Today, automation is a popular buzz word; and nobody wants to spend more time on repetitive tasks. Technological advancements such as digital signing offer organizations a better way to engage with employees and sign contracts. Technology can add value across all industries.
Time and Cost Savings
Cloud-based eSignature solutions can effectively manage digital signatures and other workflows. Around 65% of businesses are ditching paper and choosing digital processes. Let’s take a look at some of the practical ways of how technology can help work better.
Improved Productivity with Streamlined Workflows
Businesses with clearly defined processes perform better; digital tools streamline current processes. Around 40% of companies adopt digital tools to automate routine and repetitive tasks and to improve efficiencies.
Automate Follow-ups to Avoid Contract Delays
You have to spend days or weeks to get the signatures done. Also, the poor contract management leading to missing deadlines would cost up to 40% more for services. The advantage of an electronic signature solution is that it will send out reminders, so you never miss a due date again. If you need to get a document signed, give the due date, and the system automatically sends reminders until the task is done.
The biggest problems with the paper-based process is human errors. Incomplete or incorrect information can take weeks and is expensive. Over 30% of the costs can be reduced by eliminating contract inaccuracies.
Security and integrations are the two things you have to consider when selecting a digital signature solution. Digital signature solutions will make use of advanced signing technology to increase compliance and minimize business risk. The solution should allow you to integrate your existing system with the platform. Choosing a solution with open API eliminates the need for your customer to sign into another interface. Customers don’t even know they are being routed through the signature software.
Faster Turnaround Time
Ditching paper signatures and switching to digital signatures would minimize the time required to complete the sales process. Turnaround time will be reduced to hours from days to hours, and fewer resources are needed to get the job done. eSignature solutions can be used in the procurement department, where digital signatures enable the team to track and manage contracts throughout the cycle.
Finalizing Legal Documents is Easy
The legal industry has to deal with a lot of paper; you have to scan, sign, print, and store large volumes of paper. Usage of digital signatures improves security with regular audit trails, and there is no room to alter terms, conditions, or any other information in the documents. This would ultimately reduce the number of hard copies the legal department needs to manage and cut costs on paper storage and maintenance.
Streamline HR Processes
Human resources come with a lot of paperwork, and streamlining the current process is highly required. Time spent on creating the documents, tracking the signed copies, and storing the final contracts is high. By opting for digital signing solution, you can send contracts to a thousand employees in just a few minutes and employees can sign from anywhere across the country. Businesses can realize an immediate return on investment, and there was a reduction in turnaround times.
Exceptional Customer Experience
Besides the rise of digital signatures, the usage of smartphone is over 90% in some parts of the world. Nowadays, people expect to do everything online, and they will look for businesses that provide exceptional customer experience. Businesses that rely on paper-based processes should experience delays caused by errors and unsigned documents. Moving to a digital eSignature solution will not only save you time but enables customers to sign from their comfort zone.
The contract lifecycle features several stages. Once a document is signed, notifications need to be sent to different members in the process, requiring them to take specific actions. Maybe a copy of the signed contract need to be archived in the records, or maybe your manager needs to be updated on the signing process.
A digital signing system sends real-time notifications to additional parties about the signing process if required. It makes the entire process easy for all involved in the signing process.