DocuSign debuts new contract lifecycle management tool for small, growing businesses
DocuSign Inc. is targeting smaller and growing businesses with its latest offering announced today, CLM Essentials.
CLM Essentials is a contract lifecycle management tool that’s designed to reduce the complexity of creating, managing, securely storing and executing contracts for smaller businesses.
DocuSign said CLM Essentials, which was announced during Momentum, its annual customer conference, helps small and midsize businesses by streamlining the heaviest-lift components of contract management implementation.
The main capability is a document generation template builder that allows companies to upload their existing contracts and convert them into dynamic generation templates. Users can then revise those contracts on the fly through an online editor, rearranging fields that can be pulled from Salesforce upon generation, creating conditional logic rules to swap out language whenever certain criteria are met.
There’s also a second feature, a contract process builder that provides preconfigured templates of workflows that cover the most common contract processes. That too is integrated with Salesforce.
DocuSign said CLM Essentials is an all-in-one solution for creating and managing contracts that will help smaller businesses to reduce their reliance on legal and operational teams that traditionally have had to generate, negotiate and then execute and manage contracts manually. DocuSign argues that this manual approach slows businesses down, increases risk and leads to frustration with customers and employees alike.
DocuSign Chief Technology Officer Antonis Papatsaras said that before hybrid work became commonplace, smaller teams may not have felt that their contract processes were unmanageable because they could easily coordinate with their colleagues in the office.
“However, in the Anywhere Economy, enabling teams to get contract work done digitally has become critical,” he said. “DocuSign is lowering 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.”
With the launch of CLM Essentials, DocuSign moves further away from its roots as a supplier of relatively simple digital contract signing tools, becoming a provider of comprehensive contract management software for businesses of all sizes. It looks to be a timely expansion for DocuSign, which is struggling to maintain the high growth rates it saw at the height of the COVID-19 pandemic in 2020 and early 2021.
International Data Corp. analyst Ryan O’Leary said DocuSign is well-placed to solve problems for small businesses in the contract lifecycle management space.
“Considering its extensive customer base of SMB and mid-market organizations, DocuSign understands what customers downmarket need and expect from a contract vendor,” the analyst said. “DocuSign already has the technologies, services and go-to-market motions in place that should enable it to differentiate and cater uniquely to this market segment.”
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