Workday has entered a definitive agreement to acquire artificial intelligence-native (AI-native) document intelligence platform Evisort. Through this deal, which was announced at Workday’s Rising 2024 event in Las Vegas on September 17, Workday will add AI-powered document intelligence solutions across its finance and HR suite.
According to a Workday survey, 80% of business data, such as contracts, policy documents and invoices, is unstructured and difficult to search, analyze, and execute. However, the acquisition will help Workday’s customers to access more accurate data, automate it for alignment and action and make better informed business decisions by utilizing Evisort’s AI platform which will be integrated with Workday. The platform can be used to streamline data for accounting, procurement and the employee knowledge base.
The acquisition is expected to be completed by the end of Workday’s Q3 FY2025 (ending October 31, 2024).
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Commenting on the deal, Terrance Wampler, chief financial officer of Workday said, “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.”
Workday also unveiled its AI-powered data platform Illuminate at Rising 2024. The platform, which is built on Workday’s HR and finance dataset, will work across the Workday platform to enhance insights of business data and help businesses streamline actions and make precise decisions.
It will use generative AI to speed up tasks like content creation and summarization of job descriptions, and contracts, assist with work flows and streamline business processes by providing every user with a team of business process experts or agents that can operate on behalf of the user. The company has also introduced an AI-powered Workday Assistant to enhance its user experience, while the new AI agents will help simplify work across the HR and finance functions.
