In the election, Australian small businesses were once again referred to as the engine room of the economy. With good reason – 96% of businesses are deemed ‘small’, however employ over 4.5 million people and produce over $330 billion of our nation’s economic output annually.
They are a hot bed for entrepreneurism and innovation – vital if Australia is to successfully enter its next phase of growth. In the year 2013 to 2014, over 280,000 small businesses were started.
Whether established or in start-up mode, small businesses don’t have the same shackles as big business. Less burdened and more agile, they are adopting technology to be the most efficient and productive they can.
However, there is one simple step you may not have considered but could help you leap frog competition of any size in the digital age. That is to simply remove paper from your business.
By digitising the last mile of business you can significantly enhance your customer and employee experience, reduce operating costs and drive immediate growth. Printing a document to sign, scanning it, then emailing or posting it, has no place in a digitally led, customer-centric business. Here are the top four reasons why removing paper will transform your business:
- Immediate removal of hard costs
Our economic climate is forcing SMEs to re-evaluate hard costs – digitising the last mile means no more paper, printer, postage and courier costs.
We find the average customer savings is about $48 per document. However it can be much more. When Colin Biggers & Paisley implemented eSignature technology it had a raw cost saving of $85,000.
2. Quicken the pace of business and reap the revenue
An immediate benefit is the ability to do faster business. Turning around contracts in hours rather than days or weeks; closing deals and being able to immediately recognise revenue all have significant bottom line benefits.
84% of transactions processed on our platform are completed in one day or less, and 62% in 60 minutes or less. Faster signing cycle leads to better client experience, higher referral volume, and increased internal productivity.
3. Customers expect digital experiences
Existing and new customers want to interact and transact in a completely digital manner – asking them to PDF, print or post a document slows engagement down and is cumbersome. It is also prone to error or simply not doing it.
eSignature technology enhances customer experience by allowing them to securely interact and transact with your business digitally– on any device, at any time. Happy customers are stickier customers.
4.Improve employee productivity
Removing paper reduces time intensive admin such as manual processing, scanning and filing. With the right tools, employees can improve productivity and focus on more meaningful work that is more profitable, such as spending more time with customers.
Just as customers expect digital experiences so do employees. In the war for talent, a truly digital organisation stands out from the crowd.
Increasingly I hear small businesses ask how they should digitally transform. They risk it being a redundant exercise if they fail to reap the benefits of digitising; equally, they risk being left behind by doing nothing. Removing paper to close that digital gap and going digital end-to-end, is the key to unlocking the value that already sits in your business.
Matt Old, Director of Commercial Sales, Docusign
