DocuSign is evolving beyond e-signatures, leveraging artificial intelligence to address what it terms the "agreement trap." The company is launching an intelligent agreement management (IAM) system designed to transform business agreements into actionable data. This innovative platform comprises three key components: Navigator, a central repository for managing agreements; Maestro, a workflow builder for customizable processes; and an App Center, which integrates third-party applications.
In a recent blog, CEO Allan Thygesen described IAM as a groundbreaking solution for "end-to-end agreement management," setting a new standard in the SaaS landscape. The platform aims to streamline the understanding and management of various contracts, including Master Service Agreements (MSA) and Statements of Work.
The $2 Trillion Challenge
Businesses of all sizes encounter challenges in managing agreements. What begins as manageable escalates into complexity as companies amass thousands of documents without a centralized system for storage or oversight. Teams in HR, procurement, sales, and marketing each have their own process, leading to inefficiencies and confusion.
Dmitri Krakovsky, DocuSign’s Chief Product Officer, notes that many companies rely on a patchwork of applications to handle agreements. This disjointed approach often results in business value leakage, with one study estimating a staggering $2 trillion in lost economic value globally each year and an average loss of 25,000 hours (over 1,000 days) annually.
Krakersky explains the consequences: agreements may not renew on time, obligations may go unnoticed, and commitments can slip through the cracks. "The entire process is fragmented and lacks intelligent analysis," he says.
Components of IAM
DocuSign's IAM contains three essential elements to assist organizations in efficiently creating, managing, and overseeing agreements:
1. DocuSign Navigator
This central repository systematically stores and analyzes all agreements within an organization. By transforming unstructured documents into structured data through AI, Navigator enables users to conduct queries and retrieve critical information swiftly. It utilizes a hybrid model, merging DocuSign’s proprietary technology with third-party large language models (LLMs) to ensure accuracy and relevancy in data retrieval.
2. DocuSign Maestro
Maestro offers organizations a no-code solution to build tailored workflows for agreement processes. It facilitates swift configuration of professional workflows while integrating services such as e-signature and ID verification. This drag-and-drop functionality allows users to streamline the agreement lifecycle efficiently.
3. App Center
The App Center serves as a marketplace connecting various third-party applications to enhance the IAM experience. Aimed at improving the entire agreement lifecycle, supported apps at launch include Salesforce, HubSpot, Google Drive, and more.
Targeted Solutions
Initially, DocuSign will offer three tailored versions of IAM:
- IAM for Sales: Enables faster deal closures through smart contracts integrated with CRM systems.
- IAM for Customer Experience: Helps product managers create seamless and effective agreement experiences to boost conversions.
- IAM Core: Designed for teams seeking customization, allowing them to build their own agreement management solutions.
Additional versions targeting procurement, human resources, and financial services are planned for future release.
Differentiating from Competitors
While some may see DocuSign as competing with content management platforms like Dropbox and Box, Krakovsky asserts that their focus on end-to-end agreement management sets them apart. He emphasizes that existing vendors often address only portions of the agreement process, while DocuSign understands the necessity for a comprehensive solution.
DocuSign’s robust customer base, which includes 1.5 million users and over 1 billion processed agreements, provides it a competitive advantage. Robert Chatwani, President of DocuSign Growth, highlights the company's deep expertise in signatures and agreement data, enhancing its unique value in the market.
DocuSign's IAM is set to launch in the U.S. in late May, with expansions planned for other major markets later this year.
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