5 Industries That Could Benefit from Electronic Signature Technology

07 Nov

eSignature software allows businesses to sign documents without having to use the traditional method that proves costly and time-consuming.

Today, the permissively acceptable electronic signature process is changing the ways individuals, businesses, and other organizations sign documents. There are even eSignature for government solutions that are designed to help governments in the process of signing documents. Documents can easily be signed over smart devices including computers and smartphones saving much time and money. Many industries are now benefiting from the use of eSignature software products and they include:

1. Real Estate

One of the industries that have seen great transform through the use of electronic signatures in real estate. There are many documents that have to be signed between clients in real estate. It could be the landlords and tenants or homebuyers and sellers, all these individuals need to work on agreements and contracts have to be signed. The use of paper documents takes a lot of time and leaves the process vulnerable to errors and mistakes that can compromise the authenticity of a legal document.

Real estate agents spend much time driving from one location to another trying to reach or catch up with customers to sign documents. The agents have to fit into the schedules of other people so that they have the paperwork signed. However, the time-consuming process is now eliminated with electronic signatures solutions for real estate as the real estate agents don’t have to drive to those locations. The signing process is done pretty quickly saving their time and that of their clients.

2. Finance Industry

In the financial industry, there is a lot of document signing. Virtually, any financial process you make whether a transaction or filing other documents requires that you embed a signature. Banking institutions and other players in the industry have realized that they have been spending a lot of money and time in document signing. The paperwork involved has proven time demanding and tedious often costing the businesses a lot. Electronic documents try to solve the problem since they are equally confidential as the physical documents and at times even more secure. Instead of spending money and other resources to fax and mail documents, financial businesses and professionals can deploy electronic documents that quickly reach their clients and are signed instantly saving time and money.

In the past, people used to head to banks to open accounts, have loan approvals, and conduct other businesses and activities, however, eSignature solutions for banks take those processes away by ensuring that any documents that need signing are signed electronically and send to the respective recipients. You don’t need to visit a bank to open an account or have your loan approved. This transformation not only improves the experience of customers but also makes the processes easy for the banking institutions and their customers.

Also, implementing an electronic signature process helps attain quantifiable outcomes regarding the completion of transactions, cost reduction, and customer experience. It’s not easy to tamper with digital signatures and the documents that have been signed can be retained in the cloud for the audit-ready process. Financial institutions that implement eSignature technology save about 1.3 hours in every transaction by doing away with inefficiencies in tracking and reviewing documents. It also saves another $11 for each transaction, a cost that was previously been involved in purchasing paper, printing documents, and buying ink. The sales cycle time is also improved with the use of predefined templates as well as CRM integrations.

3. Construction Industry

In the construction industry, document signing has proven to be a length time-lagging process. When you have a client who wants to build a residential or commercial property or make additions and renovations, the different parties involved including engineers, designers, roofers, architects, and other contractors. If you are the client who needs the services of these people, you have to sign documents to approve their contracts and work. In the traditional way of doing things, you would have the documents delivered in person, signing them, and mailing or faxing them. You could have the construction project delayed for that time the documents are being signed.

Most of the construction projects have time limits when any minute that’s wasted results in huge costs. Electronic signatures allow the project to kickstart and go forward quickly. In the end, you save money and the contractors have an easy time in organizing and planning for their work. If there are subcontractors who are involved in the construction work, they need to sign documents from the contractors who have subcontracted them. Similarly, when seeking funds to help with construction work, you are required to sign documents. You can streamline the doc signing process by employing eSignature solutions.

4. Legal Industry

A lot of paperwork is involved in the legal field, attorneys have to sign so many documents on behalf of their customers. Regardless of the legal situation, you are being involved in, the process of signing documents can be eased with the use of eSignature software. The paperwork takes some time to sign and customers have to move from one office to another to have the documents signed. It can prove very cumbersome if you have to take every document to a different office to have it signed. However, when you adopt the electronic signature solution, it allows the clients to sign the documents being filed from their own homes. If it requires an office to embed the signature, the docs are sent electronically to the respective parties.

5. Retail Industry

There are just so many industries that today utilize electronic signatures. In the retail environment, businesses are signing documents electronically. Whether it’s a purchase order, an invoice, or a contract, you can use digital signatures and ease the process. Many retail stores use eSignatures when relating to vendors to help streamline their processes and operations. It saves them time, eliminates errors in signing and storing documents, and ensures security and protection of the documents. Whenever the different parties want to access the document, they find it easy to retrieve them online from the cloud.

Read the Blog: 10 Ways eSignatures Can Make Life Easier for Small Businesses

Conclusion

The list of industries utilizing eSignature software tools is huge and many businesses have realized the importance of this technology in their operations. Whether it’s a retail store, an insurance broker, an insurance company, a bank, a telecommunications company or a law firm, they are now using the technology. eSignature solutions insurance industry tools allow the insurance companies to reduce their operational costs and relate with their clients and fellow business partners in an easy way.

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