Why It Pays To Use Electronic Signature
The business world is moving rapidly to online transactions as businesses of all sizes transform from inefficient, costly, paperbased processes to digital contracts, agreements, approvals, and other processes via electronic signature, a.k.a. digital eSignatures. Companies are taking advantage of the enormous time and cost savings that are possible when eSignatures are used for sales agreements, new-hire processing, invoicing, product management, customer work orders, service contracts, home mortgage documents, tax forms, event registrations, security sign-ins, and much more. Greater Customer Satisfaction and Employee Productivity In today’s intensely competitive marketplace, businesses across industries are looking for new and better ways to engage customers. Given the wide use of smartphones, tablets, mobile apps, and one-click purchasing, it’s simply not enough to provide a “good-enough” user experience. You need to find ways to delight your customers across every channel of engagement by streamlining the entire customer experience. Satisfied customers mean repeat business and referrals, both of which can impact your bottom line. DocuSign’s impact on customer satisfaction can be huge. For example, First Tech Federal Credit Union increased its Net Promoter Score (NPS) by 10 percent, while Wyndam Hotel Group achieved a 12 percent increase in retention after implementing DocuSign. At a leading HR staffing and recruiting firm, DocuSign helped improve the candidate intake process NPS score from -3 percent to +64 percent. A dramatic improvement in a business critical process. The speed and convenience of eSignatures also means greater productivity for employees and partners. It’s the same whether you’re a small business selling a consumer product or service, or a large enterprise company with complex supply and distribution chains. Higher Close Rates and Sales Productivity Digitizing sales processes speeds sales cycles and improves win rates. Waiting for paper documents to be signed and returned can slow the sales cycle to a crawl. Worse, it gives customers the opportunity to change their minds and take their business elsewhere. Smart sales organizations know that you need to strike while the iron is hot. With digital agreements, customers can sign agreements anytime, anywhere—in the office, at home, or on the road. For example, Comcast Business Services was able to increase its close rates by 30 percent by using DocuSign. A leading insurance company was able to more than double its call center close rate selling a premium product, which generated an incremental $20 million in annual revenue. Greater Profits, Higher Valuations Numerous studies have confirmed the benefits of going digital, including automating processes with eSignatures. For example, Capgemini Consulting found that, on average, “digital leaders” are 26 percent more profitable, generate 9 percent greater revenues, and have 12 percent higher market valuations than their industry peers. “Talentforce employees, clients, candidates and partners love DocuSign as it reduces the time wasted on manual processes.” Lee-Martin Seymour Managing Director, Talentforce Using eSignatures reduces the paperwork burden enormously for sales reps and support staffs. Automating proposals, contracts, and other customer documents—and relieving reps from chasing down signatures—frees up significant amounts of time, allowing them to focus on selling. eSignatures enhance sales processes in companies of all sizes. Salesforce, for example, credited DocuSign for its success in accommodating 30 percent year-over-year growth for the past three years without adding sales-operations headcount. And for service professionals and other small enterprises, using eSignatures helps close deals quickly and efficiently. Lower Costs, Greater Efficiency Time is money. Waiting for paper documents to be signed and returned is costly, in terms of both the time value of money and the inefficiency of idling resources while deals and processes are held up waiting for signatures and approvals. Using eSignatures saves time and reduces costs. No need for cumbersome printing, mailing, and faxing, or waiting for signed documents to be returned. For many enterprises, savings can amount to millions of dollars per year. Studies have shown that using DocuSign eSignature yields benefits of more than $36/document, including hard dollar savings, productivity, and revenue gains. Multiplied by thousands or even millions of documents per year, the savings can be huge. For example, Microsoft realizes $7.3 million in hard-cost savings each year by digitizing its processes with DocuSign. Small and medium-sized firms can see similar savings as a percentage of their total costs. eSignatures also increase efficiency, saving significant amounts of time on routine tasks, speeding processes and streamlining workflows. The efficiency gains of eSignatures also include fewer errors filling out forms manually and keying information into databases, which increase costs and slow the pace of business. Improved Time to Revenue Adopting eSignatures in your sales and customer onboarding areas can help reduce time-to-revenue—a critical objective for every company, no matter how large or small. eSigning is dramatically faster than physically signing and shipping or faxing documents. Contracts can be turned around faster, customers can be onboarded sooner, and payments can be collected earlier. For businesses whose sales rely on recurring revenue streams, this can result in incremental revenue. For example, insurance companies can begin collecting premiums earlier due to faster turnaround time. Businesses Are Realizing Tremendous Value with eSignature from DocuSign • Microsoft has over 300 use cases for DocuSign across its enterprise • A leading insurance carrier realized over $85 million in value over the past three years • A major technology company saw a 10x increase in adoption and value when they switched