Business owners prioritize the modernization of their business operations and workflow processes. Electronic signature solutions are one of the key drivers of this.
Global enterprises are the main driver of eSignature's market growth. The E-signature solution offers many benefits; not only digital signing is more convenient. This solution eliminates the cost of manual signing, saves time, and streamlines workflows.
It can also increase productivity.
Businesses are moving to digital signing due to its massive benefits, low costs, and higher ROI. With the rapid rise in eSignature transactions, the growth of the eSignature market is obvious.
Over the past five years, nearly $754 million in transactions took place in the United States around eSignature adoption.
Digital signatures are a game changer for many companies, as evidenced by the large adoption. These statistics will be even more impressive:
- Businesses can save up to 55% by migrating to digital signatures.
- It can take 5 days for manually signed documents to reach their destination. Digitally signed documents can be received in an average of 37 minutes.
- E-signatures result in an average of 80% decreases in turnaround time and errors.
- Digital signing can help you save $20 per document and an average improvement of 80% in productivity.
- After incorporating digital signatures, some financial institutions saw a 92% decrease in scanning errors.
- Businesses can cut down on processing errors by adopting eSignatures.
These stats should convince you to get started with e-signing today. These are some tips to help you get started with e-signature in 2023.
Tips to Choose the Right Electronic Signature Software
You are interested in streamlining your signature process and being able to request and sign signatures electronically.
There are many options for platforms.
Understanding the key features, you will need when choosing an e-signature platform is important.
These are the 8 things to consider when choosing a vendor.
Mobile Device Signing Support
With 83% of sales professionals saying that mobile devices give them an advantage over their competitors, mobile devices are an integral part of any salesperson's toolkit.
Digital signature platforms must cater to this growing demand and provide the functionality that allows stakeholders to sign on the go, regardless of what device they are using.
Real-Time Analytics
Real-time data is a great way to see how prospects and leads interact with your proposals. Do they open the document multiple times? Is it taking them a while to sign?
This information is available on-demand, allowing you to improve your proposals and sign deals faster. You will find the best e-signature software with helpful analytics.
This lets you see which prospects are opening your proposals and, hopefully, when they sign on.
CRM Integrations
Most sales teams use CRM (customer relationship management). The best thing about CRM platforms is their ability to integrate with other platforms and apps to simplify your business processes.
A reliable e-signature platform that uses the right technology will integrate with your CRM platform. This will make it easier for sales reps to monitor what's going on in their business pipeline.
Security and Privacy Regulations
Clients, users, and signers of documents need to feel confident that communications are secure.
Your chosen e-signature platform should comply with privacy regulations in all territories where you operate.
For example, all legal advice documents in the UK and EU must comply with the EU General Data Protection Regulations (GDPR).
You can also find specific guidelines for e-signatures.
- The Electronic Signatures in Global and National Commerce Acts (ESIGN and UETA in the USA).
- The EU's electronic identification and authentication services (eIDAS).
To be legally binding documents signed electronically, the platform for e-signature must be secure and in compliance with the laws of your state or country.
Make sure to read the fine print and pay attention to specific details regarding authentication, record keeping, encryptions, and other features.
Scalability
After you have succeeded in the sales department, other departments will likely be interested. It is possible that HR teams may be interested in e-signatures to sign internal documents or for remote staff recruitment.
An electronic signature solution that scales well will allow you to add users or expand your license to other teams easily.
Automation Capability
Automating processes can save time and reduce costs. This is especially important for salespeople who spend only 35% of their time selling.
Automating repetitive tasks and admin can help reduce time. E-signature software is another area where you can save time.
Some platforms provide automated reminders or responses, so sales teams can concentrate more on creating new opportunities.
This has clear business value.
Based on 100,000 documents, our data shows that UK sales reps who use automated reminders have 24% more success rates than those who don't.
Flexible Costs
Many solutions provide free trials to allow you to compare them before you decide on your favorite. You can also choose from different subscription levels.
