The Very Best AI Contract Management Tools For Businesses in 2024

Last Updated -
June 11, 2024 22:56
Written by -
Alec Chambers

If you want to stay ahead in today's fast-paced business environment, efficient contract management is crucial. Managing contracts manually is not just time-consuming but also prone to errors that can lead to costly disputes.

Most small to mid-sized businesses face a significant challenge here: they lack the budget or resources to hire a dedicated team for contract management.

This is where AI-powered contract management tools step in. These tools automate the drafting, reviewing, and organizing of contracts, making the entire process seamless and error-free.

You don't need to be a tech expert to use these tools—AI does most of the hard work, leaving you to focus on your core business activities. With advancements in AI technology, contract management has never been easier or more efficient.

I spent several weeks rigorously testing various AI contract management tools, and here are the very best options for businesses in 2024.

Kira Systems - Empowering Law Practice through Intelligent Contract Management

Kira Systems serves as an AI-driven tool specifically engineered to optimize legal processes. It achieves this through the automatic identification, extraction, and analysis of key provisions from contracts and various documents. Globally recognized by top-tier law firms and corporations, Kira Systems boosts client interactions and revenues, catering to diverse areas including Law Firms, Professional Services, and Corporations.

Kira System's proprietary machine learning technology empowers users to extract concepts and data points efficiently and accurately. Its intrinsic features like built-in intelligence and adaptive workflows further simplify the contract review process, enabling users to concentrate more on high-value tasks. Kira System's Quick Study also permits users to adjust smart fields to their specific needs without the need for advanced coding skills. The tool encourages a partner ecosystem, changing the way in which teams interact with contracts, tailored to various industries like Retail, Insurance, PropTech, and Financial Services. With a concentrated focus on contract analysis, due diligence, and lease abstraction, Kira Systems elevates how legal practices are carried out within organizations.

Benefits:

  • Streamlines legal processes, making complex tasks more manageable.
  • Elevates the quality of contract analysis, providing accurate and efficient data extraction.
  • Saves time on contract review, enabling focus on high-value tasks.

Simplified Pricing Info

The specific pricing details for Kira Systems are not available publically. To obtain this information, users are encouraged to directly contact the Kira Systems sales team. This is a common practice for software solutions offering customizable features or packages.

ContractPodAi - Redefining Legal Productivity

ContractPodAi is a legal productivity platform that uses AI to automate and optimize your legal operations, focusing predominantly on contract management. It utilizes innovative technologies like machine learning and Natural Language Processing (NLP), ContractPodAi offers efficient solutions across contract lifecycles, from intake to analytics, obligation management, and even risk assessment.

ContractPodAi stands out with its AI-powered contract management solution, known as 'Leah - Legal AI', which integrates eSignature technology, real-time collaboration, and customizable contract templates. Also offering an innovative Automated Contract Desk (ACD), ContractPodAi is capable of redrafting contracts based on risk analysis and providing precedent-based contract negotiations. More so, the insightful data-driven feature provides custom reports and cognitive search function to optimize your legal team's operations. Integrating seamlessly with various productivity and enterprise apps, the platform also has custom workflows and automated approvals to enhance your legal processes.

Benefits:

  • Streamlines legal operations through advanced AI technologies, and optimizes the contract lifecycle through automation.
  • Elevates the contract and legal management by offering features such as eSignature integration, real-time collaboration, and customizable contract templates.
  • Saves time on contract drafting, revisions, and management through automated redrafting and precedent-based contract negotiations.

Simplified Pricing Info:

ContractPodAi provides customized pricing plans to suit the individual needs of each organization. For detailed pricing information, users are encouraged to request a demo to explore the full feature suite of ContractPodAi.

eBrevia - Powering Contract Review with AI

eBrevia is an AI-powered contract review tool that enhances the efficiency and accuracy of contract analysis. The software accelerates the review process and enables business teams worldwide to manage their documents more effectively, with the capability to scan over 50 documents in less than a minute.

Known for its advanced natural language processing technology paired with machine learning, eBrevia stands out in its ability to recognize language patterns and identify key contract concepts. Its customizable features allow even non-tech professionals to train the tool to detect specific data points, which aligns the tool with unique business needs. eBrevia also offers advanced features such as table extraction, provision language comparison, and actionable data exportation. The tool offers seamless integration with popular tools like Venue, SharePoint, Box, iManage, Salesforce, and provides bank-grade security with powerful encryption and a SOC 2 Type 2 certification.

Benefits:

  • Streamlines the contract review process with automated contract analysis.
  • Enhances accuracy and efficiency, reducing review time by 30% to 90%.
  • Facilitates customization, empowering non-tech users to train the tool to identify specific data points.

