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The definitive answer is here: documents are key to successful Digital Transformation

patricia.gallagher

November 12, 2019

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In our new, major research study, we found that documents are key to successful Digital Transformation. Read on for some of our key findings.

I.    Benchmarking Digital Transformation

We live in the age of Digital Transformation, constantly responding to changes in technology that transform the world around us, and evolving our approach to business based on the newly possible. Digital Transformation allows us to rethink how we do business, create efficiencies, enable our employees to work more strategically, and delight our customers. 
 
Today we are proud to announce Conga’s first annual State of Digital Document Transformation. Through this global benchmark study, we surveyed 2,400 decision makers and influencers across regions and industries to take the measure of where companies stand on their journeys to Digital Transformation. The resulting report shows that nearly every company has embarked on the road to DX, with 97% of respondents reporting having a Digital Transformation strategy in place today.

While no one doubts that Digital Transformation is a requirement to remain competitive, it’s also hard to say exactly what that includes. There are so many areas where organizations can transform, and so many ways to do so on so many levels, that it can be challenging to implement an effective strategy that provides access to the considerable advantages that Digital Transformation promises. 

This is likely why the Conga survey reveals that organizations’ Digital Transformation efforts are a mixed bag. Only half (50%) report that their approach to DX is mostly successful, and a full 92% have experienced barriers along the way.

While there are roadblocks to effective transformation, there are benefits to even partial success. Nine-nine percent of respondents have experienced at least one significant benefit from Digital Transformation, and 95% report at least some level of success. This is perhaps why the results show that most companies plan to continue their transformation strategy over the coming year, despite the hurdles they have encountered.

II. The road to DX success runs through your documents

To get the full return on investment (ROI) and competitive edge that Digital Transformation offers requires a targeted, workable strategy to help organizations push past barriers and transform effectively. The potential can be realized by driving Digital Transformation through critical, everyday documents. Digital Document Transformation, or DDX, allows companies to create measurable, game-changing success, without having to boil the ocean.

The survey data reveals that 89% of respondents believe that the key to successful DX is understanding and optimizing the way documents and contracts are created, managed, and stored. 

Organizations are addressing fundamental problems through DDX, with 95% reporting that at least one significant pain point has been solved through approaches to the document lifecycle.

While companies can see the strategic importance of DDX as a method to achieve the benefits of Digital Transformation, there is still a lot of room for improvement. Two-thirds of respondents (67%) use software as a service (SaaS) to handle their documents, but there are a lot of manual steps and archaic technologies still out there that are creating slow, inefficient processes. More than three out of 10 (31%) respondents still copy and paste new content or data into an older version of a document—creating manual work and introducing potential for errors. Nearly the same percentage (30%) request every contract from legal, putting the burden on a department that is often already understaffed and overworked. Additionally, 32% still generate and review documents manually, while 27% use paper-based processes and snail mail. Many respondents still report using filing cabinets (38%), ink signatures (36%), fax machines (30%) and typewriters (14%).

These areas that call out for transformation explain why DDX hasn’t been totally successful for more survey respondents. The general responses show that less than half of DDX initiatives are totally successful in the key areas: eSignature (48%), documents (44%), data (42%), tracking and insights (41%), storage (40%), and processes (37%). And this explains why 59% believe that their organization’s approach to transforming its documents needs either a complete overhaul or significant improvement. 

In other words, in order for DDX to be totally successful, it needs to be comprehensive in each of the key areas above (data, documents, tracking and insights, storage, eSignature, processes), and companies need to cut out manual steps and archaic technologies.

III. Getting ahead with DDX

It is evident to survey takers that DDX provides a competitive edge, even when their organization has not been totally successful with their DDX strategy so far. This tells us that the possibilities they see for success with Digital Document Transformation are game-changing.

More than four out of five respondents (83%) say transforming documents and processes has or will put them ahead of the competition or create a more solid customer experience (85%). At the same time, the majority know that digitally transforming their document processes is key to achieving organization-wide goals (87%) or enabling employees to focus on more strategic, fulfilling work (84%).

Winning companies know this already. DDX provides a competitive edge to those organizations that can implement it effectively. Ninety percent of organization with successful Digital Transformation strategies reported and increase in revenue. Companies with increasing profits are nine times more likely to take on dramatic DX initiatives. And 71% of organizations with significant plans for DX in the next 12-24 months report increasing employee growth. 

And in every area, companies that have fully transformed or are in the process of fully transforming the fundamental areas of DDX are winning more often.

Download the full State of Digital Document Transformation to see all of the data and learn more about how DDX helps companies get ahead.

 

What changes are companies making today?

Learn where more than 2,400 sales, legal, and IT professionals stand on their road to DDX, and how it's impacting their businesses in The State of Digital Document Transformation.

patricia.gallagher

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