Adopting digital transformation using cutting-edge technologies is essential to businesses in today’s digital age. Digital technologies change how business people operate and how customers make their purchases. Notably, people can now work remotely and buy online from digitized businesses through their smart devices.
Furthermore, businesses can now create personalized signatures and sign documents digitally with the help of an online signature generator. Many companies have started to adopt electronic signatures in their processes as they provide more speed, convenience, and cost savings. Unlike traditional document signing methods, this process is easier, faster, and more secure.
Furthermore, electronic signatures offer more benefits than paper-based signatures. In particular, businesses can verify the signature’s authenticity and track where and when someone signed a document. They can also ensure their signed agreements are tamper-proof and legally binding.
Moreover, electronic signatures eliminate the need for faxing, printing, and mailing documents, saving businesses time and money. That’s why this new method of signing documents is growing in popularity. Businesses are witnessing the benefits of using e-signatures in their operations.
With that in mind, read the points below to know how shifting to electronic signatures can increase your ROI.
- Business Cost Reduction
Many businesses need help to improve efficiency and cut costs, particularly in the legal departments that primarily rely on document signing. Based on the International Association for Contract & Commercial Management (IACCM), 83% of legal departments find it challenging to streamline processes and reduce expenses. While various methods can address these issues, switching to electronic signatures is an excellent way to achieve efficiency and cut your company’s costs.
Furthermore, it’s worth noting that business documents tend to contain more errors than traditional documents. And these errors are responsible for business delays and inconvenience. Since time is also a valuable asset for any business, experiencing downtime or delays could lead to a loss of business opportunities. Fortunately, electronic signatures allow your business to minimize errors and maintain control over document signing and approval.
Moreover, the estimated cost of the traditional document approval process is around USD$17 per record. And this estimate doesn’t include the administrative costs. But with electronic signatures, your business can save significant money. Shifting to electronic signatures helps digitize and thus streamline your company’s document approval process.
- Boost Team Members’ Productivity
Businesses today need to improve the team member experience to increase productivity and competitiveness. That’s why they adopt cutting-edge digital technologies to foster a positive experience for their team members. In particular, staff members must sign various documents during their employment term, such as confidentiality agreements, sick leave, and contracts. There are also instances where they need to sign other documents specific to the industry in which their companies operate.
Providing team members with digital tools like electronic signatures help them become more productive and satisfied. Fortunately, switching to electronic signatures fosters a positive experience and allows any department to collaborate with everyone in the company. Electronic signatures enable your team members to make quick decisions and sign documents without a scanner or printer.
In essence, shifting to digital signatures reduces the complexity of document signing approval processes. It gives team members more flexibility, allowing them to be more productive and focus on other essential activities.
- Improve Customer Experience
Customer experience encompasses all the emotions customers experience before, during, and after doing business with a particular brand. Beyond the buying process and making them feel satisfied, it’s about the journey they experience while interacting with a brand. In today’s digital world, where online customers’ expectations are high, providing a memorable customer experience is critical. It helps you stand out from the competition and retain customers.
The good news is that switching to electronic signatures can help you improve customer experience and thus drive ROI. When you integrate electronic signatures into your buying processes, you improve the customer experience. Notably, electronic signatures make the purchasing process convenient. Customers can sign contracts without delay or inconvenience when they buy your product or service.
Consequently, the streamlined purchasing process helps improve customer satisfaction. Your business may leave an impression on them by removing the hassle of traveling, printing, and scanning documents via mail.
- Increase Revenue
There are various ways electronic signatures can help increase a company’s revenue. Many businesses have started to go paperless by relying on new digital techniques. And switching to electronic signatures helps improve some critical areas in your business that contribute to generating more revenue.
In particular, since using electronic signatures eliminates the time-consuming document signing process, you can quickly sign new deals and other business opportunities. As your company goes paperless, you’ll get new business opportunities, and you don’t need to think about signing and sending physical documents. This advantage offered by using electronic signatures is beneficial, especially if you’re doing international transactions.
As a result, with electronic signatures, you can expect to accelerate your revenue and grow your business quickly.
Conclusion
Overall, digitizing your business by shifting to electronic signatures can make your business process faster, simpler, and more secure. Employing digital signatures in your operations drives ROI to your business by giving you several benefits. These advantages include doing international business efficiently, boosting productivity, improving customer experience, and reducing business costs.
Veeramachineni Lalitha
I am Finance Content Writer. I write Personal Finance, banking, investment, and insurance related content for top clients including Kotak Mahindra Bank, Edelweiss, ICICI BANK and IDFC FIRST Bank. My experience details : Linkedin