Evisort AI-Powered Contract Intelligence Now Available Through Workday
Workday (NASDAQ: WDAY) has announced the integration of Evisort's AI-powered contract intelligence solutions into its platform. The company launched two new products: Workday Contract Intelligence and Workday Contract Lifecycle Management (CLM), now available to Workday HCM and Financial Management customers.
The AI-powered solutions analyze contracts and related documents to extract critical insights, obligations, and risks. Key features include visibility across legal and business documents, identification of revenue opportunities and potential savings, conversational AI interface for contract queries, and streamlined contract lifecycle processes from drafting to storage.
NetApp reported significant cost savings using Workday's contract extraction AI, while Harbor Global praised it as the fastest to deploy and most secure solution in the market. The technology aims to transform contracts into strategic assets by surfacing buried terms and accelerating business decisions while reducing risks.
Workday (NASDAQ: WDAY) ha annunciato l'integrazione delle soluzioni di intelligenza contrattuale basate su AI di Evisort nella sua piattaforma. L'azienda ha lanciato due nuovi prodotti: Workday Contract Intelligence e Workday Contract Lifecycle Management (CLM), ora disponibili per i clienti di Workday HCM e Financial Management.
Le soluzioni basate su AI analizzano i contratti e i documenti correlati per estrarre informazioni critiche, obblighi e rischi. Le funzionalità chiave includono visibilità su documenti legali e commerciali, identificazione di opportunità di guadagno e risparmi potenziali, interfaccia AI conversazionale per domande sui contratti e processi di ciclo di vita contrattuale semplificati dalla redazione alla conservazione.
NetApp ha riportato significativi risparmi sui costi utilizzando l'AI di estrazione contrattuale di Workday, mentre Harbor Global l'ha elogiata come la soluzione più veloce da implementare e la più sicura sul mercato. La tecnologia mira a trasformare i contratti in asset strategici, portando alla luce termini nascosti e accelerando le decisioni aziendali, riducendo al contempo i rischi.
Workday (NASDAQ: WDAY) ha anunciado la integración de las soluciones de inteligencia contractual impulsadas por IA de Evisort en su plataforma. La compañía lanzó dos nuevos productos: Workday Contract Intelligence y Workday Contract Lifecycle Management (CLM), ahora disponibles para los clientes de Workday HCM y Financial Management.
Las soluciones impulsadas por IA analizan contratos y documentos relacionados para extraer información crítica, obligaciones y riesgos. Las características clave incluyen visibilidad en documentos legales y comerciales, identificación de oportunidades de ingresos y ahorros potenciales, interfaz de IA conversacional para consultas sobre contratos y procesos de ciclo de vida contractual simplificados desde la redacción hasta el almacenamiento.
NetApp reportó importantes ahorros de costos utilizando la IA de extracción de contratos de Workday, mientras que Harbor Global la elogió como la solución más rápida de implementar y la más segura del mercado. La tecnología tiene como objetivo transformar los contratos en activos estratégicos al resaltar términos ocultos y acelerar las decisiones comerciales, mientras reduce riesgos.
워크데이 (NASDAQ: WDAY)는 Evisort의 AI 기반 계약 인텔리전스 솔루션을 플랫폼에 통합한다고 발표했습니다. 이 회사는 두 가지 새로운 제품인 워크데이 계약 인텔리전스와 워크데이 계약 생애 주기 관리 (CLM)를 출시했으며, 현재 워크데이 HCM 및 재무 관리 고객이 사용할 수 있습니다.
AI 기반 솔루션은 계약 및 관련 문서를 분석하여 중요한 통찰력, 의무 및 위험을 추출합니다. 주요 기능으로는 법률 및 비즈니스 문서에 대한 가시성, 수익 기회 및 잠재적 절약 식별, 계약 쿼리를 위한 대화형 AI 인터페이스, 초안 작성에서 저장까지의 계약 생애 주기 프로세스 간소화가 포함됩니다.
NetApp은 워크데이의 계약 추출 AI를 사용하여 상당한 비용 절감을 보고했으며, Harbor Global은 이를 시장에서 가장 빠르게 배포할 수 있고 가장 안전한 솔루션으로 평가했습니다. 이 기술은 숨겨진 조건을 드러내고 비즈니스 결정을 가속화하며 위험을 줄임으로써 계약을 전략적 자산으로 변환하는 것을 목표로 합니다.
Workday (NASDAQ: WDAY) a annoncé l'intégration des solutions d'intelligence contractuelle alimentées par l'IA d'Evisort dans sa plateforme. L'entreprise a lancé deux nouveaux produits : Workday Contract Intelligence et Workday Contract Lifecycle Management (CLM), désormais disponibles pour les clients de Workday HCM et Financial Management.
Les solutions alimentées par l'IA analysent les contrats et les documents associés pour extraire des informations critiques, des obligations et des risques. Les fonctionnalités clés incluent la visibilité sur les documents juridiques et commerciaux, l'identification des opportunités de revenus et des économies potentielles, une interface IA conversationnelle pour les requêtes contractuelles et des processus de cycle de vie des contrats simplifiés, de la rédaction à l'archivage.
NetApp a signalé des économies de coûts significatives en utilisant l'IA d'extraction de contrats de Workday, tandis que Harbor Global l'a saluée comme la solution la plus rapide à déployer et la plus sécurisée sur le marché. La technologie vise à transformer les contrats en actifs stratégiques en faisant ressortir des termes cachés et en accélérant les décisions commerciales tout en réduisant les risques.
