How Workday and Evisort Will Elevate Contract Negotiations
Workday, known as a leading provider of solutions to help organisations manage their people and money, has announced the signing of a definitive agreement to acquire Evisort, a leading AI-native document intelligence platform.
Workday will add AI-powered document intelligence solutions across its finance and HR suite, thanks to the purchase of Evisort.
Statistics from the announcement say that more than 80% of business data is unstructured and organised in a way that's not easy to search, analyse or act upon. This includes data in contracts, invoices and policy documents.
Through Evisort’s and its powerful AI capabilities, Workday will give its customers the power to surface critical insights within this realm of untapped data, helping them to make key business decisions and take actions faster than ever before.
'A gold mine of data'
Within the AI space, Evisort is a trusted leader and pioneer when it comes to document intelligence. The company’s platform leverages AI to surface clear and actionable insights from complex legal and business documents sorted in document management systems.
Major organisations use Evisort to analyse documents across their enterprise, uncovering vital information that helps them reduce spend, increase revenue, mitigate risk and manage obligations.
"Organisations are sitting on a gold mine of data, but never harness its full potential because searching and analysing it can be so complex and time-consuming," says Terrance Wampler, Group General Manager, Office of the CFO, Workday.
"Evisort will help us deliver on our vision to help customers unlock the value of their most critical data. With AI-powered document intelligence, they'll be able to surface and act on insights more quickly and efficiently, keeping them ahead of today's rapidly changing business landscape."
With the Workday and Evisort document intelligence solutions, customers will be able to bring unstructured data from document management systems into Workday, helping customers manage people and money processes more efficiently and intelligently, with:
- Access to more accurate data: Customers will be able to extract and move data from business documents into Workday in a matter of seconds, with more accuracy and confidence. This includes pulling financial and operational details directly from documents to automate downstream processes, surfacing errors or missing information and searching for details such as payment terms
- Automation to drive alignment and action: Customers will be able to use powerful AI to help employees better understand contracts, streamline document creation and keep stakeholders informed about reviews and necessary actions
- Better informed business decisions: Customers will be able to get the most out of business documents by being notified of favourable terms and conditions and suggested actions
Workday and Evisort: Transforming the workplace
"AI is a powerful force, transforming how organisations convert unstructured data in documents into strategic business decisions," adds Jerry Ting, Founder and CEO of Evisort.
"We're excited to combine Evisort's document intelligence technology with Workday's unified finance and HR platform, which will empower customers to leverage critical business data more effectively, within a single system of truth."
Workday will make Evisort's AI-powered document intelligence solutions available across a range of use cases, helping to better enable teams and reshaping roles, including:
Accounting
Accountants will be able to use AI capabilities to quickly navigate business documents like revenue contracts, supplier invoices and asset agreements to more effectively read, convert, match and account for transactions.
For example, for revenue contracts, accountants will be alerted to contract errors, will receive recommendations on revenue recognition schedules and will be able to be notified of upcoming renewals.
Procurement
Organisations will leverage these AI-powered solutions to elevate supplier contract negotiations and contract risk management activities.
This will drive spend reduction opportunities, help support with compliance and assist with reducing risk. For example, procurement professionals will be able to identify unclaimed benefits in existing supplier agreements and evaluate contract language against historical benchmarks to guide negotiations.
This will help to protect profits and safeguard the business from unnecessary risk.
Employee knowledge base
Employees will have faster access to information surrounding HR and finance policies such as benefits and expenses, reducing the time it takes to source critical employee information.
For example, employees will be able to use an AI chatbot to simply ask questions and get immediate answers with references to supporting documentation.
The transaction is expected to close in the third quarter of Workday's fiscal year 2025, ending October 31, 2024, subject to the satisfaction of customary closing conditions.
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