DocuSign has announced a new solution to help growing organisations centralise and automate the creation, negotiation, and secure storage of their contracts.
CLM Essentials is a new contract lifecycle management offering that DocuSign says is designed to democratise CLM by reducing the complexity of contracting technology as well as improving its accessibility in the emerging Anywhere Economy.
The announcement came as part of Momentum, DocuSign's annual customer and partner conference, and the company says CLM Essentials builds on its existing offering to provide additional automation in the contracting process.
DocuSign notes the importance of contract automation for growing companies due to their need to meet crucial business goals with limited resources.
It says the reliance on small legal and operational teams for the manual generation, negotiation, execution and management of contracts slows down business and increases risk, which irritates customers and employees.
Furthermore, DocuSign says a company's limited resources and time impede its ability to implement a technology solution if it takes months to set up.
"Prior to the shift to hybrid work, smaller teams might not have felt like their contract processes were unmanageable, especially if they were working just a few desks away from each other.
"However, in the Anywhere Economy, enabling teams to get contract work done digitally has become critical," DocuSign CLM chief technology officer Antonis Papatsaras says.
"DocuSign is reducing the time and cost barriers that made CLM feel out of reach for many smaller businesses. CLM Essentials empowers companies of all sizes to turn manual, analog contract work into streamlined digital workflows."
DocuSign says its CLM Essentials offering is an ideal contract management starting point for growing small and midsize businesses because it affords them a streamlined solution that will grow with the company.
Features of DocuSign's CLM Essentials include:
Document generation template builder
CLM Essentials customers can easily upload existing contracts and convert them into dynamic generation templates. Users can then revise those contracts in the online editor, rearrange fields that can be pulled from Salesforce upon generation and create conditional logic rules to swap out language when certain criteria are met.
Contract process builder
CLM Essentials offers pre-configured, templated workflows that cover the most common contract processes instead of starting with a blank canvas.
Best-in-class Salesforce integration
CLM Essentials allows customers to seamlessly accelerate contract work and the quote-to-cash process via a deep integration with Salesforce.
"Many CLM vendors aspire to bring their solutions downmarket, but DocuSign seems positioned to do so. Considering its extensive customer base of SMB and mid-market organisations, DocuSign understands what customers downmarket need and expect from a contract vendor," IDC's Ryan O'Leary says.
" DocuSign already has the technologies, services and go-to-market motions in place and should enable them to differentiate and cater uniquely to this market segment."
DocuSign adds that this offering will give its existing eSignature customers a more streamlined and cost-effective means for automation and the processes that occur before and after the electronic signing of an agreement.
Additionally, DocuSign offers the ability to upgrade to a different CLM offering if a customer's requirements become more complex, transferring any work configured in CLM Essentials.