- Docusign’s new AI tools will help you create a new agreement from predefined templates
- Iris is a new AI-powered reviewer to help you sign faster
- Companies with advanced contracting 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, manage negotiations and automate parts of their workflows.
The design firm 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 through automation.
According to a company study, it currently takes around four to six weeks for an average B2B contract to be signed, but the scale of contract management is even worse.
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Contracts are extremely inefficient
Currently, contracts are transferred internally between organizational teams approximately 15 times or more, and most delays occur during the preparation and review stages, not during the actual signing.
This is where artificial intelligence comes in, as Docusign believes that transforming contracts into structured, usable business data can make them easier to digest, therefore easier to modify.
Some of the new features include Agreement Preparation, which uses custom contracts to save teams from having to generate new contracts from scratch; Agreements Office to track, review and manage contract development progress; and a new AI-powered reviewer called Docusign Iris.
“With these new capabilities, we enable structured and connected collaboration throughout the agreement process,” wrote Senior Director Maxime Hambersin.
Via Deloitte reports, Docusign claims that companies with advanced contracting capabilities are 55% more likely to exceed their financial goals. On the other hand, poor management of supplier contracts can result in a loss of value of around 15% due to missed deadlines and required discounts.
As it takes around £1,300 of human capital to fully create a new deal, Docusign’s new tools promise to significantly improve not only speed and efficiency, but also profitability in particular.
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