Manual agreements are costing businesses valuable time and money. They can even have a negative effect on customer relationships.
‘The State of Systems of Agreement 2019’, a commissioned study conducted by Forrester Consulting on behalf of DocuSign shows that 18% of businesses want to improve security, confidentiality and compliance, and 16% want to improve customer experience (CX). At the top of the list of business priorities is the ability to be more agile. But 46% of organisations surveyed have experienced project delays as a result of slow manual agreement systems. Something’s not quite adding up.
A deeper dig into the data
Organisations are pointing the finger at inefficient manual processes for a number of reasons. What we consider to be a whopping 45% believe outdated processes are responsible for delivering poor customer experience, 42% have had delays in recognising revenue, and 39% have had printing, mailing, and faxing costs that could otherwise have been avoided.
What does your customer want?
The most cited barrier to going digital is that it’s simply not something businesses want to give headspace to. But today’s customers don’t just appreciate instant and convenient service, they expect it.
This is where e-Signatures and digitised agreements really come into their own. They allow customers access to their files on the go, and bring an end to time-consuming tasks like printing contracts, manually signing them, scanning, and then emailing documents back to businesses.
What companies are missing out on
The CEO of one of the companies surveyed reported testing the water with 100 automated processes. The benefits were so obvious following implementation that, just four years later, they’ve now embraced more than 500 processes, achieving improved CX, as well as efficiency, employee productivity, and increased security and compliance.
On top of this, one finservs company reported saving $20-30 million. And a telecoms company audited its time savings, and found that e-Signatures were saving employees an average of 25 minutes per use.
GetCapital: digitisation in action
GetCapital is an Australian start-up and specialist business lender to SMBs. When it faced increasing competition from other fintechs in attracting customers and boosting revenue, the company was looking to gain an edge.
It was already at the top of its game when it came to using new ways of communicating with its customers. In fact, all client interactions were done online, via SMS or over the phone. However, all contracts were being completed manually. At best, it took a few days to complete the agreement process.
After switching to a digitised system of agreement, GetCapital now completes 84% of its agreements in one business day, and 40% in just one hour.
When is the right time to switch?
The short answer is: it’s always a good time to digitise. Modernising systems of agreement means businesses can create, sign, act on and manage documents in the Cloud. You can also track and monitor documents and approvals of all levels of complexity, improve business security, and offer clients greater convenience. And that means better CX.
Find out more
To learn more about how you can successfully transform your business and the customer experience through digitisation, download ‘The State of Systems of Agreement’ study today.