Going digital is a critical driver in the marketplace, but, unfortunately, it does not magically prove success to your business. The move from traditional to digital landscapes is time-consuming and sometimes quite tricky. Your company not only needs to change their internal processes but also how you work with other companies and with your clientele.
You are not alone! The Harvard Business Review in 2018 examined why digital campaigns by huge market giants did not pay off as well as expected. These examples included huge enterprises like Nike, Ford, Burberry, GE, Procter & Gamble, and Ford. All of these companies and many like them paid substantial investments into the digital market with limited payoff despite the nigh-unlimited resources they possessed. The digital failure meant their finances could not implement quickly enough through the company in an effective manner.
How is it that a large business such as these examples, known as successful enterprises, would not get instant digital success? The answer is simple: digital transformation cannot happen overnight. It needs not just to be a surface change, but a shift in the very soul of the company.
Here are five reasons why businesses, big and small, fail at going digital – and what pitfalls you need to avoid.
1. Lack of clarification in definitions.
Do you know what we mean by “going digital”? How about your staff and clients? Sure, you may know many of the steps of digital transformation. Still, everyone likely has a slightly different idea of the big picture. It’s hard to operate properly if everyone is working from a different framework!
35% of those who responded to a Wipro Digital Study claimed that, when there was little or no consistency, digital transformations were almost guaranteed to fail outright.
So, what does it take for the electronic signature to replace the traditional signatures?
Just information. Understanding the advantages of the electronic signature is an essential aspect for the digitalization to expand even further.
2. Changes in the economy
The digital age has changed the economy and how it operates. Research by McKinsey shows an interesting disparity in digital revenue growth. While it is getting lower in the bottom three quartiles of companies, it continues to flourish in the top quartile. Unless you are an industry leader that features a skilled grasp on digital trend response, your growth will most likely go downwards.
Large corporations, as well as governments, have been pushing digital signatures to reduce the cost of their paper processing and filing. As a result, organizations are facing two options:
- To adopt the electronic signature technology now,
- Wait a little longer and adopt it forced by customers and suppliers to adopt it later
No matter the chosen path, electronic signatures will soon be a reality for every organization.
3. Approaching with the incorrect mindset
As humans, we are prone to fear, feeling overwhelmed, doubt, and general resistance to change. Unfortunately, there’s no place for any of these feelings in the push through the barriers to digital transformation. According to Wipro Digital, a fifth of senior executives seriously doubt their current strategies for digital transformation. Some even consider them useless and a drain on time and resources. Digital signatures mostly experience the same troubles that any other digital product does.
Sadly, this kind of resistance is perhaps the top barrier when it comes to promoting digital change.
One of the main reasons electronic signatures fail during implementation is the rapidly developing legal environment that bears on technology use.
Electronic signatures are legal and enforceable in most countries around the world.
United States
Electronic signatures have the same legal status as their wet counterparts throughout the United States, thanks to the ESIGN Act and the Uniform Electronic Transactions Act (UETA).
European Union (EU)
The governing legislation across Europe is known as ‘eIDAS'. Its full name is actually ‘EU Regulation 910/2014 on electronic identification and trust services for electronic transactions in the internal market and repealing Directive 1999/93/EC'.
Rest of the world
Many countries in the world have adopted an electronic signature law or recognize electronic signatures.
Electronic signatures performed through our service are just as legal and binding as paper counterparts throughout the United States, EU, and in many other countries. eSign Genie complies with the ESIG) Act 2000, the eIDAS act, as well as international laws and statutes.
4. Unclear plans
You know you have to go digital, but do you know how and when to do it, and what tools you need? This is a crucial point of stalling for digital progress in businesses, who get stuck on these questions for so long they don’t know how to move forward.
Don’t start with the big questions. Create an order of business – what needs to go first – before you tackle the vast metrics, methods, and other massive changes.
An excellent place to start the digital life is with e-signatures and paperless offices. E-signature makes signing more convenient and effective.
5. Human resource deficits
Your existing staff should not be overwhelmed by lots of new responsibilities. If your staff are untrained, unprepared, or unable to balance all that work, your digital ambitions will not reach fruition. Your fantastic existing team is core to your company, but you also need staff who have the right digital tools to move on to the next level.
This means hiring software engineers, data scientists, AI experts, and other technical roles. If you want to make the first step to a digital life, start with the inclusion of a digital signature that can make your life a lot easier. An eSignature software like eSign Genie integrates with third-party applications, including CRM software, ERP systems, HR management suites, and accounting
You’ll be surprised how quickly the transformation will take hold!
