New Contract Management Solutions, Powered by Evisort AI, Accelerate Business and Mitigate Risk.
Workday, the AI platform for managing people, money, and agents, announced that Evisort’s AI-powered contract intelligence and contract lifecycle management solutions are now available through Workday. With Workday Contract Intelligence and Workday Contract Lifecycle Management (CLM), organizations can surface clear and actionable insights from complex legal and business documents to take action across vast amounts of HR and financial data faster with less risk.
Contracts touch every part of the business, but organizations struggle to access the critical data hidden in their agreements. With Workday Contract Intelligence and Workday CLM, organizations can easily identify the risks, opportunities, and obligations buried in unstructured data to drive better business outcomes.
“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.”
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Grow Revenue Faster and Optimize Spend with Total Visibility Into Contract Data
Workday Contract Intelligence uses AI to analyze large volumes of contracts and related documents (like POs, SOWs, and invoices), making it easier to access the insights organizations need to help drive better business outcomes, quickly and efficiently. With Workday Contract Intelligence, customers can:
- Gain visibility across complex legal and business documents with insight into critical contract terms across the enterprise – from HR and finance, to legal and procurement.
- Surface untapped revenue opportunities and potential savings, avoiding missed renewals or cost reductions like rebates and volume discounts.
- Leverage a conversational AI experience to ask anything about contracts in simple, natural language and get clear answers with links to source documents.
- Quickly identify non-standard contract language for reduced risk and easier, faster audit preparation.
“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, NetApp.
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Streamline Processes with AI-Powered, End-to-End CLM
Workday CLM uses AI to speed up the entire contract lifecycle process. It can cut approval times from months to hours by streamlining tasks like drafting clauses, redlining, conducting risk assessments, and more. With Workday CLM, customers can:
- Simplify every aspect of the contract lifecycle, from intake to storage, with AI-powered workflows to eliminate manual tasks.
- Increase savings opportunities with faster, simpler processes, helping to avoid missed contract renewals or unused financial benefits.
- Accelerate drafting, negotiation, and approvals, reducing contract turnaround times, while assisting with applicable compliance obligations.
- Leverage AI-powered contract analysis, enabling rapid strategy refinement, proactive risk assessment, and accelerated business growth.
“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.”
Workday Contract Intelligence and Workday Lifecycle Contract Management (CLM) are available today to Workday Human Capital Management (HCM) and Workday Financial Management customers and prospects.
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Source: PR Newswire
