E-signature companies such as Adobe, Kofax, and DocuSign are positioned to experience increased success over the next twelve months, as more consumers and small businesses are opting to go paperless.
Writes Heather Clancy for Fortune, “E-signature companies Kofax [and] DocuSign say mobile devices and the instant gratification effect are accelerating adoption of their technology,” and that “The next 12 months could bring a tipping point in the adoption of electronic-signature technology, thanks in large part to consumer mobile device adoption.”
For Keith Krach, the CEO of DocuSign, not only are DTM services like the e-signature offerings provided by DocuSign innovating the way companies conduct business transactions, they are also making a difference within the nonprofit sector as well. “People understand that what we are doing is transforming the way that business is done,” said says Krach. “We are simplifying their lives.”
Clancy also points out that the original conversation spokespersons for companies at the center of the Digital Transaction Management (DTM) movement were sparking about the value in going paperless is now shifting to one about customer relations. “Now, the dialog is shifting to how digital transactions can reshape customer relationships,” she explains, pointing to Millennials and their need for instant gratification as a reason e-signature and e-payment companies continue to do so well.
Craig Le Clair, an analyst with Forrester Research explains, “All of a sudden, this notion of rapid customer interaction really started to drive things,” touching on a consumer demand for faster, more efficient processes in which transactions could be conducted. “The first phase was about companies reducing the cost of paper processes. Now, it’s the customer that doesn’t want to come to the office to sign a bunch of documents,” he says.
Indeed, with mobile technology allowing consumers to access social media, e-commerce sites, and entertainment from anywhere, it only makes sense that this level of convenience would eventually lend itself to business scenarios. Why would a person signing a lease to a condo, for example, want to sign a document from their realtor’s office when they could simply do it from home or work instead?
Companies like Aragon Research predict that DTM technology will receive major support from big businesses in the next few years. “Right now the market for digital transaction management technology is pretty small: maybe $700 million annually,” explains Clancy. “By the end of 2016 however, Aragon Research predicts 70% of big businesses will support an initiative. That could boost revenue related to digital transaction management to $30 billion by 2020.”
With these numbers in mind, it’s safe to say that individual consumers and major corporations alike are more than ready to go paperless.