Why companies like Culture Amp are tapping into contract intelligence with DocuSign CLM+
One of the highlights at DocuSign Momentum APAC was our break-out session exploring the benefits of DocuSign CLM+. Who knew that one little ‘+’ could hold so much potential?
In the session, DocuSign’s Damien Baric spoke to Vicki Randall, Director of Legal, Culture Amp, about how their fast-growing business is reaping the benefits of the advanced AI technology in DocuSign CLM+, before diving into how AI is transforming contract lifecycle management.
In case you missed it, here’s a recap of what they discussed.
Culture Amp embraces our AI-enabled platform
Damien kicked things off by chatting to Vicki about why Culture Amp chose DocuSign CLM+ for contract management. If you haven’t heard of Culture Amp, it’s an Australian-based global SaaS company in the HR space. Now worth billions, it pioneered the application of behavioural science to help organisations invest in the growth and development of their people.
Culture Amp is using DocuSign CLM+ to improve organisation-wide access to contract information, reduce the risk of errors in the contract lifecycle, and start reaping the benefits of contract intelligence.
As Vicki explained in the session, “We picked DocuSign CLM+ as a contract management platform because it has robust tools for streamlining the processes between different functional groups, particularly sales and legal, so we can reduce bottlenecks and accelerate the sales cycle.”
“As an AI-enabled platform, it enables us to capture all the metadata in contracts. We can collect information related to the risk in each contract and know what we’re exposed to. Having the AI pick it up is amazing, as it reduces human error,” she said.
Culture Amp’s sales and renewals teams are both using DocuSign CLM+. In sales, it’s all about integrating workflows and contracts with Salesforce to help the sales team and related stakeholders work more efficiently, together.
“For the renewals team, the AI feature is going to be amazing, because we’ll have all that metadata, all the information about the first contract and any amendments,” Vicki said. “As a SaaS company wanting to grow to 500 million in annual recurring revenue, being able to effectively create efficient systems is just really important.”
Features to love about DocuSign CLM+
Damien then went on to share how the top-tier edition of DocuSign CLM works. As he explained, “If there’s one thing AI’s really good at, it’s processing large amounts of information really quickly. So if you start with a strong foundation of contract management, and then hype AI on top of it, that’s when you start making the most out of your agreements – identifying trends, risks and hidden opportunities.”
With DocuSign CLM+, organisations can:
- Accelerate contract reviews, improving speed to revenue
- Reduce contract processing costs and error rates
- Improve access to information to answer business-critical questions
- Maintain compliance and mitigate risk with AI-assisted reviews of obligations and high-risk language
Looking under the hood, how does DocuSign CLM+ work?
The secret sauce in DocuSign CLM+ is, of course, AI – which proves itself in four key ways.
First, it identifies your contract language. DocuSign delivers hundreds of trained models to extract contract language and turn it into identifiable data points. Next, the platform understands the implications of different data points, so you can easily view the level of risk of clauses in your agreement. Previously, this was often tedious, time-consuming and inconsistent. DocuSign CLM+ does the job for you, launching in-depth analyses of agreements at the click of a button.
Third, you can automate next steps on an agreement, intelligently driving the workflow and conditionally routing documents to a particular person at a particular time, which all helps to accelerate the contract cycle time.
And finally, it helps you predict and inform outcomes so you can take action earlier. You can identify and act on risks and opportunities, or analyse any contract at any time of the lifecycle. It’s all about delivering true business agility and giving you new insights to increase the value of your contracts.
Keen to tap into these benefits yourself? To learn more about how DocuSign CLM+ and its advanced AI tooling can transform contract management in your business, get in touch today.