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Alphabet's (GOOGL) Google Docs to Bring eSignature Feature

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Alphabet’s (GOOGL - Free Report) division Google is leaving no stone unturned to advance its document tool, Google Docs by bringing innovative capabilities.

Reportedly, Google Docs is gearing up to introduce an eSignature capability, enabling users to quickly complete customer agreements from any Docs interface without switching on other tabs or apps.

The eSignature feature lets users create copies of existing contracts and make the required modifications. It also enables users to view the status of pending signatures and easily find completed or signed contracts.

Per the report, the capability will soon be available in Beta for Google Workspace Individual users.

With the latest capability, GOOGL strives to provide an enhanced experience to Google Docs users. This is expected to boost the adoption rate of Google Docs in the days ahead.

Efforts to Bolster Google Workspace

With the eSignature capability, GOOGL will add strength to the Google Workspace, consisting of Gmail, Meet, Drive, Calendar, Docs, Tasks and more.

Google Workspace has been driving Alphabet’s momentum across organizations for a while, demanding productivity and collaboration tools.

The latest move apart, Google Meet was updated with picture-in-picture and multi-pinning features to help presenters and attendees stay glued to their meetings.

Google introduced a capability to Google Tasks through which users can star mark important reminders on the Android, iOS and web apps.

Gmail introduced a feature that allows users to pause mobile notifications, while the desktop client remains active.

All these endeavors are expected to continuously bolster the adoption rate of Google Workspace, which will likely drive Alphabet’s top line in the days ahead.

This, in turn, will help GOOGL win investors’ confidence in the near as well as the long term.

Shares of GOOGL have been down 24.7% in the year-to-date period, outperforming the Computer and Technology sector’s decline of 30.1%.

Competitive Scenario

We believe that the eSignature feature will provide some competitive advantage to GOOGL over other major organizations like Microsoft (MSFT - Free Report) and Apple (AAPL - Free Report) .

Alphabet already faces intense competitive pressures from Microsoft and Apple, which also offer workspace tools as well as productivity applications to gain momentum among customers.

Microsoft, which has lost 23.6% in the year-to-date period, offers powerful productivity and office tools to help users work, learn, organize and connect. Additionally, Microsoft Outlook, consisting of webmail, calendaring, contacts and tasks services, helps users stay connected and productive anytime and anywhere.

Further, Apple has provided a negative return of 23% in the same time frame. AAPL’s iWork provides an office suite of applications for users to create word-processing documents, spreadsheets and presentations. Additionally, Apple recently updated iWork with new features, which help users seamlessly work with documents.

Zacks Rank & Stock to Consider

Currently, Alphabet carries a Zacks Rank #4 (Sell).

Investors interested in the broader Zacks Computer & Technology sector can consider Aspen Technology (AZPN - Free Report) , carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Aspen technology has returned 20.7% in the year-to-date period. The long-term earnings growth rate for AZPN is currently projected at 18.4%.

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