By Cynthia Stoddard
Time is one of the most valuable resources in business. After all, time means productivity – the invisible commodity that increases employee contribution, satisfaction and morale.
In an uncertain economic environment with a tight labor market, high productivity and work ethic go hand in hand: both are critical to helping organizations attract and retain top talent. Today’s workers are looking for purpose-driven work to fuel the balance and well-being they need to support their organizations and themselves.
According to a recent Adobe survey, The Future of Time: Redefining Productivity While Uncertainty, more than half of managers and employees see work as a welcome distraction from uncertainty. And 78% of employees in the survey said a more supportive work culture motivates them to stay with their employer.
Productivity for peace of mind
At the heart of this meaningful work is productivity: the processes and technologies that enable people to contribute, empower teams’ workflows, and foster collaboration on new ideas and strategies, quickly and at scale.
Productivity also reveals a hidden fact: uncertainty has its benefits. Organizations see uncertainty as an opportunity for digital transformation: introduce processes and meet challenges with creativity and ingenuity. Among business managers in the survey, more than three-quarters said uncertainty drives collaboration and innovation.
To that end, Adobe’s dedicated Digital Workplace Experience (DWx) group ensures we align all of our tools with our people, not the other way around, so people can create and collaborate more effectively and equitably. Using technology such as advanced virtual whiteboarding and video conferencing setups, our onsite and virtual teams can enjoy a seamless work experience.
Three organizations across financial services, healthcare and the public sector illustrate how organizations have responded to uncertainty and driven transformation by deploying e-signature tools that improve the experience for customers and employees alike.
Faster financial transactions
Like most of us, TSB Bank experienced its biggest moment of uncertainty in recent memory in early 2020.
With more than 75% of its 5 million customers using digital self-service technology, the London-based retail and commercial bank strives to provide a seamless online experience. And the crisis of the pandemic accelerated TSB’s need for quick fixes.
TSB had just completed its proof-of-concept (POC) for a set of self-service forms to allow customers to close accounts when the pandemic hits. With rapid store closures and increasing demand for its online services, TSB needed to get its POC to market quickly. Fortunately, it had the e-signature strategy and technology to do so.
In the months after the lockdown began, the bank rolled out 21 online self-service forms that allow e-signatures for functions like change of address, bereavement and overdraft requests. The bank processed 140,000 forms in the first three months, increased digital self-service by 9% and replaced 15,000 branch visits. TSB also used digital productivity software to bring a customer service chatbot online, freeing up its call center agents to handle complex queries.
Reducing bureaucracy for pharmaceuticals
Few sectors have as urgent a need for efficiency and productivity as healthcare, as lives are often at stake.
Global biotechnology company Regeneron researches and develops therapies and medicines for diseases and viruses, including Ebola and Covid-19.
Application services – providing sustainable, scalable, reliable applications and processes for its scientists, manufacturers and distributors – are critical to Regeneron. The application workflow requires signed documentation for supplier contracts, offer letters to new hires, server access permissions, and regulatory compliance.
With multiple disciplines already seeing efficiencies from an e-signature tool, Regeneron implemented the technology across the organization. For application services, the adoption of these familiar digital tools dramatically accelerated document processing and reduced NDA, SOW, and contract signing times by 96%.
With e-signature software, a two-hour application process now takes less than five minutes. A Regeneron team calculated an annual savings of $633,000 and 4,608 hours as well as a significant reduction in paper waste and water usage from switching to e-signature software.
government in action
Norfolk County in England sought to become the most connected county in the UK through digital transformation, eliminating its paper and printing costs to speed up and sustain its operations and public services.
At first, Norfolk County Council’s attempts to implement electronic signatures for paperless workflows met with little public acceptance. The onset of the pandemic changed that as digital records and e-signatures became essential for business continuity following the shift to remote and hybrid working.
New digital technology offered Norfolk residents a seamless user experience, backed by robust technical support that helped the county government integrate e-signatures into their infrastructure. Norfolk County estimates the automated signature software helps it save 4.5 days per month and has cut a 45-minute legal document creation process to just 12 minutes.
Stress relief for customers and employees
By implementing e-signature tools, these three organizations have increased efficiency, predictability, and security for their customers – and their employees.
In an unpredictable job market, employees at companies investing in digital solutions are twice as likely to say that innovation has improved their work-life balance, the survey found. Seven out of 10 managers and employees in the survey said digital productivity tools give them peace of mind and reduce stress. And for the vast majority of employees, a supportive work culture contributes to their decision to stay.
When your company empowers its workforce with the digital tools they need, you may find that employees feel more engaged and innovative. When this translates into higher morale, you can increase your productivity and accelerate business growth.
learn more about Report The future of time and how companies can use digital tools to optimally support their employees.
Cynthia Stoddard is senior vice president and chief information officer at Adobe.