It is important to evaluate the price and use any freemium features before you sign up for a paid service.
Ease of Use
The best thing about any solution is its ability to make your life easier.
A platform for e-signature must be easy for salespeople and clients. Spending time explaining how to use the platform or signing documents digitally could be more productive.
What is Electronic Signature Software for Start-Ups?
An electronic signature, also known as an e-signature, encodes a signature to authenticate an electronic document.
Small businesses can sign documents online using software called the best eSignature services.
You can upload documents with your smartphone, tablet, or computer and send them to multiple people via the e-signature system.
It is easy for the receivers to sign the document online. You can use e-signature to collect and store signatures easily. Add entry forms to the documents.
Small businesses can be sure to get the best eSignature software. This will help them maximize productivity, security, legality, and compliance.
The software can verify the signature and protect all data with strong encryption. Software providers can provide many security features, including audit logs, authentication, and other options.
For example, do you remember signing your name electronically while receiving a package at home? That is called an e-signature.
Going Paperless
Confidential documents used to be signed traditionally. The sender would then retrieve the documents and have them signed by mail or printed.
The documents would then be sent to the recipients for their signatures to be returned to the original creator.
This cost a lot of money and time. Many additional steps were required after the documents were returned.
People have used online signatures to sign official documents for years. In the past 100 years, people used Morse code and telegrams.
Many businesses and individuals began using fax machines to send documents in the 1970s.
Although the signatures on official documents are printed on paper, the sending and receiving of these documents are entirely based on signals.
Online signatures are now possible thanks to technological advances.
There is an increasing demand for faster work processes in today's business environment. This improves efficiency and ensures data security.
Small businesses continue to use electronic signatures. It's a great way to quickly and safely authenticate documents.
With the help of the best eSignature for small businesses, individuals and businesses can go paperless. The entire process can be done online, so users don't have to take tedious steps.
E-signature can be used to identify the signer of the document. It is pretty similar to the traditional signature.
Remote Work
Most companies have access to electronic communication tools today. These tools allow remote work to be done seamlessly and efficiently.
Despite this, some business processes can still be done in the office. Printing documents, signing them, and sharing confidential information are just a few of the many processes businesses can do in an office.
While there are better ways to manage these processes, many employees need to learn how to do them electronically.
It was a great idea to learn all the new information about confidential information sharing as professionals who worked remotely during COVID-19.
Electronic signatures for small businesses can be obtained online through software programs such as eSignature. Implementing eSignatures for small businesses brings security, compliance, efficiency, and legal compliance.
Companies that decided to use electronic signatures on time have also supported remote work processes. This tool has made remote work simple and efficient.
The COVID-19 pandemic brought about a new way of working and preparedness for organizations.
Importance of eSignature Software for Small Business
Many factors are responsible for small businesses adopting electronic signatures and going paperless. Electronic signatures are becoming more common in financial services, education, and insurance.
As outlined in the COVID-19 times, E-signatures have greatly augmented remote work and helped businesses overcome challenges.
We will discuss the importance of e Signature Software for Small Businesses and how it can simplify remote work.
Security
Every day, a lot of data must be transmitted electronically. Data is highly sensitive. Small businesses must ensure it remains secure.
Electronic signatures make it simple to protect confidential information and ensure it reaches the right person.
This is evident because companies can close deals efficiently and quickly. There is also no possibility of documents being changed or sent to an incorrect address.
Data is stored in a secure environment and processed if confidential documents are involved. The documents are sent electronically to the receiver via encrypted email. This makes sure that documents are secure.
Small businesses can be sure to use the best eSignature services. To ensure that deals are closed quickly and safely, it is essential that documents only reach the intended recipient.
Software is an essential tool for completing important operations. Therefore, more companies are implementing it.
Because the data is stored in the cloud, there will be no stress about documents being lost or hampered.
Streamlined Procedure
Organizations had to resort to remote work during the pandemic. Many processes need to be done digitally, which makes it even more important for small businesses to have the best eSignature service.
