The Signature That Went Digital and Locked Everyone In
Electronic signature and document workflow companies replaced the paper signing process with a digital one, and by becoming the standard way agreements get signed, embedded themselves into how business runs.
Digitizing a Universal Task
Signing documents, agreements, contracts, forms, was long a slow, cumbersome process of printing, signing on paper, and scanning or mailing back. Electronic signature companies replaced this with a digital process, letting documents be signed electronically, quickly and easily, which was a significant improvement to a universal business task.
By making signing digital and easy, and by becoming the standard way agreements get signed, these companies embedded themselves into how business runs, since signing documents is a universal need and becoming the standard for it means being woven into countless workflows. The value was in digitizing a ubiquitous, cumbersome task, and the strategic prize was becoming the standard, since the company that everyone uses for signing becomes embedded in the processes of countless businesses, which is a powerful and durable position built on a universal need.
Everyone signs documents, so digitizing signing touched everyone. And once a company becomes the way agreements get signed, it is woven into every deal, every contract, every hire, which is hard to unpick.
Why It Was Valuable
Digitizing signing provided clear value by removing the friction of the paper process.
| Before | After |
|---|---|
| Print, sign, scan, mail | Sign digitally in moments |
| Slow, cumbersome | Fast, easy |
| Physical handling | Fully digital |
| Delays in agreements | Agreements signed quickly |
The digital process removed the printing, physical signing, and scanning or mailing, letting documents be signed in moments, which sped up agreements and removed friction from a universal task. This value, speeding and easing a ubiquitous process, drove adoption, since businesses and individuals preferred the fast, easy digital signing to the cumbersome paper process. The improvement was significant precisely because signing is so universal, so digitizing it touched a vast range of business processes, from contracts to hiring to sales, wherever agreements need signing. The clear value in speeding and easing this universal task is what drove the adoption that let the leading companies become the standard.
Becoming the Standard
The strategic prize was becoming the standard way agreements get signed, since the company that everyone uses becomes embedded in the workflows of countless businesses, with a powerful position built on the universal need and the network effects of being the standard. As electronic signing spread, becoming the default that businesses and their counterparties use, the leading company embedded itself into how agreements get signed across the economy.
Being the standard creates advantages: businesses use it because their counterparties use it, since signing involves multiple parties who benefit from using the same system, creating a network effect. It becomes integrated into other software and workflows, embedding it further into how business runs. And it becomes trusted and familiar, the default choice for signing, reinforcing its position. These advantages, from becoming the standard, make the leading electronic signature company deeply embedded and hard to displace, since it is woven into the signing processes of countless businesses and their counterparties, integrated into other software, and trusted as the default. The position as the standard for a universal task is the source of the durable value, since being the way agreements get signed embeds the company into the fabric of business.
The Expansion Into Workflows
Electronic signature companies expand beyond signing into broader document workflows, agreement management, and related services, deepening their embedding and increasing their value. Having become the standard for signing, the company can add capabilities around the agreement process, managing documents, tracking agreements, automating workflows, and handling the broader lifecycle of agreements beyond just the signature.
This expansion, from signing to the broader agreement and document workflow, deepens the embedding into business processes and increases the value the company provides, moving from a signing tool to a platform for managing agreements. The expansion leverages the position as the standard for signing to capture more of the agreement process, embedding the company further into how business handles agreements and increasing its revenue per customer. This deepening, from the core signing to the broader workflow, is the growth strategy, turning the electronic signature company from a tool for a single task into a platform for managing agreements and documents, which increases its value and its embedding, building on the position as the standard for the universal task of signing to become embedded in the broader processes around agreements. The expansion reflects the strategy of leveraging a strong position in a universal task to become a broader platform, deepening the embedding and the value.
The Bottom Line
Electronic signature companies digitized the universal, cumbersome task of signing documents, replacing the paper process with fast, easy digital signing, which provided clear value and drove adoption across a vast range of business processes. The strategic prize was becoming the standard way agreements get signed, which embeds the company into the workflows of countless businesses and their counterparties, with network effects since signing involves multiple parties, integration into other software, and the trust of being the default, creating a powerful, durable position. The companies expand from signing into broader document workflows and agreement management, deepening their embedding and increasing their value, leveraging their position as the standard for a universal task to become platforms for managing agreements, built on the ubiquity of signing and the power of becoming the standard for it.