Docusign IAM helps businesses recover $2T annually in lost global economic value*
SAN FRANCISCO, April 11, 2024 /PRNewswire/ — Docusign (NASDAQ: DOCU ) today announced a significant expansion of its company’s strategy, opening a new SaaS category — Intelligent Contract Management — and unveiling Docusign IAM, an intelligent contract management platform and application suite that will lead the category. Docusign IAM will help businesses of all types transform contract data into insights and actions, accelerate contract review cycles and increase productivity across the organization.
Docusign IAM Video
Docusign Navigator
“Agreements are the foundation of any business, but the way people manage them is a thing of the past,” he said Allan Thygesen, Chief Executive Officer at Docusign. “Poor contract management and out-of-date systems cost companies time, opportunity and downtime 2 trillion dollars in global economic value each year. Intelligent agreement management will help change that; companies around the world will be able to operate more efficiently and increase revenues faster.
AGREEMENT TRAP
Most companies today have fallen into the “agreement trap,” where outdated agreement systems and processes slow down their operations and trap business-critical information within static, flat files, unrelated to existing systems of record.
The cost of these disconnected systems and processes is significant. A forthcoming study by Deloitte* estimates that on average:
- Every year, 25,000 hours are lost, by function, when drafting agreements.
- 6,000 hours are lost annually, per function, when organizing, storing and managing contracts.
- Every year, 14,000 hours are lost, per function, when analyzing contracts for insight.
In total, 2 trillion dollars global economic value is destroyed every year due to mismanagement of agreements.
“Working with nearly 90% of Fortune 500 companies, we’ve seen outdated contract management methods have tangible negative effects on businesses of all sizes—from reduced sales, to lost productivity, to increased costs,” he said. Rohan Gupta, director at Deloitte Consulting LLP. “With every contract a company manages, the opportunity for improvement increases. Through primary research in an upcoming report with Docusign, we found that companies managing more than 20,000 contracts each year can increase revenue by 44 million dollars or more by improving systems and processes.”
DOCUSIGN IAM PLATFORM + APPLICATIONS
The Docusign IAM platform and applications will seamlessly connect the various components of the contract management process and leverage AI to accelerate contract creation, improve negotiations and provide strategic insights to help companies manage contract portfolios.
“Recent advances in artificial intelligence, combined with our deep experience in the agreements space, have allowed us to build powerful new capabilities for companies of all types,” he said. Dmitri Krakowski, Director of Product 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 was not possible before.”
With Docusign IAM, companies of all sizes will be able to:
- To create agreements in a way that is collaborative, automated and integrated with all their business processes and systems such as customer relationship management (CRM), human capital management (HCM) and enterprise resource planning (ERP).
- To commit faster, safer and with a better experience for the end customer, partner and employee until the agreement.
- Govern agreements by uncovering hidden information, unlocking value and reducing unnecessary risk.
These new capabilities will enable 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 contracts from any source. More than just document storage, Navigator is powered by Docusign AI to efficiently convert unstructured agreements into structured data. With this data unlocked, Navigator makes it easy for users to find contracts, quickly access vital information, and gain valuable insights from their contracts. No more wasted time, lost revenue and unnecessary exposure to risk due to lack of contract visibility. With Navigator, users can increase efficiency across the organization, uncover opportunities to reduce costs, and increase agreement oversight and security.
- Docusign Maestro helps users create flexible, customizable contract workflows that are finely tuned to their needs without having 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 such as e-signature, ID verification, and data verification with third-party applications to interface with their business processes. In the future, customers will be able to leverage our pre-configured workflows built to address common use cases such as customer, supplier and employee onboarding requirements and KYC compliance.
- Docusign App Center is built on our ecosystem of developers and partners, so users can now easily discover, install and connect a wide variety of applications to integrate their existing systems into Docusign IAM. Users can connect HubSpot and Salesforce to capture customer data; ServiceNow to launch a new workflow; Quik! extract information about the contract; Stripe to generate paid subscriptions 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 capabilities of the Docusign IAM platform, we will be able to offer purpose-built applications for specific lines of business. When Docusign IAM launches this May, we’ll offer:
- IAM for sale: Sales teams will be able to close deals faster by generating smart contracts and seamlessly connecting the deal process with CRM systems.
- IAM for user experience: Product managers will be able to create elegant deal experiences that improve conversion, reduce abandonment and provide a seamless experience.
- The core of IAM: Any team not directly served by the “IAM for X” application can customize their own solution with Docusign IAM Core. Teams can design their own contract management experience using the services of our modular platform, build their own apps on top, or customize using an app from the Docusign App Center.
In the near future, Docusign plans to launch more IAM applications targeting other business lines and verticals. For example:
- IAM for procurement: Procurement teams will be able to streamline the source-to-pay process, reducing risks and delays, and then ensure that contract terms are met on time.
- IAM for Human Resources: HR teams will be able to deliver a world-class engagement employee experience, from recruitment to retirement, with integrations between Docusign and key HR tools.
NEW SAAS CATEGORY: INTELLIGENT CONTRACT MANAGEMENT
Docusign IAM is the first entry in the emerging enterprise SaaS category: Intelligent Contract Management. Just as categories like CRM, HCM, and ERP have leveraged the Internet to modernize sales, HR, and resource management, platforms like Docusign IAM will use AI to bring the contract management process into the 21st century.
“Unlocking the value of the data currently trapped within contracts and documents has been a major problem for almost every organization,” he said Holly Muscolino, Group Vice President at IDC. “Docusign’s announcement regarding Intelligent Agreement Management is timely given the impact of artificial intelligence on business processes.”
The launch of Docusign IAM is a significant extension of the company’s vision and strategy, which is based on more than 20 years of innovation in areas such as e-signature and contract lifecycle management. The company currently serves more than 1.5 million clients and more than one billion people in more than 180 countries.
“Docusign is taking a fresh look at the agreement technology space with its new announcements on Intelligent Agreement Management,” he said Ryan O’Leary, director of research at IDC. “This announcement moves Docusign to a modular platform approach that should provide greater value to customers by allowing customers to support their own unique organizational challenges.”
AVAILABILITY
The Docusign IAM platform – and new IAM applications for sales, customer experience and core – will be available to customers in the US starting in late 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 one billion people in more than 180 countries use Docusign solutions to speed up business processes and simplify people’s lives. With its Docusign IAM platform, Docusign frees business data that is trapped inside documents. Until now, they were disconnected from business systems, costing companies time, money and opportunities. Using Docusign IAM, companies can create, commit and manage contracts with solutions created by the #1 company in e-signature and contract lifecycle management.
Relations with the media
[email protected]
investor relations
[email protected]
Video – https://mma.prnewswire.com/media/2383248/Docusign_IAM_Video.mp4
Photo – https://mma.prnewswire.com/media/2383247/Docusign_Navigator.jpg
Logo – https://mma.prnewswire.com/media/2383246/New_Docusign_Logo_Logo.jpg
