According to research, about 29% of the day is spent on unproductive activities at work. This time is often spent responding to emails, managing paperwork, and tracking down documents. If that is not enough reason to start thinking of how to improve work efficiency, the sheer waste of resources may jolt you into serious thoughts.
Research also shows that businesses in the United States water about $8 billion in the management of paperwork in a year. Now, that is huge. You can just imagine how this money could have been invested in more effective and environmental-friendly business activities. The good news is that something can be done to significantly reduce waste.
One major way to go about this is to go paperless. When this is done, businesses can save a whopping $8 billion! Thankfully, technology has made this possible. For a start, you do not have to write out contracts on paper. Currently, most people type their contracts, print and share them with relevant parties to append their signature before filing and storing the contracts.
Well, what if you do away with the printing part? With this, you would not have to worry about physical storage or shredding papers and causing havoc to the environment. You are probably wondering – so how do we sign contracts and other important documents? Well, that is what the electronic signature is all about.
With digital signatures, you can create basic templates for documents on your computer and share them with appropriate persons to append their signatures digitally. You would not have to print on paper or waste money on courier service. You also enjoy efficiency in the workplace. Right, there is so much to digest but we will break it down for you.
Ways Electronic Signatures Improve Workflows and Accelerate Business Growth
As mentioned above, the first step is to skip the printing, signing, and scanning options and opt for digital signature instead to accelerate business growth. With this, you can improve turnaround time; prevent human error in preparing documents, and save money while at it. Let us look at five ways you can accelerate business growth with electronic signatures.
- Simplification of Contract Management
Creating a contract takes a longer time. You have to draft the contract, ratify it; get it delivered, signed, and then returned. This is a lengthy process that can take weeks or even months. Without a doubt, physical contracts take a long time to circulate and sign, especially if there are multiple parties involved. As a fact, many documents never get signed at the end of the day while some others get missing in transit.
Electronic signatures are a simple and secure solution to this. When you integrate an electronic signature solution into your current infrastructure, it becomes easy to simplify the contract management process. You can easily collaborate with contract parties and increase the pace of the sign-off process.
- Improves the Rate of Completion
Resources, such as time and money are wasted when there is a delay in signing a contract. Whether it is application approval, Distributorship Agreement, Property Purchase Contract, or Company Registration document, using an e-signature solution can improve the completion rates by about 26%.
Truth be told, nothing is as frustrating as getting a sales prospect to the final phase of the sales cycle and losing them because of the long process of signing the contract. E-Signature removes all these bottlenecks because, with a few clicks, you can share a contract with your client.
You can have them append their signature digitally and send the contract back to you. This reduces the effort time invested in finalizing an agreement and it also shortens the sales cycle, which makes for efficiency and fast turnaround.
- Reduction in Human Error
Have you ever spent days or even weeks working on a contract only to have it sent back to you because it has been incorrectly filled or the contract is incomplete? It can be frustrating because it means that not only are you going to rework the contract, you also have to print and share it all over again with the relevant parties. With an e-signature, you do not have to go through all these.
It is easy to apply data validation fields while developing the contract. For sophisticated business people, it is also easy to employ Google Maps and some software to automatically fill out data on a contract. With this, the human error aspect is reduced.
You can also share the document virtually with colleagues for reviews and corrections. When done, you can send the document to the recipients for their digital signatures. This ensures efficiency and teamwork in the organization, which ultimately leads to business growth.
- Improves Compliance
Contracts and documents that have gone through a valid digital signature process are as legally binding as any physically signed documents. These contracts also enjoy the same legal and authenticity protection as their physical counterpart. Beyond this, digitizing document sharing allows for business compliance because of the audit trail it generates from the digital footprint.
When you share documents digitally, it becomes impossible for your team members or clients to deny recipients because there is an audit trail. It also makes it easy to monitor the progress of contracts from the creation stage to the signature and the finalization.
- Secures the Contractual Sign-off Process on Documents
Digital signature solutions are encrypted and secure. Most platforms offering these solutions use SSL that is of the same level as that of government agencies and financial institutions. This means that your document is securely stored and encrypted with each having its unique key. The implication of this is that your documents are secure and protected end-to-end.
There you have the five ways that electronic signatures can accelerate your business growth. It is time to save money and time by investing in a digital signature solution for your organization. You get to save money in the long run and you significantly improve your workflow and your business growth is just a matter of time.