Workday has announced the launch of Evisort's AI-powered contract intelligence and contract lifecycle management (CLM) solutions in the Asia Pacific region. This innovative offering enables organisations to transform contracts into strategic assets, extracting critical insights, obligations, and risks from complex legal documents.
Contracts play a vital role in business operations, yet many organisations struggle to unearth the essential data hidden within their agreements. With Workday Contract Intelligence and Workday CLM, companies can now efficiently identify risks and opportunities contained in unstructured data, leading to improved business outcomes.
"Contracts are the lifeblood of organisations, dictating revenue opportunities and obligations between parties; however, these terms are often buried in unstructured language and overlooked," stated Vince Randall, regional vice president of Specialised Products Sales at Workday APAC.
"With our AI-powered solutions, we help customers unlock that value at scale, bringing speed and certainty to every business decision." Vince Randall
Workday Contract Intelligence harnesses the power of AI to analyse vast volumes of contracts and related documents, such as purchase orders and invoices. This functionality provides organisations with the insights necessary to drive better results quickly. Key features include:
- Visibility Across Documents: Access to critical contract terms across various departments, including HR, finance, legal, and procurement.
- Revenue Opportunities: Identification of untapped revenue and savings potential, helping to avoid missed renewals and cost reductions.
- Conversational AI: A user-friendly interface that allows users to query contract details in natural language, receiving clear answers linked to source documents.
- Risk Reduction: Quick identification of non-standard contract language to facilitate easier audit preparation.
In addition to these capabilities, Workday CLM streamlines the entire contract lifecycle process, significantly reducing approval times from months to hours. This is achieved through:
- Simplified Workflows: AI-driven processes that eliminate manual tasks throughout the contract lifecycle.
- Increased Savings: Faster processes that help avoid missed renewals and optimise financial benefits.
- Accelerated Drafting and Negotiation: Efficient handling of contract approvals while ensuring compliance with obligations.
"Workday has leapfrogged the CLM space with next-generation contract AI," remarked Justin Hectus, managing partner at Harbor Global. "It's the fastest to deploy, most field-tested, and most secure solution in the market."
With these advancements, Workday is set to redefine contract management in the Asia Pacific, empowering organisations to harness the full potential of their contractual agreements.