to DocuSign “Our field sales team now closes deals on the spot, accelerating our sales cycle to increase the number of sales closed and revenue booked.” Todd Goodbinder SVP, Comcast Business Services eSignature can help prevent sales from slipping into next quarter. This can help reduce missed sales projections and help companies maintain their valuations. It’s almost as if you added several days at the end of the quarter to be able to close deals. Mobile-Friendly Process Customers and employees are increasingly mobile, and with the widespread adoption of smart devices, people expect to be able to conduct transactions wherever they are and whenever they want. DocuSign supports transactions across all types of Internetconnected devices, including smartphones, tablets, and PCs. Compliance and Security-Risk Mitigation Many businesses have strict compliance requirements, especially in highly regulated industries such as financial services, insurance, life sciences, and the public sector. eSignatures can help these organizations meet critical industry requirements such as PCI, Sarbanes-Oxley, and CFR Part 11. Organizations using eSignatures can reduce non-compliance risk by maintaining visibility into every part of the process, retaining documents, and establishing a full electronic audit trail. Docusign meets and exceeds the most stringent US, EU, and global security standards. DocuSign is ISO 27001:2013 and SSAE 16, SOC 1 Type 2, SOC 2 Type 2 certified and tested internationally—across the entire company and its data centers. International Workflow Support with StandardsBased eSignatures DocuSign is the global leader in electronic signature. It serves more than 250,000 companies and 100 million users in 188 countries and is available in 43 languages. Part of our international support is provided by the DocuSign Standards-Based eSignatures platform, which provides all three types of electronic signatures (Standard, Advanced and Qualified) recognized under the European Union’s eIDAS regulations governing electronic identification and trust services. DocuSign’s Standards-Based eSignatures platform is part of our “Invest for Europe” initiative—along with three EU data centers—empowering European organizations to make the digital transformation with confidence. As a result, companies can now use DocuSign’s powerful platform, from document preparation to execution to management, for use cases governed by the EU. Moreover, the DocuSign solution is completely cloud and mobile-ready—no cumbersome software downloads, desktop plug-ins, or USB sticks required. “There’s no question that our future is digital, mobile and in the cloud, and DocuSign is helping lead the way.” Angie Hicks Founder and CMO, Angie’s List “DocuSign gives our members convenience and peace of mind with the ability to do their banking easily—anywhere, anytime—while knowing their information is absolutely secure.” Chris Martin SVP of Service Center Operations, Pentagon Federal Credit Union Returns on eSignature Investments The benefits of using eSignatures are so compelling that it’s hard to justify not making it standard operating procedure. Here are some examples of how customers across industries are improving critical business processes using digital eSignatures: • A Fortune 100 Software-as-a-Service (SaaS) company used eSignatures to improve productivity by up to 75 percent. • A leading vacation-ownership company achieved 90 percent savings in printing and overnight costs, and improved customer conversion and retention rates by 11 percent with a new paperless-contract experience. • A global pharmaceutical company mitigated its non-compliance risk for certain regulated processes with physicians and other stakeholders, realizing savings of $51 per document and decreasing document turnaround time by 95 percent. • A major wealth management firm reduced turnaround time by 63 percent (from seven days to less than three) for new-clientenrollment documents. • A credit union reduced its time to fund consumer loans by four days, dramatically improving customer satisfaction and enhancing employee productivity. • A mid-sized commercial bank reduced overall document turnaround time by 8.5 days, realizing cost per document savings of $24. • DocuSign itself has realized a 921 percent ROI by applying eSignatures in our own business operations. eSigning: Here to Stay Signing on the dotted line is a centuries-old practice, and until just a few decades ago, it was the only way to establish legal intent. Today, digital transformation is fundamentally reinventing entire industries, and eSignature is a core component of this. Customers increasingly expect the convenience of signing electronically, and with laws such as the U.S. ESIGN Act governing them, eSignatures have become commonplace worldwide. “[Digitizing processes] has allowed us to increase the velocity of our company to a pace that’s never been seen before.” Mike Sievert COO, T-Mobile “Microsoft has over 300 use cases for DocuSign across their enterprise.” Connor Marsden U.S. Director of Dynamics, Microsoft “DocuSign saved more than 200 hours of data entry work per year, increased the signing rate by 20 percent and dramatically improved the broker onboarding experience.” Sean Wylie Sales Operations Specialist AON Any Business Can Use Digital eSignatures Even as organizations across industries invest heavily to automate every other aspect of their operations, many have yet to digitize their agreement and approval processes. Continuing to rely on outdated, paperbased methods is cumbersome and inefficient for customers, partners, suppliers, and employees, and it provides a poor user experience. DocuSign can be used by businesses of any size and type—and with our cloud-based delivery model, you can get up and running immediately. Find out how your company can benefit by visiting www.docusign.com, or by calling us at 877-720-2040. Visit the DocuSign blog at www.docusign.com/blog and follow DocuSign on Twitter, LinkedIn, and Facebook.