How eSignatures have Changed Business for the Better
If you’ve ever wondered how eSignatures have changed business for the better, here’s your chance to find out why.
Most businesses have had to embrace some serious changes over the past few years with the pandemic. Leading to a rapid rise in digital transformation and the introduction of remote and hybrid work models.
Research has shown that around two-thirds of “eSignature” users only started adopting this technology over the last 2 years. This huge increase in the usage of eSignatures can be attributed to the fact that the way we work has forever changed.
Businesses are relooking at their IT strategies. Specifically at how technology can improve efficiencies, create superior customer experiences, and enable employees to be productive. Both in and outside of the office. eSignatures now form an integral part of this strategy.
Benefits of eSignatures
Customer experience – making it easier to deal with you
These days all businesses are operating in a highly competitive market and providing a superior customer experience is key. According to research, 57% of businesses that have implemented eSignatures reported an increase in customer satisfaction. Purely based on the back of the digital agreement process.
In this digital age, customers expect a seamless, easy, and swift experience and this is exactly what eSignatures cater for. Any document that requires a signature can be signed and immediately returned. No matter where you are located or which device you are using.
Increased efficiencies – eliminating those antiquated manual processes
Anything manual comes with its own inherent risks. And that is particularly relevant when we look at the agreement process. eSignatures enable any business to completely automate your agreement/contract lifecycle and according to research, eSignatures lead to on average, 49% fewer errors.
The agreement process has multiple touch points across all areas of any business, both internally and externally. Once an agreement or document has been finalised and is ready for signature, it can be the start of a tedious and time-consuming process. Ask anyone who has had to run around trying to obtain signatures internally, let alone approaching the customer. But with eSignatures, the process becomes streamlined, simple and efficient.
As the old adage goes, time is money and manual processes are a prime example. Especially when it comes to printing out contracts, wasting time locating and following up with authorised signatories, tracking changes, and then there is always the risk that your contract goes missing.
Better Security – minimise those risks
eSignatures also provide that all-important privacy and security aspect. Documents that need to be physically handed from one signer to another can easily lead to privacy breaches. Esignature solutions ensure the document is stored digitally in a single location, changes are tracked throughout the process, and access is only provided to those who need it.
In other words, there is an accurate and auditable electronic trail of the entire transaction. This becomes especially important when a dispute occurs. Esignature solutions allow you to view the entire history of all actions taken in relation to each and every document. This includes aspects like when the document was opened and signed, and obviously any changes that were made prior to signature.
And then there is the storage process. Ensuring documents are stored safely and securely and are easily retrieved is crucial for all businesses. There is nothing more frustrating than trying to locate a contract that has been filed incorrectly or worst-case scenario, gone missing. An added benefit is that eSignatures reduce the need for printing documents, thereby reducing your environmental footprint.
Increased productivity – making life easier for your staff
Removing manual processes that waste time and resources will allow your staff to spend more time doing things that actually add value to your business. A prime example is within your business development area. Staff can utilise their time far more effectively contacting clients than wasting time running around trying to obtain signatures.
With the onset of remote working and hybrid models, eSignatures have become crucial. Staff now work remotely and not all staff have access to printers and scanners, and if you have ever tried to obtain signatures from remote workers, you know how time-consuming this can be. As we said earlier, with eSignatures, you can easily sign a document no matter where you are located or which device you are using.
Moving with the times
eSignatures are not new concepts and historically small to medium size businesses have often put them on that “something we need to look at” or that “nice to have” list. But if you are looking at taking your business to the next level, eSignatures are something you simply can’t afford to ignore!