1. Workday launches AI-powered contract intelligence solutions via Evisort. 2. Solutions enhance contract management, surfacing insights and minimizing risks. 3. Workday's CLM reduces contract approval times from months to hours. 4. Over 11,000 organizations, including Fortune 500, utilize Workday's platform. 5. Success stories highlight significant time and cost savings from Workday's solutions.
The introduction of innovative CLM solutions positions WDAY to capture more market share. Enhanced efficiency promised in contract management could lead to increased adoption and revenue similar to previous successful product launches.
The article indicates new strategic advancements that will enhance Workday's competitive edge, thus likely affecting stock prices positively.
As businesses increasingly turn to AI for operational efficiencies, the long-term demand for Workday's offerings will grow, driving sustained revenue growth.
PLEASANTON, Calif., March 27, 2025 /PRNewswire/ -- Workday, Inc. (NASDAQ: WDAY), the AI platform for managing people, money, and agents, today announced that Evisort's AI-powered contract intelligence and contract lifecycle management solutions are now available through Workday. With Workday Contract Intelligence and Workday Contract Lifecycle Management (CLM), organizations can surface clear and actionable insights from complex legal and business documents to take action across vast amounts of HR and financial data faster with less risk.
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."
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:
"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.
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:
"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.
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 60% of the Fortune 500. For more information about Workday, visit workday.com.
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SOURCE Workday Inc.