Docusign IAM helps business recapture annual
$2T in lost global economic value*
SAN
FRANCISCO, April 11, 2024 /CNW/ -- 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 "Poor agreement management and outdated systems cost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where outdated agreement systems and processes slow their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have seen how outdated methods of managing agreements have tangible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.
Media Relations
media@docusign.com
Investor Relations
investors@docusign.com
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SOURCE DocuSign, Inc.