Digital Signatures: Helping the IT Sector Improve Efficiency
65% of United States-based businesses that use paper claim that getting physical signatures extends their workday by a full day.
Business efficiency relates to how much a company can deliver concerning money, resources, and time. The IT sector is technologically ahead in using software for handling complex code. But when it comes to handling the sheer volume of documents, it's mired in approval deadlock. This inefficiency can culminate in loss of revenue and prevent businesses from being profitable.
The IT sector has faced numerous challenges, including policy changes, economic uncertainties, the COVID-19 pandemic, and more. But its ability to weather them despite these unforeseen events has made it more efficient. During the COVID-19 pandemic, efficiency was hit due to low employee morale, decreased productivity, and salary cuts.
However, the IT sector rapidly adapted and embraced digital transformation initiatives to help employees focus. It deployed remote work policies and created a supportive work culture to help them regain their drive and create and maintain efficient processes. Organizations can measure the efficiency of a business in the following ways:
Types of Business Efficiency
The efficiency of an organization is measured in the following ways:
- Process Efficiency
Organizations measure the efficiency of a process by its benefits to employees and the organization. A new method can help employees in their tasks and removes unnecessary roadblocks. It saves the organization time and resources.
- Operational Efficiency
An organization's operations must run efficiently to produce output at the right time. An organization puts maximum effort into ensuring smooth operations and controlling unnecessary expenses.
- Financial Efficiency
An organization needs to control expenses and generate revenue. How an organization makes the lives of its employees easier by dispensing money in the right resources is an accurate measure of financial efficiency.
- Energy Efficiency
Organizations should embrace sustainable practices to be energy-efficient and curb costs. For instance, electronic signature solutions can help in organizing workflows and save time on asking for approvals.
- Labor Productivity
This metric assesses the ability of an employee to produce output in an hour of work. All companies design processes to increase the productivity of employees. Automated equipment or software is integrated into operations to increase the productivity rate.
In order to achieve consistency in value, an organization needs to embrace efficient processes and achieve the right balance between efficiency and effectiveness.
How to Improve Business Efficiency
Creating a truly efficient business requires constant monitoring of trends and making periodic adjustments. Here are some suggestions:
- Automate Processes
Automating routine processes save an organization's time and resources. Papers or documents can be digitized and archived on the cloud for faster retrieval. A simple, everyday activity like attaining signatures from multiple stakeholders can be time-consuming. In a manual process, you will need a secretary to take a bunch of documents from one desk to another for signatures. If the required personnel is unavailable, this could take days. An automated solution for this bottleneck can be eSignatures.
- Open Communication
Managers have a good handle on operations but are oblivious to the pain points of employees. Keeping an open line of communication and a strong policy helps employees to air their grievances. It enables the organization to craft more inclusive processes and help employees be highly productive.
- Shorter Meetings
Shorter meetings help employees stay prepared and contribute to the organization's plans. Scheduling short sessions will help employees plan agendas in advance and be productive.
- Reduce Interruptions
Employees with uninterrupted work times are more productive and efficient. One strategy is to limit the number of meetings and minimize it to once a week. Using a tool that reduces the number of notifications during certain times of the day is highly beneficial.
- Reduce Multitasking
Multitasking can reduce the productivity of employees. Giving employees uninterrupted time to focus on a single task can improve their overall performance and the business output as a whole.
- Follow Documented Practices
Developing an account of tried-and-tested methods that have helped employees in the past can do the same for current employees. Documenting best practices enables managers in the IT sector and their teams to be on the same page.
- Create Supportive Policies
Companies can extend support to employees to create a conducive work environment. They should focus on the well-being of employees to build a nourishing environment. A well-implemented policy will also help as more organizations adopt hybrid work policies.
39% of global firms have used eSignatures to improve productivity
Trends that can impact Digital Signature Use in IT
The COVID-19 pandemic has triggered digital transformation initiatives, with IT companies adapting quicker than most industrial sectors. Services that require signatures to advance work can be accelerated using electronic signatures. Here are some trends that could lead to the acceleration of digital signature adoption in the IT sector:
- Improved Features
Electronic signature solutions continuously enhance features to make signing online convenient and straightforward for users. They also satisfy the need for advanced security to protect the integrity of digital documents. Multiple signatories can at once sign a document online. Real-time trails help employees keep track of the progress of signed documents. With more and more features and security being added to most online signature providers, it would be an irrational decision to keep it out of your offices.
- Policy changes
Today, almost every nation uses and supports technology like eSignatures. While there is a varied degree of acceptance in each country, if you compare eSignature laws from around the world, you'll find they generally fall into three categories: Minimalist, two-tier, and prescriptive. Finding out what kind of policy your country follows is crucial when choosing your e-signature solution. Inclusions in policies and government recognition, however, is a trend that has undoubtedly accelerated e-signature use in business.
- Increased Use of Smart Devices
Smartphones, laptops, and pads are now an irreplaceable part of any employee's workday, primarily if they work from a remote location. With policies such as Bring Your Own Devices (BYOD) embraced by major IT companies, there is an increase in eSignature use, allowing for a smooth experience for users.
- Digital Identities
Digital identities have replaced physical identification. Secure digital signatures and digital signature certificates verify one's identity and enable signing documents electronically.
Efficiency looks different for each company. For instance, two companies in the IT sector can focus on different metrics to increase their efficiency. Each business must set a clear list of goals to improve efficiencies that must focus on rectifying any impediments.
DrySign, a trustworthy and reliable digital signature solution provider, helps IT companies perform beyond expectations. With over 40% of clientele from various sectors of the IT industry, DrySign is one of the most easy-to-use and budget-friendly digital signature tools out there. Organizations, irrespective of their size, can use DrySign to sign documents electronically, quickly, and securely!
Get all your e-signing needs completed with DrySign.
DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.