How do paper based forms and contracts align with a digital strategy?
The short answer is that they don’t.
Everyone is talking about the new digital age, the value of data, how to improve the customer journey, obtaining an efficient back office… and yet there is still a proliferation of paper based processes.
With today’s technology advancements there is no excuse. Organisations that are slow to change will find themselves offering a poor customer journey compared to their peers. Being ignorant of the immense value that underlying data provides for their business, and therefore losing insight for executive decision making, suffering from corporate amnesia, missing key deliverables and revenue, having a high operating expense making them uncompetitive in their markets.
In today’s time of tight market conditions and the threat of digital disruption, moving from paper based processes to digital is essential, across all industries.
Practically that means relooking at how contracts are created, how many can be standardised, what the benefits of digital signatures are, how to capture the underlying data efficiently and linking it to back office processes.
Considering the lifecycle management of the contract types, from inception of the bidding/business need processes through to contract execution, monitoring and exit.
Understanding the value of the underlying data is important, as well as and how to use it for executives to drive business strategy. A Business needs to also understand how that data is captured and distributed across the organisation, and how many duplicate activities take place.
Imagining a digital customer journey, and what benefits that may bring.
The future of a new business operating model is here, the tools are available, and organisations need to embrace them in order to survive and prosper.