Metrics: How Companies Can Make the Most of Technology

The technology boom is not stopping but, rather, is accelerating at an ever-increasing pace. It is common to see decision-makers excited about the idea of adopting the latest tools in their companies, such as ChatGPT, which has become very popular. In fact, such is the interest of enterprises in introducing innovations in their offices that the consulting firm IDC predicted that in 2023, digital technology investment in Latin America will grow 32 times more than the economy.

This momentum can bring great benefits to the corporate world; however, before jumping into the technological wave, it is advisable to take a pause. Just because an application is trending does not necessarily mean that it is ideal for all organizations. How can we know which platform will deliver the best results? The answer lies in metrics. 

Companies must know the times, costs, strengths, and weaknesses of their processes to identify areas for improvement. An example of this can be found in contracting. In the digital sphere, the electronic signature continues to gain strength in businesses. The benefits it provides to close agreements remotely and streamline administrative tasks has made 66% of corporations plan to increase or maintain its use over the next 12 months. But to get the most out of it, it is vital for organizations to measure how this application helps them solve their problems.

According to a new DocuSign report, among the most important topics for leaders is the speed at which they can consolidate this tool in their workplace. If employees take a long time to adapt to it, the company runs the risk of losing profits or exposing itself to errors that could potentially damage its reputation. The report pointed out that 95% of organizations do not take more than one month to incorporate electronic signatures in their departments and 55% of them do it in five days or less!

Once this technology is part of a company's ecosystem, decision-makers should pay attention to the performance indicators that the application optimizes. Research shows that businesses have the ability to improve their numbers in terms of productivity, employee and customer experience, supply savings and error rates by using this tool.

As a result, employee productivity is positioned as the greatest benefit that enterprises get when using electronic signatures, since their efficiency can increase by up to 75%, by completing their processes faster and without having to spend time on routine tasks, allowing them to focus on activities of greater value to the firm.

While the main driver of productivity is the increase in revenue for companies, according to respondents, this also results in a better experience for workers (64%), as they are released from the frustration of performing monotonous tasks and thus reduce the possibilities of making mistakes. This is how this technology is able to reduce the error rate by 71%, which is fundamental to position any organization as safe, reliable and with great customer service.

In fact, in terms of security, 58% of electronic signature users agree that document handling is more reliable and 72% say that there are fewer security incidents, a key issue in recent years, when we are seeing a growing number of cases of data breaches affecting companies.

Another factor that frequently matters to customers and leadership, in the face of accelerated climate change, is the efforts that corporations are making regarding sustainability. Electronic signatures offer companies the means to improve their environmental practices by saving up to 1,280 paper pages, in addition to reducing the use of ink and the cost of electricity for printing, which on the one hand reduces waste production and on the other avoids more trees being cut down and excessive water consumption.

After analyzing different aspects in which this tool has a positive impact, in most cases electronic signatures guarantee a return on investment (ROI) in six months or less (90%), which is especially encouraging at this time of economic crisis where many companies cannot wait long to achieve the desired results.

Like other platforms focused on different fields, electronic signatures offer numerous opportunities, but the only way to know which is the most appropriate platform for a business or if it is working, is to have metrics on how the operation works prior to the adoption of technology, to know what is to be improved and after introducing an app, to review the figures it generates.
No matter how much the digital era continues to advance toward the future, what is not measured cannot be improved. Only decision-makers who understand in detail how their organization works will have the opportunity to get the most out of the innovations that emerge in time.