A major part of business processes still rely on heavy paperwork. From contracts to simple memos, there is always a lot to be scanned, reviewed and signed. But regrettably most paperwork is thrown away at the end of the day. The usage of electronic agreements has the ability to cut your organization’s time and money almost in half. Hence, to cut back on the paper usage plus boost effectiveness, businesses have ditched paper and switched to electronic signature platforms.
The entire signing procedure could take several days or sometimes even weeks to complete in the worst scenarios. A robust eSignature software makes the signing process quick, easy, and safe. The solution also leverages mathematical code in order to demonstrate the authenticity of digital documents. This program allows you to sign contracts electronically and verify the signer each time.
Ever since the beginning of the Covid-19 pandemic, many firms have adopted an eSignature technology to get documents signed, thus triggering a massive shift within the marketplace. So, if you are planning to implement a modern eSign application, below is an overview of its advantages.
Why You Need eSignatures?
Electronic signatures will streamline contracts and approval workflows, which require signatures by offering a convenient option to sign agreements from any smart device, laptop, mobile, or tablet, with an uninterrupted internet connection. Moreover, when you provide efficient means of signing contracts, it instills a sense of confidence and trust between both parties.
Benefits of Automating the Contract Workflow with eSignatures
Here we present an outline of various approaches through which eSignature software solutions ensure considerable saving of operational costs.
1. Quick Turnaround Times
Leveraging a cloud-based eSignature solution over wet-ink signatures accelerates the entire document signing process. Paper contracts must be found, requested, signed, and sent. On average, traditional processes can take up to five days or more. Electronic signatures can be completed in just a few minutes, quicker than ever before. Plus, the solution is unrestricted by distances and time-zones. It means documents can be electronically signed from any place at any time.
2. Eliminates Printing Costs
The amount of money spent on scanning, faxing, or mailing documents could be utilized to fund more productive activities. Rather than printing bundles of paper and storing them on your desk or filing cabinets as a future reference, you may quickly share them electronically.
It will also help you to save space and high expenses to maintain printers. It’s been observed that on average employees tend to spend more than twenty minutes per transaction to print contracts and file them properly. Hence, getting signatures in person can take up to four hours per transaction. An online eSignature solution will cut down the time spent on unnecessary paperwork filing by almost 40%.
3. Track Documents Easily
It has been observed that the average team members spend around 37 hours per year simply searching for misplaced or lost contracts/documents. That is almost an entire week of work. Thus, when you consider the national hourly wage in the United States, you are looking at a loss of around 835 dollars for every staff member each year.
So, in other words, every agreement your business doesn’t close could cost you more than 24 working hours and about 500 dollars. The tracking feature within an eSign solution signifies you can quickly locate electronic documents in a few minutes.
4. Minimize Errors
The manual way of signing agreements has itsa fair share of setbacks. Your customer could forget to sign one page of the policy document or may sign on the incorrect dotted line. On the other side, the salesperson could overlook to mark the mandatory fields on the contract.
This causes delays and mistakes, which is time-consuming and costly. With an eSignature application, such errors are eliminated. Once documents are verified and signed, both the organization, as well as the policy holder, receives a copy of the signed policy/document. It guarantees an error-free procedure for all parties involved.
The Bottom Line
How much time and money do you spend trying to collect signatures on critical business documents? As more organizations go digital, corporate leaders have come up with the latest aspects to attract new clients and streamline business processes. For this reason, organizations are turning to electronic signatures as they enable document workflow automation to gather legally binding signatures in only a few minutes. This will save more time and money, plus develop a stronger relationship with your valuable clients.