Docusign Unveils Platform to “Transform Industry”

On the day Docusign Japan introduced its new platform, Docusign Intelligent Agreement Management (IAM), CEO Allan Thygesen highlighted the staggering global loss of nearly $2 trillion annually due to outdated contract management processes.

Docusign IAM will help businesses of all kinds transform agreement data into insights and actions, accelerate contract review cycles and boost productivity organization-wide.

The contract process in Japan is complicated and slow. Every time a contract is made, a new contract is generated and then managed. Contract work is a big burden and is rarely given much thought. However, what is unknown is that a lot of valuable data lies dormant within those contracts, and that utilizing that data can dramatically improve business. The most important information is contained in the contract and it’s what determines the success of your business.

At the company’s flagship event, Momentum24 Tokyo, on October 10, Thygesen emphasized IAM’s potential to transform contract handling in Japan.

Kensuke Takeuchi, president and country manager of Docusign Japan, presented survey findings indicating that while 80% of respondents acknowledge the importance of contracts, 60% do not fully understand the contracts they receive and more than 80% consider contract work to be cumbersome. To address these challenges, Docusign plans to open a data center in Japan and launch an identity verification solution integrated with Liquid’s eKYC service. The IAM platform will be available in Japan with AI enhancements expected in early 2025.

Research from Docusign and Deloitte reveals that nearly ¥300 trillion in economic value is lost every year due to the Agreement Trap. This is when inefficient agreement management costs businesses time and opportunities because of outdated systems and processes that trap business-critical information inside static, disconnected and flat files.

Docusign IAM offers what it calls a comprehensive solution to these challenges and streamlines contract management operations and unlocks the value hidden within agreements.

According to a Docusign press release, key benefits include:

• Enhanced Collaboration: Create agreements collaboratively, automate processes and seamlessly integrate with existing business systems and CRM platforms.
• Accelerated Time-to-Contract: Streamline contract review cycles, boost productivity and transform agreement data into actionable insights.
• Improved Agreement Management: Uncover valuable information within agreements, reduce risks and gain a deeper understanding of contractual obligations.

Docusign’s commitment to Japan

In Japan, the business environment has historically relied on physical documents and “hanko” to complete an agreement. A recent survey by Docusign showed that about half of Japanese companies (46%) still use paper documents, which contribute to slower and inefficient agreement processes.

Other key findings from the survey:

• 80% respondents involved in agreements and related tasks find the current processes troublesome, due to complex and time-consuming processes.
• 40% of respondents report that their businesses were negatively impacted due to the absence of a proper agreement or delays in finalizing one.
• 68% of respondents say there needs to be improvements to current agreement processes and want them streamlined.

Takeuchi said: “Docusign has been a pioneer in e-Signature and CLM, but we recognize that there are still significant challenges in how agreements are managed in Japan. Docusign Intelligent Agreement Management will help Japanese businesses of all sizes transform agreement data into insights and actions. We are excited to bring this innovative platform to the Japanese market and are committed to offering customers tailored solutions that address their business challenges.”

Docusign announced several updates for Japan:

• Docusign’s first Data Center in Japan: The establishment of a data center in Japan ensures data residency and compliance with local requirements. This is a strategic investment that will allow for more robust support of the needs of local customers in Japan.
• Docusign ID Verification: Integration with LIQUID eKYC, a Japanese online identity verification service powered by Liquid, Inc., allows customers to verify the identity of signers for important agreements during the signing process using Japanese driver’s licenses. This enables the highest levels of trust, security and compliance.
• Docusign Community: This is a platform for users to share knowledge, ask questions and find solutions related to agreement management, fostering a supportive community. This is the first non-English community for Docusign users, and is available now.