerts, non-standard language alerts, and the capability to customize further features.

• Evisort's AI can track the negative impact of language and help make better future selections.

• Evisort can track contracts across various departments and generate reports on these contracts. 

• Evisort can mine data from all contracts, including third-party agreements.

• Evisort's AI can learn from non-compliance and suggest future solutions. 

• Evisort can handle a larger volume of contracts.

• Evisort can integrate contracts and their supporting documents from across various platforms.

• Evisort is accessible from mobile devices. 

• Evisort recently partnered with Linguistic Systems to provide contract translations in over 120 languages. For companies that do business on a global scale, this could be an essential function allowing Evisort to navigate contracts in various languages. 

• Evisort provides comprehensive workflow management. 

ContractWorks

• Electronic signature capabilities

• Templates for government contracts and regulatory compliance tracking.

• ContractWorks is designed to work best for small to mid-sized companies, or different departments within a larger company.

• The software does not come pre-trained, meaning that it will take some time for the machine learning algorithms to reach full functionality. 

• Risk mitigation is entirely customizable, but ContractWorks does not provide automatic risk mitigation. 

• ContractWorks has an intuitive and easy to use dashboard. 

• Custom reporting features allow you to create reports that include any data points you chose.

• ContractWorks features custom-built security for your data. 

• ContractWorks offers a free trial. 

ContractWorks places priorities on contract storage, signing, and tracking. It functions as a contract repository with easy search parameters. ContractWorks offers little in the way of workflow management, but some clients manage workflow through other software. If these features meet the needs of your business, then ContractWorks might be the right system for you. ContractWorks is more budget-friendly if the repository fulfills all your contract needs. ContractWorks is not, however, a complete contract management system. 

ContractWorks is more limited in the scope of their capabilities. Growing companies will not outgrow Evisort. ContractWorks can handle a large volume of contracts, but without the bells and whistles you will get with Evisort. The decision on which is best for your company will depend on the size of your company and what you need from your contract management software.