Workday (NASDAQ: WDAY) hat die Integration von Evisorts KI-gestützten Vertragsintelligenzlösungen in seine Plattform angekündigt. Das Unternehmen hat zwei neue Produkte auf den Markt gebracht: Workday Vertragsintelligenz und Workday Vertragslebenszyklusmanagement (CLM), die jetzt für Kunden von Workday HCM und Financial Management verfügbar sind.
Die KI-gestützten Lösungen analysieren Verträge und verwandte Dokumente, um wichtige Einblicke, Verpflichtungen und Risiken zu extrahieren. Zu den Hauptfunktionen gehören Sichtbarkeit über rechtliche und geschäftliche Dokumente, Identifizierung von Umsatzchancen und potenziellen Einsparungen, eine konversationelle KI-Schnittstelle für Vertragsanfragen und optimierte Vertragslebenszyklusprozesse von der Erstellung bis zur Speicherung.
NetApp berichtete von erheblichen Kosteneinsparungen durch die Nutzung der KI zur Vertragsextraktion von Workday, während Harbor Global diese als die schnellste und sicherste Lösung auf dem Markt lobte. Die Technologie zielt darauf ab, Verträge in strategische Vermögenswerte zu verwandeln, indem sie verborgene Bedingungen aufdeckt und Geschäftsentscheidungen beschleunigt, während sie Risiken reduziert.
- Integration of advanced AI contract analysis capabilities enhances product offering
- Expansion of service portfolio with two new revenue-generating products
- Proven cost savings and efficiency gains demonstrated by NetApp implementation
- Cross-selling opportunity to existing HCM and Financial Management customers
- None.
Insights
Workday's launch of AI-powered contract management solutions marks a strategic expansion of its enterprise platform capabilities. By integrating Evisort's technology to create Workday Contract Intelligence and Workday CLM, the company addresses a critical pain point for organizations struggling to extract value from unstructured contract data.
This move positions Workday to capture additional revenue from existing customers by enhancing the value proposition of its core HCM and Financial Management suites. The ability to surface hidden contract insights represents a tangible AI use case with measurable business impact - specifically in cost reduction, revenue opportunity identification, and risk mitigation.
The testimonial from NetApp citing "millions of dollars" in savings demonstrates quantifiable ROI, which should aid adoption. Workday's strategic focus on extending its platform beyond traditional HR and finance functions into broader business operations reflects its evolution toward becoming an integrated enterprise AI platform.
For Workday, this release represents a competitive differentiator in the increasingly crowded enterprise AI market. By focusing on specific high-value business documents rather than generalized AI capabilities, Workday is executing on practical, implementation-ready AI that delivers immediate value - particularly appealing to CFO and legal departments looking to justify technology investments.
Workday's new contract intelligence offering represents a material enhancement to the company's financial operations ecosystem. By addressing the critical challenge of contract data extraction and analysis, these solutions tackle a significant source of financial leakage and risk exposure for enterprises.
The financial impact potential is substantial on multiple fronts. First, the solutions can directly improve customer retention by increasing the stickiness of Workday's platform. Second, it opens cross-selling opportunities into legal and procurement departments that may not previously have been Workday users. Third, it positions Workday to capture a share of the growing contract lifecycle management market.
The operational efficiency gains highlighted by NetApp's testimonial suggest these solutions deliver measurable ROI through cost avoidance and labor savings. Organizations can identify missed revenue opportunities like contract renewals and leverage built-in features to accelerate approval cycles from months to hours.
What's particularly compelling is how this offering bridges Workday's strengths in structured financial data with the unstructured content in contracts. This approach creates a more comprehensive financial operations platform that enhances visibility across previously siloed systems, potentially increasing customer spend with Workday over time.
New Contract Management Solutions, Powered by Evisort AI, Accelerate Business and Mitigate Risk
Solutions Empower Businesses to Transform Contracts into Strategic Assets with AI, Surfacing Critical Insights, Obligations, and Risks
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."
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.
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.
About Workday
Workday is the AI platform for managing people, money, and agents. The Workday platform is built with AI at the core to help customers elevate people, supercharge work, and move their business forever forward. Workday is used by more than 11,000 organizations around the world and across industries – from medium-sized businesses to more than
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Forward-Looking Statements
This press release contains forward-looking statements including, among other things, statements regarding Workday's plans, beliefs, and expectations. These forward-looking statements are based only on currently available information and our current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict and many of which are outside of our control. If the risks materialize, assumptions prove incorrect, or we experience unexpected changes in circumstances, actual results could differ materially from the results implied by these forward-looking statements, and therefore you should not rely on any forward-looking statements. Risks include, but are not limited to, risks described in our filings with the Securities and Exchange Commission ("SEC"), including our most recent report on Form 10-Q or Form 10-K and other reports that we have filed and will file with the SEC from time to time, which could cause actual results to vary from expectations. Workday assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release, except as required by law.
Any unreleased services, features, or functions referenced in this document, our website, or other press releases or public statements that are not currently available are subject to change at Workday's discretion and may not be delivered as planned or at all. Customers who purchase Workday services should make their purchase decisions based upon services, features, and functions that are currently available.
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SOURCE Workday Inc.
FAQ
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