A good eSignature solution is easy to use and is more inexpensive than the traditional paper-based processes. The reason behind this is perhaps they seem more and more logical in today’s digital age. Today, companies tend to overlook this as a feasible approach to minimize expenses, enhance productivity, prevent risk, and support any digital transformation initiatives.
However, if you keep on overlooking them as a critical factor of your business you may miss out on significant opportunities. Customer experiences, as well as research, shows that an electronic signature can help organizations, such as:
#1 – Enhancing the onboarding and the hiring process significantly. In some cases, as much as 85% less time is required to process new recruits.
#2 – Minimizing sales cycles from seven days to two hours.
#3 – Reducing expenses by 30% and improve revenue by more than 40 percent.
Here we present some of the major reasons why electronic signature software is crucial for a company’s digital transformation initiatives.
1. Streamline Business Operations
Paper is costly, wasteful, risky, and time-consuming as well. It makes the whole process difficult for everyone involved in the whole company. With a cloud-based electronic signature solution, you can digitize and automate critical factors of your business processes-everything from sales management to onboarding new staff and speed up your supply chain management.
Electronic signatures can deliver a faster, smoother, and digitized experience for your customers, partners, employees, or anyone else in your ecosystem.
2. Enhance Productivity
By streamlining your business operations and empowering sales teams, an electronic signature solution can enhance productivity significantly. A study from Forrester states that a typical company could save more than 45,000 employee hours over a three year period, which would also save a minimum of 2.5 hours per new employee by signing onboarding documents online.
3. Improves Sales Workflows
The Total Economic Impact study by Forrester Consulting says that an electronic signature technology allows companies to receive contracts signed 20 times faster than the traditional paper documents. According to the Aberdeen Group, eSignatures technology minimizes the average length of a sales cycle by a factor of eight times.
4. Transform Work Culture
In an increasingly digital world, IT consumerization signifies providing a digitized experience to your employees, customers, as well as partners which also need to be quick, easy to deploy, and hassle-free for all. As the workforce gets younger, many digital initiatives take on higher roles, and companies should start transforming otherwise the risk of being left behind.
5. Embrace the Future
Fax machines are no longer considered as the symbol of a modern workplace and thus, are becoming antiquated. The urgency for digital transformation is confronting enterprise leaders each moment.
According to the IDC, it is estimated that within three years, more than 75 percent of all IT expenditures will be for technologies that accelerate the digital transformation. As electronic signatures are becoming the future of business and are so easy to deploy, you should have no issues when starting using it.
6. Minimize Risks and Secures Document Flow
Paper is quite fragile. It can be easily lost or damaged. You could dispatch an agreement, wait for it to be delivered to the signer and then back to you, and you still might find a few signatures missing. Digital environments eliminate such risk factors.
Electronic signature software adds to your agreement’s security with strong encryption algorithms. Hence, for this reason, no third parties can access or decipher the documents. Online electronic signature software also provides you full control over your workflow and the time it took to complete the process. Utilizing a feature like an audit trail enables you to monitor all changes made to the contract or document.
7. Track Documents Easily
Tracking physical agreements down after they have been signed can be tricky. However, when you sign contracts online you can monitor and audit the signed paperwork easily. Many electronic signature solutions allow you to track several factors, such as:
- The exact time the document was created.
- When each party received the document for signing.
- When the parties gave their consent for signing, and when they sign it.
- Place, time, and IP address for each party who signs are captured.
- The time each party returns the document after signing.
8. Good Customer Experience
Nobody can argue to the fact that client satisfaction is an essential aspect of influencing business success. Your clients will be more satisfied if your interaction with them turns out to be simple and effective. Electronic signatures save your customer’s time and create a more convenient signing process for them.
Hence, it can be concluded that with a robust electronic signature technology, a company can embrace the new critical digital age without needing to go through a complete digital transformation. By using SutiSign, the path to eSignatures is simple, highly accelerated, and secure.