DocuSign (DOCU) CEO Allan Thygesen joins Yahoo Finance's Brian Sozzi to discuss the company's new product, Intelligent Contract Management.
Thygesen said the new platform aims to assist companies at every stage of the contracting process and address the “contract trap,” or the loss of value that companies are experiencing due to contract-related inefficiencies. explain. DocuSign, in collaboration with Deloitte, found that the “agreement trap” totals $2 trillion annually.
The new platform uses AI to read contracts and extract the most important terms, Thygesen said. DocuSign's CEO explained that this allows companies to ensure that the key points they spent time negotiating don't end up in a “deep dark place” after signing. AI was already part of DocuSign's existing core products, but this new phase allows the company to further participate in the “AI moment” that Thygesen believes is a watershed similar to the rollout of the Internet. It will be.
Intelligent contract management platforms do not negotiate contracts for companies, but they can read contracts received from other parties, point out where the contract differs from the company's usual terms, and suggest new language. Helpful.
Reflecting on his tenure as CEO, Thygesen noted the company's “rejuvenation of its culture of innovation” and explained that DocuSign is beginning to take innovations to market.
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This article was written by Gabriel Roy.
