eSignatures are a great way for companies to streamline their agreements. While it is easy to see the benefits from a convenience and time perspective, defining the precise value to your business of getting documents signed faster is tricky to do. That’s exactly what Forrester sets out to do in this study, so that you can make an informed assessment of your own digital agreement readiness.
DocuSign commissioned well known insights and market research company, Forrester Consulting, to conduct an assessment of the DocuSign eSignature platform. The purpose was to determine the quantifiable impact to businesses when using eSignatures, as a step in modernising a company’s System of Agreement – the collective processes and systems used to prepare, act on, and manage business agreements.
The findings were published in The Total Economic Impact™ (TEI) of DocuSign Australia Study.
Where did the data come from?
To help Forrester to gain in-depth understanding of which business issues and processes benefit most from using esignatures, they interviewed two of DocuSign’s longstanding clients. The information was then used to create a composite company that could be analysed with detailed modelling, to uncover the financial and process impacts experienced in the first three years of using DocuSign eSignature solution.
The composite company created for the study was called Laud Properties.a
Laud Properties was finding its progress hindered by using outdated, pen and paper-based contract processes.
Internally, administrators were not only responsible for organising, mailing and managing the overall workflow, but also for coordinating meetings with multiple signatories who were often in different offices, states or countries. While actual handling time between signatories and administrators was 90 minutes per agreement, getting time with each signatory in person meant the total turnaround time was taking weeks.
Externally, administration was adding thirty minutes or more to the sales process, and there were concerns that this would only increase and affect sales conversion in the future.
Despite Laud Properties’ executive board deploying a plan to grow revenue, there were doubts that the company could scale its sales operation, due to time-consuming processes and increasing operating costs.
While efforts to digitise the customer experience had been made – the website was mobile-responsive and offered webchat capability – the contracting process still required pen, paper, and mail, which created a disjointed experience.
To solve these issues, Laud Properties were looking for a solution that would:
- considerably reduce contract handling time and offer potential workflow automation in the future
- not be more expensive to implement than the current expenses of printing, mailing and document storage
- integrate seamlessly with the company’s new cloud CRM system, and;
- be deployed and operated with ease, so administrators and executives would not need excessive training or have a lengthy learning curve.
DocuSign’s eSignature solution was able to not only meet all of Laud Properties’ operational requirements, but also solved each of the company’s pain points.
Implementing DocuSign allowed Laud Properties to improve both its internal and external agreement processes. By offering online signing, handling time was cut by 75% – with the total process now taking just eight minutes.
In productivity terms, this equates to a saving of 1.35 hours per transaction and a total of 62 days annually. This newly freed-up time means senior execs are able to quickly sign internal agreements, and the sales teams are able to stay focused on valuable selling work, instead of wasting time on administration.
Digitising agreements has considerably reduced operational expenses. Previously, Laud Properties would make three copies of each document, which could be ten pages long, costing an average of $14.91 per document. By keeping the process online, this expense has been eliminated.
If fact, by slashing operational costs, the savings actually equal the financial investment in DocuSign. Essentially, DocuSign pays for itself.