## Workday Acquires AI Contract Management Platform Evisort
Workday, a leading provider of finance and HR software, has announced its acquisition of Evisort, an AI-powered contract management platform. This strategic move allows Workday to integrate Evisort’s innovative technology into its existing software, enhancing its capabilities in document processing and analysis. The acquisition will enable Workday to deliver on its mission of helping customers unlock the value of their critical data by providing AI-powered document intelligence and actionable insights.
### Evisort’s Technology Enhances Workday’s Offerings
Evisort, founded in 2016 by a team of Harvard Law and MIT researchers, has developed AI-powered modules that enable customers to analyze various types of documents, such as revenue contracts, asset agreements, and supplier invoices. These modules can identify errors, omissions, and inconsistencies, as well as provide recommendations on document language. Additionally, Evisort’s platform can highlight key elements in documents, evaluate language against historical benchmarks, and automatically notify customers of important upcoming dates related to their files.
The integration of Evisort’s technology into Workday’s suite of finance and HR software will empower customers to leverage critical business data more effectively. With the addition of Evisort’s features, including chatbots that reference a company’s knowledge bases, such as HR and finance policies, Workday users can expect improved efficiency and streamlined processes within a single system of truth.
### Evisort’s Success and the Competitive Landscape
Evisort has experienced early success in the competitive AI document tooling sector. Despite a security setback, the company has expanded its client base to include renowned brands like Microsoft, Motley Fool, NetApp, and Vonage. This success reflects the growing demand for AI-powered document processing solutions, with the market estimated to be worth $19.32 billion by 2032, according to Fortune Business Insights.
### Workday’s Commitment to AI and Future Plans
The acquisition of Evisort is part of Workday’s ongoing commitment to investing in AI and expanding its capabilities. Over the years, Workday has made strategic acquisitions in the AI space, starting with HR analytics firm Identified in 2014 and later acquiring SkipFlag, a company specializing in AI knowledge base creation from internal chats. Workday has also incorporated AI capabilities into its HR products, including automation of repetitive tasks through the use of “agents.”
Workday’s CEO, Carl Eschenbach, recognizes the immense potential of AI in the enterprise sector. At the Workday Rising conference, he referred to AI as a “tectonic shift” but acknowledged that many businesses struggle to implement AI effectively. With the acquisition of Evisort, Workday aims to bridge this gap and provide its customers with the means to harness the power of AI in a way that drives meaningful results.
### Conclusion
Workday’s acquisition of Evisort solidifies its position as a leader in the finance and HR software space. By integrating Evisort’s AI-powered contract management platform into its offerings, Workday is poised to deliver enhanced document processing and analysis capabilities to its customers. This strategic move aligns with Workday’s commitment to investing in AI and its vision of helping customers unlock the value of their critical data. With the increasing demand for AI document tooling solutions, Workday is well-positioned to provide its customers with the tools they need to succeed in the ever-evolving business landscape.
