Future Trends in Contract Management Automation

“Contracts that close faster than you can brew a pot of coffee” ☕ Docusign is tapping new opportunities. In an exclusive interview with Forbes, DocuSign’s CEO Allan Thygesen unwrapped the company's new Intelligent Agreement Management (IAM) platform. That’s a new page for the firm that has set a new standard in e-signatures. With this move, put as a "reinvention" of the company, DocuSign reveals ambition to become a leader in managing all aspects of business contracts, including analyzing vendor agreements and notarizing contracts. 👀 Let’s see what’s inside the IAM platform. IAM comprises three key products: Navigator, Maestro, and App Center.  - Navigator serves as a centralized repository for contracts, allowing companies to leverage AI-driven analytics to gain insights across their contract portfolio. - Maestro enables users to create custom workflows integrating contract features like e-signature and ID verification. - App Center facilitates seamless integration with third-party services, enhancing the platform's versatility. IAM leverages OpenAI's GPT-4 to address major pains in contract handling, potentially unlocking significant productivity gains for businesses. The need for such innovation is evident. Outdated contract systems cost the global economy trillions annually and hamper efficiency in various business functions. The IAM platform represents a strategic move to capitalize on the growing demand for advanced contract management solutions in a post-pandemic world. Despite the competitive landscape, DocuSign is confident in the value proposition of its IAM platform, with thousands of existing customers already beta-testing the platform.  🎉 Wishing DocuSign good luck in taking this new business height! #DocuSign #contractmanagement #businessproductivity #AIdriven #analytics #esignatures

Loved this podcast with Gaurav Oberoi and Elisa La Cava on the Madrona Founded & Funded podcast. I've had the privilege of knowing Gaurav since 2006, when he launched BillMonk, and have been consistently impressed by his unique ability to think in frameworks and use that to solve problems in the market. I recall a conversation with him in 2013 when I naively remarked that no new markets had emerged post-mobile, to which he astutely responded that as long as businesses exist, there will always be markets in search of solutions. He was way ahead of the AI curve when he joined the Allen Institute before AI was a buzz word. Some key takeaways from the podcast -Lexion recognized the opportunity to reduce human labor by leveraging advances in NLP technology to automatically extract information from contracts and other legal documents. -They quickly realized that the problem went beyond legal and every single business that has a legal team could leverage their products to help sales close deals faster.. As we all know legal teams even in decent sized firms are usually small and mighty. -The company evolved from an intelligent repository for contracts to an end-to-end workflow automation platform for operations teams, addressing the needs of in-house counsel and other departments involved in contract management. -Although the legal team takes the hit for delays for contracts, a number of times deals are stuck with the IT security team , procurement or even waiting for the CEO's approval! -Products should adapt to where their users spend most of the day vs. asking to learn a new process/workflow. For ex: Lexion developed a word plugin vs. asking their users to work in the browser. -Gaurav believes that AI will become pervasive in applications, which is a foregone conclusion. However, he also sees significant opportunities and disruptions in how we consume and produce energy, manage supply chains, and tackle climate change using energy-consuming products in the next 10 to 20 years. https://lnkd.in/gSVHWeSE