Docusign hopes to help companies save time and money with their new platform

Docusign, a software company that specialises in electronic signature software for digital contracts, has launched a new platform, an Intelligent Agreement Management (IAM) system. This platform aims to leverage new technology to update Docusign for the present day.

Back of the mind

Although few people may regularly think about agreements, let alone consider the ways that they affect our lives, the impact of agreements can steadily snowball.

For example, research from Docusign and consulting company, Deloitte, reveals that nearly 2.4 trillion Singapore dollars in global economic value is lost yearly due to a phenomenon called the Agreement Trap. This refers to how businesses that poorly manage their agreements lose time and opportunities. 

Most of these issues stem from agreements being recorded on outdated systems, such as  on paper. Correspondingly, contract details may be trapped in difficult or tedious to access locations that are not linked to the rest of the company’s systems.

The research also estimates that companies waste an average of 25,000 hours a year developing agreements, and take an average of two weeks longer to close a big deal or hire top talent as a result of these unconsolidated agreements.

Special features

Therefore, Docusign IAM hopes to modernise the agreement management process by assisting companies in creating agreements that are integrated with the business processes and systems. 

With IAM, Docusign offers new services. One of which is Docusign Navigator, which stores documents, but also uses an AI to organise the content and gain insights into the agreements. 

Other services also mutually collaborate, such as the Docusign Maestro and the App Center. Docusign Maestro is used to improve a company’s workflow. Companies will be able to use Docusign’s eSignature, ID verification, and data verification programmes with third party apps to streamline processes such as vendor and employee onboarding. To find and install such useful apps, companies can reference Docusign’s App Center. For instance, Quick! can be used to extract agreement data on the spot.

The IAM platform also has packages of curated apps built for specialised fields. These include the IAM for Sales, and the IAM for Customer Experience. 

Smart nation vision

Docusign has also collaborated with the Government Technology Agency of Singapore (GovTech) to give a free Docusign account to all Singaporean residents with a Singpass account. This is likely part of Singapore’s Smart Nation vision, which aims to incorporate technology to improve the way that people live. 

Collaborating with Docusign specifically may be an effort to encourage locals to adopt digital agreements into their lives, whether in private or in their companies.

Under this programme, account holders can upload documents and self-sign them for free. They will also be able to send ten envelopes for free — envelopes act as files for Docusign transactions, containing documents to be signed, information about the sender, and information about the recipient.

Updating agreement technology, which most people do not hold at the front of their minds, Docusign’s new platform hopes to address inefficiencies and save time and resources. However, it is uncertain how many Singaporeans will adopt this technology, given the lack of publicity around this initiative.