In an age where efficiency is critical, small to medium-sized businesses often handle multiple contracts across multiple departments. Workday, a leader in enterprise AI solutions, recently announced the launch of a library of custom AI models to power its contract intelligence agents. Boasting over 120 pre-built AI models, this new product aims to simplify contract management for businesses of all sizes, including small and medium-sized businesses.
The potential benefits of these AI models are significant. Designed to streamline the review process, this solution allows organizations to quickly analyze contracts across HR, finance, legal, IT, and sales. The ability to automatically identify key provisions, flag risks, and deliver actionable insights helps small business owners save time, reduce manual work, and ultimately make better decisions.
According to Jerry Ting, vice president and head of Agent AI and Evisort at Workday, «Enterprise AI often delivers piecemeal automation without true innovation. Rather than simply adding functionality, we’re giving contract intelligence agents new technologies that help them solve real business problems.» With a focus on real-world applications, these tools are especially suitable for small organizations looking to optimize operations without straining existing resources.
A custom AI model library provides the ability to analyze a variety of contract types. For example, small businesses often struggle with employment contracts, supplier contracts, and sales transactions. These new tools allow teams to summarize complex terms and conditions of employment in plain language, identify and extract key financial details to speed up invoice processing, and analyze important data privacy provisions. The model can also automatically extract lease terms, including square footage and property tax requirements, minimizing administrative burden for small business owners.
Although the advantages are powerful, it is essential for small business owners to consider the potential challenges. Adopting AI technology requires an initial investment of time and resources, especially in training employees to use the system effectively. Additionally, ensuring that these AI models match existing processes may require additional effort. Although Workday emphasizes that no coding is required and that models can be improved through user feedback, there is still a learning curve to integrating new technologies into daily work.
Moreover, the challenges of data security and compliance become greater, especially for small businesses that do not have a dedicated legal team to navigate the complexities. Ensuring that AI tools properly handle sensitive information becomes paramount, adding another layer of responsibility for business owners.
Workday’s initiative to leverage AI for contract management could make a game-changing difference in improving operational efficiency for small and medium-sized businesses. By leveraging these advanced models, owners can delegate routine tasks to technology, allowing their teams to focus on strategic initiatives and growth-oriented projects.
Thoughtful integration of AI not only prepares businesses to address current market pressures, but also positions them to adapt to future challenges. Small and medium-sized businesses can not only keep up with the pace, but thrive in an increasingly competitive environment.
Those interested in this groundbreaking technology can learn more about Evisort’s AI-powered contract intelligence and contract lifecycle management solutions through Workday products. You can get more information by visiting working day.
As small business owners navigate the complexities of modern contract management, tools like Workday’s Contract Information Agent demonstrate their readiness to embrace technology that streamlines processes and increases efficiency. This ultimately allows them to focus on what really matters: growing their business and serving their customers.
