Identifying opportunities to streamline operations.
In the early years of the company, when it essentially was in “start-up mode,” each business stakeholder was responsible for managing their own vendor relationships and contracts, including obtaining approval from the legal department, keeping track of renewal and expiration dates, and ensuring compliance with terms of the agreement.
As the number of vendor relationships grew, this decentralized process raised operational challenges as well as global regulatory compliance and financial risks. As the legal team built their new legal operations function, they knew that they needed a contracting solution that would enable them to scale alongside the rest of the business. They also wanted a system that would be accessible to everyone who worked with contracts.
Finding a solution.
The legal team determined that they needed intelligent contract management software to maintain the company’s agreements efficiently and effectively. A single source of truth that could quickly supply them with information on all the company’s contracts would enable them to keep track of those important dates and terms.
The team wanted their new contract management system to:
Centralize all the company’s contracts
Make all contracts searchable
Provide secure access for the globally dispersed team
Control access to specific contracts based on business needs; for example, by role, department, or geographic location
Alert contract owners about upcoming renewal and expiration dates automatically
The legal team heard about Workday Contract Intelligence, powered by Evisort AI, from a lawyer at the parent company who had been using Workday successfully for about a year. After seeing Workday in action, the specialty insurer determined that it would satisfy all requirements and empower them to operate at scale.
When we need to provide an answer to leadership and stakeholders about our contractual rights, obligations, and renewal dates, Evisort AI helps us find the necessary information to respond to those questions quickly and accurately.
Chief Product Counsel
Creating a single source of contract truth with Workday.
The legal team set up Evisort, now a Workday company, to sync with the shared folder that stored all of the company’s contracts and provisioned access appropriately by team and role. Workday’s AI analyzed every contract, even those written on third-party paper, to identify key clauses and surface metadata for each contract.
As the company has grown, we have found it to be vital to create a single source of truth for vendor management. Evisort helped us do that—fast. We didn’t have to move any of our files and the platform even copied our existing folder structure.
Chief Product Counsel
With Workday, the team quickly identified which agreements were active and which were not, and immediately archived at least 600 inactive contracts to focus their searches and reporting solely on active agreements.
The legal team created custom tags in Workday to search for and track information specific to the company and the insurance industry. Leveraging the search capability and automated notifications in Workday, employees are now able to keep track of all service contracts and vital data such as expiration dates.
Transforming legal operations with Workday Contract Intelligence, powered by Evisort AI.
This global organization’s IT team conducts an annual internal review of the company’s service provider’s security. Previously, they managed that review manually in a spreadsheet. Now, they use Workday to streamline the process. Whether responding to the IT team or an external regulator, the legal team can get and report on a real-time snapshot, on demand, of where and how they are outsourcing work.
The legal team has also sped up their responses to internal audits by using the powerful search function in Workday. “As an insurance company, it is critical for our global organization to conduct audits for compliance. Evisort AI allows us to accomplish these projects in a matter of minutes instead of months,” said the chief product counsel. When an auditor contacts the team with a question about a specific topic such as contractual compliance with a particular statute, the team is now able to answer the inquiry within minutes.
The organization also relies on Evisort to navigate external risks. With company operations throughout the globe, the legal team needs to stay on top of emerging and shifting regulations such as data privacy laws. Using Workday, they can quickly identify and update language that may be noncompliant throughout all their contracts in any given region. The team can also be confident that in the event of a data breach, they’ll be able to identify and fulfill any third-party notice obligations without delay.
Our global specialty insurance company does business in many different parts of the world, so we need to stay on top of a range of compliance standards. We use Evisort AI to keep our contracts up-to-date with the latest regulatory changes.
Chief Product Counsel
By streamlining contract management with Workday, the specialty insurance company’s team has freed up their time to focus on more strategic work. Workday Contract Intelligence helps them drive consistency and efficiency, establish contract certainty, and manage risk. Going forward, the decentralized legal team plans to roll out Workday worldwide to standardize and streamline the company’s contracting operations on a global scale.