8 ways e-signatures can transform your business!
Today, every industry worldwide has stepped into an era of digitization, where age-old practices have gradually moved to the background, giving way to smarter and more efficient methods of working. The face of business is continuously changing, and the last few years have seen a boom in the number of industries embracing the latest technological trends, especially during and after the pandemic. Digital transformation has never been more significant, and there’s nothing that can stop it.
Over the years, there have been many breakthroughs in technology for business. With newer tools introduced for enhanced business processing, every business tool and its functions vary from industry to industry – be it CRM, accounting tools, email marketing tools, or even Chatbots. Ultimately, the purpose of these tools is to help your business grow by reducing costs, saving time, and enhancing the customer experience.
Digitally advanced solutions, although always a sound part of the trajectory of business growth, have taken a new meaning post-pandemic. One such solution that has always been a major player in a digitally-advancing world is the electronic signature. During and after the pandemic, e-signatures instantaneously became one of the easiest, most convenient, and most secure means of executing contracts or agreements. An e-signature platform eliminates the hassle of an extended manual process that includes repeated follow-ups, especially if it involves multiple signatories and location constraints. Businesses are constantly evolving while trying to find ways of getting things done in a quicker, more secure, and cost-efficient manner and e-signature platforms offer just that.
72% of company representatives say that a digital document process enables their
organizations to better maintain business continuity amidst unforeseen circumstances.
- Forrester Consulting Paper, August 2020
Electronic signatures, although understood differently by everyone, basically mean a digital and legally recognized way to indicate consent or approval on a digital document or form, just like a handwritten signature on paper. This type of signature has the same legal standing as a paper and ink signature as long as it adheres to the requirements of the regulations and laws under which it was created, specific to the country or state.
Here are some of the significant ways e-signatures can help transform your business digitally:
Reduce Apparent and Hidden costs:
There is hardly a business or industry that manages without signing agreements, contracts, and other documents. And most of these businesses use traditional signing methods. In these cases, the most apparent cost savings come from eliminating a paper-based workflow. No paper means no ink, no printers, no scanners, no postage, and no delivery or shipping. Most businesses fail to take into consideration the overhead and hidden expenses such as the human resource that you pay to handle, store and manage these physical documents or the losses you suffer from damaged, lost, or tampered paperwork, or the bigger storage spaces you rent or buy to store these business files. It cannot be denied that traditional signing does lend a finality to any business deal; however, when you weigh it against the sheer burden of cost this method puts on any business, it clearly comes across as the more futile option compared to a cost-effective electronic signature solution.
Better customer and employee experience:
With cut-throat competition, and increasing customer expectations, every business is trying to win customers over by providing an exceptional customer experience. The industry's focus needs to be consumer-driven, especially when businesses are opting for cutting-edge technology to stay ahead of the game. In today's world, where the customer is spoilt for choice, customer expectations are continuously and rapidly evolving. Additionally, your employees and their experiences are equally valuable to the success of your organization. An easy-to-use solution like e-signatures can help eliminate the inconvenient and bulky process of signing hundreds of documents for your customers and employees and replace it with a fast, safe, secure, and cost-effective process.
Fast decision-making to stay ahead:
The average time to obtain signed documents is 5-7 business days. As we know, Time is Money! Losing 7 working days to close a contract or hire talent in high demand can mean the difference between success and losing out. Signing paper contracts substantially increases the time taken to get into agreements, slows down the delivery of products and services, and, at worst, results in loss of business. With an electronic signature platform, the time and effort taken to get multiple signatures or approvals across the business are significantly reduced, making business processes faster than ever.
Productivity & efficiency:
By simplifying and reducing the TATs for workflow operations, e-signatures significantly improve productivity. Efficient digital solutions streamline lengthy and unsustainable traditional signing methods that have been a major part of most companies. These organizations depend on document signatures with manual processes, including paper, scanning, emailing, and shipping, to acquire these signatures. Employees spend hours of their time waiting around for documents pending signatures. Add to this, loss or errors would mean an increased cycle time, creating more inefficiencies and negatively impacting productivity. The integration of a simple e-signature solution can help you bid farewell to these unproductive and inefficient methods.
Even with the increased speed and efficiency, electronic signatures are also the most secure way of signing documents. Paper documents with wet signatures can be easily forged and tampered with, adding a risk factor that any organization would prefer to avoid. Manual documents are also at risk of being handled by several intermediaries till it reaches the recipient finally, also adding to the risk. Electronic signature platforms can track signed documents from the past, along with their date and completion status. Most e-signature platforms also use Certifying Authorities (CA) and digital signatures backed by PKI or Public Key Infrastructure technology, giving you an added layer of protection on your confidential documents.
Greater Flexibility & Convenience:
The flexibility and convenience that a digital solution like e-signatures provide in a post-pandemic world are unprecedented. Most e-signature solutions work on multiple devices and can integrate with existing software like Google Drive, DropBox, etc. Signing yourself or requesting signatures from multiple other parties or even bulk signatures is an effortless cakewalk with a robust e-signature platform.
Sustainable & Eco-Friendly Business:
One of the best transformations that an organization can go through is to Go Green! Sustainable operations are not just a passing fad but a necessity for a better, environmentally stable future. Deforestation is still causing havoc on the biodiversity of the planet, and protecting it at all costs is a weight all of us carry collectively. An environmentally conscious business is also a magnet for future generation clients who believe that the responsibility of our planet lies with us.
Contactless & location agnostic:
Post COVID-19, every industry is compelled to look into Work-From-Anywhere and hybrid options. The future of work is location-agnostic. Apart from reduced commuting time, improved productivity, and a better work-life balance, there are many advantages to WFA options. To gain these advantages, every company must ensure a hassle-free, seamless, and secure workflow for business continuity. E-signature solutions provide users with an unmatched contactless and remote experience.
Here is a quick look at some of the use-cases of e-signature solutions for various industries:
- Signed and approved Offer & Appointment letters
- Memos & Appraisal Forms
Accounting & Finance:
- Vendor Invoices
- Employee Reimbursements
Admin & Procurement:
- Purchase Orders
- Vendor Contracts
- Offer Letters
DrySign is an easy-to-use, secure, and fast e-signature platform that can transform your business and change up old, traditional, cash-draining methods to new, digitally powered solutions. Find a plan suitable for your business, no matter the size or industry you belong to. Go Digital With DrySign - E-signatures for All!
Sources: financesonline.com | adobe.com
DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.