9 of the Most Interesting Points about DocuSign’s Leadership in the DTM Industry
DocuSign, the San Francisco-based company that makes business life easier for 225,000 companies and more than 85 million users in 188 countries, is a pioneer in the development and standardization of the digital transaction management (DTM) industry.
The 13-year-old company offers DTM solutions, such as electronic signature services and cloud-based document archiving and retrieval, to assist a wide range of market sectors. Lawyers, accountants, real estate professionals, doctors, small business owners, and many others rely on DocuSign to streamline operations and assist them in increasing the accuracy and efficiency of their documentation efforts.
The company’s focus on building strong authentication and security functions into its product has contributed to its growing role in the movement to create standards within its industry. Here are nine things to note about DocuSign and the DTM industry:
1. DocuSign offers a powerful and focused product.
With DocuSign’s e-signature service, any customer can quickly and easily upload, sign, and send documents back and forth online. The company uses the same standard for security employed by major banks, which reduces risk and enhances compliance.
More than half of all transactions conducted across the DocuSign Global Trust Network are completed within the first hour. In looking at close to 6,000 startup companies as contenders for its Next Big Thing award, the Wall Street Journal placed DocuSign in the top 10.
2. The company is at the forefront of a growing industry.
Digital technologies have put smart mobile communications devices into the hands of most North American adults. Today, buying, selling, and communicating among businesses and individuals is increasingly taking place online. The current market disruption caused by this shift to cloud-based information transmission and storage means that companies in most industries must also go digital in order to stay relevant and competitive.
DocuSign is among the DTM companies often categorized as electronic signature solutions providers. Similar brands in this field include Adobe EchoSign, RightSignature, and eSignLive by Silanis (recently acquired by Vasco). However, one recent article in a technology magazine noted that DocuSign is among the most cost-effective of all such companies.
3. The service fills a 21st-century need.
The many benefits of going paperless include easy organization, storage, and retrieval, as well as cheaper and more efficient communication with clients. Without paper, the back-up of data becomes automatic. Add in the benefits to the environment, and it’s easy to see why all of today’s large corporations have already moved in this direction, or are undertaking a strategic effort to do so. Companies have learned that DTM elevates their operational success at every level.
4. DocuSign is solving a pervasive problem.
Human or equipment error can introduce numerous problems along the analog processing chain at multiple service points, including at signing, printing, scanning, and mailing. DTM services like DocuSign reduce the number of service points, which decreases the possibility of such errors.
5. The company goes the “last mile.”
Historically, the handling of the signature itself was the “last mile” in the digitization of a business transaction. At the point of signature, the transaction process was most likely to break down, reducing the odds of a completely paperless transaction. DocuSign wants to be able to offer a completely digitized transaction from start to finish, allowing anyone, anywhere, to transact any type of business completely online in a secure environment.
6. DocuSign services are connecting the world.
Digital transaction management solutions are particularly valuable to businesses with a widespread global presence. Such companies find it difficult to exchange information in real time by traditional means. They can thus incur losses due to delays in communication and execution when using analog systems. Services from companies like DocuSign can overcome these barriers and connect locations across the world.
7. DTM offers bottom-line benefits.
A recent report by Forrester Consulting described results of a survey of some of today’s leading business. Twenty percent of them estimated that they lose as much as one-tenth of their revenue when they use traditional analog methods for document processing and storage. An additional 37 percent estimated that they lose at least 11 percent, and up to as much as one-quarter, of their revenue through analog. Almost 100 percent of all companies surveyed reported some revenue loss because of the inefficiency of traditional methods.
Operational excellence, a core business need, includes excellence in everything from order generation to the final delivery of goods and services. Almost all job types in a company can benefit from implementation of DTM systems. Most existing businesses are interested in first digitizing their post-sale transaction stream and their operational processes.
8. The industry has a forecast for sustained growth.
Some analysts predict that the DTM market will reach $30 billion by the close of the year 2020. By the close of 2016, more than two-thirds of all large companies will have started to implement DTM.
9. DocuSign supports standardization.
Thanks to the efforts of DocuSign, whose management initiated the move toward standardization across its industry, the administration of the digital transaction management business is finally emerging with workable and verifiable standards.
With the evolving xDTM standard, DocuSign and other companies and organizations are working to create a level playing field for all interested parties in the industry. In particular, the standard refers to eight factors: privacy, universality, security, availability, compliance, scalability, openness, and enforceability.
Certain types of businesses might need to place more emphasis on one or more of these factors. For example, a medical records company, which might be in the “xDTM” category, would need to focus extensively on privacy. A financial corporation would especially need to ensure enforceability.
The nonprofit xDTM Standard consortium is the official body that formulates standards for the industry. Such a standard benefits players throughout the DTM industry and beyond, which means that DocuSign’s and other DTM providers’ participation in the drive toward standardization benefits everyone.