According to Info-Tech Research Group, the electronic signature is a key entry point for digitizing business processes
Digital signatures touch all the hallmarks of a transformed organization, such as automated workflows, governance controls within business units, and the engagement of security and compliance teams.
TORONTO, March 14, 2023 /PRNewswire/ — As the shift to remote and flexible working continues, organizations are expected to offer enhanced digital self-service experiences, including the use of e-signatures for important business contracts. At the dawn of remote work, many companies rushed to adopt digital ways of doing business. However, the shift in culture away from email and paper comes with some challenges and users need to be trained to use the technology confidently. To help IT teams help organizations fully adopt and comply with best practices for using digital signatures, global IT research and advisory firm Info-Tech Research Group has released a new draft. Acceptance of the electronic signature.
E-signatures enable companies to replace paper-based processes and the energy-dependent activities that traditional processes require, such as B. the physical storage and delivery of documents. Digital and easy to use, this type of signature is more secure than traditional paper documents because it provides traceable information about who signed it and when and where it was signed.
However, despite the many benefits of digital signatures, there are obstacles to their adoption. For example, organizations need to be aware that regulations for certain transactions may require physical signatures. Organizations also need to consider whether they have the right solution for their cross-functional needs, e.g. B. an enterprise e-signature solution or a business solution suite with integrated e-signature functionality.
Although e-signature offers several advantages, Info-Tech suggests that companies consider user experience when deciding on a solution. While some solutions have appealing upfront costs, they can complicate the signer experience and create inefficiencies instead of improving business processes. Implementers also need to ensure they are on the right track by measuring the success of their e-signature program.
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 based on sentiment, retention rate, and ROI.
Time: Use e-signatures and automated workflows to significantly reduce turnaround time to close contracts and cycle time to revenue recovery.
Digital change: Track the number of users adopting e-signatures and digital processing, and how many manual and paper-based business processes have transitioned to e-signatures. Also, count how many transitions from legacy systems and decommissioning of legacy systems have taken place.
Financially: Track admin time to track pending signatures. Also, look for reduced paper usage and storage space after transitioning to digital workflows and e-signature sending.
Observance: Track organization’s compliance with standards and policies by line of business.
Green Business Practices: Track reduced paper usage, landfill usage, and delivery factors like fuel and vehicles.
Info-Tech’s blueprint is designed to guide organizations in developing a detailed plan to ensure they are positioned for adoption of e-signature technology, including building a streamlined process and policies for the e-signature service. It also includes a guide that explains the differences between layers of e-signature security, when to use them, and what’s involved.
To learn more, download the full one Acceptance of the electronic signature Draft.
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About the Info-Tech Research Group
Info-Tech Research Group is one of the world’s leading information technology research and advisory firms, proudly serving over 30,000 IT professionals. The company produces unbiased and highly relevant research to help CIOs and IT leaders make strategic, timely and informed decisions. For 25 years, Info-Tech has worked closely with IT teams to provide them with everything they need, from actionable tools to analyst guidance, to ensure they deliver measurable results for their organizations.
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SOURCE Info-Tech Research Group