Fortune 500 company Workday has launched a Custom AI Model Library for contract needs, powered by its Evisort acquisition. The library will connect with its contract agent and includes more than ‘120 pre-built AI models trained to identify key clauses, risks, line items, and terms in contracts’.
It’s aimed at ‘everything from HR agreements to vendor contracts to sales deals’, they said, and is one of the most visible signs yet that the Evisort deal has translated into new products within Workday, a huge company that provides for a range of corporate operational needs.
Among their capabilities the new ‘models’ can:
- ‘Summarize complex employment terms, like non-competes, in plain language and connect them across systems.
- Identify and extract financial details such as dates, amounts, and addresses to enable faster, more accurate invoice processing.
- Analyze terms related to data privacy, security, access, minimization, and deletion across a range of contract types.
- Extract lease agreement terms such as square footage, property tax requirements, and rights of first refusal, and summarize detailed repair and maintenance obligations.
- Analyze terms from sales agreements like publicity and logo rights, included products and services, and uplift on renewals — and share them with CRMs.’
Jerry Ting, VP, head of agentic AI & Evisort, at Workday, commented: ‘AI in the enterprise often delivers piecemeal automation without true transformation. We aren’t just adding features; we are giving our Contract Intelligence Agent new skills that help solve real business problems. Our goal is to make deep, complex contract analysis fast and actionable for every team.’
Is this a big deal? As noted, it’s an important sign that Ting and team are having a notable impact at Workday since the acquisition of their pioneering contract AI company. Will this be competition to all the many other CLM and contract-focused AI startups? Well, it certainly adds to the competition. One key advantage they have is that Workday, which is a $8.5 billion revenue business, has a huge client base. Its many clients will thus be able to tap these additional contract skills.
It will be interesting to see how this grows.
P.S. congrats to Jerry and team, nice to see that things are working out. Maybe see you at Legal Innovators California next June?
More about Workday here.
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