Many people realized that electronic signatures could make business transactions easier and more efficient after the pandemic.
An electronic signature service that is safe and appropriate can help build continuity and communicate reliability to stakeholders.
Many small businesses realize the benefits of e-signature services for building trust. Many businesses will adopt online signature to be more flexible in the future.
Small businesses can securely send confidential and sensitive information using the best electronic signature services.
It allows you to evaluate changes and outline important procedures for handling confidential information. It is also easy to build trust because there is no risk of documents being altered.
Extended Validity of Documents
The document remains valid and verifiable for a long time after signing it electronically. The electronic signature software also includes a time stamping feature.
This is strong and independent proof of who signed the document.
Small businesses can use electronic signature software to record the date and time of signing documents. This feature is unbeatable.
All legally compliant documents, such as official contracts, maybe later disputed in court.
Organizations can have proof at document signing thanks to eSignatures' long-term validation. This proves that the signer's credentials are valid.
The organizations also have the assurance that the documents will not be altered and that they will remain valid after credentials expire.
Higher Speed
Small businesses have a significant advantage with electronic signatures. They are extremely efficient. Electronic signatures are much more efficient than paper documents which must be printed, mailed, and checked.
They can also be signed electronically. All of this is done electronically, which speeds up the business.
Electronic signatures are a great way to automate the authorization of small businesses with many documents. The time it takes to send and receive documents is very minimal.
This means that there is no delay in document processing.
An electronic signature service can be implemented to eliminate the need to travel for a document to be signed in person.
This is something that many companies from different sectors have realized in recent years.
Remote signing allows businesses to sign from their digital devices. Small businesses can sign electronically remotely and keep the keys in the cloud.
Secure signing is possible without the need for hardware.
Companies that want to work remotely in the future will need to use the best eSignature service available for small businesses.
Document processing will not be a problem with this service.
Why are eSignatures the New Normal for Businesses?
Using eSignatures was a necessity during the pandemic. The demand for an easier signing process has increased from contracts and offer letters to invoices and waivers.
It is fair to say that eSignatures are changing how US businesses work. They help businesses that have switched to a remote/hybrid operation model to maintain continuity and resilience.
Many companies found that eSignatures offered flexible deployment options to meet specific business needs without needing IT staff.
Businesses didn't need to worry about security and compliance during the global health crisis. eSignature solutions such as eSignly provided industry-leading compliance with security standards like SOC II, HIPAA A, FERPA, and many more.
Although the pandemic has greatly increased electronic signature technology adoption, businesses now realize that having more features does not necessarily mean better.
With more advanced software capabilities, eSignatures adoption is expected to increase throughout 2020.
Tips for Businesses to Adopt eSignature by 2023
Sometimes, simple technology can make a company's operations more efficient. eSignatures are a great way to improve efficiency and reliability.
Small businesses that plan to grow in the future might consider eSignature solutions to ensure they meet all legal, risk, and compliance requirements.
It's important to understand the adoption process and identify your business requirements to learn how eSignatures can support your business workflows.
Let's look at the top 10 tips that will allow you to transition from wet-ink to eSignature seamlessly.
Define the Reasons for Adopting Electronic Signatures
After signing up for an eSignature solution, you can see the results immediately. It is simple to see the amount of storage space available and the ability to work from anywhere.
However, you will need to determine your business requirements for eSignature.
You can do this by focusing on areas where businesses often see improvement after switching to eSignature-based workflows.
These include security, productivity, and performance. eSignatures adoption may positively impact several macro-level goals, depending on which workflows they are integrated into.
Review the Benefits of Adopting eSignatures
Small businesses often cite security as one of the main benefits of an eSignature solution. It is much more difficult to create a signature electronically than with pen and paper.
Understanding the security and compliance standards required for network and server security supervision will help you choose the right solution.
Identify your Business Needs
A business can reverse engineer the features that make an electronic signature system work best by determining its macro-level strategy.
- NDAs and service agreements are important if you implement a business-to-business (B2B) strategy.
