Realizing that digital transformations are the profitable next phase for the vacation ownership industry, Westgate Resorts, a vacation ownership leader that sells approximately 80,000 timeshares and other vacation membership contracts each year, enlisted eOriginal and its partners, DocuSign and Informa, to provide an end-to-end digital transformation of its entire contracting process. Westgate wanted to enhance its sales processing experience to provide better, faster, and more pleasant experiences for its members and sales staff, while also reducing time spent in the sales and closing rooms.
The vacation ownership leader knew that to capture the full value of digital transaction management they needed to go beyond eSignature. As the creation, management, and transfer of contracts is a key business process for the vacation ownership industry, it was essential for Westgate to find a legally binding solution that provided a complete audit trail throughout the lifecycle of contracts. Their speed and functionality requirements demanded a fully digital solution for contract management.
Today, the Westgate Resorts’ solution also eliminates third-party transaction fees and provides continuous integration for county official records. Moreover, the digital process complies with state notary and management requirements, in addition to providing an in-depth profile of the document’s history from inception.
Here are just a few of the results Westgate experienced:
- Cost Savings. Westgate resorts estimates that it will reduce paper-related costs by more than $680,000—the cost of buying, printing, shipping, and storing 1.8 million sheets of paper annually.
- Digital Securitization. By proving its security and meeting stringent legal requirements, Westgate earned the confidence of its financial partners, including its custodian Equiant, and completed its first digital securitization transaction.
- Expedite the Close. Transmission is faster – meaning less waiting and faster funding. Access to capital improves. Less time is spent on each deal. Faster, smoother deal processes result in fewer hold-ups, fewer kinks in the close, and more deals realized. More completed deals equals more sales.
- Communication and Upsell Opportunity. Westgate Resorts has achieved a new level of interaction with property owners throughout the year with the addition of Westgate Resorts-branded tablets, building a far richer customer relationship and enabling better customer engagement.
To see the full list of results and learn more about Westgate’s move to digital in an effort to embrace millennials, eliminate costs and improve efficiency, click here check out our latest case study.
eOriginal will be exhibiting with its partners DocuSign and Informa Software at the upcoming ARDA World conference. Schedule a meeting in advance and visit booth #303 to learn more.