Gain Insight and Efficiency with eSignature Usage Data
Organizations need to collect and process an incredible amount of data to remain competitive in the modern business landscape. It requires a series of transformational internal changes, but the results are clear: data-driven teams are charging to the forefront of every industry.
Initially, the explosion of data collection and analysis over the last decade focused on improving operational efficiency, but the field has evolved to take on more complex problems. High-profile organizations are breaking new ground with data analysis: creating new revenue streams, uncovering new business models and providing personalized experiences for customers. There’s no longer a question about whether to collect and analyze data, the big decision is how to get started in this new direction.
No matter where your team is on the overall data science journey, it’s always beneficial to collect data that increases visibility about current performance. To improve the business, you need to understand the business. The more detailed you get, the better. A vital part of the data-driven revolution is replacing one-off anecdotes with broader, more powerful stories about specific workflows. By creating quantifiable connections to bigger organizational objectives, data can accurately pinpoint what’s working and what needs to change.
DocuSign offers data-driven insights about eSignature
Electronic signature is just like other critical business processes: it gets better when it’s measured regularly. That’s why we want our customers to be able to analyze data about the way they use eSignature. It provides operational insights across the entirety of the electronic signature process, helping you uncover opportunities for improvement and illustrating the impact eSignature has on the organization as a whole.
DocuSign can answer the questions your team has about eSignature use today. How many envelopes are you sending? How often are recipients completing signature requests? What’s the average turnaround time of a document? Each question can be examined on any timeline to tell the story your team needs. Data visualization tools offer summary snapshots that illustrate trends over time, making it easy to track efficiencies and reduce friction.
With a clear, data-based understanding of eSignature activity performance, it’s easy to make connections to broader company objectives. With a more complete understanding of the broader dataset, you can accurately analyze the value of eSignature today and build a data-driven path toward even greater value in the future.
Below is a list of data points that DocuSign offers today. Each can be run across monthly, quarterly or annual time spans with the data grouped by day, week or month.
- Envelope volume, broken out by envelope status
- Success metrics (completion rate, decline rate, expiration rate, void rate)
- Turnaround time
- Feature usage (branding, drawing, supplemental document, template, responsive signing, recipient connect, SMS delivery, forms, auto-navigation)
- Envelopes by Origin type (web app, mobile app, API)
- Signers by device type
- Envelopes by number of recipients
- Recipient types (signer, carbon copy, viewer)
- Identity verification usage
- Environment savings (carbon emissions, gallons of water, wood, waste)
Creating organizational value with eSignature data
With the above list of reports, it’s easy to think of simple questions that the data can answer. For example, knowing what percentage of envelopes are completed with a signature is helpful for your team. It’s also useful to know how long those signatures take to collect. Those two pieces of information can help you accurately set expectations for signatures that need to be collected on future documents. The standard reports do an excellent job of telling the story of the current eSignature processes at your organization.
Straightforward reports on eSignature usage are excellent to optimize the value of the product. For example, by reviewing trend lines of documents sent for signature, it’s much easier to plan envelope purchases. That makes budgeting more predictable and ensures that your team always has enough envelopes available.
Just like we’ve seen in other fields, data analysis is even more powerful when you combine insights across datasets to answer new questions. For example, does an increase in SMS delivery usage correspond with an increase in mobile signing? It probably does. How can your team use that information to get better results? There may be other insights in your data that can paint a more complete picture of eSignature best practices.
No matter what your team does or how you use eSignature, there are tactical insights in your data. By asking the right questions, your analysts can uncover valuable information, which can be combined with other analysis and made actionable to give your team a big competitive edge. No organization discovers these winning strategies by accident. They are the result of an intentional process, designed to optimize data quality throughout every step of the analysis process.
The first step in the analysis process collection. DocuSign equips your team with the information you need to make the next big discovery for your team. Try it today. The Performance Analytics tool is available today for Enterprise Pro and Financial Services Pro customers. Contact your account manager to learn more.