SAN FRANCISCO, Sept. 30, 2020 /PRNewswire/ -- As part of its
drive to bring the power of artificial intelligence to the broader
agreement process, DocuSign (NASDAQ:DOCU) today 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."
Analyzer works by breaking down an incoming agreement into
individual clauses, which it can recognize by type using a
combination of AI technologies. It then conducts a detailed
risk-assessment based on the organization's own legal and business
standards, delivering the results in easy-to-understand scorecards
available within Microsoft Word, Microsoft Outlook, and DocuSign's
contract lifecycle management (CLM) solution. Analyzer also
simplifies the editing process with single-click access to
recommended replacement language from an intelligent library of
pre-approved clauses.
In beta testing, companies reported saving thousands of dollars
per agreement using DocuSign Analyzer—which, when considered over
the tens of thousands of contracts often executed annually, offers
significant top and bottom line impact. There are additional
benefits, too:
- Speed & ROI: The risk analysis and information
served up by Analyzer enables contract approval to be secured more
efficiently, and for business to be done faster.
- Reduced risk & enhanced compliance: Companies can be
confident their agreements are optimized for their own business and
legal standards.
- Improved customer & partner experience: This
smoother agreement process overall makes organizations easier to do
business with.
Technology and legal services company UnitedLex has seen the
value Analyzer brings to legal teams firsthand. According to EVP of
Corporate & Commercial Services Dan Hendy, DocuSign Analyzer is
helping with smarter execution and more cost-effective outcomes in
its own contracting process.
"As a major collaborator on the industry's largest deployment of
AI within pre-signature commercial contracting, we're leveraging
Analyzer across a team of 250+ global transactional attorneys,"
explains Hendy. "We're seeing the impact that integrated AI tools
can deliver: reducing human review time and ensuring consistency of
response, all while mitigating risk. This optimizes the contract
negotiation process and means legal departments can deliver an even
better service to their business."
DocuSign Analyzer is available immediately in the US, UK,
Canada and Germany as an extension to DocuSign
Insight—and bundled pricing with DocuSign CLM will be available
later this year. For more information, please visit
www.docusign.com.
*The State of Systems of Agreement—a commissioned study
conducted by Forrester Consulting on behalf of DocuSign,
Jan 2020
**State of Contract Management Report,
2019
Media Relations
Adrian Wainwright
Head of Communications
media@docusign.com
Investor Relations
Annie Leschin
VP Investor Relations
investors@docusign.com
About DocuSign
DocuSign helps organizations connect and automate how they
prepare, sign, act on, and manage agreements. As part of the
DocuSign Agreement Cloud, DocuSign offers eSignature: the world's
#1 way to sign electronically on practically any device, from
almost anywhere, at any time. Today, nearly 750,000 customers and
hundreds of millions of users in over 180 countries use DocuSign to
accelerate the process of doing business and to simplify life.
For more information, visit www.docusign.com, call
+1-877-720-2040, or follow @DocuSign on Twitter, LinkedIn and
Facebook.
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SOURCE DocuSign, Inc.