DOCUSIGN UNVEILS NEW AI-POWERED "INTELLIGENT AGREEMENT MANAGEMENT" PLATFORM FOR NEW SAAS CATEGORY
Docusign IAM helps business recapture annual $2T in lost global economic value*
SAN FRANCISCO, April 11, 2024 /PRNewswire/ -- Docusign (NASDAQ:DOCU) today announced a significant expansion of its company strategy, opening up a new SaaS category — Intelligent Agreement Management — and unveiling Docusign IAM, an Intelligent Agreement Management platform and suite of applications to lead that category. Docusign IAM will help businesses of all kinds transform agreement data into insights and actions, accelerate contract review cycles, and boost productivity organization-wide.
"Agreements are the foundation of every business, but the way people manage them is stuck in the past," said Allan Thygesen, Chief Executive Officer at Docusign. "Poor agreement management and outdated systems cost businesses time, opportunity, and nearly $2 trillion in global economic value every year. Intelligent Agreement Management will help change that; businesses all around the world will be able to operate more efficiently and grow revenue more quickly.
THE AGREEMENT TRAP
Most companies today have fallen into the "Agreement Trap," where outdated agreement systems and processes slow their businesses down and trap business-critical information inside static, flat files, unconnected to existing systems of record.
The cost of these disconnected systems and processes is significant. An upcoming study from Deloitte* estimates that, on average:
- 25,000 hours are wasted every year, per function, when developing agreements.
- 6,000 hours are wasted every year, per function, when organizing, storing, and managing agreements.
- 14,000 hours are wasted every year, per function, when analyzing agreements for insights.
In total, $2 trillion in global economic value is destroyed every year because of poor agreement management.
"Working with nearly 90% of companies in the Fortune 500, we have seen how outdated methods of managing agreements have tangible negative impacts on businesses of all sizes — from decreased sales, to lost productivity, to increased costs," said Rohan Gupta, Principal at Deloitte Consulting LLP. "With every agreement a company manages, the opportunity to improve increases. We've found, through primary research in an upcoming report with Docusign, that companies managing more than 20,000 agreements each year can increase revenue by $44 million or more by improving systems and processes."
THE DOCUSIGN IAM PLATFORM + APPLICATIONS
The Docusign IAM platform and applications will seamlessly connect the different components of the agreement management process and leverage AI to speed up contract creation, enhance negotiations, and provide strategic insights to help companies manage their agreement portfolios.
"Recent advances in AI, when combined with our deep experience in the agreement space, have allowed us to build powerful new capabilities for businesses of all kinds," said Dmitri Krakovsky, Chief Product Officer at Docusign. "The Docusign IAM platform and the applications powered by that platform will drive real business impact for our customers, in a way that wasn't possible before."
With Docusign IAM, companies of all sizes will be able to:
- Create agreements in a way that is collaborative, automated, and integrated with all their business processes and systems like Customer Relationship Management (CRM), Human Capital Management (HCM), and Enterprise Resource Planning (ERP).
- Commit to agreements faster, more securely, and with a better end customer, partner, and employee experience.
- Manage agreements by unveiling the information hidden within, unlocking value and reducing unnecessary risk.
These new capabilities will be made possible by the new platform services that will be part of Docusign IAM:
- Docusign Navigator is a smart repository that enables organizations to centrally store, manage, and analyze agreements from any source. More than just document storage, Navigator is powered by Docusign AI, to effectively transform unstructured agreements into structured data. With this data unlocked, Navigator makes it easy for users to find agreements, access vital information quickly, and gain valuable insights from their agreements. No more wasted time, lost revenue, and unnecessary exposure to risk due to a lack of agreement visibility. With Navigator, users can drive efficiencies across the organization, uncover opportunities to reduce costs, and increase agreement oversight and security.
- Docusign Maestro helps users create flexible, customizable agreement workflows that are fine-tuned to their needs without needing to write a single line of code. Gone are the days of needing coding skills and hours of work to create end-to-end workflows. With Maestro, users can configure custom workflows in minutes — combining Docusign capabilities like eSignature, ID verification, and data verification with third-party apps to connect to their business processes. In the future, users will be able to leverage our pre-configured workflows built to address common use cases like customer, vendor, and employee onboarding and KYC compliance requirements.
- Docusign App Center builds upon our ecosystem of developers and partners, so users can now easily discover, install, and connect a wide variety of apps to integrate their existing systems into Docusign IAM. Users can connect HubSpot and Salesforce to record customer information; ServiceNow to trigger a new workflow; Quik! to extract agreement data; Stripe to generate a payment subscription, or Box, Dropbox, Google Drive, Microsoft OneDrive or Sharepoint, and Prisidio to archive completed documents with — with more apps to come.
With these new platform services and the capabilities of the Docusign IAM platform, we'll be able to offer purpose-built applications for specific lines of business. When Docusign IAM launches this May, we'll offer:
- IAM for Sales: Sales teams will be able to close deals faster by generating smart contracts and seamlessly connecting agreement processes with CRM systems.
- IAM for Customer Experience: Product managers will be able to create elegant agreement experiences that improve conversion, reduce abandonment, and deliver a frictionless experience.
- IAM Core: Any team not directly served via an "IAM for X" application can customize their own solution with Docusign IAM Core. Teams can design their own agreement management experience using our modular platform services, build their own apps on top, or customize with an app from the Docusign App Center.
In the near future, Docusign plans to launch more IAM applications targeted at other lines of business and verticals. For example:
- IAM for Procurement: Procurement teams will be able to streamline the source-to-pay process, mitigating risks and delays, and then ensure that agreement terms are met on time.
- IAM for Human Resources: HR teams will be able to deliver world-class employee-agreement experiences, from hire to retire, with integrations between Docusign and key HR tools.
A NEW SAAS CATEGORY: INTELLIGENT AGREEMENT MANAGEMENT
Docusign IAM is the first entry in an emerging enterprise SaaS category: Intelligent Agreement Management. Just as categories like CRM, HCM, and ERP leveraged the internet to modernize sales, HR, and resource management, platforms like Docusign IAM will use AI to bring the agreement management process into the 21st century.
"Unlocking the value of the data currently trapped within agreements and documents has been a huge issue for almost every organization," said Holly Muscolino, Group Vice President at IDC. "Docusign's announcement around Intelligent Agreement Management is timely given the impacts of AI on business processes."
The launch of Docusign IAM is a significant expansion of the company's vision and strategy, building on more than 20 years of innovation in areas like e-signature and Contract Lifecycle Management. The company currently serves more than 1.5 million customers and more than a billion people in more than 180 countries.
"Docusign is taking a fresh look at the agreement technology space with their new announcements around Intelligent Agreement Management," said Ryan O'Leary, Research Director at IDC. "This announcement shifts Docusign into a modular platform approach which should deliver more value to customers by allowing customers to support their own unique organizational challenges."
AVAILABILITY
The Docusign IAM platform – and the new IAM applications for Sales, Customer Experience, and Core – will be available to customers in the US starting at the end of May, and will expand to other major markets later this year.
*Source: Deloitte & Docusign Digital Agreement Management Study, 2024
About Docusign
Docusign brings agreements to life. More than 1.5 million customers and more than a billion people in more than 180 countries use Docusign solutions to accelerate the process of doing business and simplify people's lives. With its Docusign IAM platform, Docusign unleashes business-critical data that is trapped inside of documents. Until now, these were disconnected from business systems of record, costing businesses time, money, and opportunity. Using Docusign IAM, companies can create, commit, and manage agreements with solutions created by the #1 company in e-signature and Contract Lifecycle Management.
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SOURCE DocuSign, Inc.