**London**: Workday, Inc. has introduced new contract intelligence features and lifecycle management capabilities based on Evisort’s technology, aiming to enhance contract management and uncover insights hidden in unstructured documents, thus optimising business decisions and reducing approval times significantly.
Workday, Inc., a prominent provider of AI-driven solutions for managing various organisational processes, has recently announced the launch of its new contract intelligence capabilities, grounded in Evisort’s technology. The rollout includes Workday Contract Intelligence and Workday Contract Lifecycle Management (CLM), both of which are designed to enhance the management of contracts within organisations by uncovering key insights from complex documents that often contain unstructured information.
Andrew Kershaw, group general manager at Workday, commented on the significance of contracts for businesses, stating, “Contracts are the lifeblood of organizations, dictating revenue opportunities and obligations between parties; however, these terms are often buried in unstructured language and overlooked.” He further elaborated that with the integration of AI-powered features into their contract management solutions, the company aims to “help customers finally unlock that value at scale, bringing more speed and certainty to every business decision.”
The Workday suite provides functionalities aimed at enabling organisations to extract actionable insights from extensive volumes of legal and business documents. According to the company, these tools can assist in identifying potential risks, opportunities, and obligations that might otherwise remain hidden within the data.
Key features of Workday Contract Intelligence include improved visibility across various documents containing vital contract terms relevant across different departments, such as HR, finance, legal, and procurement. The technology aims to unearth untapped revenue opportunities and potential savings, thus mitigating the risk of missed renewals or overlooking cost-saving options like rebates and volume discounts. Furthermore, the integration of conversational AI allows users to query contract details using natural language, providing clear answers and links to the original documents.
Workday CLM complements these capabilities by optimising the entire contract lifecycle process. The introduction of AI into this area is expected to significantly reduce approval times, cutting them from months to mere hours by automating tasks such as clause drafting, redlining, and conducting risk assessments.
The functionalities provided by Workday CLM include simplification of the contract lifecycle, from intake through to storage. By implementing AI-powered workflows, the platform aims to eliminate manual tasks, thereby increasing opportunities for savings and reducing the likelihood of missed contract renewals or unutilised financial advantages. Moreover, it accelerates processes related to drafting, negotiation, and approval, which is poised to enhance compliance measures and allow for more agile business operations.
Both Workday Contract Intelligence and Workday CLM are currently available to customers using Workday Human Capital Management (HCM) and Workday Financial Management solutions, offering a comprehensive approach to contract management powered by artificial intelligence. For further details about these offerings, individuals can visit Workday’s official website.
Source: Noah Wire Services
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