€40Ksaving from DHL-costs alone
90–95%commercial contracts are now being executed using DocuSign
€100KROI in annual expenses
TIP is a leading equipment service provider, leasing trailers, tankers, and other equipment. With over 100 offices spread over 18 countries, the company is always looking to improve customer experience. With this focus and a commitment to digital transformation the company sought to digitalise their manual and outdated signing process.
Legal and compliance departments are typically known for being heavily paper-based and lacking digital readiness. However, for TIP, it was these departments that led the transformation. Using DocuSign eSignature, the company has seen significant savings in its first year and been able to respond to customer needs and keep business moving during a pandemic where travel and in-person signings have not been possible.
Electronic signatures save money, time and effort
Before TIP had transformed its signing process, closing a deal and getting agreements signed often meant flying cross-country and manually signing dozens of documents with ‘wet-ink signatures’. Senior Corporate Counsel and Compliance Leader, Curt Fall knew there was a better way of conducting business and lead digital innovation within the legal department, determined not to allow TIP to be trapped by outdated processes.
Introducing DocuSign eSignature enabled Curt and his team to create, execute and store agreements digitally and looking back, Curt admits that if DocuSign eSignature had not been implemented early on, it would have been impossible for TIP to fully operate during the COVID-19 pandemic. With employees working from home, electronic signatures were needed in order to get deals done.
After a review of the top electronic signature solutions TIP chose DocuSign due to its simple deployment and user-friendliness. By digitising signatures TIP wanted to save on time and costs and in the first year recorded €40,000 saving from DHL-costs alone. In total they have seen an ROI of over €100,000 in annual expenses.
Using DocuSign also saved the company a lot of time and effort. Now deals are closed in a matter of days rather than weeks and documents are retained and easily searchable. DocuSign for Salesforce meant that TIP could integrate eSignature into their Salesforce CRM programme, allowing documents to be managed from a centralised location. What does this mean for TIP? No more contracts on unaccounted for contracts lying around.
Bringing eSignature to finance and sales departments
Getting buy-in from leadership and key stakeholders and involving them from the outset was a crucial element of Curt’s digital transformation initiative. Initially, the roll-out of eSignature was intended for leadership teams and directors to sign legal documents such as shareholder agreements and board resolutions. However, when these key stakeholders experienced the simplicity, usefulness and value of the solution, the rollout of DocuSign eSignature was extended within the company.
When the CFO was receiving digital documents to be signed electronically from Legal but getting stacks of paper from his own department, he recognised that something needed to be done. And so eSignature was introduced to the Finance department workflows. In 2019, electronic signatures were rolled out in the Commercial Sales, where 90-95% of all commercial contracts are now being executed using DocuSign. Even the non tech-savvy Directors can’t imagine going back to outdated ‘wet-signatures’.
A modern, socially responsible way of working whilst being compliant
Digitalisation is important for organisations who want to succeed today. For TIP, digital transformation allows them to serve customers better and enables the organisation to be more socially responsible. By using electronic signatures they are drastically reducing the use of paper and transportation. Organisational compliance is another key priority. Implementing DocuSign has helped them here:
- Ensuring unitary document execution. Providing a clear audit trail means that there is no question about who signed when they signed it.
- Eliminating the risk of loss of documents because all signed agreements are stored in the Cloud rather than in a desk or archive.
Less paper, more digitalisation
Digital transformation is an ongoing journey and as organisations continue to evolve and look for better ways to serve customers, implementing a fully digital lifecycle is a goal that TIP is committed to.
“DocuSign has been instrumental in allowing TIP to transform from a paper-based to a digital organisation.”