Conga, the leader in end-to-end Digital Document Transformation (DDX), today unveiled the results of a global benchmark study that reveals where companies are on their digital transformation journeys — and where they stand on the road to DDX. The study found that 89% of respondents believe that the key to successful Digital Transformation is understanding and optimizing the way documents and contracts are created, managed and stored.
As technology evolves and opens up new opportunities for organizations to transform business processes, culture and customer experiences, Digital Transformation is now table stakes, with 97% of respondents reporting having a digital transformation strategy today.
While the results of organizations’ digital transformation efforts are a mixed bag — with 50% reporting being mostly successful and 92% having experienced barriers in the process — respondents are seeing the value of transforming documents as part of their digital transformation journeys. Of those from organizations that have or are digitally transforming documents, about half (51%) believe that this has put them ahead of the competition, while nearly one-third (32%) expect that it will in the future.
Additional key findings of the inaugural State of Digital Document Transformation report include:
- Digital Transformation is Paying Off: 95% of respondents said they are having at least some level of success, and 99% say they have experienced at least one significant benefit, including cost savings (45%), increased customer satisfaction (43%) and greater workforce efficiency (42%).
- Digitally Transforming Documents is the Cornerstone to Success: Most respondents (83%) say making documents digital 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 work on more strategic, fulfilling work (84%).
- “Copy and Paste” Continues: 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.
- Archaic Processes are Living On: While 67% use software-as-a-service (SaaS) to handle their documents, 59% believe that their organization’s approach to transforming its documents needs either a complete overhaul or significant improvement. Many respondents still report using filing cabinets (38%), ink signatures (36%), fax machines (30%) and typewriters (14%).
“The results of the State of Digital Document Transformation reinforce the fact that the business world runs on documents and contracts; they are at the epicenter of modernizing your business — and ultimately, the key to successful digital transformation of business processes. They are not only vessels of invaluable data, information and intellectual property, but also a benchmark of the customer experience and overall operational efficiency,” said Matthew J. Schiltz, CEO, Conga. “Digital Document Transformation automates the data and processes across every line of business, unlocking huge value for your company.”
Conga commissioned independent market research specialist Vanson Bourne to survey 2,400 legal, sales and IT decision-makers and influencers across North America, EMEA and APAC. All respondents represented organizations with 100 or more employees across a wide range of sectors, including financial services, manufacturing and distribution as well as media, communications and telecoms.
Conga is the leader in end-to-end Digital Document Transformation (DDX). The Conga Digital Document Transformation Suite, which includes Conga Composer™, Conga Collaborate™, Conga Contracts™, Conga Grid™, Conga Sign® and Conga Orchestrate®, drives segment-leading ROI by simplifying and automating intelligent data, documents, contracts, signing and reporting. From document collaboration and creation, through contract management and negotiation, to agreement and eSignature, the Conga Suite has set the standard for automating business productivity. Conga is Digital Document Transformation®.
The company is privately-held and based in Colorado with global operations across North America, in the UK, Europe and in Australia. Learn more at conga.com or follow Conga on Twitter: @getconga.