DocuSign announces AI-powered solution designed for incoming contracts
DocuSign has introduced DocuSign Analyzer, an AI-powered contract analytics solution designed for incoming agreements. It is an extension of DocuSign Insight, an enterprise AI solution that lets companies find, search, and understand the agreements they already have.
Analyzer is intended to streamline 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 is too late to negotiate better terms.
According to DocuSign, 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, one-third of companies said contracts take an average of more than 30 hours to negotiate, and 65% experienced delays in closing deals as a result of contract management challenges.
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 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, DocuSign says, 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. In addition to speed and ROI, the company says additional benefits include reduced risk and enhanced compliance, as well as better customer and partner experience.
DocuSign Analyzer is available immediately in the U.S., U.K., Canada, and Germany as an extension to DocuSign Insight—and bundled pricing with DocuSign CLM will be available later this year. For more information, go to www.docusign.com.