How is Canveo different from DocuSign?

A common question we have been receiving from companies that struggle with their contracts is "How is Canveo different from DocuSign?". Some of these companies are already using DocuSign (or a similar provider), while others are considering different alternatives to help them navigate the contracting processes.

Most people in business have heard of DocuSign and many even used it at least once. It is the largest and most well-known electronic signature (ie. e-signature) provider and has seen an exponential growth since the rise of Covid-19.

Today, there are a large number of e-signature providers and similar companies are HelloSign, AdobeSign, PandaDocs and many more. For the most part, this article will equally explain the difference between Canveo and other digital signature solutions.

While there are quite some nuances, this article will highlight three main areas where Canveo differs from DocuSign and understanding these can help you in your understanding and decision making:

1. Signing vs. End-to-End
2. Files vs. Digitized Contracts
3. Collaboration

Signing vs. End-to-End

DocuSign has built an electronic solution that enables one or multiple users to add their signature to an agreement and make it legally binding. Historically, signing a contract was done by a wet ink pen (or feather) on physical paper. This process step is also referred to as "executing a contract".

In the larger context of the "contract lifecycle", signing is usually a short, yet essential, step to ensure that the legal agreements and obligations will be enforceable in court. The signing step usually comes more towards the end of your active involvement with a contract.

Canveo includes the e-signature step but is an end-to-end solution that helps customers manage contracts from start to finish. Typically the process starts with your company template or a counterparty template, followed by a negotiation, the e-signature and the process of storing and managing your contract after it is signed.

Docusign is typically complemented by tools such as MS Word, email threads, internal workflow systems and file storage providers. Canveo is a fully integrated platform that ensures all information related to contracts and contract processes exists in one single platform.

Files vs. Digitized Contracts

DocuSign is built around the idea that contracts are files. Typically before DocuSign comes into play, a DOCX file (legal template) gets sent back-and-forth as an attachment to internal and external email threads. Then a DocuSign "envelope" gets initiated using a PDF file as an attachment, which will be converted to the signed / executed PDF file once all applicable stakeholders have signed. Eventually, this signed PDF gets stored in a file storage provider such as SharePoint, Google Drive or Box.

Canveo is built around the idea that contracts are a collection of clauses and parameters. While the interaction with the contract will still make it feel like "a document", the contract is digitized and the software can therefore be much more granular in supporting users throughout the legal contracting processes.

For example, imagine a scenario where you have signed a Master Services Agreement with IBM around two years ago and you are looking to find out what the governing law was for that contract. In DocuSign, you would need to find the appropriate PDF file either inside DocuSign or inside your additional file-storage platform used for contracts. After you find it, you open the file and sort through the entire contract to find the clause related to "Governing Law", at which point you have the information you were looking for. For Canveo, this will be as simple as typing "IBM Governing Law" in the search bar on your dashboard and the applicable information is surfaced right away.

There are many more advantages to truly digitizing contracts as opposed to considering them as files and we believe this is the biggest point of differentation for Canveo versus DocuSign (and equivalent file-based contracting platforms).

Collaboration

The third largest difference between how DocuSign and e-signing applications in general work versus how Canveo works is in the area of Collaboration.

DocuSign requires internal contracting workflows and cross-counterparty workflows before the signing to be via e-mail and file attachments.

Canveo enables internal company collaboration workflows such as approvals, reviews and track changes directly inside the platform. In addition, counterparties will be added onto the platform for free and have the ability to add additional collaborators on their side and utilize internal collaboration workflows (such as internal approvals) as well. The sender of the document will be able to configure the access rights of the collaborators, enabling different use-cases. Collaborators will be kept informed throughout the contract negotiation and signing of the relevant updates.

Signers of the document are a special type of collaborator that will be looped in when signing flow is executed. One or multiple signers can be configured on each side and a signing order can be defined as well.

Conclusion

DocuSign and Canveo are both helping companies in their contracting process. The main differences are the scope (signing vs. end-to-end), the perspective they take (contract as a file vs. contract as a digital collection of clauses and parameters) and their support for active collaboration (both internal and external) throughout the contracting process.

If you have any further questions on how Canveo can help support your business, please contact us.