For centuries, companies that embraced innovation have outperformed competition by looking beyond the current market trends. Their futuristic vision helped them make a difference in simplifying the complex business process that used to take weeks and months for the customers, who are at the receiving end. While digital transformation changed how companies operated in the early 2020s, digital document automation has further revolutionized how companies operate, and digital signature platforms with end-to-end online document management helped companies outperform their competitors.
Roadblocks for adoption of digital document management solutions:
Many studies observed that although innovation is taking place at a tremendous pace, digital transformation is still in its infant stage in sectors like insurance, healthcare, agriculture, and manufacturing. The following factors deter companies from switching over to document management software.
Conservative approaches to technology adoption:
Several companies within the rural and urban settings in manufacturing, agriculture, banking, and insurance still rely heavily on traditional data collection, documentation, information sharing, and signing practices.
Aversion to digital practices:
Individual bias, fears about technology adoption, and the inability of the leadership to look beyond the current settings are preventing companies from adopting digital signature practices. These companies are relying on manual practices for organizational communication and information exchange. Although computer hardware and software usage has become ubiquitous across companies and industries, complete digital transformation is far from reality, even in several industrially advanced countries. Such companies work away from online document management practices.
Characteristic features of companies away from digital transformation:
Several companies are still sticking to age-old practices, which are referred to as ‘Silos’. Silos are roadblocks that confine companies to isolated, watertight compartments.
Redundant and legacy technologies in practice:
Companies that did not shift to online document management software suffer from certain hurdles. Though these companies invest in digital innovations, they operate with apps and software that are incompatible. They live in their entities, and they are far from convergence, connectivity, and integration. These companies away from electronic signature practices suffer heavily from poor networking and a lack of team collaborations because outdated technologies prevent easy access to information and communication within the departments. If the marketing department is unable to align with the goals of the sales department, they can’t sync and coordinate with each other.
Hierarchical organizational structures:
Although modern organizations are erasing hierarchical divisions to promote a flexible work culture, concepts like team lead, vice presidents, directors, and senior vice presidents have not vanished completely. Organizational ranks and hierarchies lead to the concentration of vital information and power in a few hands, resulting in a lack of transparency and trust within the teams and between the teams of various departments.
How do digital signature platforms transform business processes?
Promotes a collaborative organizational culture:
Electronic signature software is a collaborative platform that promotes openness and free flow of communication within and across the teams in an organization.
Encourages transparency and trust-building within teams:
Collaborative features of the eSignature platform allow team members to remain transparent by bringing all the stakeholders on the same page. Teams can discuss, chat, and edit documents online to complete their allocated project work to meet delivery deadlines.
Electronic signature software aligns with organizational goals:
Digital signature software works prominently on the principles of the no-code mechanism, where any user without technical knowledge can develop customized documents such as lease agreements, business deeds, employment contracts, and tender documents by dragging pre-defined fields available on the screen onto a blank page. This mechanism helps organizations drive employees to align with the company's vision and goals to help employees understand how they fit into the bigger picture.
Reasons for increased adaption to document management systems:
Unlike their predecessors, companies at present are keen on investing in digital infrastructure for obvious reasons to reap enterprise-wide benefits with electronic signature platforms.
Companies can reap enterprise-wide benefits by switching to electronic signature platforms. Organizations that invested in building a digital ecosystem have benefited a lot from the end-to-end digital document management practices that enhanced the speed, adaptability, and agility of these organizations.
Digital transformation accelerated innovation:
Digital disruption transformed the way companies function during and after the COVID-19 digital disruption. Several companies that were operating with brick-and-mortar business models have invested in building a digital ecosystem because they realized that their current business models are not viable beyond 2025 and outdated technologies could be expensive in terms of time and money and may slow down organizational efficiency.
How could eSignature software adoption transform organizational business models?
Enhanced scalability with eSignature software:
In a recent survey, a reputed research organization reported that there is a significant shift towards eSignature software that allows companies to build a strong work culture promoting digital innovations. These companies with a strong digital workspace could double their profits than the companies that are still working with outdated technologies. Companies eyeing digital transformation have doubled their IT spending to invest in digital document management software to make a difference with a sustainable operating model.
Advantages of the digital signature platform:
Companies with a bent on innovation have captured the benefits of networking and collaborative features of online digital signature
platforms and performed far better than their peers, who were laggards in technology adoption. AI-enabled, cutting-edge technologies transformed the core business models of companies in healthcare, education, and beverages internally and externally.
Streamlined business operations with digital practices:
Companies using digital signature platforms proved that they need not compromise on organizational agility due to volatile market scenarios. These companies could accelerate this advantage in an era of global uncertainty. Digital transformation instilled in them the hope of overcoming challenges with improvised business operating models and cultures.
Takeaways from online document management adoption:
Companies that started building online document management systems could minimize costs and maximize benefits like flexibility and cloud business models. Organizations with complex business processes could shed the hardships of manual documentation processes to accelerate business at scale with the help of digital document management practices throughout their supply chains. Finally, digital signature software revolutionized the organizational work cultures and business models and their offerings.
