How High Tech Industries can Benefit from E-signatures | DrySign by Exela

 


Technology plays a pivotal role in all major industries. And companies take extra care to invest in the right technology to gain an edge over their competition. But was technology ever considered this important before? Its adoption has seen a surge only in recent decades. In the early days of the Internet, technology was built to communicate any economic incentive or make products that people wanted to buy. But that changed with the world discovering its ability to scale beyond boundaries.

Today, high-tech industries have adapted to the latest technologies to expand their services or build new products. This includes technologies that seem indispensable to us now – cloud, high broadband services, cloud storage, social media, connected devices, and more. Furthermore, digital giants like Google and Amazon have evolved continuously by catering to customer expectations and modernizing in-house processes.

The Digitization Boom

The COVID-19 pandemic has accelerated the adoption of digital technologies for the survival of global businesses. Even legacy companies, antagonistic towards change, were forced to adapt to digitization to avoid being left behind. In addition, start-ups offering software-as-a-service (SaaS) and business-to-business (B2B) solutions have also decided to adopt digital solutions to modernize their workflows. 

84% of enterprises have used digital tools to provide a satisfying customer experience (CX) – Acquia

Imperatives of High-tech Enterprises

High-tech enterprises are revamping their entire playbook in light of emerging technologies. With new use cases emerging, new companies have sprung up to expand their offerings and their reach in new geographies. Companies are redesigning their operations from marketing strategies and product differentiation to their ability to reach their customer base. Some of the changes needed to be undertaken by these enterprises are:-

  • Reinvention of Portfolios
  • Modernization of Enterprises
  • Expansion into New Boundaries
  • Adoption of New Business Models

Reinvention of Portfolios

Enterprises need to reinvent their product portfolios to connect with their customers and provide a new customer experience. With the proliferation of artificial intelligence, machine learning, cloud, and the Internet of Things (IoT), high-tech companies can uncover new insights faster and break limitations in different environments. The same companies will acquire start-ups working in niche segments or merge with them to enhance computing capabilities. Companies can identify new challenges faced by customers and create customizable solutions by leveraging new and emerging technologies, and new products can be launched by identifying target audiences.

Also Read: Why E-signatures are Essential to Succeeding in Business

Modernization of Enterprises

Enterprises need to modernize and transform their workflows and internal processes to meet customer needs. The COVID-19 pandemic acted as a catalyst to adapt to novel processes resilient to frequent disruptions and force majeure. Companies can reinvent themselves by identifying the work skill gap of employees and, accordingly, reinvent their technology stack to fuel innovation and business growth..

Expansion into New Boundaries

Technology-focused enterprises looking to broaden their horizons will need to move away from their core competency areas and create cross-industry experiences. Enterprises can cement their foothold in their industry by leveraging new technologies, a loyal customer base, and distribution channels to expand into new regions. In addition, investing in areas outside their core competency will help them unlock new value in their ecosystems.

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Adoption of New Business Models

With new technologies comes the need to create new business models. Changes in customer demographics and needs have necessitated a demand to invest in digital technologies. High-tech enterprises will rely on novel technologies to scale their operations and spread their reach through social media channels. Likewise, digitization of tech support through chatbots and virtual assistants is the only way to satiate customer expectations in an evolving digital world.

High-tech enterprises are leaning into new technologies such as electronic signatures or digital signatures to enhance internal efficiencies and improve customer experiences. They can revolutionize their documentation and signing workflows with e-signatures, facilitating streamlined and speedy business processes.

Benefits of Electronic Signatures

  • Sustaining growth
  • Operational Excellence
  • Risk Mitigation
  • Superior Customer & Employee Experience

Source link to read more about "How High Tech Industries can benefit from E-signatures”: https://www.exela.digital/fi8

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