Intelligent agreement management (IAM) vendor Docusign has been named to Gartner’s Magic Quadrant for a fifth year for its contract automation capabilities.
According to Gartner, Docusign’s contract lifecycle management (CLM) is “the best end-to-end solution for managing the entire contract lifecycle”.
“[Docusign] enables organisations to streamline every stage,” analysts Kaitlynn Sommers, Kerrie McDonald and Lynne Phelan noted in Docusign’s announcement.
Docusign covered off pre-signature document generation, collaboration, and workflow orchestration as well as post-signature management. The vendor boasted an intelligent, searchable repository that supports obligation management, reporting, and analytics, they said.
“Using these solutions helps mitigate organisational risk,” they said.
IAM can help reduce and ease multiple business burdens
Gartner said it was important to enable regulatory and policy compliance and govern contracts including who signs what. In addition, Docusign delivered role-based access to terms and obligations with third parties.
“Implementing CLM can lead to significant improvements in revenue management, cost savings and efficiency in the contracting process across an enterprise,” they said.
Allan Thygesen, Docusign CEO, said Gartner comments reflected its continued commitment to CLM and to driving IAM innovation.
“Using the power of AI to surface actionable insights hidden inside agreements, we support smarter decision-making, faster workflows, and more effective risk management,” he said.
When it comes to generative AI, Gartner has predicted that about half of procurement contract management will be using the technology by 2027.
At its Supply Chain Symposium/Xpo in May, Gartner senior director analyst Sommers said 58% of procurement execs surveyed indicated implementing or planning to implement AI within 12 months.
“AI-enabled risk and editing solutions will help procurement expedite business decision making,” she confirmed.
“Procurement professionals and solutions providers should take action now or risk being at a disadvantage.”
Docusign agreement solutions follow up with Power prize
Meanwhile, US business news website Inc has awarded Docusign a 2024 Power Partner prize. According to Inc editor-in-chief Mike Hofman, this was its “definitive listing” of vendors and suppliers demonstrating excellence in serving small and mid-size customers.
The award comes on the heels of a year when Docusign launched AI-powered IAM. The idea is that Docusign IAM can transform streamline and automate agreement processes, in turn improving customer service, particularly for SMBs.
“Agreements form the foundation of your business, codifying your relationships with partners, customers, and employees,” Docusign’s Thygesen noted.
( Photo by John Schnobrich on Unsplash )
