DocuSign is launching DocuSign Analyzer, an artificial intelligence service, that aims to speed up contract negotiations, save billable legal hours and get better terms.
The product, part of DocuSign's Agreement Cloud, uses AI to give legal and procurement teams insights about risks and opportunities. DocuSign Analyzer is also designed to spot errors and anomalies that can hamper deals. The technology behind Analyzer comes to DocuSign via the acquisition of Seal Software.
DocuSign Analyzer is an extension to DocuSign Insight, which uses AI to find, search and understand agreements already in place at an enterprise. According to a Forrester study funded by DocuSign, a third of companies say contracts take an average of more than 30 hours to negotiate.
Jim Wagner, vice president of Agreement Cloud strategy at DocuSign, said Analyzer is based on the acquisition of Seal Software, but includes DocuSign integration throughout. "Making it part of the Agreement Cloud brings the ability to collaborate," he said.
Here's how DocuSign Analyzer works:
- Analyzer breaks an incoming agreement down to individual clauses using AI.
- A risk assessment is provided based on a company's own legal and business standards.
- Risk scorecards are generated and available in Microsoft Work, Outlook and DocuSign's contract lifecycle management application.
- Analyzer offers recommended replacement language from a library of preapproved clauses that can come DocuSign templates.
Here are a few screenshots:
DocuSign has beta tested DocuSign Analyzer with customers who have saved thousands of dollars per agreement due to lower labor. Soft benefits would include easier agreement processes and negotiations.
Wagner said savings from Analyzer come in billable legal hours, time saved and labor associated with negotiating a contract. "For every draft of an agreement we have the ability to save multiple hours," said Wagner.
DocuSign's Wagner said development fell into three areas.
- The models acquired via the Seal Software purchase have been in the works for a decade that have been built from looking at documents.
- Moving DocuSign's models and output into Microsoft Word took two years. "If a client wanted to access contracts and look at AI, they had to come into our platform and learn our syntax," said Wagner. "We flipped that to focus on end user where they are and bring AI into their world." See: DocuSign integrates eSignature tools into Workplace by Facebook
- Making Analyzer part of Agreement Cloud was a priority and that took about six months.
DocuSign Analyzer is available now in US, UK, Canada and Germany as an add-on of DocuSign Insight. Bundled pricing with DocuSign CLM will be available later this year.