Electronic signatures are increasingly becoming the trend in the corporate world thanks to technological advancement. A growing number of businesses are deciding to abandon paper-based processes and switch to digital ones.
An electronic signature or e-signature is an electronic sound, symbol, or procedure tied to or logically related to an agreement or other material and done by an individual to sign the document.
Employing e-signatures has several benefits for businesses, from lower document production costs to happier, more loyal customers. Here are the benefits of electronic signatures for your business;
1. It saves time
One of the most significant benefits of using eSignatures in a company is time savings. By employing electronic signatures, businesses may send papers to clients and partners for quick signatures saving time for scanning, printing, photocopying, and shipping paperwork.
Electronic signatures also allow business owners to obtain their signed documents back more quickly. The average response time for companies using electronic signatures is 80% faster.
2. Lowers expenses
Electronic signatures help companies cut labor costs, material costs, and the financial impact of human mistakes like mistakenly signed papers, among other ways to help businesses save money.
Adopting a paperless signing process is the most obvious financial benefit organizations may derive from using e-signature platforms. Employing a paperless signature procedure enables businesses to spend less on paper, photocopying, packaging, and shipping.
Additionally, electronic signatures are automated, lowering labor expenses and, more importantly, removing the possibility of financial loss due to human error. Electronic signature software reduces human error by sending alerts about any dubious records or compliance issues and saves money by preventing costly mistakes from occurring in the first place.
3. Enhanced security
By physically disseminating confidential documents to outside signers, a corporation runs the danger of having illegal access to its most private records and data.
When a document is signed electronically, traceable information is included that may be used to determine who signed it and where and when they were signing it.
For added protection, several electronic signature solutions allow account managers to get weekly distributions of a time-stamped record of all signature activity.
Thanks to the robust security measures provided by the cloud storage options offered by many electronic signature software packages, all signed documents may be securely kept and made available at any time.
4. Improves customer experience
E-signature technology improves more than only internal corporate processes. They also boost client happiness and loyalty by improving the consumer experience. E-signature services offer customers more advantages than just speeding up the signing procedure and doing away with the requirement for an office printer.
ESignatures can also enhance the customer experience by making it easier for them to sign documents. Rather than having to print, sign, and scan documents themselves, they can simply mark them electronically. This can help improve customer satisfaction and reduce the risk of delays or mistakes.
Also, the extra security provided by e-signatures gives customers peace of mind that their contracts won’t be lost or forgotten.
5. Companies can easily keep track of signatures
Businesses can track the status of all the papers they have for signing by using electronic signatures. Companies can maintain control and visibility over their signature operations by using electronic signature software with features like signing dashboards, reminders, and alerts.
You may look into NDAs, purchase orders, invoices, open and closed sales contracts, and human resources papers. You may set up automatic reminders to keep the workflow structured if a document still needs to be signed.
Eliminating the need to spend time manually searching for signatures may be especially helpful for firms managing many signing processes at once.
6. Enhanced compliance
ESignatures can help your business comply with regulations, such as those related to record-keeping. Many eSignature platforms automatically store signed documents in the cloud, making it easy to access and retrieve them when needed. This can help you meet any legal requirements for maintaining records and documentation.
7. Improved accuracy
ESignatures also help reduce the risk of errors. When you sign a document electronically, you can review it carefully before signing to ensure all the information is correct. This can help prevent mistakes that could lead to disputes or legal issues down the road.
ESignatures offer a range of benefits for businesses and individuals alike. They can save time, improve accuracy, enhance security, and provide greater convenience and accessibility. If you’re not already using eSignatures, it is worth considering them as a secure and efficient way to sign documents.