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Share Name | Share Symbol | Market | Type |
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DocuSign Inc | NASDAQ:DOCU | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 58.76 | 58.75 | 59.18 | 0 | 01:00:00 |
SAN FRANCISCO, Aug. 26, 2019 /PRNewswire/ -- To offer companies insight into the latest trends and best practices for handling contracts in the modern workplace—and to help them optimize their processes as a result—DocuSign (NASDAQ: DOCU) today released the fifth annual "State of Contract Management" report.
The report—previously published by SpringCM (the company acquired by DocuSign in September 2018)—analyzes the benefits and pain points of various methods of contract management, and examines employee attitudes towards the role of emerging technologies like artificial intelligence (AI).
"Agreements and contracts are the very lifeblood of organizations, enabling businesses to run efficiently. But the process of preparing and managing them remains anything but smooth," said Scott Olrich, chief operating officer at DocuSign. "Inefficient tracking methods and human errors are just a few of the ways that businesses are hampering the contract lifecycle. And we intend for this report to help them overcome some of those challenges."
The findings of this year's report indicate some improvement over last year with respect to the efficiency of contract lifecycle management (CLM) processes. For example, fewer respondents this year (16%) view contract approvals as a "big problem" compared to last year (21%). However, given that one of the most commonly reported method for CLM consists of manual inputs into spreadsheets, most companies are clearly still operating with inefficient processes.
When asked about the biggest challenges faced in the contract process, respondents cited the top three as: approvals (at 53%), clause management (33%) and workflow (27%)—all of which could be greatly mitigated by the use of digital CLM tools.
Other key findings include:
The data from this year's "State of Contract Management" report reveals a greater openness to emerging technologies. Sixty-one percent say AI can help eliminate human error, and even more believe the technology could help expedite approvals. But only 21% would trust AI to redline a contract, indicating that people are still a vital part of the process—CLM tools simply help make the most of respondents' time and prevent errors.
"Manual remains synonymous with inefficient," added Olrich, "and with the pace of business today, companies that don't embrace modern CLM processes will fall behind. There's still a place for the human touch in contract negotiations, though. And the winners will be those companies that combine all these efforts to free people up to make more strategic contributions."
To learn more about common practices in CLM and to assess where your company falls on the path towards modernizing its systems of agreement, download the full report here.
Methodology
The report consisted of a survey of 802 full-time employees who play a role in the contracting process. The individuals surveyed came from a wide variety of industries, departments and roles, and all were from companies with more than 250 employees. Participants were asked approximately 30 questions about their experiences and perceptions around contract management at their organizations.
Media Relations:
Adrian Wainwright
Head of Communications
media@docusign.com
Investor Relations:
Annie Leschin
VP Investor Relations
investors@docusign.com
About DocuSign
DocuSign helps organizations connect and automate how they prepare, sign, act on, and manage agreements. As part of the DocuSign Agreement Cloud, DocuSign offers eSignature: the world's #1 way to sign electronically on practically any device, from almost anywhere, at any time. Today, more than 500,000 customers and hundreds of millions of users in over 180 countries use DocuSign to accelerate the process of doing business and to simplify people's lives.
For more information, visit www.docusign.com or call +1-877-720-2040.
Forward-Looking Statements
This press release may contain "forward-looking" statements that are based on our management's beliefs and assumptions and on information currently available to management. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as "believe," "could," "potential," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Our actual results could differ materially from those predicted or implied and reported results should not be considered as an indication of our future performance. More information about factors that could affect our performance are described in greater detail in our public filings with the Securities and Exchange Commission (the "SEC"), copies of which may be obtained by visiting our Investor Relations web site at http://investor.docusign.com or the SEC's web site at www.sec.gov. In addition, any forward-looking statements contained in this release are based on assumptions that we believe to be reasonable as of this date. Except as required by law, we assume no obligation to update such statements.
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SOURCE DocuSign, Inc.
Copyright 2019 PR Newswire
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