- When implementing a Business-to-employee (B2E), it is important to review the onboarding requirements and all employment paperwork.
- An eSignature workflow tailored to client accounts, service terms, and applications will be useful if you execute a B2C strategy.
Identify Control Requirements
Establishing a predictable and reliable workflow is crucial when multiple signers are involved in a document. The document management process will differ depending on the solution chosen.
The number of signatures and the methods used to sign documents can impact how a small business handles document management.
The best eSignature software will let you track milestones for physical documents that require signatures. Small businesses often overlook the possibility of modifying templates when looking for the right solution.
Know Legal Requirements
Small businesses often face legal documents issues when considering electronic signature solutions. When digital signatures are discussed, this is a common reaction among team members.
Team members will be relieved to learn that eSignature vendors have addressed most of these concerns worldwide. Learning about the laws and regulations applicable to your industry and country is worthwhile.
This will increase your confidence in the eSignature option you choose and help you identify one compatible with your transactions and goals.
Collect Feedback
It all depends on how big your business is, but consulting with your security and fraud teams should be a top priority.
It is possible to create a blueprint that outlines specific use cases for your company with your team. This will help you to develop and implement the right strategy when it comes to digital signing.
Your team members will be happy to know that electronic signatures are faster than paper and ink. They can also track and monitor eSignatures using an audit trail, verify information, keep records, and enjoy mobile signing.
It may be a good idea to emphasize the benefits of electronic signing adoption for your team. Some team members may need to be aware of eSignature capabilities' benefits, like mobile signing and real-time tracking of signatures.
Workflow Automation
Is it better to choose an eSignature platform that can be used alone or integrates with workflow automation platforms? Another question to consider is the range of possible use cases.
The workflow automation platform can serve many use cases, including B2C, B2B, and B2E. A no-code workflow automation solution for B2E can help large enterprises automate employee onboarding, contract negotiation, and other HR processes.
Security and Privacy Regulations
A vendor that offers eSignature will allow your business to adapt workflows to specific circumstances and requirements while remaining compliant.
Compliance teams might be the first to use a new technology once it is adopted.
The right electronic signature tool for your business should be easy to integrate if you use management software to comply with regulatory requirements.
Electronic signatures are used by the most regulated and complex businesses, like healthcare, where HIPAA and PHI compliance is required.
Suppose you need help ensuring compliance while signing digital documents for your business. In that case, you can rest assured that the right eSignature solution is available.
Check the Compatibility
One of the first questions, when the topic of electronic signatures is brought up at a business meeting is, "Can eSignature integrate into our other software?"
It is important to ensure that an electronic signature solution integrates with your existing small business technology stack.
Many electronic signature solutions allow third-party integrations. eSignly, for example, has more than 200 integrations with productivity apps and CRM systems. This makes it stand out from the rest.
An array of integration options can help you make the most of your digital signing transition. Although it is best to keep things simple in most cases, it may be necessary to have the ability to connect your electronic signature tool to other areas of your business.
Time and Money
You will save money and have a faster document turnaround when you switch to electronic signature software. Lunar Pen estimates that it takes to obtain signed documents using eSignature vs.
traditional signature software is between 5 and 37 minutes. Forrester estimates that eSignature could save businesses up to 22,000 hours per year.
One of the greatest benefits of eSignature, aside from its ability to reduce costs, is that it accelerates time-to-revenue and provides faster turnaround times than handwritten signatures.
Your business will benefit from the faster eSignature cycle times. As technology improves, customers and suppliers also need a quick and secure way to sign documents.
The Key Takeaway
Electronic signatures have been a wonderful technology that has made it easier for many to do their jobs. eSignly was an active participant in this process.
eSignly is a tool that helps organizations improve their efficiency, increase ROI, and streamline their processes. It offers a variety of features and countless benefits. It is time to change if you still use the traditional wet signatures.
Get in touch with our experts to learn more about how eSignly could help your business. Get eSignly today!
