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Workday Unveils Custom AI Model Library for Enhanced Contract Analytics and Efficiency

Workday Expands Contract Intelligence with New AI Model Library

Workday, Inc. (NASDAQ: WDAY), a prominent player in enterprise AI solutions, recently unveiled its latest innovation: the Custom AI Model Library for the Workday Contract Intelligence Agent. This advanced library includes over 120 pre-built AI models designed specifically to analyze contracts efficiently—namely those relevant to human resources, finance, legal, IT, and more. This initiative is expected to significantly streamline contract reviews, enabling organizations to assess risk, enhance decision-making capabilities, and reduce manual workloads.

A Smarter Way to Handle Contracts

The new Custom AI Model Library leverages Evisort's powerful AI capabilities to empower businesses with greater insights into their contractual agreements. From employee contracts to vendor agreements, these models are designed to flag risks and important terms, allowing for quicker and smarter analysis of contract contents. This is especially beneficial in today's fast-paced environment where time is critical.

Previously, the Workday Contract Intelligence Agent was already assisting businesses in making informed decisions by reviewing contracts at scale. The recent addition of the Custom AI Model Library takes these capabilities to the next level, extending the intelligence and versatility of the tool. Users can now automatically assess an even broader spectrum of contractual terms, including elements such as employment clauses, financial details, data privacy obligations, and renewal terms, tailored to meet the needs of various departments.

Key Features of the Custom AI Model Library

- Summarization of Complex Terms: The AI is capable of breaking down intricate employment clauses like non-competes into straightforward language that stakeholders can easily understand. This feature helps organizations connect essential terms across different systems.
- Extraction of Financial Information: It can identify and extract key financial details—dates, amounts, and addresses—streamlining invoice processing and ensuring accuracy in financial transactions.
- Privacy Compliance Analysis: Organizations can analyze contracts for compliance with data privacy and security regulations, improving governance and trust.
- Lease Agreement Insights: The AI identifies crucial terms in lease contracts, such as square footage and property tax implications, simplifying property management tasks.
- Sales Terms Analysis: Sales agreements can be scrutinized for aspects like publicity rights or product inclusion—ultimately integrating this data with Customer Relationship Management (CRM) systems for seamless operations.