In this blog, you will explore the key CIO challenges and priorities from being the guardian of technology adaptation and securing an organization’s critical data. The role of a CIO is evolving rapidly. From being the guardian of technology adaptation and securing an organization’s critical data, network, storage and information systems, he now holds the mantle to spearhead the business’ goals. The ambit has widened further now, propelled by the pandemic as CIOs refocus their efforts.
Today, the CIOs priorities revolve around business value creation. More than a priority, it has become a requirement. As organizations hustle to adopt the new technological behavior of consumers, they cannot ignore the new technologies that have reshaped the competitive landscape. Seamless user experience in a mobile-first world, makes digital documentation, signature and archival attributes must.
The focus on digital transaction management and authentication, together with accelerating digitization rate are driving the demand for digital signatures. The global digital signature market size is expected to hit $25,211.3 million in 2030 according to market research report published by P&S Intelligence.
The gains from utilizing electronic signatures for specific transactional processes – principally customer contracts – or in selected geographic regions, they must overcome additional challenges to scale digital signatures across all business process document transactions and global locations. As CIO, finding the most cost-effective, time-saving and efficient digital signature solution is paramount.
Digital signature solutions pack a host of benefits to push forward businesses. The big question is not adoption of digital signature but ensuring compliance with the set of legislations which vary across region and industry. Here are some pointers to help you find the suitable digital signature tool.
- Comply with a complex array of country-specific security standards and networks of third-party Trusted Service Providers (TSPs).
- Before selecting an electronic signature solution, you need to vet how the tool works. The right digital signature solution should be able to meet compliance requirements and provide a seamless customer experience at the same time. The ease of use, agility, flexibility and speed become key determinants in enterprise wide adaptation of a solution.
- In the marketplace many vendors are there. When it comes to pricing, the structures also vary distinctly. Understand the pricing methodology and negotiate flexible pricing to promote organization-wide adoption for all types of transactions. These may include internal approval signoffs, not just external contracts.
- Businesses do not work in silos, so should you digital signature solution. The tool should help you engage with global stakeholders with an intuitive, user-friendly signing experience in their local language, seamlessly integrated with upstream and downstream process flows and enterprise applications.
The right signature solution helps to deliver superior customer experience. A seamless experience that morphs the digital interaction, the ability to sign documents from any device without an added security token or identity authentication mandate, from a customer’s perspective provides greater value. For a business, a CIO can ensure the ideal solution fits the business needs. Features like end-to-end customization, branding, flexible pricing other than key integrations and management of documents, storage, and workflow should not be optional.
Today’s businesses need a single, flexible, global solution—for all levels of electronic signatures— that delivers a stellar, streamlined customer experience with flawless compliance to international standards, both now and as the company grows into new regions. It must be able to expand into new countries easily, using regional certificate providers to ensure seamless compliance and be easily integrated with existing systems.
Digital identity has become one of the main concerns for all CIOs and the use of digital certificates to carry out certain procedures that involve the exchange of sensitive information between the parties. Though digital signature usage has become synonymous with digital transformation, many view it as a signature-only solution. However, it opens up a world of possibilities.
6 Keys CIO challenges and priorities to Implementing Future Ready eSignature Solution:
- Should provide a single signature platform for global commerce.
- Understand the regional differences and global likeness in e-signature laws around the globe.
- Comprehend the nuances of Identity and Trust Platforms to permeate the market.
- Ability to tackle third-party integrations with speed, scale & security.
- Bring Your Own Provider (BYOP).
- Assistance in exploring the commercial considerations in documents.
How today’s organizations digitize their documents and workflows will be a critical distinguishing factor between best-in-class companies and underperforming firms. According to the data by Aberdeen, best-in-class companies lead under-performing firms by 49% in terms of the current rate of electronically signed deals.
Still many companies use paper-based processes. Another survey found that 32% of documents are still paper-based. The number one reasoning was the maintenance of existing processes for regulatory and compliance reasons. Switching to a digital signature solution may appear costly or intimidating at first, but the evidence points otherwise. Digital signature solutions offer far superior benefits that even impact the bottom line of the organization, marking a long term impact. And allowing the organization to fully leverage the advantages of digital transformation. If you have any further questions or want more information about how Certinal could benefit you and your organization, please do not hesitate to book a demo with us.