Despite the pandemic driving digital transformation of Australian businesses, organisations are lagging when it comes to technical advancement, with 28% of businesses still running just one to four SaaS solutions, compared to the national average of eight, according to new research from DocuSign.

SaaS solutions save companies time (57%), heighten security (54%), enable scalability (53%), reduce cost (51%), facilitate integration (48%), and provide support (46%). Of these benefits, time to value ranked as the highest in Australia, demonstrating the value businesses place on time saved.

The research unveiled that, of the SaaS solutions available, eSignatures rank number one in customer satisfaction for time to value, with almost half (45%) of Australian customers extremely satisfied, followed by productivity comms (40%) and supply chain and logistics (38%).

While 8 in 10 of Australian businesses say there is a demand for e-signatures, 56% have yet to implement a solution, with lack of collaboration between IT and business units (30%), integration difficulties (28%) and regulatory requirements (24%) listed as key barriers.

However, digital transformation in this category is on the rise, as electronic signatures (eSignature) and contract lifecycle management (CLM) implementations are predicted to be up and coming solutions in 2022, with 60% introducing these digital tools in 2020 and 2021 alone. 

“It is clear that SaaS solutions, like eSignatures and CLM, will continue to be implemented as a tool for businesses in communication operations, specifically in communication and collaboration, employee engagement, and supply chain and logistics,” DocuSign group vice president and general manager for Asia Pacific and Japan, Dan Bognar said.

“The automation of these processes and workflows through SaaS applications help increase productivity and innovation, allowing employees the essence of time for higher-value projects that drive business growth. SaaS solutions are the future of increased productivity and innovation for organisations across all sectors.”