Expanding Your Bottom Line: unlocking The Benefits of Digital Signatures
Have you heard of digital signatures? Are you wondering what value they can add to your startup or grown business? Well hang on and relax, as we take the road to discovering the truth.
A digital signature aims to authenticate a document quickly with a unique mark of identification without the use of pen and paper. Despite security concerns, e-signatures are now widely implemented in legal dealings, business transactions, private affairs, and more so, as part of official government documents.
Stats on The Advantages of Digital Signatures
The debate on the capabilities of e-signatures has been going on for some time now, but researches went did some fieldwork and came up with these:
80% of the companies that implemented the digital signature system have seen return investments in the first year. And 25% experienced ROI within three months.
The most certain effect has been the massive boost of productivity in companies using the digital signature tech.
We exist in a scattered geographic business world where even local and small businesses conduct deals with different suppliers, partners, and customers in various states and countries.
Discover the True Advantages of E-signature to Business
Digital signatures are a convenient solution for this geographic dispersion since with remote authentication; it makes it an efficient solution as opposed to the alternative of printing, scanning, or mailing.
Let us take a look at the valuable uses of digital signatures using some practical examples
Quick turnaround of prospects into complete sales
Companies have ditched ink and opted for e signing, which has dramatically reduced the time taken to complete a sales contract.
Signing electronically has also led to desirable outcomes such as:
The turnaround of prospects to sales decreased from two days to one hour.
90% of contracts are completed on the same day
Freeing time for marketers to focus on generating sales.
Businesses are integrating the digital signature system in their procurement department, which will allow the team to manage and track contracts throughout the contract deal.
An easy way to finalize legal agreements
The legal sector uses up a large amount of paper. Along with the piles of paper comes hours of document processing such as retrieval, scanning, printing and storage and signing.
Different campaigns have begun started to advocate for a paperless approach insisting that electronic signatures can save hours, days, weeks, or months.
Here are some of the uses of digital signatures in legal systems:
Security: every document leaves an audit trail that can be reviewed
Authenticity: No time to change terms, dates, and conditions of signatures
More practical benefits include reducing the dependence on paper to cut down storage as well as other related spendings.
Intuitive and simple
Simplicity is one of the most significant benefits of digital signatures. If you can access a link and click on buttons, then you can use the e signature system with the same ease and convenience.
A simple signature process involves:
Uploading a document
Declaring recipients and signers
Delivering a secure link to the recipient; and,
The recipient signing and sending back the doc.
It is a simple process that smooths document flow, ensuring you can complete contracts in a jiffy, and with minimal interference.
Improved Human Resource sector
Similarly, to the legal system, the human resource sector consumes rims of paper in its functions. A tax company, The Australian operation of H&R Block, has set out to ease its hiring process by digitizing the services.
The company hires hundreds of new agents during tax time every year. It takes time to prepare the necessary documents, track the signed, and store the completed contracts.
H&R block has opted for a secured signing digital solution that allows district managers to process a thousand employment contracts with the newly-hired with the help of electronic signature solutions from anywhere, anytime.
Improved customer experience
The digital signature market has experienced a surge of growth globally. Along with the increase in usage of e signatures, smartphones have managed to penetrate 90% of some parts of the world.
Of late, customers prefer doing everything online and at the comfort of their homes or anywhere in the world. Therefore, they seek businesses that extend the same electronic experience.
Nevertheless, a few or no customers possess printers in their homes; thus, the need for physical signatures can end up costing you a great deal as customers prefer digital means.
If your company is relying on paper processes, you risk frustrating your customers with the delays like unsigned parts that need sending back-and-forth and possible errors.
Companies are powering customers to complete the following information through online processes;
Statement of work
Information forms for new prospects
Electronic signatures as a solution for paperless offices
Electronic signature software is a must-have tool for any business looking to go digital in its operations.
With the right signature system, you can ease the workflow and improve productivity efficiently.
Once you enjoy the benefits of the E-signature system, you can agree with us that any modern and competitive business ought to implement the electronic signature system to experience the same positive impacts that you have experienced.
The days of waiting for someone to scan, courier, and email documents have passed with the latest trends being signing and sending.
E-signatures as a document management system
When using paper signatures, it's almost impossible to tell whether the recipient of the document has signed or buried it somewhere in the office.
Using digital signatures, you can track the document, the corrections made on it, viewed documents, and signed documents.
Additionally, you can deliver notifications to users who have taken too long to sign. A signed copy of the document is then efficiently returned to the sender, or you can choose to export the signed document to your local storage. This gives full control of the workflow.
Industries and companies alike are answering the digital call to give customers, vendors, employees, and the management a simple yet efficient, and fast digital experience.
Now that they know the advantages of a digital signature, it's time to start going paperless. Companies recognize the hassles that digital signatures are saving them by making routine administrative tasks easy and providing time to focus on growing the business.
Electronic signatures have helped companies improve their workspace, craft competitive contracts, and build businesses that can succeed in the new economy.