SAN FRANCISCO, July 24, 2019 /PRNewswire/ -- While most
companies remain hindered by manual, legacy agreement processes,
companies that automate the way they handle agreements with
customers, vendors, and employees can do business faster, at less
cost, with lower risk, and a better customer experience. That's
according to The State of Systems of Agreement, 2019, a
commissioned study conducted by Forrester Consulting on behalf of
DocuSign (NASDAQ: DOCU).
The study examines the benefits of companies' connecting and
automating their systems of agreement—that is, the way they
prepare, sign, act-on and manage the agreements that are critical
to their business. It surveyed 605 business and technology leaders
in organizations across North
America, Europe,
Asia, and South America with between 250 to more than
20,000 employees responsible for document-intensive processes.
According to the study, 97% of the companies surveyed had issues
completing and working with their agreements. Principal among the
challenges was the inability to index and search the content,
manage their security and confidentiality, gain insight in the data
contained in the agreements, store and manage them centrally, and
ensure regulatory compliance. However, the study also showed that
companies which had started to implement technologies like
e-signature to remove the barrier of the physical signature were
quickly seeing improvements.
For example, as part of the study, the digital transformation
lead for a financial services company commented: "It's six times
faster to deliver an order form to our customers using our digital
experience versus our legacy one. We process orders three times
faster in the digital experience versus the old one."
A global service manager at a pharmaceutical company also noted
within the study: "We're finding that it takes about 15 minutes to
get a contract signed, where it used to take days to weeks. In
terms of cost savings, each digital envelope saves the company
$25, multiplied by over 300,000
envelopes sent last year."
Additional findings of the Forrester Consulting study
include:
- Manual agreement processes are negatively impacting
businesses: In the past year, 46% of respondents have had the
start of projects delayed, 45% have delivered poor customer
experiences, 42% have had delays in recognizing revenue, and 39%
have had unnecessary printing, mailing, and faxing costs.
- The benefits of automated agreement processes directly align
with business priorities:
- The top business priority of 2019 for companies surveyed is
improving customer experience, with 74% citing it as "high" or
"critical." Strengthening security and compliance (72%), increasing
employee productivity (69%), and increasing business agility (68%)
follow closely after. Each of these can be directly addressed by
automating agreement processes.
- There remains work to do in digitization: Most
organizations have adopted some degree of automation, but their
processes still involve significant manual tasks that result in
extra work, errors, unnecessary costs, execution delays, and
security and compliance risks. Only 13% of the organizations
surveyed are considered "leaders" that have achieved significant
efficiencies through every phase of the agreement lifecycle.
"Agreements are key to the moments that matter—from opening a
bank account, to accepting a job offer, to applying for a building
permit, to buying a new home," said Scott
Olrich, chief operating officer at DocuSign. "We believe
this study illustrates the opportunities for organizations to
modernize their systems of agreement, allowing them to do business
faster, at less cost, with a better customer experience."
To learn more about outcomes across different industries, and to
see Forrester Consulting's recommendations for embarking on a path
towards digitally transforming systems of agreement, download the
full study. And for more information, also visit
https://www.docusign.com/.
Media Relations:
Adrian
Wainwright
Head of Communications
media@docusign.com
Investor Relations:
Annie
Leschin
VP Investor Relations
investors@docusign.com
About DocuSign
DocuSign helps organizations connect
and automate how they prepare, sign, act on, and manage agreements.
As part of the DocuSign Agreement Cloud, DocuSign offers
eSignature: the world's #1 way to sign electronically on
practically any device, from almost anywhere, at any time. Today,
more than 500,000 customers and hundreds of millions of users in
over 180 countries use DocuSign to accelerate the process of doing
business and to simplify people's lives.
For more information, visit www.docusign.com, call
+1-877-720-2040, or follow @DocuSign on Twitter, LinkedIn, Facebook
and Instagram.
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SOURCE DocuSign, Inc.