We’re exploring more of our Digital Document Transformation (DDX) pulse survey, looking at how and why companies are changing.
Our survey respondents represented many stages of Digital Transformation (DX). And while they reported varying levels of DX maturity and development, it was important to note that almost every single respondent had already begun the DX process. We weren’t surprised by this—most companies have embraced DX as an important building block for future success. But we wanted to understand how these forward-focused companies are approaching their DX process.
For 77 percent of our survey respondents, the DX journey started with switching daily communications over to digital channels and formats, and moving from traditional paper documents to digital versions, including digital record storage. We counted simple methods like storing Word documents on shared hard drives, but in most enterprise cases, their transformations were more robust, meaning they use a CRM for file storage and management.
Which documents are going digital? We asked companies who indicated they’ve started their own DDX to share which documents they’ve transformed, and how many types. As DDX gains importance, organizations are transforming multiple types of documents across all departments. Over half of our respondents indicated they’ve transformed five or more common document types, with nearly two-thirds of the respondents reporting that their contracts and agreements are now digital, pointing to the importance of contracts.
But while companies tend to recognize the critical role their contracts play in their business, they’re slow to transform other documents and processes that are part of contracting. Less than 40 percent of respondents reported RFPs, procurement documents, and negotiations as part of their DDX. Our conclusion? We’ve still got a lot of work to do to help organizations fully transform their documents and document processes.
Once we saw how organizations were starting their DDX process, we wanted to know how they would determine success—what are their goals? Efficiency was the most important factor for our survey respondents. Nearly 32 percent rated increased efficiency as their primary reason for transforming the way they manage their documents and processes. Financial factors followed close behind, including increased revenue and reduced costs—both common outcomes for organizations who clearly define their personal DX journey and a workable strategy around it.
Companies are also thinking about the customer as they decide where and how to transform. Salesforce Research found that 80 percent of customers say the experience a company provides is as important as the products and services it offers. In our customer driven-economy, it wasn’t surprising to learn our survey respondents ranked an improved customer experience high on the list of their DDX goals.
Stay tuned as we continue the series on the benchmarks of DDX. Next week we’ll explore how our survey respondents are using processes and automation to power their transformations. You can also download the full benchmark report today.