Workday, Inc., the AI platform for managing people, money, and agents, has officially confirmed the news that Evisort’s AI-powered contract intelligence and contract lifecycle management solutions are now available through Workday.
According to certain reports, the stated solutions will make it possible for organizations to surface clear and actionable insights from complex legal and business documents, all for the purpose of taking action across vast amounts of HR and financial data at a faster clip but with less risk.
To understand the significance of such a development, we must acknowledge that, even though contracts are relevant for every part of the business, organizations continue to struggle with the access of critical data hidden in their agreements.
In response, Workday Contract Intelligence and Workday CLM allows users to easily identify the risks, opportunities, and obligations buried in unstructured data. This it does to drive better business outcomes.
“NetApp leveraged Workday’s cutting edge contract extraction AI and automated workflow technology to save thousands of hours and millions of dollars across multiple critical corporate initiatives,” said Shelle Elzer, legal operations manager at NetApp.
Talk about each solution on a slightly deeper level, we begin from Workday Contract Intelligence, which banks upon AI to analyze large volumes of contracts and related documents (like POs, SOWs, and invoices).
The idea behind doing so, for starters, is to help users gain visibility across complex legal and business documents, something which the solution achieves by generating insight into critical contract terms across the enterprise, ranging from HR and finance, to legal and procurement.
Next up, there is the promise to surface untapped revenue opportunities and potential savings, thus setting the necessary basis to avoid missed renewals or cost reductions like rebates and volume discounts.
Another detail worth a mention here is rooted in the prospect of leveraging a conversational AI experience to ask anything about contracts in simple, natural language and get clear answers with links to source documents. Joining that would be a facility to quickly identify non-standard contract language for reduced risk and easier, faster audit preparation.
“Workday has leapfrogged the CLM space with next-generation contract AI,” said Justin Hectus, managing partner, Harbor Global. “It’s the fastest to deploy, most field-tested, most secure solution in the market.”
Turning our attention towards Workday CLM, it deploys AI to speed up the entire contract lifecycle process. Furthermore, the technology can streamline tasks like drafting clauses, redlining, conducting risk assessments, and more, to cut down approval times from months to hours.
The overarching purpose here focuses on simplifying every aspect of the contract lifecycle, from intake to storage, with AI-powered workflows to eliminate manual tasks.
Next up, the solution aims to scale up savings opportunities with faster, simpler processes, helping to avoid missed contract renewals or unused financial benefits. On top of that, it will also accelerate drafting, negotiation, and approvals. By doing so, Workday CLM should be able to reduce contract turnaround times, while simultaneously assisting with applicable compliance obligations.
Apart from that, the technology will utilize AI-powered contract analysis to facilitate rapid strategy refinement, proactive risk assessment, and accelerated business growth.
Founded in 2005, Workday’s rise up the ranks stems from managing people, money, and agents with its industry-leading AI platform. The company’s excellence in what it does can also be understood once you consider it is serving, at the moment, more than 11,000 organizations around the world, covering medium-sized businesses, as well as over 60% of the Fortune 500 companies.
“Contracts are the lifeblood of organizations, dictating revenue opportunities and obligations between parties; however, these terms are often buried in unstructured language and over-looked,” said Andrew Kershaw, group general manager, office of the CFO, Workday. “With Workday Contract Intelligence and Workday CLM powered by AI, we’re helping customers finally unlock that value at scale, bringing more speed and certainty to every business decision.”
