The idea of digital transformation is nothing new. SMEs have been taking advantage of digital solutions for decades, with businesses across the world adapting to video calls and the multitude of communication solutions that enable remote work. There are, however, many other processes that could benefit from a digital first approach - from cost savings to efficiency improvements here are four ways by Mike Hathaway, Chief Product Officer at Ascertia on how businesses can benefit from a digital first approach.
Save money (and the planet)
Many SMEs have made the switch to digital invoices but paper contracts are still common. Paper might initially seem like the cheaper alternative to digital solutions but the cost adds up. It’s not just the cost of the raw material itself, the cost of couriers and archiving are also part of the process.
Digital signatures are becoming the norm, with a recent report from the Industry Working Group on the Electronic Execution of Documents outlining the benefits and the best practices to adopting e-signatures in England.With documents stored securely in the cloud, there’s no losing contracts during an office move or incurring expensive storage costs for years, and as soon as a contract is ready for signing, it can be emailed to the other party, speeding up approval and saving everyone’s time.
Easier cross-border business
No SME wants distance to be a barrier to success. Digital transformation has enabled smaller businesses to look further afield for business opportunities. But the cost of travelling to an in-person meeting just to sign paperwork can be prohibitive.
A new country also brings new rules and regulations. Many governments now require the use of electronic signatures for filing VAT reports and invoices.
The eIDAS regulation is used across Europe to provide rules and definitions for different types of e-signatures and how they can be used. It states that e-signatures are as valid as paper signatures and defines three types of e-signatures: basic, advanced and qualified. Each e-signature level has different requirements, with Qualified electronic signatures providing the highest level of assurance and non-repudiation (where someone can dispute something was signed).
This means that signing documents with an eIDAS compliant signature ensures the contract is valid across multiple countries, making cross-border business smoother and less of a headache.
Work from anywhere securely
The work from anywhere approach has become the norm for many businesses, but it’s important to ensure the same strict security measures for employees as if they were still in the office. Remote signing removes the need to carry around a card reader or eID card to electronically sign documents; instead a mobile device can authorise signatures.
Understandably organisations can be cautious of new technologies, especially those used to authorise important documents.
Digital trust is a term to describe the many solutions enabling users to trust in electronic processes that deliver integrity and authenticity. This covers technologies and the organisations that provide them, from Trust Service Providers (TSP) to Public Key Infrastructures (PKI).
Digital trust will become increasingly important as more services and processes move digital. This is the most important puzzle piece of digital transformation – understanding and trusting in the technologies to ensure information and documents are held securely and can be authenticated if there is ever a dispute.
Improve workflow efficiencies
All businesses are trying to remove inefficiencies from their processes. Digital tools have enabled businesses to work smarter, enabling nimbler businesses to automate labour-intensive processes – from expenses to project planning templates. Cloud-based project management tools enable teams to work together wherever they are in the world, picking up where they left off.
Digital workflows provide a way for documents to be sent to the next person in the approval chain when it’s their time to sign. It’s also possible to mark sections that require a signature, providing proof that signers have read and understood key clauses of a document.
Now that the quick fixes have been used, businesses should be looking to other ways technology can add value.
A digital first approach is far more than using new software, it’s about augmenting people with technology that makes day to day processes more efficient for your business. It could even lead to business growth by freeing up time and resources to focus on the bottom line.
