DocuSign expands agreement cloud with new AI solution for incoming contract analysis and negotiation
Release builds on AI acquisition of Seal Software, streamlines risk management for inbound contracts
As part of its drive to bring the power of artificial intelligence to the broader agreement process, DocuSign released DocuSign Analyzer, the AI-powered contract analytics solution designed for incoming agreements.
As an extension of DocuSign Insight—the enterprise AI solution that lets companies find, search and understand the agreements they already have—Analyzer streamlines the process of reviewing and negotiating agreements when companies first receive them. It uses AI to provide legal, sales, procurement and other stakeholders with clear and actionable insight into the risks and opportunities in the documents they are being asked to review and sign—before it’s too late to negotiate better terms.
These issues were quantified in recent studies. In one*, almost half the companies surveyed faced significant risks as they couldn’t easily detect problematic language in contracts. In another survey**, a third of companies said contracts take an average of over 30 hours to negotiate. And 65% experienced delays in closing deals as a result of contract management challenges.
“While we’ve long made it easier for customers to get agreements signed electronically, we knew we could do more to help them understand and manage any risks prior to doing so,” explained Jim Wagner, VP of Agreement Cloud Strategy at DocuSign. “With Insight, we help customers understand the agreements they already have. With Analyzer, we can now help accelerate the review and negotiation of new, incoming agreements.”
Read More: Illumio Positioned as a Leader in Zero Trust