Even the most traditional businesses have to adapt to the changing business environment. It's not an accident! Each industry is subject to fierce competition which increases customer expectations.
Individuals and companies are forced to adopt digitally-driven solutions in order to generate revenue and remain relevant.
Every organization should be focusing on increasing revenue and enhancing Return On Investment (ROI). This blog will show you how e-signatures can increase ROI.
Electronic signatures to drive ROI
In business, it is essential to sign documents as a receipt token. It gives finality to any sale or business transaction.
Without e-signatures, no department can survive in today's digital world. Electronic signing has made it simple and secure for organizations to sign, send and receive agreements. It is obvious that e-signatures are beneficial for businesses.
Let's now explore how they can help drive ROI.
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Enhances Employee Productivity
All industries have to document. To ensure that all aspects of business operations, including sales, marketing, and development, run smoothly, businesses rely on contracts.
E-signatures have revolutionized the process of signing agreements over the past decade. E-signature solutions are able to speed up the signing of documents. Previously, you had to wait for signatures from clients and partners.
In order to improve employee productivity, roll out offer letters, other documents for hiring, sales contracts, invoices, and employee benefits. Signing essential documents, following up on signing status, inviting one signatory to sign a document, and keeping track of it all takes time and effort.
This can lead to lower employee productivity. Digital signatures allow you to sign any document in minutes securely and from anywhere. You can also track all documents that are pending or out for signature using the platform's intelligent dashboard.
The platform allows you to track your entire document workflow, which improves productivity and helps keep your team on track.
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Eliminates Extra Cost
The manual signing of documents also includes costs associated with printing and mailing documents. Hidden costs like fuel, logistics, and human resources are often overlooked.
E-signatures can reduce the extra cost of document signing and make documenting faster and more efficient. E-signature solutions can reduce document handling costs by up to 85% for organizations that use them. It is easy to upload, create, sign, and share a document from anywhere with the e-signature solution.
This reduces overhead costs that could otherwise be avoided.
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Increases Revenue
Extra time and effort spent printing, scanning, filing, and signing documents can lead to a decrease in employee productivity and ultimately, lower revenue.
Time is money, as we all know. Anything that can waste your time or prevent you from making accurate business decisions quickly and accurately is a financial burden.
You will generate more revenue if you can speed up your turnaround time. This is because it allows you to close more business deals, hire top talent, and get new clients on board. It takes only minutes to complete the tasks you are currently wasting hours on.
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High-Efficiency
Management of document and contract flow is an essential part of any business. Some would even say it's the most important part.
It influences everything from maintaining the confidentiality and smooth functioning to simplifying and completing more everyday tasks. It can also be time-consuming, expensive, and boring. Half the battle is already won if your human resources are running from one cubicle to another for multiple signatures, scanning, and filing important papers.
A survey found that 65% of companies felt collecting physical signatures took up an entire day. Companies that go paperless and use e-signature have seen 90% reductions in processing errors. This allows you to eliminate inefficient processes by using a simple, efficient, and cost-effective e-signing process.
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Enhances Customer Experience
No matter what industry you are in, electronic signatures can help your business.
Electronic signatures make everything easier, from signing business agreements, and hiring digital documents security, such as offer documents, and NDAs, to applying to college or scholarships, and asking customers for feedback. Any organization can offer a seamless and enhanced digital experience to its customers. It allows you to quickly and seamlessly sign and share documents electronically in just minutes.
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Lowers Risk
Electronic signatures offer end-to-end authentication for a secure signing experience. The risks associated with cyber security and disaster recovery are reduced by signing electronically through trusted and certified electronic signature platforms.
Digital signing also reduces the risk of losing or damaging documents and reduces the risk of intermediaries or forgery.
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Environmental Responsibility
Traditional signing methods require the use of many thousands of sheets of paper. This not only affects the time and costs but also directly contributes to climate change, deforestation, and the destruction of our biodiversity.
Paper is 26% of the total waste that goes to landfills. Pens produce tons of plastic waste, which eventually ends up in rivers or water sources. This can harm animals and the environment.
Manually signing contracts can result in high travel costs and increased CO2 emissions. In short, electronic signatures are more cost-effective than wet signatures. They also help to protect the environment.
Digitalizing your business with e-signatures will help reduce your company's carbon footprint.
Industries that must include signatures
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E-Commerce
E-commerce continues to grow with the rise in digitization. Every transaction is an agreement between seller and buyer.
E-commerce deals with many customers and vendors, so it is important to make sure that all parties are bound by contracts. It is important to remember that e-commerce transactions are numerous and require a lot of time and effort. Electronic signatures are a great way to streamline the signing process in ecommerce.
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Advertising industry
Advertising and marketing require legally binding contracts to be signed by both parties. To terminate or extend an agreement, both parties must review the legal documents and create new ones.
It would take a lot of effort to upload, create and manually sign all of these documents. These contracts can be managed electronically without any legal disputes.
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Finance
The finance sector includes banking and other monetary transactions. They are constantly in need of additional protection.
Insecure security in the financial sector can result in a loss of life, identity theft, and then access to funds by unauthorized parties. These breaches can be avoided by using certified e-signatures, which streamlines secure document workflow.
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Insurance
To ensure customers have a seamless experience, insurance companies must have agreements in place. To ensure that contracts are authentic, both parties must keep records and signatures.
The insurance representative can save time by using electronic signatures to signify the receivers and insurance providers under mutual agreements.
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Healthcare
In the ever-growing healthcare industry, paperwork is a constant problem. There are vendors for equipment and drug companies for medications, as well as medical professionals like doctors, nurses, and surgeons for jobs.
Healthcare is a fast-paced industry, so accuracy is critical. E-signatures offer both these functions, as well as lower costs, and a higher ROI.
Conclusion
Signing electronic documents is an integral part of everyday life. No matter what industry you are in, or where you are located, paperwork will be a part of your daily life.
Signing with e-signatures is a simple and secure way to sign documents. It can be used by large businesses as well as start-ups and small businesses. You can get a high ROI by investing in e-signatures.
