E-Signature is an Important Entry Point to Digitalize Business Operations, Says Info-Tech Research Group
Digital signatures touch all hallmarks of a transformed business, such as automated workflows, governance controls within business units, and engagement by security and compliance teams.
With the shift to remote and flexible work here to stay, organizations are expected to offer enhanced digital, self-serve experiences, including using e-signatures for important business contracts. At the onset of remote work, many organizations rushed to adopt digital ways of doing business. However, shifting the culture from email and paper processing comes with some challenges, and users need to be educated about using the technology securely. To help IT teams support organizations in fully adopting and adhering to the best practices for using digital signatures, global IT research and advisory firm Info-Tech Research Group has released a new blueprint, Adopting e-Signature.
E-signatures enable organizations to replace paper-based processes and the energy-dependent activities traditional processes require, such as physical document storage and delivery. Digital in nature, this type of signature is simple to use and more secure than traditional paper documents because they contain traceable information about who signed them as well as when and where they were signed.
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However, despite the many benefits of digital signatures, their adoption comes with obstacles. For example, organizations must be aware that regulations may require physical signatures for certain transactions. Organizations must also consider if they have the right solution for their cross-functional needs, such as an enterprise e-signature solution or a business solution suite with an integrated e-signature feature.
Although e-signature offers several benefits, Info-Tech suggests that organizations consider user experience when deciding on a solution. While some solutions may have appealing up-front costs, they may complicate the experience for signers and cause inefficiencies rather than enhancing business processes. Those tasked with implementation must also ensure they are on the right track by measuring the success of their e-signature program.
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In the new blueprint, Info-Tech recommends IT teams and their organizations consider the following factors when measuring the success of their e-signature implementation:
Customer experience: Measure the effectiveness of customer experience with the sentiment, retention rate, and return.
Time: Use e-signature and automated workflows to significantly reduce the turnaround time on completing contracts and the cycle time to recover revenue.
Digital transition: Track the number of users adopting e-signature and digital processing and how many manual and paper-based business processes have transitioned to e-signature. Also count how many transitions there have been from legacy systems and legacy system retirements.
Financial: Track administrative time to follow up on outstanding signatures. Further, check for reduced paper usage and storage space following the transition to digital workflows and e-signature mailing.
Compliance: Track the organization’s adherence to standards and guidelines by business area.
Green business practices: Track reduced paper use, landfill use, and delivery factors such as fuel and vehicles.
Info-Tech’s blueprint is designed to guide organizations in developing a detailed plan to ensure they are positioned to adopt e-signature technology, including how to build an optimized process and policies for the e-signature service. It also includes a guide that explains the differences between levels of e-signature security, when to use them, and what’s involved.