Pricing Info

Pricing info is made available upon request to the provider. Experience the revolutionary contract review process with eBrevia, and join the fastest-growing companies in leveraging AI for streamlined contract management.

Luminance - Revolutionising Contract Management with Legal-Grade AI

Luminance is an AI-powered tool aimed at creating an efficient and seamless experience in contract management. The tool uses revolutionary technology to generate, analyse, and negotiate contracts, delivering an end-to-end solution for legal teams.

For any business, legal contracts are an essential part. The sheer volume and complexity of these contracts demand an innovative tool that is both comprehensive and accurate. Developed by mathematicians at Cambridge University, Luminance uses a proprietary Large Language Model (LLM) to ensure a high level of legal rigour. Unique to Luminance, the LLM has been fed with over 150 million verified legal documents. Offering more than just contract analysis, the tool can compose and adjust contract content with rigorous legal precision while also providing a built-in chatbot for detailed, language-specific queries.

Benefits of using Luminance include:

  • Streamlines contract generation, analysis, and negotiation processes.
  • Elevates contract review efficiency and outcomes with significant cost savings.
  • Saves time on contract processing with automation and prompt responses.

Simplified Pricing Information

Luminance's pricing is based on usage and the suite of features required by the user. Features include contract generation, analysis and negotiations, a chatbot for Q&A and automated redrafting, and anomaly detection. The tool also includes automated contract drafting and process automation tools for non-legal teams and can be integrated with MS Word, Outlook, Salesforce, and numerous VDRs. Further options for premium users include a 100% money-back guarantee, a single payment option for multiple subscriptions, and additional discount pricing. Prices vary based on the user's needs, operation size, and level of service required.

Juro - The AI-driven powerhouse for simplifying contract agreements

Juro is a potent contract management tool powered by artificial intelligence. Designed to accelerate the contract agreement process by ten times, Juro is presently serving over 6,000 customers globally. Its primary function is to streamline contract creation, approval, negotiation, and signing in one unified platform. Additionally, Juro takes care of contracts' secure storage and utilizes an AI Assistant to hasten the contract drafting and reviewing process.

Juro is not just a simple contract management tool. It's an ecosystem designed around user preference and operational ease. Its powerful AI Assistant enables quick drafting, summarizing and reviewing of contracts, putting the control back into the user's hands. A unique feature of the platform includes automatic contract reminders, ensuring deadlines are never missed. Juro's contract workflows integrate with various core platforms, allowing for enhanced organization and control while expediting the agreement pace.

Benefits:

  • Streamlines contract agreement processing.
  • Elevates document organization and storage.
  • Saves time on contract drafting and reviewing.

Simplified Pricing Information

Juro provides flexible pricing plans that accommodate businesses of all sizes. The "Essentials" plan is ideal for small startups, offering unlimited users, workflows, and templates. The "Growth" plan caters to teams that need integrated contract workflows with additional advanced features. The "Enterprise" plan fits scaling companies with growing contract volumes who may also create custom packages for specific needs. Pricing details are provided on an individual request basis, with billing options for monthly or annual plans. Moreover, discounts for multi-year deployments are available as per requirements.

Evisort: Contract management powered by AI

Evisort leverages artificial intelligence to revolutionize the world of contract management. It delivers comprehensive insights, promises a speedy return on investment, and ensures effortless compliance. Widely adopted by various businesses across the globe, Evisort is specially tailored to automate your processes and enable easy understanding of your contracts, thus paving the way for efficient operations.

Distinguished by its state-of-art features, Evisort specifically satisfies user requirements through its unique Document X-Ray™ and Generative AI capabilities. These tools facilitate an in-depth review of your contracts and efficient contract redlining and analysis respectively. Evisort’s AI-powered workflows can be easily self-configured, saving valuable time and manual efforts.

Compounding its functionality, Evisort boasts a seamless integration with various systems including Salesforce, SAP Ariba, Box, Sharepoint. Consequently, it not only analyzes but also links contract data across multiple systems, simplifying contract management for your team. Evisort offers you a risk-free trial, enabling you to experience firsthand how your business can streamline workflows, mitigate risks and boost performance.

Benefits:

  • Streamlines the contract management process.
  • Delivers top-notch contract analysis and insight.
  • Saves time on intricate tasks such as workflow configuration and contract redlining.

