Automated agreements processes provide financial benefit

A study by Forrester Consulting has revealed that companies with automated agreement processes can work more quickly, cheaply, with less risk and better customer service. The study examined the way 605 companies around the world “prepare, sign, act on, and manage agreements” that are critical to business.

Of those surveyed, 97% had run into problems regarding systems of agreement. Major issues included the inability to index or search content, manage security, review and analyze data, store and manage agreements in a central location, and ensure regulatory compliance.  

"It's six times faster to deliver an order form to our customers using our digital experience versus our legacy one,” a digital transformation lead for a financial services company told Forrester Consulting. “We process orders three times faster in the digital experience versus the old one.”

Of those companies who stick with manual agreements, 46% have had projects delayed in the past year. Additionally, 45% reported delivering “poor customer experiences,” while 42% experienced delays in revenue recognizance, and 39% paid unnecessary paper-related costs, such as printing, mailing, and faxing.

The study also showed that the top business priority for companies in 2018 is the improvement of customer experience (74%), with strengthening security a close second, at 72%. Also topping the list were increasing employee productivity, at 69%, and increasing business agility at 68%. Automated agreement systems, according to Forrester Consulting, can prove greatly beneficial in allowing companies to take on these priorities. To fully take advantage of the technology, however, customers must take steps to increase digitization of workflows.

"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, an American agreement automation company which commissioned Forrester Consulting’s study. "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.”

Forrester Consulting is headquartered in Cambridge, Massachusetts, and was founded in 1983. It conducts annual surveys of more than 675,000 consumers and businesses worldwide.