DocuSign Unveils New AI-Powered ‘Intelligent Agreement Management’ Platform
DocuSign has unveiled plans to shake up the agreement management landscape with the launch of its new Intelligent Agreement Manager (IAM) platform.
IAM will be a new SaaS offering, and it will come as no surprise that the portfolio will be expanded with useful injections of artificial intelligence to handle efficiency improvements.
The company stated that the major product overhaul is in response to customers stuck in the ‘Agreement Trap’, where outdated systems and processes negatively impact business operations.
DocuSign Unveils New AI-Powered SaaS
According to a Deloitte study cited by the company, 25,000 hours are wasted annually developing agreements, 6,000 hours organizing, storing and managing agreements, and 14,000 hours analyzing agreements to gain insights. Accordingly, poor management of agreements would result in a cost of $2 trillion.
Rohan Gupta, director at Deloitte Consulting, notes: “We found from primary research in an upcoming report with Docusign that companies managing more than 20,000 agreements annually can increase revenue by $44 million or more by improving systems and processes. ”
DocuSign IAM introduces three new services, starting with DocuSign Navigator, a centralized repository for agreement storage, management and analysis. It also promises to convert unstructured agreements into structured data.
The second, DocuSign Maestro, is a tool that makes it easier for companies to create customizable agreement workflows without the need for coding.
Finally, the App Center will act as an integration hub for connecting to other third-party products. The company’s initial announcement mentioned CRM platforms like Hubspot and Salesforce, payment gateways like Stripe, and cloud storage like Box, Dropbox, Google Drive, and OneDrive.
There will be two lines available – IAM for Sales and IAM for Customer Experience – as well as IAM Core for companies that don’t fit into either of these two predefined boxes.
DocuSign’s IAM SaaS platform and associated applications will be released in the US in late May, with plans to expand to other major markets later this year.