Simplified Pricing Information

Evisort offers personalized pricing plans available upon request, specifically tailored to your business needs to ensure a high return on investment. Significant benefits await post implementation, with previous customers reporting major savings on time and rapid functionality in contract ingestion and search. The paid version of Evisort offers access to its AI-native platform for exhaustive contract lifecycle management, AI-powered contract analysis and insights, automated tasks and workflows designed for managing contracts. The package also includes Evisort's unique features like Document X-Ray and Conversation AI, data sync across systems like Salesforce, SAP Ariba, Box, Sharepoint, automated redlining, risk analysis, complete visibility and support for custom AI models. Exact pricing details and features are clarified during the personalized consultation.

Benefits of AI Contract Management Tools for Businesses in 2024

  • Efficiency and Productivity: AI contract management tools can drastically reduce the amount of time spent on contract generation, review, and management. Automated workflows and AI-powered drafting tools can do in minutes what would typically take hours to complete.
  • Risk Mitigation: By using AI-powered analytical tools, businesses can identify potential risks in their contracts that could lead to financial or legal implications. This predictive analysis gives businesses the ability to take corrective actions proactively.
  • Cost Reduction: Implementing AI contract management tools can lower operational costs, reduce instances of human error, and cut down on labor costs associated with traditional contract management.
  • Improved Compliance: With AI, businesses can ensure their contracts adhere to the latest regulations and laws, eliminating potential penalties and damage to their reputation.
  • Informed Decision Making: AI tools can provide valuable insights and data from contracts that can be used to formulate strategies and make informed business decisions.
  • Contract Optimization: AI allows for greater negotiation power by analyzing contract terms and identifying areas where a business can negotiate better deals or terms.
  • Contract Lifecycle Management: With AI, businesses can manage the entire contract lifecycle from initiation, execution, to expiration seamlessly.
  • Improved Accuracy: AI reduces the chances of errors in contracts by automating the drafting process and flagging potential inconsistencies for review.
  • Data Security: AI technologies can enhance data security measures, ensuring that sensitive contract information is protected from potential breaches.
  • Scalability: AI contract management tools can easily adapt and grow with a business, handling an increasing number of contracts as the business expands.

Frequently Asked Questions

Q1: What is AI Contract Management?

A: AI Contract Management refers to the use of Artificial Intelligence technologies to automate and optimize the contract management process in a business environment. The system can create, evaluate, and analyze numerous contract-related tasks, making it more productive and less time-consuming.

Q2: How can my business benefit from an AI Contract Management system?

A: An AI Contract Management tool offers several benefits, such as reduced costs, minimized risk, improved compliance, and overall higher efficiency. It allows businesses to streamline the contract lifecycle, automate repetitive tasks, manage renewals efficiently, and provide key insights on agreements.

Q3: What are the best AI Contract Management tools in 2024?

A: The page provides a comprehensive overview of the very best AI contract management tools for businesses in 2024, scrutinizing features, pricing, customer reviews, and more.

Q4: How secure are AI Contract Management tools?

A: Most top-tier AI Contract Management tools come with multiple security measures to ensure that your sensitive data remains secure and confidential. This includes encryption, access controls, compliance certification, data backup and recovery, and more.

Q5: Can AI Contract Management tools integrate with other software?

A: Yes, most AI Contract Management tools can seamlessly integrate with a wide array of other software systems such as Customer Relationship Management (CRM) systems, Enterprise Resource Planning (ERP), and electronic signature tools, making it more easy and efficient to use for businesses.

Q6: Does AI completely replace the role of humans in contract management?

A: No. While AI automates and streamlines the contract management process, human intervention is still essential for strategic decision-making and managing complex, unique contract scenarios.

Q7: What kind of businesses are best suited for an AI contract management tool?

A: Businesses across diverse sectors can reap benefits from AI contract management tools. They are especially useful for companies dealing with a high volume and variety of contracts and needing comprehensive, efficient ways to manage and monitor these agreements.

Q8: Is it costly to implement an AI contract management tool?

A: The cost of implementing an AI contract management tool may vary greatly depending on the tool's functionalities, the scale of your business, and specific organizational needs. However, most vendors offer flexible pricing models, and the return on investment often outweighs the initial cost.

Written by Alec Chambers

Hi! I'm the creator behind ToolsForHumans. My journey, ignited by an obsession with ChatGPT after witnessing the practical applications of the tool, quickly expanded to include the launch of this site and a deep dive into more than 90 AI apps.

Over the past 8 months, I've been diligently crafting use cases and producing tutorial videos with the goal of demystifying AI and making it accessible to everyone. Alongside this, I've assembled specialized business toolkits, carefully selecting the best tools specifically tailored to various professions and industries.

Feel free to connect with me on LinkedIn, and if you're feeling particularly generous, giving our company page a follow. I'm always up for a chat!