Workday and Evisort Join Forces to Transform the Workplace

This week at Workday Rising 2024, Workday announced that it will acquire Evisort, a leading AI-native document intelligence platform. The acquisition shouldn’t surprise anyone who has followed Workday. This innovative company has pursued several AI-focused acquisitions in recent years, including Identified, SkipFlag, and most recently HiredScore earlier this year.

Through its acquisition of Evisort, Workday will enhance its platform’s capabilities by adding AI-powered document analysis to its existing suite of Human Resources (HR) and Financial Management offerings.

As your trusted Workday experts, ERPA is here to help you get the most out of Workday’s releases, solutions, and acquisitions.

In this blog, we will guide you through all the details of this recent announcement and highlight how this partnership can improve your experience with the Workday platform.

Workday and Evisort Partner for AI-Powered Document Intelligence

Conference attendees at Workday Rising expect the conference to unveil exciting announcements — new products, new partnerships, and new ways to improve the future of work.

This year’s conference hasn’t disappointed.

On Tuesday, Workday dropped two huge announcements: Workday Illuminate, the next generation of Workday AI, and its acquisition of Evisort.

The conference is charged with excitement. But you may be wondering what the acquisition means for your business and how you use Workday.

Let’s explore the announcement together. This blog will provide an overview of Evisort and benefits to Workday customers.

Evisort Brings AI-Native Contract Intelligence to Workday

Have you heard of Evisort before? The company is a trusted AI leader and pioneer in document intelligence.

Founded in 2016, Evisort leverages artificial intelligence and analytics to provide critical business insights. Its commitment: “to help the business world make and keep its promises with connected contract data.”

Through end-to-end, enterprise-grade AI, the company delivers contract analytics that empower legal and business professionals to work more efficiently.

Major companies trust Evisort to analyze documents across their business and uncover powerful insights that lead to cost savings and risk prevention.

It’s clear why Workday would want to acquire this AI innovator. Here’s what Terrance Wampler, group general manager, office of the CFO, Workday, had to say about the acquisition:

“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.”

Uncovering Critical Insights from Unstructured Data

Organizations have vast amounts of data. But harnessing the full potential of this data can be difficult and time consuming.

Evisort bridges this gap. Its platform uses Artificial Intelligence (AI) to uncover actionable insights buried in legal and business documents filed away in a company’s document management system.

With Workday’s acquisition, Workday users can benefit from Evisort’s powerful AI capabilities. They’ll be able to move unstructured data into Workday and surface insights that can guide business decisions.

Here’s a look at a few of the benefits:

Enhanced Data Accuracy

Wish your business data was easier to search and analyze?

As a Workday customer, you’ll be able to extract data from your business documents and seamlessly move it into your Workday platform.

Key financial and operational details can be swiftly pulled from documents to automate processes and locate specific information like payment terms.

This capability makes it easy to quickly search for errors, missing information, or key details across contracts, invoices, and policy documents.

Streamlined Operations through Automation

Evisort’s AI technology and automation will help you improve productivity and efficiency across a variety of business processes.

This includes simplifying document creation, improving contract understanding, and ensuring stakeholders are always in the loop about reviews or other required actions.

Workday’s acquisition of Evisort will better enable your teams to manage HR and finance processes more effectively and strategically.

Informed Decision-Making

As a business leader, you’re constantly faced with decisions — decisions that are often made more difficult when you lack the data and insights you need to act strategically.

Through its acquisition of Evisort, Workday will offer functionality that fuels informed business decisions.

You’ll be able to take action faster and with greater precision when you have vital information pulled from your business documents.

With these insights, you can make those critical decisions that help your company reduce spending, boost revenue, and better manage its contracts.

Partner with ERPA to Benefit from the Workday Evisort Alliance

Now that you know the transformative benefits Evisort will bring to Workday customers, we hope you’re as excited as we are about the new AI-powered innovations to come.

The acquisition is expected to close sometime before October 31, 2024. Want to chat with our Workday experts about how you can take advantage of these new capabilities?

Contact the ERPA Workday team today! And stay tuned to our Workday Rising coverage page for more exciting updates.