Docusign has announced the launch of a new software-as-a-service (SaaS) category, Intelligent Agreement Management, and is set to lead this sector with the new Docusign IAM platform. This initiative is designed to revolutionize how businesses handle agreement data, offering tools to transform this information into actionable insights, thus accelerating contract review processes and enhancing productivity across organizations.
Allan Thygesen, CEO of Docusign, emphasized the transformational capability of the new platform. “Agreements are the foundation of every business, yet their management often remains archaic. Current methods are not just outdated; they are costly, squandering nearly $2 trillion in global economic value annually,” Thygesen explained. The new Intelligent Agreement Management category promises to streamline operations and increase revenue growth more effectively.
According to an upcoming study by Deloitte, poor agreement management results in substantial inefficiencies:
- 25,000 hours lost annually per business function in developing agreements,
- 6,000 hours wasted in organizing and managing agreements, and
- 14,000 hours spent in analyzing agreements for insights.
The Docusign IAM platform connects various aspects of the agreement process, from creation to management, and integrates artificial intelligence to enhance contract negotiation and strategic decision-making. “With advances in AI and our deep experience in the agreement domain, we have developed powerful new tools for businesses,” said Dmitri Krakovsky, Chief Product Officer at Docusign.
The platform features several innovative services:
- Docusign Navigator, a smart repository that organizes and analyzes agreements,
- Docusign Maestro, which allows users to create customized workflows easily,
- Docusign App Center, which facilitates the integration of various business systems into Docusign IAM.
Scheduled to launch in the US at the end of May, the Docusign IAM platform will offer specialized applications for different business needs, including sales, customer experience, and core business processes, with further plans to expand to other major markets later in the year.
“Docusign’s step into Intelligent Agreement Management marks a significant evolution in their strategy, moving towards a modular platform approach that will deliver enhanced value to customers,” commented Ryan O’Leary, Research Director at IDC.
This innovative approach by Docusign aims to redefine the landscape of agreement technologies, leveraging AI to modernize and streamline the agreement management process, akin to how CRM, HCM, and ERP systems transformed their respective areas through internet integration.