The Business Benefit with Electronic Signatures: Use Cases for Your Industry
Electronic signature solutions have been around for quite some time now; however, not all businesses have managed to incorporate this simple solution into their daily workflow. Most organizations talk about digital transformation and its benefits, but that transformation is impossible if document processes aren't automated, and if there is a constant dependency on paper-based practices.
Quick and easy-to-use, implementing electronic signature can help businesses instantly pave the way for paperless working. Besides being an environmentally sustainable solution, eSignature platforms not only help reduce time, effort, and costs, but also eliminate the need for businesses to store hundreds of paper documents, ultimately saving storage space.
Let's look at the top five industries that can significantly benefit from putting this technology into effect:
Whether they are litigators or transactional lawyers, attorneys have an enormous dependency on filing paperwork and getting signatures. The implementation of the eSignature functionality can help relieve law firms from the overwhelming paper burden by digitizing the signature and document management process. Also, the elevated level of security that accompanies an electronic signature makes it easier for lawyers to have records and evidence available at all times.
The insurance sector is another such industry that has a high dependency on paperwork. With insurance firms relying on revenue and efficiency, convenience and ease of business is something that both consumers and insurance agents demand. Electronic signatures automate the process of document signing and management, enabling insurance agencies to provide better customer experience.
- Banking & Financial
One of the most significant advantages of a digital signature platform is that it makes it virtually impossible for documents to be forged or tampered with. Electronic signatures simplify document processes and reduce error rates, making it easier for banks and financial institutions to focus on building better customer relations. The adoption of an electronic signature platform that is compliant with the ESIGN ACT and UETA adds an extra layer of security, helping banking and financial institutions stay protected against fraud.
- Real Estate
The real estate industry relies heavily on a signature on the dotted line to close deals and simplify mortgage transactions. With the dependency being on getting signatures as fast as possible, the utilization of electronic signatures eliminates the need for agents to travel from one place to another to get clients to sign documents. By digitizing document processes, real estate industries reduce closing times by becoming faster and more efficient.
The retail sector being highly competitive, has a greater dependency on customer satisfaction to drive revenue. By eliminating paper processes, retailers get rid of inefficiencies while dealing with vendors and simultaneously reduce the cumbersome process of managing paperwork for customers, ultimately providing better customer service.
In this digitization era, it's imperative for all industries to implement electronic signatures in their workflow. No organization is digitally transformed or completely paperless without the adoption of an eSignature platform.
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