With the exception of hard currency, the era of paper is dead. Documents today can remain completely digital throughout their entire lifecycle, saving huge amounts of time, effort, and resources.
Replacing paper documents with electronic ones has a high impact on time-to-value – from accelerated revenue to improved customer experiences.
Getting rid of paper is tactical, but the impact is strategic.
As Jim Lundy, CEO and Lead Analyst of Aragon Research, stated during the session, businesses are digitizing their paper-based processes largely because they are looking for faster outcomes.
By adopting Digital Transaction Management (DTM) and Workflow and Content Automation (WCA) solutions (also known as advanced DTM), large and small enterprises have the means to securely manage a wide range of document-centric business processes involving people, documents, data, and transactions.
Intelligence for Document-Centric Processes
Traditionally, documents have been created manually for a single, specific use, and the process of managing that document is linear and inflexible. However, as Lundy explained, there are a number of non-linear document journeys that take place within an organization.
Having a no code platform to automate processes and one that can dynamically create digital content and move it around based on logic and rules enables the business to move at the speed of modern business.
With the addition of intelligence in these processes, enterprises now have the ability to derive actionable insights from document data. This means that document-centric processes can become more predictive and prescriptive – ensuring the business can be more responsive to their customers and stay well ahead of the competition.
The Possibilities of Automated and Intelligent Documents
Imagine an automated Smart Contract for IT services and support. The contract is automatically created using data collected from the customer, and Service Level Agreements (SLA) are generated via machine learning based on other customers with similar characteristics.
The contract is then flagged in any areas that require additional attention from the legal team based on a set of parameters (like a too-high cost/impact of an SLA infringement), and routed to legal for review. Following internal approval, the contract is sent to the customer via DocuSign for electronic agreement. Once the contract is signed, the workflow is triggered to intelligently route and store the document in the appropriate place based on certain metadata, such as final contract value.
Next, leveraging data from the completed contract, the automated workflow can be used to enforce the agreed upon SLAs. The workflow can even alert the support team that an SLA is about to be breached based on predictive analysis.
This whole process is fully digital, automated, and implemented without code.
Extending Automation to Cover End-to-End Digital Agreements
For many organizations, streamlining agreements with an e-signature or DTM solution has rapidly improved the customer’s experience. But this is merely a first step.
The need to fully digitize and automate the complete end-to-end agreement process has never been greater. To truly keep pace with the momentum of digital transformation, it is imperative to employ automation throughout the transaction process. This encompasses document creation, routing, and integration with other applications.
Together, DocuSign and Nintex digitize and automate the entirety of document-based processes, combining highly secure, industry-leading DTM with end-to end WCA capabilities.
With DocuSign and Nintex, an enterprise can:
- Easily assemble a document or a series of documents for e-signature
- Address the needs for document security and compliance
- Route documents for action using workflow
- Enable collaboration inside and outside the enterprise
Ryan Cox, VP of Global Partner Solutions at DocuSign, indicated that approximately 65% of DocuSign agreements are initiated from other business applications like Microsoft Dynamics or Salesforce.
This statistic highlights the reality of today’s modern workplace, where our daily operations are managed across a number of business applications. The vast number of disparate technologies utilized by many companies to manage their digital documents amplifies the need for a WCA platform that accounts for multi-platform integration.
Whether the goal is to bring a new employee on board, complete a sales order, or procure services from a supplier, there is an agreement at the heart of the process. Making the document-based agreement process a more intuitive, integrated, and intelligent experience means that an enterprise can provide their customers with better, faster business outcomes.