DocuSign, a company known for processing digital signatures, is undergoing a major shift to expand its services beyond e-signatures. The company recently announced its Intelligent Agreement Management (IAM) platform, aimed at helping businesses manage all aspects of their contracts, notarize documents, generate new contracts, and analyze vendor agreements. With a rebranding effort that includes a new logo featuring a lowercase ‘S,’ DocuSign is positioning itself as a key player in contract management.
The IAM platform consists of three products: Navigator, Maestro, and App Center. Navigator serves as a repository for storing and managing contracts, while Maestro helps customers build workflows for various contract features using AI. The App Center allows users to integrate external services into the system. By leveraging a combination of proprietary models and OpenAI’s GPT-4, DocuSign aims to provide customers with advanced AI capabilities to streamline contract management processes.
Despite its success as a pandemic darling, with its stock surging over 600% during Covid lockdowns, DocuSign faces the challenge of expanding its market post-pandemic. The company hopes that the IAM platform will enable it to tap into a significant opportunity in the contract management space, as studies suggest that billions of dollars are lost annually due to outdated contract systems and inefficient processes. With thousands of beta testers already on board, including well-known companies like Coldwell Banker and Apartment Therapy, DocuSign is optimistic about the platform’s potential.
Founder Allan Thygesen, who took over as CEO after the pandemic, is leading the company’s transformation and focusing on building out the IAM platform. Thygesen’s background at Google, where he led advertising marketing solutions for small and medium-sized businesses, brings a wealth of experience to the role. Despite facing competition from other companies offering e-signature services, Thygesen believes that the comprehensive features of the IAM platform will set DocuSign apart and help attract new customers.
While the launch of the IAM platform represents a significant step forward for DocuSign, some industry experts are skeptical about its potential to attract new clients. Holly Muscolino, a vice president at IDC, believes that while the platform offers convenient features for contract management, it may not be enough to persuade organizations to switch from existing workflows. However, Thygesen remains confident in the platform’s ability to revolutionize contract management and streamline processes for businesses across various industries.
Moving forward, DocuSign plans to expand the functionality of the IAM platform to encompass additional business areas, including procurement, human resources, and financial services. The company’s focus on innovation and leveraging AI technology to enhance contract management processes reflects its commitment to staying at the forefront of the industry. As businesses seek more efficient ways to manage contracts and streamline operations, DocuSign’s IAM platform may prove to be a valuable asset in optimizing business processes and driving growth in the post-pandemic era.
