**London**: Workday, Inc. unveils its AI-powered Contract Intelligence and Contract Lifecycle Management (CLM) solutions aimed at improving contract management efficiency and decision-making while minimizing risks. These tools promise to extract vital insights from complex documents, significantly speeding up the contract approval process.
Workday, Inc. has introduced its AI-powered contract management solutions, Workday Contract Intelligence and Workday Contract Lifecycle Management (CLM), aimed at helping organizations manage and derive value from their contracts. These tools are designed to simplify the process of extracting critical insights, obligations, and risks from complex legal and business documents, ultimately accelerating decision-making and minimising business risks.
According to Andrew Kershaw, group general manager of the office of the CFO at Workday, “Contracts are the lifeblood of organizations, dictating revenue opportunities and obligations between parties; however, these terms are often buried in unstructured language and overlooked.” Through these new solutions, Workday aims to enhance an organisation’s ability to unlock value from contracts strategies efficiently and effectively.
The Workday Contract Intelligence tool employs AI to sift through substantial volumes of contracts and related documents, providing crucial insights that can improve business outcomes. It allows users to identify important contract terms across various departments such as HR, finance, legal, and procurement, enabling them to discover untapped revenue opportunities and safer financial dealings.
Additionally, the Workday CLM platform seeks to expedite the entire contract lifecycle, significantly reducing approval times from months to hours by automating critical tasks such as drafting, negotiating, and conducting risk assessments. The use of AI in this context is expected to streamline operational processes, thereby preventing missed contract renewals and maximising financial benefits.
Shelle Elzer, legal operations manager at NetApp, stated, “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.” Furthermore, Justin Hectus, managing partner at Harbor Global, remarked on the advancement of Workday in this area, saying, “Workday has leapfrogged the CLM space with next-generation contract AI.”
Both the Contract Intelligence and CLM solutions are now available to existing customers of Workday Human Capital Management (HCM) and Workday Financial Management.
Source: Noah Wire Services
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