Before starting its digital transformation journey, Keller Williams had over 10 years’ worth of vendor and supplier contracts from multiple departments housed across a variety of legacy repositories. Expiring contracts and auto-renewals were not viewable on a single, authoritative calendar.
The Keller Williams procurement team wanted visibility into all their contract information, a searchable repository to mine contracts for vital business data, and a reliable alert system for contracts that were coming up for review.
Fast implementation with advanced contract AI.
Initially, Keller Williams thought it would rely on a traditional contract management service to resolve its issues, but the company also reached out to Evisort (now a Workday company) to see what an AI-native, end-to-end contract lifecycle management (CLM) platform could offer.
Unlike traditional CLM systems, which can take six or more months for integration, the Workday platform was easy for Keller Williams to implement and start using almost immediately—no coding or data migration needed. The procurement team had a complete intelligent repository of their contracts up and running within a month and began implementing presignature contract workflows soon after.
ROI realized in the first month.
Within one month of uploading thousands of contracts into the Workday platform, Keller Williams found two contracts for data services it wasn’t planning to use; those agreements had slipped under the radar. Without Workday, Keller Williams would have been locked in for a year to two contracts it didn’t need. The savings from these two contracts paid for the Workday solution.
Keller Williams also initiated a campaign to look for contracts that could be negated or renegotiated based on force majeure clauses and the COVID-19 pandemic. Through Workday’s customizable AI, the company was able to train the platform to recognize these unique clauses within two days.
Workday’s AI correctly identified clauses based on the context of the language, even if the specific term “force majeure” was nowhere in the document. It came back with a list of 150 vendor contracts that could be revisited, resulting in significant cash flow savings.
Expanded use case in M&A analysis.
Keller Williams put the Workday platform to another test: Could its AI help the company with M&A projects—ones it would normally outsource due to time and staff constraints?
Keller Williams gave such an acquisition project to an outsourced firm, which found 35 important contracts that needed review. Keller Williams’ internal legal team used Workday’s AI to double-check the results from the outsourced firm and found there were 50 contracts—not 35—that required review.
I trust Evisort’s [now Workday] AI to deliver accurate and reliable information. In a recent acquisition, Evisort [now Workday] surfaced 15 more contracts than our outsourced legal team.
Procurement Manager
Ongoing value for procurement management.
With thousands of contracts in Keller Williams’ files, getting the right information used to be a difficult and time-consuming task. Wokrday now allows the procurement team to answer stakeholders’ questions quickly and confidently. Workday’s AI does the heavy lifting of locating and tracking key contract clauses and data points, enabling the Keller Williams procurement team to devote their human resources to more strategic tasks.
Time and time again, I have execs coming to me with important projects that are hard to solve in a short time. Evisort [now Workday] lets me handle those requests very quickly.
Procurement Manager