DOCUSIGN UNVEILS NEW AI-POWERED "INTELLIGENT AGREEMENT MANAGEMENT" PLATFORM FOR NEW SAAS CATEGORY
- Docusign unveils Docusign IAM, an Intelligent Agreement Management platform to transform agreement data and boost productivity.
- Deloitte study estimates $2 trillion annual loss due to poor agreement management, highlighting the need for innovation in the sector.
- Docusign IAM offers new platform services like Docusign Navigator, Maestro, and App Center to enhance agreement workflows and insights.
- The launch of Docusign IAM marks a significant expansion of Docusign's strategic vision, focusing on revolutionizing agreement management processes.
- Docusign IAM will be available to US customers in May, with plans for global expansion later in the year.
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The introduction of Docusign's Intelligent Agreement Management (IAM) platform represents a strategic move that could potentially disrupt the current agreement management process within various industries. By leveraging artificial intelligence (AI), the platform aims to reduce the inefficiencies associated with traditional agreement management systems, which according to the Deloitte study, result in substantial economic loss and wasted time across functions. This innovation could lead to a significant competitive advantage for Docusign, as businesses seek to optimize operations and enhance productivity.
From a market perspective, the creation of a new SaaS category—Intelligent Agreement Management—signals an evolution in the enterprise software landscape. As businesses increasingly prioritize digital transformation, platforms that offer integrated, AI-powered solutions are well-positioned for growth. Docusign's expansion into this space could attract new customers and deepen engagement with existing ones, ultimately impacting its market share and revenue. The ability of Docusign IAM to interface with critical business systems such as CRM, HCM and ERP further embeds the platform into clients' ecosystems, potentially increasing customer lock-in and creating recurring revenue streams.
The financial implications of Docusign's announcement are multifaceted. On one hand, the potential to recapture a portion of the $2 trillion in lost global economic value due to inefficient agreement management processes could result in a substantial increase in productivity and cost savings for businesses. This, in turn, may translate into increased demand for Docusign's IAM solutions, driving revenue growth. On the other hand, investors should consider the costs associated with the development and marketing of this new platform, as well as the time required to achieve widespread adoption.
It is important to monitor the uptake of the IAM platform post-launch, as early adoption rates can provide valuable insights into future revenue projections and market acceptance. Additionally, the claim of increased revenue for companies managing more than 20,000 agreements annually by $44 million or more, if substantiated, could serve as a powerful sales proposition and a catalyst for stock performance. However, investors should also be cautious of overestimating the platform's impact without concrete evidence of customer ROI and market penetration.
The technological innovation behind Docusign's IAM platform is noteworthy. The integration of AI to streamline the agreement process, from creation to analysis, is indicative of the broader trend towards automation in enterprise software. The ability of the platform to transform unstructured data into structured insights could be a game-changer for businesses, as it promises to unlock new efficiencies and risk mitigation strategies.
Moreover, the modular nature of the platform and its applications, such as Navigator and Maestro, suggests a flexible approach to deployment that caters to diverse business needs. This flexibility is important in a market where one-size-fits-all solutions are often inadequate. The emphasis on no-code workflow creation and the App Center's potential to foster a developer ecosystem around Docusign's platform are strategic moves that can drive innovation and adoption. The technology's impact on Docusign's business will largely depend on its execution and ability to deliver on its promises of improved agreement management and business outcomes.
Docusign IAM helps business recapture annual
"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
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,
"Working with nearly
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.
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