In any organization, both internal and external facing (customer-facing) processes exist. Today both these processes are undergoing transformation. It is clear that companies across the world realize the critical nature of businesses now: change or perish. A survey conducted by Capgemini with the MIT Center for Digital Business found that organizations are still struggling to make their investments into business success. Considering the fact that worldwide spending on digital transformation technologies, including hardware and software may have crossed the USD 2 trillion mark by 2021, this is not an outcome business leaders may have expected.
Document digitization and digital signatures have been keys for unlocking value from both internal and external facing (customer-facing) processes. However, the ambiguity surrounding the process transformation and frantic changes in technology innovation has left many gaps.
The internal processes in an organization are focused on areas like finance, IT, HR, legal, and operations, among others. Whereas, the external processes are usually the outward process where customers and third parties are involved such as sales, marketing, and customer support services.
Though both run hand-in-hand, like a well-oiled machine, when it comes to digital signatures a clear distinction exists. If you are a user of digital signature solutions, you may have noticed the differentiated pricing structure already. If you have not, then read on to find out more.
In essence, the digital signature vendor uses the same methodology when employing the solution. However, many may assign boundaries also known as digital envelopes which distinguish between the two processes creating the differential pricing structure. The dichotomy is clear: why is there a distinction when the technology and methodology for both stay the same.
For instance, take a bank’s loan disbursement process which includes both internal and external interfaces. A bank may deploy due diligence activities and seek approval from its internal teams. While it may, liaise with the customer and get his consent for the same. All the concerned activities are for the same exercise. Yet the digital signature vendor may charge you differently for these signatures (approvals).
Explain the pricing of monopolistic vendors and how they charge the same for every signature. Explain why it is not feasible for companies to pay more for signatures that are internally facing.
As explained above, in the market today internal and external processes command premium pricing. Here are the two most common ways in which these take place.
The billing in this case will depend on the number of electronic signatures you use, regardless of the number of documents. Monopolistic or Differential Pricing vendors use this model to maximize their earnings.
Your billing will depend on the number of documents signed. This will mean variable costs based on the number of envelopes used by your organization. The biggest advantage of this model is the unlimited number of signatures in a document, which can lead to large cost savings and breaks free from monopolistic vendor pricing. A flexible pricing vendor uses this model.
In plain speak, both the processes should not be seen differently. So, the solution should be ONE. Apart from pricing, a charge levied on a) higher-level features such as APIs, integrations, connectors, identification and authentication, SSO and customer support, etc or a customized plan.
Some organizations may require envelopes of higher sizes like an engineering drawing or specification documentation during the contract period. This lacks monopolistic vendor support. And, organization-wide support to bring regional and legal teams under the fold is also limited.
Certinal’s digital signature solution is an intuitive way of signing your documents. With AI-powered cognitive assistance tools and ongoing complete support for advanced and qualified electronic signatures you are assured of secure transactions.
With our belief in the customer-first approach, which takes into consideration a value-based model to ensure users get the most out of our electronic signature solution we charge a uniform price for both processes. Certinal’s framework considers the value obtained from electronic signatures. The total costs are based on wrappers or digital envelopes– internal and external. These wrappers are assigned a uniform value based on the purpose.
This allows users to avail of unlimited electronic signatures in a document, where the charge is levied for a document, not a signature.
You can also reach out to us to check actual ROI, and how our digital signature solution can benefit you.
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Pricing is a critical aspect, and it should not hinder the process of digital transformation in any way. The differential pricing may seem a paltry sum for a limited number of transactions, however in the long run it can create a huge gap in the total outgo.
As a buyer, you should ask the vendor how they price the solution. Do you need to shell out extra for a particular attribute, like user authentication or connector?
Our scalable solution covers all the gaps and frees you from restrictions.
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