DocuSign, a US-based company that helps firms manage electronic agreements, has reportedly launched the DocuSign Analyzer, its new AI-based contract analytics solution that is specifically designed for the analysis and negotiation of incoming agreements. The launch is a part of the company’s mission to bring artificial intelligence capabilities to the wider agreement process.
An extension of the company’s, DocuSign Insight, an enterprise AI solution that enables firms to search, find, and comprehend the agreements they possess, the new DocuSign Analyzer streamlines the negotiating and reviewing process of agreements when they are first received by the firms.
The new solution uses AI to offer sales, purchase, legal, and other stakeholders with actionable and clear insight and the opportunities and risks that come through the documents they are asked to examine and sign, before it is deemed too late to negotiate better terms.
The problems qualified in a recent survey were: one, about half of the firms faced substantial risks since they were not able to detect the problematic language in agreements, two, a third of the firms stated that the agreements require an aggregate of more than 30 hours for negotiations with 65% enterprises facing delays when it comes to closing the deal owing to contract management challenges.
Vice President of Agreement Cloud Strategy, DocuSign, Jim Wagner stated that while the company has made it simpler for its customers to effectively get their contracts signed electronically, it has known that it can do more to assist customers review and understand the contracts before signing them.
Wagner further added that with DocuSign Insight, the company would help clients review their existing contracts, while through the Analyzer helps expedite the process of reviewing and negotiating incoming agreements.
The DocuSign Analyzer has already been made available for customers in US, Canada, Germany, and UK, as a DocuSign Insight extension. Additionally, bundled pricing with the company’s DocuSign CLM would be make available later this year.