Conga Study: Documents are Going Digital but 76% of Companies Yet to Fully Transform
Research demonstrates more transformation — and automation — helps enterprises prevail
Conga, the leader in end-to-end Digital Document Transformation (DDX), announced the results of its inaugural Digital Document Transformation Pulse Survey, which found that while two-thirds of companies have digitized contracts and agreements, the majority have yet to automate associated processes, including negotiations (24%) and electronic signatures (45%).
“When organizations focus on documents as the first step in their digital transformation journeys, it provides a path to progress that leads to improved productivity and business growth”
The benchmark study aims to provide a pulse on how businesses are embracing digital transformation — and the role DDX is playing in the process. It offers insights into how and why companies are engaging in DDX, the key ingredients for successful transformation and best practices for measuring progress.
“When organizations focus on documents as the first step in their digital transformation journeys, it provides a path to progress that leads to improved productivity and business growth,” said Doug Rybacki, Chief Technology Officer, Conga. “The results of the Digital Document Transformation Pulse Survey indicate that while organizations understand the importance of digitizing documents — especially contracts and agreements — there is still incredible potential for them to adopt AI to modernize the process to eliminate human errors, enhance the customer experience and close deals faster than ever before.”
Documents are essential to business, but when they are stuck on paper, they can create a lot of drag — and worse, risks such as audits, missing contract clauses and even lawsuits. The Digital Document Transformation Study found that there’s a strong correlation between DDX and companies that are prevailing by maximizing efficiencies, increasing revenue and providing a better customer experience — with 49% of those who are winning already transforming eight or more types of documents.
Additional highlights of the study include:
- 60% of respondents believe that artificial intelligence (AI) is critical in transforming documents and document processes, with 37% either having plans to adopt AI or some level of AI already in place.
- Contracts and agreements are the most commonly digitized documents, with customer and marketing communications next on the list (50% of respondents), closely followed by billing and invoices, signatures, HR documents and offer letters.
- On the other end of the spectrum, documents that are least frequently digitized include RFPs, procurement documents, and finally, negotiations, which prove to be the true last mile in DDX at less than 24% adoption.
- As organizations seek a reliable technology vendor to partner with them on their digital transformation journeys, the factors on which make their decision are price-to-value, return on investment and speed of deployment and adoption – mirroring the exact reasons that companies transform documents and automate processes.