Companies today have understood the value of digitizing business processes and are joining the digital transformation revolution to maximize sales, efficiency and productivity.
Let’s start from the top. What exactly is the digital transformation wave? Digital transformation is more than a trending topic. At its core, digital transformation is driven by ease of use, convenience, and the opportunity to eliminate manual errors and efforts. Organizations can clearly see value in getting rid of labor-intensive, paper processes that are susceptible to data and human errors, and take a longer period of time to execute than their digital counterparts.
In its “Digitization and Disruptive Innovation” report, McKinsey & Company stated that technology is now affecting every single sector of the economy. “Every sector, whether it’s retail, financial services, shipping, manufacturing, and even agriculture, now takes inputs and uses technology to drive much of what it does.”
Reinventing the core operating model with digital business processes is what drives digital disruption.
Reinventing the core operating model with digital business processes is what drives digital disruption. According to John Chambers, executive chairman at CISCO Systems, “At least 40 percent of all businesses will die in the next 10 years if they don’t figure out how to digitize their entire company beginning with business processes.”
Businesses that are slow to adapt this digital transformation often face the biggest issues that a company can come upon – diminishing margins of profit caused by cumbersome, time-consuming manual processes while the competition grows steadily and fast because of their digital adaptation.
E-signatures is one of the fastest ways to accelerate a business’ digital transformation. Using e-signatures helps streamline the manual-based process of acquiring signatures for contracts, approvals or any other document that requires a signature; e-signatures is a fast and convenient process for senders and signers.
BENEFITS OF E-SIGNATURES
E-signatures is a game-changing technology and can help provide value to your organization in the following ways.
1. E-signatures give you great ROI on your digital initiative
Market shifts are driving new ways of organizing, operating and innovating, which naturally leads to digital disruption. Manual, paper-based processes are the root of high transaction costs. Studies show that among U.S. companies alone, 30 billion paper documents are copied or printed every year. In addition to the cost of paper, the time spent by teams in pursuit of signatures is quantifiable as a cost. When these processes are digitized, the cost to implement, learn and adopt an e-signature solution is minimal in comparison.
2. End-to-end digitization accelerates the time to close deals and minimizes manual errors
One of the biggest issues with manual processes is human error. Creating error-free transactions means that you can successfully lower the risk for every transaction, resulting in operational excellence. Forrester has stipulated that enterprises today have two key imperatives: Digital customer experience and digital operational excellence.
Being able to sign documents without being asked to download, print, sign, scan and then re-upload them is a huge step that ultimately results in a compliant and risk-free documentation. Electronic signature solutions offer a systematic workflow to the user, ensuring that all the documents captured are in the right order with all the right data and signatures.
3. Use e-signatures to connect your business processes
As companies comprehend and catch up to the digitization trend and slowly start converting their manual business processes into digital ones, one key fact emerges. Actions like e-signatures, document storage, payment processing and more are used across several transactions, business processes and workflows. These aren’t restricted to just one line of business, application of use or channel. As such, implementing e-signatures as a shared service across enterprises – no matter their location, requirement or workflow – is easy to set up. This makes it easy to have a single unifying service that is familiar across the organization.
4. E-signatures improve customer experience
Several studies have shown that improving customer experience is a priority for many organizations. A research study conducted by Watermark Consulting clearly shows that customer experience leaders outperformed the broader market, generating a total return that was higher than 35 percent than the rest. Eliminating inefficiencies is easy with automated systems and digitization. What adds to this already beneficial model is the enrichment of the customer experience. Digital transformation via e-signatures brings ease of use and access to your customers as well. Customers can sign documents directly with a click of a button: anywhere, any time and on any device.
E-signatures are a crucial business process that help organizations around the world go digital, and they’re steadily gaining popularity, especially in the last five years. Businesses are realizing the importance of implementing e-signatures as an important and key piece in their digital transformation. There are a few smart process applications that have significant success in their implementation, and use of e-signatures is riding on the top of that wave.
Get started with that as a pilot project to test the waters in your organization as a first step. Calculate the ROI that e-signatures can bring your organization to build your business case or to create a yardstick for your pilot project.