Documentation is crucial in any business agreement. Whether it’s drafting an employee contract or a partnership agreement between two or more parties, you cannot ignore the documentation.
The signature is a critical part of any paperwork. But what if the signatories are in different locations? Should projects come to a halt just because a signature is pending? Delays like these can lead to financial losses. So, how can this challenge be overcome?
eSignature is the modern solution to it. It saves time for the organizations, cuts costs, and streamlines workflows. According to a survey, businesses can save 22,000 hours annually with the help of the online eSignature platform. It is cost-saving too. Organizations embracing eSignature solutions reduce document handling expenses by 85%.
Check out the blog to see how eSignatures can help your business save time and cut costs.
How Digital Signature Can Save Your Time
Speed and efficiency are the two main pillars of a business process. When you are thinking about choosing eSignature over a physical signature, you are on the right track!
Explore the five points below for a better understanding.
1. No Need for Physical Presence
Earlier, when there was no option for an electronic signature, people had to go to a certain place to merely sign a document. It made the signing a lengthy process. With the introduction of digital signatures, individuals can complete the signature at any time and from any location. Thus, it saves time and ensures that business deals are also being completed without any delay.
2. Faster Document Cycles
Electronic signatures accelerate the entire document cycle, starting from contract drafting to contract signing. If you are still following the traditional way of contract signing, then you need to either scan or print the document and then send it to the respective signers. It is an indication that you are wasting your precious business time.
3. Automated Alerts with eSignatures
Advanced digital signature solutions integrate well with the other common tools businesses use, like email or document storage systems.
It reduces the need for manual data entry and tracks where a document is. Automatic alerts and reminders let everyone know when a signature is needed, so with eSignature software, processes move faster, and time is saved.
4. Reduces The Burden of Repetitive Administrative Tasks
Managing tasks manually keeps the department busy with paperwork, chasing the respective people for signatures, and later filing the completed documents.
Online eSignature software automates all these tasks and makes the team free from administrative burden. Thus, the administrative team can focus more on completing their core tasks.
5. Document Tracking
For a business organization, tracking the physical papers is no less than a nightmare. Errors and mistakes are inevitable.
An eSignature platform offers real-time visibility into the document signing process. Businesses can now easily monitor the progress of a document designated for signing.
How Digital Signature Can Save Your Money
The electronic form of signatures helps you achieve strategic growth and saves your valuable time. But its effectiveness does not end there; it can save you money by reducing operational costs as well.
1. Save on Paper-related Expenses
It is the immediate savings that businesses will experience with electronic signatures. Papers, inks, printer, and later the maintenance expense; all you are going to save with the electronic form of signature.
Businesses that deal with large volumes of documents are definitely going to save money with electronic signatures.
2. Detailed Audit Trails
Business organizations need to keep a clear record of who did what with a document. It is important from a legal and compliance perspective. With paper documents, creating and maintaining these audit trails is both time-consuming and expensive.
Smart eSignature software makes this easier by automatically recording every action taken on a document. It saves money and time and protects your business from any type of legal complications.
3. Avoid Delay-Related Losses
Project delays due to pending signatures can lead to costly interruptions. Digital signatures enable people to sign a document from any corner of the world. Business and projects can progress as usual while the eSignature can take care of everything.
4. Saving from Legal Fees
When you are dealing with sensitive documents using traditional methods, it increases the risk of security breaches, which can lead to penalties, non-compliance issues, and legal issues. follow legal rules, provide encryption and validation features to minimize these risks. In this way, it helps the businesses save the legal expenses.
5. Decreased Labor Cost
Traditional means of document signing require mailing documents to every signatory, which increases courier and postage fees. Apart from them, using physical documents means you need storage space, and maintaining that space adds to your operational costs, labor, and administrative costs for sure. With online eSignature software, documents can be stored digitally in the cloud without any maintenance cost.
The Additional Benefits Other than Money and Time
While cost and time saving are the prime benefits of eSignature software, this is not all. The online signature solution has some additional advantages, too.
1. Reduction of Human Error
By automating the signing process, eSignature software minimizes the risk of human error and legal complications.
2. Scalable Solution
With the growth of businesses, the number of documents and contracts will also surge, which can make the workload less by automating document management.
3. Secured Document
The role of electronic signature software does not end with executing the signature only, it ensures the signature is tamper-proof.
4. International Legal Validity
Online signatures are accepted as legal in most countries. Thus, the solution makes it easier for businesses around the world to work together. They carry the same legal weight as handwritten signatures by meeting both the security and verification standards.
5. Eco-friendly Practices
The online form of signatures contributes to eco-friendly sustainability and enhances a company’s socially responsible image by reducing paper usage.
Final Thoughts
In today’s fast-paced business world, time is money, and the manual signing process simply can’t keep up with the pace. It brings unnecessary delays, operational hassles, and hidden costs. Smart eSignature software can eliminate these bottlenecks and significantly reduce expenses.
SutiSign, the digital signing solution from SutiSoft, offers advanced authentication and corporate-level security. Key features like reusable templates, multiple document support, and flexible approval workflows make the online signature process seamless, efficient, and scalable.
