E-signatures are a crucial business process that help organizations around the world go digital.
Companies today have understood the advantage of digitizing business processes and are joining the digital transformation revolution to maximize sales, efficiency and productivity.
Let’s begin from the top. What exactly is the digital transformation wave? Digital transformation is more than a trending concept. At its core, digital transformation is driven by usability, convenience, and the opportunity to get rid of manual errors and efforts. Organizations can clearly see value in getting rid of labor-intensive, paper procedures that are open 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 influencing each and every part of the economy. “Each division, whether it’s retail, financial services, shipping, manufacturing, and even agriculture, now takes inputs and uses technology to drive quite a bit of what it does.”
Reinventing the core operating model with digital business processes is what drives digital influence.
Reinventing the core operating model with digital business processes is what drives digital influence. As indicated by 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 whole organization starting with business processes.”
Businesses that are slow to adopt this digital transformation usually face the biggest issues that a company can come upon – decrease in margins of profit caused by inconvenient, time-consuming manual processes while the competition grows consistently and quick because of their digital adaptation.
E-signatures is one of the fastest approaches to accelerate a business’ digital transformation. Utilizing e-signatures helps streamline the manual-based process of securing signatures for contracts, approvals or any other document that requires a signature; e-signatures is a fast and convenient process for senders and signers.
E-signatures is a revolutionary technology and can help provide value to your organization in the following ways.
Market shifts are driving better approaches of organizing, working and innovating, which naturally leads to digital disruption. Manual, paper-based procedures are the source of high transaction costs. Studies demonstrate that among U.S. companies alone, 30 billion paper documents are duplicated or printed every year. Despite the cost of paper, the time spent by teams in chase of signatures is measurable as a cost. When these processes are digitized, the cost to implement, learn and embrace an e-signature solution is lowest in comparison.
One of the biggest problems with manual procedures is human error. Creating error-free transactions implies that you can successfully bring down the risk for every transaction, resulting in operational brilliance. Forrester has stipulated that enterprises today have two key objectives: Digital customer experience and Digital operational excellence.
Having the ability to sign documents without being asked to download, print, sign, scan and then re-upload them is a huge development that ultimately results in a reliable and risk-free documentation. Electronic signature solutions offer an efficient work process to the user, ensuring that all the documents captured are organized appropriately with all the correct data and signatures.
As companies appreciate and make up for lost time to the digitization drift and gradually begin 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 work processes. These aren’t limited to just one line of business, application of use or channel. As such, implementing e-signatures as a shared service across enterprises – regardless of their location, requirement or work process – is easy to set up. This makes it easy to have a single unifying service that is recognizable across the organization.
A couple of studies have shown that improving customer experience is a priority for a lot of organizations. A research study directed by Watermark Consulting clearly demonstrates that customer experience leaders outperformed the broader market, generating a total return that was higher than 35 percent than the rest. Killing inefficiencies are easy with automated systems and digitization. What adds to this already beneficial model is the improvement of the customer experience. Digital transformation via e-signatures conveys usability and access to your customers too. Customers can sign documents directly with just a click of a button: anywhere, any time and on any device.
E-signatures are important business process that help organizations around the globe go digital, and they’re steadily grabbing popularity, especially in the last five years. Businesses are understanding the significance of implementing e-signatures as a vital and key piece in their digital transformation. There are couple of smart process applications that have huge success in their implementation, and use of e-signatures is riding on the top of that wave.
Begin with that as a pilot project to try things out in your organization as a first step. Calculate the ROI that e-signatures can make your organization to build your business case or to create a yardstick for your pilot project.
