Gambling Company’s Bet on E-Signature Pays off with 121% ROI
As part of The Total Economic Impact™ (TEI) of DocuSign report, Forrester Consulting has created a composite UK company to illustrate the productivity gains and cost avoidance enabled by DocuSign e-signature. The composite company is representative of the two British organisations that Forrester interviewed as part of the study, which you can read in full.
Introducing SparkBet Ltd
SparkBet Ltd is a mobile-first gambling company. Based in the UK, it has a high market share and relatively lean operations.
Addressing the digital ability gap
As a company that prides itself on being mobile-first with an easy and accessible customer experience, there was a noticeable gap in digital proficiency. Whilst the company offered a great experience for users, employees were still using pen and paper for contracting processes prior to deploying DocuSign.
Sales and administrative departments had significant workloads primarily due to a paper-based agreement process. A succession of manual tasks began with an assistant printing and posting documents to the retailer and then chasing the recipient, which in itself could take weeks.
Once returned, errors meant the documents would often need to be resent. When correct, the documents had to be scanned into the sales system, distributed, and then archived in physical storage. All in all, this lengthy and inefficient process resulted in turnaround time averaging twenty days, taking 160 hours of precious selling time from sales staff, and contributing to a 30% not in good order (NIGO) rate.
A third challenge at SparkBet Ltd was the concern that, despite receiving funding to grow revenue twice over within a ripe market, the company’s sales operations were not scalable. The existing processes in place would demand even more time, expense and resources from the business. In short, internal processes were holding back company growth.
Picking a SaaS solution
For the solution to be a sound investment, it was important that it was SaaS-based, rather than require a whole new CRM system to be implemented. The solution also needed to be future-proof and flexible enough to serve a range of use cases, including internal and external documents.
Finally, the solution had to improve efficiency and accuracy of legacy agreement processes. A significant reduction in handling time and NIGO rate along with an increase in the speed of the process was expected.
Achieving a 121% ROI
With DocuSign, SparkBet Ltd’s agreement process has significantly improved. Handling time is 60% shorter, taking 64 minutes as opposed to 160 minutes before deployment. The NIGO rate has improved by 85%, falling to a rate of just 5%.
All in all, the average turnaround time has accelerated, reducing from 20 days to just three. As a result, sales executives have more time to dedicate to value-added work.
In turn, operational expenses have reduced, with a 3-year saving estimated at £158,300. A typical transaction was costing SparkBet Ltd. £6.62 in operational expenses, factoring in printing and posting. The cost avoidance alone has been enough to break even on the technology investment in DocuSign with payback in under six months.
How can you benefit?
Business growth, process efficiencies, financial savings. Learn how electronic signatures, incorporated within companies’ Systems of Agreement, are driving real value for businesses. Read the study.