Slow execution of contracts has the potential to impact business costs. Increase turnaround by 90%.
If you asked most businesses why they have digitised they would probably say ‘It makes life easier’, ‘It’s the way of the future’, or ‘Everyone’s doing it so we have to keep up’ – but the fact is, digitisation has a direct impact on the bottom line.
By streamlining business processes with digital systems, businesses experience increased productivity and improved customer experience.
However, to achieve this there must be connection between digital systems and an overarching strategy for how they work together. Otherwise they’re just separate pieces of technology doing an ok job, but a bit like machinery that needs more oil – not as productive as they could be.
Don’t stop at e-signatures – digitise your business agreements too
There are some elements that have been digitised such as e-signatures, but for many businesses, there are still a lot of paper processes before and after that are costing time, money and putting businesses at risk of human errors.
For example, after an e-signature is executed, data may then need to be manually entered into other systems to action the agreement such as billing systems, and there may be no systematic way that the agreement is stored, making recall difficult, risking security breaches and missing future business opportunities such as renewing the agreement.
These kinds of inefficient systems are not only frustrating for the business, and waste time and money, it can lead to customers saying, ‘we love your company, but you’re hard to do business with’.
“…71% of contracts are turned around to completion in less than an hour and more than 90% in less than a day”
Boost productivity with automation
Some bigger companies like Salesforce, a cloud computing company, have started to recognise this gap in the digital chain and modernise their Systems of Agreement – the way written agreements are prepared, signed, acted on and managed.
Salesforce used to send out contracts by email or mail, meaning the process to completion – including sign-off, receiving purchase orders, raising invoices and awaiting notice of payment before actioning – could take weeks.
Since using DocuSign in departments like Sales, HR and Procurement, 71% of contracts are completed in less than an hour and more than 90% in less than a day. This is because automation allows for visibility into the progress of contracts, step is tracked and each party is prompted for the next step. Read how Salesforce did it.
This is an opportunity to be more productive that all businesses can benefit from.
While digitisation can make life easier but when implemented with a holistic approach, it will unlock time to focus on core business and ultimately drive financial growth.
Contributed by Brad Newton, DocuSign Asia Pacific Vice President of Sales, for NSW Business Chamber. Read the original article.