#United States #Workday #Pleasanton #Evisort #AI Contract

Workday Integrates Evisort AI for Enhanced Contract Management

In a significant advancement for contract management solutions, Workday, Inc. (NASDAQ: WDAY), has announced that Evisort’s AI-driven contract intelligence and lifecycle management tools are now available on the Workday platform. This integration aims to revolutionize the way organizations handle contracts, transforming them into powerful strategic assets.

Contracts are a vital element across all sectors of business, yet extracting actionable insights from these often-unstructured legal documents presents a substantial challenge. Workday’s latest offerings, namely Workday Contract Intelligence and Workday Contract Lifecycle Management (CLM), are designed to unlock this potential by providing organizations with the ability to swiftly identify and address critical data hidden in their agreements.

According to Andrew Kershaw, Group General Manager at Workday, “Contracts dictate revenue opportunities and obligations; however, the terms can often be overlooked in complex legal language. Our new AI offerings are designed to help businesses effectively navigate these complexities and realize the full value of their contracts.” These advanced tools promise to enhance business decision-making speed and certainty significantly.

The Power of AI in Contract Intelligence

One of the standout features of Workday Contract Intelligence is its ability to analyze extensive volumes of contracts and related documents (like purchase orders, statements of work, and invoices) effectively. This AI capability enables users to access crucial insights that drive improved business outcomes, quickly and efficiently. Key advantages include:

• - Visibility Across Complex Documents: Users can gain comprehensive insights into essential contract terms across the organization, encompassing areas from HR and finance to legal and procurement departments.
• - Identification of Revenue Opportunities: The platform helps organizations surface untapped revenue prospects and savings opportunities, avoiding issues like missed renewals or overlooking cost-saving options such as rebates and volume discounts.
• - Conversational AI Capabilities: A robust conversational AI feature allows users to ask questions in straightforward language, providing immediate, clear answers and links to source documents.
• - Risk Management: The platform enables rapid identification of non-standard contract language, streamlining audit preparations and reducing risks associated with compliance issues.

Evisort’s technology has proven effective for clients like NetApp, which utilized Workday’s contract extraction AI to save thousands of hours and millions of dollars on critical initiatives. “Workday’s tools have significantly boosted our operational efficiency,” shares Shelle Elzer, Legal Operations Manager at NetApp.

Streamlined Processes with AI-Powered CLM

In addition to contract intelligence, Workday CLM employs AI to expedite the entire contract lifecycle process, transitioning from conventional time-consuming practices to streamlined operations. This transition reduces approval times from months to mere hours by enhancing tasks such as drafting clauses, redlining, and conducting risk assessments. Benefits of Workday CLM include:

• - Simplification of the Contract Lifecycle: This solution allows organizations to eliminate manual tasks and simplify workflows from contract intake to storage, significantly improving operational efficiency.
• - Increased Savings Opportunities: By speeding up processes, businesses can avoid missing out on contract renewals and other untapped financial advantages.
• - Faster Turnaround Times: The system accelerates tasks such as drafting, negotiation, and approvals, shortening the overall contract turnaround while adhering to compliance obligations.
• - Proactive Strategy and Risk Assessment: AI-powered analysis enables businesses to assess risks proactively and refine their strategies in near real-time, fostering accelerated growth pathways.

As Justin Hectus from Harbor Global notes, “Workday has strategically advanced in the CLM domain with their next-generation contract AI, which is among the most secure and fastest to deploy solutions available.”

Both Workday Contract Intelligence and Workday CLM are currently accessible to customers and prospects of Workday’s Human Capital Management (HCM) and Financial Management solutions, further establishing Workday’s commitment to providing innovative, AI-centered business management solutions.

About Workday

Workday stands at the forefront of AI technology, focusing on optimizing business management across various sectors. Serving over 11,000 organizations globally, including more than 60% of the Fortune 500, Workday continues to develop cutting-edge solutions designed to empower organizations to navigate their operations efficiently. For more information about Workday’s transformative offerings, visit workday.com.