Digitised agreements are low-hanging fruit for improved CX
Businesses should invest in boosting their customer experience (CX), and the way to do this is with digitised agreements.
Improving CX is the top initiative for businesses in 2019, according to a recent commissioned study conducted by Forrester Consulting on behalf of DocuSign:‘The State of Systems of Agreement report, 2019’. The study also found that 45% of firms are inefficient and, as a result, yield poor customer experience.
One of the most common ways CX is negatively impacted is through outdated, manual agreement processes. Though some companies are well on their way to automating their businesses, there are still a plethora of unnecessary manual processes which cost time and money, and can result in errors, delays, and security and compliance risks. In fact, the report revealed that only 3 - 22% of respondents had “fully digital” processes in their business.
A digital process extends far beyond just an eSignature. End-to-end automation means tasks can be completed anywhere and anytime, not bound by the four walls of an office. The key to achieving an improved customer experience is modernising processes.
The drawbacks of old-school agreement processes
Nineteen per cent of organisations store contract and client information on individual employees’ hard drives or in cabinets, which require manual searching - as a result, more use of time and labour.
This storage method also increases compliance and security risks, as agreements are passed manually from one hand to another, often being signed by unauthorised employees who don’t have the appropriate legal expertise (Forrester: The State of Systems of Agreement, 2019).
Without the assurance of compliance, and at risk of facing frustrating and unnecessary delays, customers and clients are at risk of moving on from your business.
How can businesses make the most of the digital revolution?
Digital solutions like eSignatures and electronic systems of agreement are quick and easy ways to make the customer experience exactly what customers want: instant and simple. They allow users to collaborate on agreements, and track progress and changes made along the way.
In fact, apart from dramatically reducing printing, mailing and faxing costs, these tools benefit business efficiency, productivity, visibility, and make better experiences not only for customers, but for employees too. Currently, 57% of respondents felt they had a lack of visibility into the status of agreements while they were being signed, 51% were unable to effectively search the full text of their agreements, and 38% were unable to get a holistic view of operational and other data in contracts. And though cost reduction was cited as the most important primary focus for modernising businesses, 39% of respondents said they retained these unnecessary costs.
The businesses that have implemented digitised agreements have benefited customers by allowing them to access and act on their files on mobile devices, instead of having to be at a fixed location. The move also waves goodbye to time-consuming contract agreement methods which require customers to print, sign, scan and email documents back to the business.
The benefits of digitisation in action
The Australian Broadcasting Corporation’s commercial division was driven to automate its processes due to budget cuts which reduced its team by a third. Unfortunately, ABC employees’ workload didn’t change. As a result, the pressure to complete tasks efficiently increased.
Starting with implementing eSignatures, ABC is now in the process of transitioning their entire system to use more of DocuSign’s functionality across the entire system of agreement process. This allows them to create, sign, act on and manage documents in the Cloud, thereby fast-tracking contracts and delivering a better experience to the customer.
The final word on digitisation and CX
Good CX is about aligning your processes with consumer demands for speed, convenience and peace of mind. Digitised systems of agreement are shown to not only improve CX but save businesses time and money, and increase compliance.
Find out more
To learn more about how you can successfully transform your business and the customer experience through digitisation, simply download The State of Systems of Agreement study or get in touch with the DocuSign team, today.