This software employs artificial intelligence (AI) and natural language understanding, a subset of machine learning (ML), to quickly identify and address risks within contracts, which would otherwise require manual and time-consuming efforts.
As a result, Contract Analytics software minimizes the risks associated with human errors in contract review and finalization. Its capabilities extend to capturing information on contractual terms like expirations, terminations, and extensions.
Looking for the best AI contract review software? Look no further! Our list of top AI-powered contract review software will help you streamline legal document analysis and review. Say goodbye to manual reviews and hello to accuracy and efficiency with these cutting-edge tools.
What Is Contract Management Software?
Whether it’s a non-disclosure agreement (NDA) or a third-party contract, you can manage everything online with comprehensive visibility throughout the whole contract lifetime by using contract management software. Redlining or in-document revisions, talks, document preparation, transmitting the agreement to the opposite party, and the approval procedure are all part of the process.
No matter the size, drafting, negotiating, and overseeing contracts are crucial components of every organization. Each stage of the procedure takes time, and it is susceptible to common data entry mistakes. Using contract management software sometimes referred to as contract lifecycle management (CLM), speeds up the procedure and lowers the risk of financial loss and audit.
What features does Contract Management Software typically include?
Although CLM software solution offerings vary, they often serve company owners across the document lifecycle.
- Custom or smart fields,
- an automated approval process,
- automated alerts,
- redlining functions for monitoring contract modifications,
- e-signature tools,
- OCR functionality for text- or speech searches,
- and standard clauses are some of the most desirable features of contract management software.
These capabilities aid in streamlining the contract administration process, lowering mistakes, and increasing efficiency.
1. Concord
Concord, established in 2014, offers a straightforward interface that enables enterprises to maintain compliance and adapt to modifications across their entire lifecycle. Its vast capacity and essential integrations make it the optimal solution for large-scale businesses. Upon initial inspection, Concord bears a resemblance to Gmail, and its rapid setup process is accompanied by comprehensive onboarding assistance for all packages.
Furthermore, users may opt to work within their preferred program, whether it is the Concord dashboard or Google Drive. Following are some of the major features of Concord:
- You can comment, and chat while live editing Template storage
- Submit smart fields automatically
- OCR (optical character recognition) full-text search
- Reminders about deadlines
- Integrated e-signature function
2. Outlaw
Outlaw, the group’s most recent addition, debuted in 2017. Outlaw already has established a reputation for itself with its user-friendly dashboard and cutting-edge AI-assisted analytics tools despite its short tenure. Its extensive feature set makes it the ideal choice for everybody seeking outstanding reporting services.
Outlaw can suit your demands no matter if you’re a little business proprietor or a big leader. You can be confident that volume will never be an issue with infinite cloud storage, contracts, and e-signatures. Plus, because of Outlaw’s user-friendly design, you won’t waste time exploring sophisticated applications or poring over numerous instructions. Here are some of the features:
- Native e-signature support
- The use of cloud-based redlining
- Alerts in instantaneously
- Look for text in its entirety
- Templates for self-service
- Contract fields that change dynamically
3. Lexion
Lexion is a contract management system that distinguishes itself from others due to its ease of use and simplicity. Our ultimate objective is to increase the efficiency and happiness of legal teams by automating contract evaluation and removing boring chores. We allow legal teams to effortlessly extract crucial information from contracts by using the strength of natural language processing technology, saving them significant time and effort.
With an email-centric strategy and legacy contract onboarding, Lexion’s platform is built for quick implementation and uptake. The user-friendly contract management solution provided by Lexion makes use of cutting-edge AI technology to increase efficiency and automate contract administration. It is committed to delivering consumers a straightforward experience and is committed to offering them a quick onboarding process, cutting-edge technology, and excellent customer support. Some remarkable features include:
- OCR
- Easy data export
- Very easy to use
- Custom reporting
4. DocuSign
DocuSign was founded as an e-signature business in 2003. Nevertheless, it now has Contract Lifecycle Management (CLM) features thanks to the 2018 acquisition of SpringCM. DocuSign is a tool that businesses use frequently since it is simple for all parties to utilize. Our analysis indicates that DocuSign’s e-signature plans are excellent for small firms, but they also provide comprehensive solutions for organizations that need intensive contract administration.
To handle contracts while on the move, customers of DocuSign have the choice of using the browser-based program online or the mobile app, which is accessible for both Android and iOS smartphones. Its features include:
- Useful models
- Recipients’ reminders
- Payment collection
- Instant notification of new comments and content archives
5. ContractWorks
Since 2012, ContractWorks has offered straightforward software that is quick and easy to set up. ContractWorks is a wonderful choice for automating your work processes since it uses AI technology for automatic smart document labeling.
The platform’s ease, which includes the ability to drag and drop files to download them, is highly valued by users. The OCR text-based search feature, which is similar to the one in the Google browser, is also well-liked by users.
- Automatic smart contract framework
- Contract storage
- Milestone notifications
- Automatic record retention
- Annotations for quick and easy document review
- OCR and advanced search capabilities
- Automated reminders
- Built-in e-signature integration
6. IntelAgree
An AI-powered contract lifecycle management (CLM) technology called IntelAgree enables legal teams to focus on important work rather than busy work. Whether it’s your paper or another party’s paper, our machine-learning algorithms can understand important phrases and clauses in contracts. Every step of your process is optimized with IntelAgree, allowing your team to draught, negotiate, sign, maintain, and evaluate contracts effectively (and automatically). These are some benefits your team may enjoy when you use IntelAgree to optimize your contract management procedure. Some features of IntelAgree are given below:
- A searchable database, contract summaries
- A customizable dashboard can help you comprehend your contracts completely.
- Use the strong free text and sophisticated search features to quickly discover possible dangers and unearth new opportunities.
Conclusion
Lastly, the use of contract analytics software powered by AI and natural language comprehension has revolutionized how firms manage contracts. Contract analytics software decreases the risks associated with human errors in contract review and finalization by recognizing and correcting issues inside contracts quickly.
The software benefits several divisions within a company, including sales, legal, and finance, by reducing contract turnaround time, enhancing visibility into contract performance, and recognizing potential risks and obligations. According to the report, Concord, Outlaw, Lexion, DocuSign, ContractWorks, and IntelAgree will be among the top AI contract review software in 2023. Each platform has unique characteristics that make it suitable for a wide range of business needs.
