- Docusign's new AI tools will help you to create a new agreement from predefined templates
- Iris is a new AI-powered reviewer to help you get to signature more quickly
- Companies with advanced contract capabilities are more successful
Docusign has announced plans to expand its Intelligent Agreement Management platform in the UK with new AI-powered features to help users create and review contracts, handle negotiations and automate parts of their workflows.
The esign company explained that its ultimate goal is to speed up the time to signature by reducing some of the manual administrative processes that can be facilitated with automation.
According to company research, it currently takes around four to six weeks for an average B2B contract to reach signature, but the whole scale of contract management is even worse.
Contracts are hugely inefficient
At the moment, contracts move internally between organizational teams around 15 or more times, and most of the delays come up during the preparation and review stages – not the actual signing.
This is where artificial intelligence comes in, because Docusign believes that turning contracts into usable, structured business data can make them easier to digest, therefore easier to edit.
Some of the new features include agreement Agreement Preparation, which uses customized contracts to save teams from having to generate new contracts from scratch; Agreement Desk for tracking, reviewing and managing contract development progress; and a new AI-powered reviewer called Docusign Iris.
"With these new capabilities, we are enabling structured and connected collaboration throughout the entire agreement process," Senior Director Maxime Hambersin wrote.
Via Deloitte reporting, Docusign says that companies with advanced contract capabilities are 55% more likely to outperform their financial goals. On the flip side, poor supplier contract management can lead to around a 15% loss in value due to missed deadlines and discounts having to be issued.
With it taking around £1,300 worth of human capital to fully create a new agreement, Docusign's new tools promise to hugely improve not only speed and efficiency, but also cost efficiency specifically.
