E-Signature: The road to a paperless and effortless future
Have you ever considered the annual cost to your business on paper management alone? From purchasing paper to the storage of documents, what seems to be so simple and inexpensive can accumulate into a huge burden upon your business.
It has been reported that an average employee could use up to 10,000 sheets of paper at the cost of $80. If you have 80 employees, you could easily spend $32,000 on paper over the course of five years. This does not include the amount spent on filing cabinets, folders, printer maintenance, ink cartridges and time wasted on locating documents.
To add to that, the pandemic has made it almost impossible to meet in order to sign important and urgent documents. Scheduling the right time can be detrimental to business operations by adding days to already tight deadlines.
As such, e-signatures have not only positioned themselves as a solution but are leading the way into a paperless future. With the right e-signature provider, your business can save up to 85% on the cost of managing documents, cut processing errors by 90%, increase work efficiency and productivity by 51%, and increase customer engagement by 34%. By simply saving time and removing costs incurred from operational inefficiencies and paperwork, an e-signature solution can shed up to $36 per document.
Benefits of E-Signature
#1 Closing deals and agreements faster
Through cloud services provided by e-signatures, businesses can cut agreement turnaround times by up to 98%, reducing the time it requires to close a transaction from 2 days to an hour.
Documents can be drafted on the cloud and be sent immediately to the relevant persons. Upon receiving the documents, they will then receive a notification prompting them to sign the documents without any delay.
All of this can be done from the comfort of one’s desk at home or at the office, and even in transit.
#2 Revenue growth
As documents signed online have an 80% reduction in turnaround times compared to paper, this will eventually allow businesses to secure more deals over the course of a year, amounting to greater revenue annually.
E-signature solutions allow documents to be signed from almost any device, which allows nearly 80% of all agreements to be sealed within a day, while 44% can be done within 15 minutes.
The ability to exceed customers’ expectations with rapid completion rates will help businesses to win over clients who would have otherwise been lost due to difficult or impossible deadlines.
#3 Effortless collaboration and workflow
An e-signature solution allows teams to work together on contracts on the cloud, ensuring a smooth-sailing workflow from the generation of the documents till the documents are signed.
Documents that require multiple levels of approval from various individuals can be accessed anytime, anywhere on virtually any device.
Employees no longer have to arrange or even rearrange their timetables to meet in person to review agreements before they are signed.
#4 Risk reduction
The right e-signature solution can drastically limit the risks that exist in paper documents such as fraud, forgery and leakage.
Algorithmic capabilities tie a signer to their ID verification, meaning only authorised individuals are able to view the details of an agreement.
E-signature providers can analyse the biometric and digital data contained within the ID to add further barriers of security.
Online documents promote transparency through chronological records that are kept of the individuals who have accessed the document, their location, and the devices they used.
The stack of evidence provided will ensure greater security.
#5 Brand building
Modernization has raised customers’ demand for a speedier, user-friendly, and digital approach, this being the case, e-signatures will give businesses an edge in building customer relationships and client retention.
As less time is spent on paperwork and laborious duties, employees can maximise their time with customers, nurturing trust in your brand and business.
This will create a stronger and lasting impression upon clients that will undoubtedly reap unseen rewards and business opportunities in the long run.
To sign off…
From saving dollars to generating revenue, strengthening security and seamless collaboration for your employees and customers, these vast opportunities to magnify your business reach and capabilities are all available with a single IT solution just a few clicks away.
Don’t hesitate to get a free trial of DocuSign or learn more from one of our trusted and friendly consultants at SRKK by clicking here.
Here at SRKK, we are ready to serve you by providing best-in-class IT solutions and services to speed up productivity of enterprises. We are always striving to deliver better cost-effective, right & timely digital transformation solutions to help you achieve your full business potential.
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