Contract AI Can Cut Costs, Reduce Risk and Speed Up Work
Contracts power nearly every business transaction, but the work behind them can slow companies down and quietly drain revenue and margins.
TL;DR
- Contracting processes are often slow, manual, and disconnected, leading to missed deadlines, overlooked obligations, and drained revenue.
- AI contracting tools help businesses understand contract terms, identify patterns, accelerate decisions, and automate busywork.
- Sales teams can benefit from automated contract creation and approvals to speed up revenue recognition.
- Procurement teams can avoid missed renewal deadlines and unnecessary costs through better tracking of contract terms.
- Legal teams can reduce repetitive work by using AI to flag nonstandard clauses and identify frequently negotiated terms.
- Docusign's IAM platform, powered by its AI engine Iris, manages the entire contracting process from creation to ongoing management.
- AI-Assisted Review compares contract language against company standards, flags issues, and suggests revisions.
- Agreement Manager uses AI to surface important terms, renewal dates, and obligations from signed contracts.
- Iris agents can automate tasks like contract intake and renewal preparation.
- Thrive Market used Docusign IAM to reduce the time for contract completion from multiple days to within a day.
- The Estée Lauder Companies consolidated Docusign accounts, leading to 20% cost savings and simplified contract management.
- Docusign aims to connect contract information with business workflows, allowing teams to spend less time on coordination and more time on decision-making.