Renting Movies Got Modern, so Why Isn’t Your Document Management Digital?
Wednesday, December 14, 2016
The last twenty years have witnessed the movement of countless everyday activities to the digital world so much that we cannot imagine life without smart phones and the Internet. Everything from buying books to booking vacations or business travel is done online and many people are at a loss when they don’t have access to their phone, tablet, or PC. It is interesting to look at life today and compare it to the 1990s.
Take watching movies. Not that long ago, (1990’s), Blockbuster was the go-to video rental store; a frequent stop on Friday nights for picking up the latest release or an old-time favorite. Fast forward to today. We can rent videos on-demand or even stream for free—all online—without ever leaving home.
Contrast another ‘time travel’ to the 90’s when we were purchasing books from a bookstore or CDs for our Discman with today’s Alexa—Amazon’s artificial intelligence platform—that can add an e-book to your Kindle app or new song to your digital playlist at the sound of your voice, and you’ll quickly get a sense of just how far we have come.
But some things change more slowly than others. In this world of constant innovation and rapid change, there are some parts of our lives that are still laborious and lengthy.
Major purchases such as a home or car, completing employment contracts or business agreements are all document-heavy processes—ones that also require signatures—have been slower to transform.
Agreements of all types must be created, approved, signed, and stored. It used to be that a significant amount of work was done to digitally create documents for approval and then a physical transfer of those documents took place to obtain the required signatures. Once that happened, the physical documents were stored in hard copy folders, or scanned and stored virtually to satisfy legal requirements.
Over time, the physical transfers were replaced with faxing and print/scan/email solutions. While the introduction of email helped to reduce the overall process time, other issues such as data security emerged. This is where companies like DocuSign entered the market and started offering digital document signing solutions that allowed organizations to streamline document signing activities.
Yet, even with these new solutions, there’s still the challenge of managing documents before and after the signature events take place. Not to mention, the overall workflow of document preparation, signature, and retention often involves multiple systems. For example, there may be one system to track the initial request, like a loan application; another to build the appropriate agreement; a separate system to manage the actual document signing activities; and yet another to store and timestamp the document for records retention needs.
True digital transformation is possible with the power of K2’s low-code business process application platform. With K2, you can create end-to-end business process applications, available anytime, anywhere from any device that can span all critical line of business systems. And our integration with DocuSign’s Digital Transaction Management platform, allows for signature events to be fully embedded in the process, so the user experience is seamless. And all the while, you retain complete visibility and maintain audit trails on the signature process.
To learn how organizations are transforming their quote-to-cash, contract management, loan origination, claims processing scenarios and other document-heavy processes, take our self-guided Quote to Cash app tour and sign up for the webinar, K2 & DocuSign: End-to-end digital transformation. Get started streamlining your business processes today.