Organizations need to track their business processes continuously throughout the year in order to minimize operational costs and enhance productivity. Particularly, small businesses with low budgets seek ways to gain a competitive advantage to stay ahead of their competitors.
However, out of various operational costs, traditional processes, and paper workflows costs it has been proven to drain more business resources in the long run.
As a result, over the last few years, many organizations have been adopting a eSignature software as a part of their digital transformation strategy to minimize as many operational costs as possible.
Let’s discuss how electronic signature technology not only helps you save more time and money but also eliminates tedious paper workflows.
Digitize Document Approval Process
Preparing a document and sending it to all customers involved in an agreement for signatures and printing the duly signed documents to store physically is a time-lagging process.
According to the AIIM research, on average, this process typically costs more than $17 per record, even without considering the administration costs involved.
However, you can save this cost by digitizing the process with an eSignature software. The software enables you to authenticate the documents electronically using smart devices such as smart-phone and allows storing the documents in a secured cloud platform.
Transparent Document Transaction Process
Business contracts and agreements involve bundles of documents which all need to be signed by the customer. While manually verifying and approving the stack of papers, there is a high chance for any errors within documents to slip through and result in contract cancellation.
Signature platform tracks and automatically notifies you on any errors found. Finding everything from misfiled or incomplete contract documents will save you from the unavoidable fines and penalties you would accumulate otherwise.
It allows you to track the complete documents authentication history, making it easier for you to view who signed the document, when, and where.
Some research shows more than 30% of business documents contain some errors which could lead to various issues and cause both inconvenience and costly delays.
Managers need to re-establish the overall process to fix those issues which consumes more enterprise resources. With an electronic signature software in-hand, you can manage and control every step of the document approval process and eliminate the errors the moment they occur.
Streamline the Processes
The wet-ink signature based document approval processes can take days or even weeks before it is completed. Plus, the time lag between the document preparation and the final approval can also end up in a deal cancellation.
eSignature software automates most of the time-consuming processes involved in the document approval process and enables your business to streamline their entire process. A recent survey found that digital signature software reduces the turnaround time of the document approval process by up to 80% when compared to the wet-ink paper based process.
The Bottom Line
Paper based workflows have been proven to be inefficient, consuming to much enterprise time and resources. And with the evolution of digital technology, most clients want to get contracts approved instantly using digital devices such as computers and smart phones with little to no delay.
The time is now for the organizations to integrate an electronic signature software solution into their business processes to achieve significant savings through a reduction in paper usage, printing, and postage costs.
Alongside reducing the operational costs, the software also improves the documents’ integrity and security, legality, and convenience of digital exchange to enhance overall business efficiency.