The ways Electronic Signatures are driving ROI
The International Data Corporation (IDC) revealed that 65% of the global GDP would be digitalized by 2022. Today, the world has moved towards a digital era, embracing intelligent digital solutions. Electronic signatures play the part of one such digital innovation that has turned out to be beneficial for businesses, individuals, and the global business environment, as a whole. The digital signature market is estimated to grow from USD 4.05 billion in 2022 to USD 35.03 billion in 2029. The electronic signature market is growing by leaps and bounds and is a boon for organizations. Today’s ever-changing business world (attn: COVID-19 pandemic) has forced even the most rigidly traditional organizations to operate in the contemporary world. And, it’s not for nothing! Every industry faces cut-throat competition, which in turn increases customer expectations. Companies and individuals are compelled to embrace digitally-driven solutions to generate revenue and stay relevant.
Increasing revenue and augmenting Return On Investment (ROI) is a critical focus of every organization. Dive into this blog to know the ways e-signatures can drive ROI.
Electronic signatures - Driving ROI
Signing documents as a token of receipt is a must in business processes. It also lends finality to a sale or business process. Today, no department can thrive in the digital world without e-signatures. Signing electronically has made it easy and secure for organizations to sign, send, and receive agreements. While it is abundantly evident that e-signatures can benefit businesses, let’s explore how they can drive ROI.
- Enhances Employee Productivity
Documentation plays a significant role in all types of industries. Businesses rely on agreements or contracts to perform all aspects of sales, marketing, development, or organizational functions to run smoothly. In the last decade, e-signatures have been in the driving seat to streamline the signing of agreements. With the help of state-of-the-art e-signature solutions, your documents can be signed in minutes compared to earlier, when you would spend days waiting for a signature or two from clients or partners, using traditional pen and paper signing methods. Rolling out offer letters and other hiring documents, sales contracts, invoices, employee benefits, NDAs, and so on; the processing of all these documents comes into the picture while gauging employee productivity. Moreover, signing essential documents or agreements, following up for signing status, inviting one or more signatories to sign a document, and keeping a record of all this takes up unnecessary time and effort, eventually leading to reduced employee productivity. DrySign e-signatures help you sign any document within minutes securely, from anywhere. The DrySign platform also provides an all-seeing, intelligent dashboard that allows you to track every single document that is out for signing or pending to be signed by you. This effortless tracking of your entire document workflow enhances productivity and keeps you and your teams on track.
- Eliminates Extra Cost
In 2021, as the economy slowly reopened, the prices for products increased. The cost of paper, too, rose significantly, a 9.6% escalation. An analysis report says that businesses in the U.S. waste $8 billion a year on just managing paper. Signing documents manually also include costs associated with printing, mailing, and storing documents. Hidden costs such as fuel, logistics, human resources, etc., are also involved but generally overlooked. E-signatures reduce these extra costs associated with document signing and allow for a faster and error-free documenting process. Organizations that adopt e-signature solutions reduce document handling expenses by a whopping 85%. With DrySign, it is so easy to upload or create a document, sign it, and share it from anywhere, reducing several overhead costs that are, so obviously, avoidable.
- Accelerates Revenue
Whenever extra time and effort are spent on printing, scanning, filing, signing, managing, and storing tasks, it tends to reduce employee productivity and, subsequently, your revenue. As we all know, Time is Money! Any process that has the potential to waste time or hold you back from making quick and accurate business decisions is a financial burden and must be discarded. The faster your turnaround time, the sooner you close business deals, hire the best talent, get a new client on board, and have a higher chance of generating better revenue. DrySign needs mere minutes to execute the activities that you currently waste hours on – at least 4-5 emails going back and forth, and numerous phone calls.
Document and contract flow management is an assured part of every business, some would say, a paramount part, as it influences everything, from maintaining the confidentiality and smooth functioning to simpler, more day-to-day tasks. On the other hand, it is time-consuming and expensive, and plain boring! You have already lost half the battle when your human resource is running around from cubicle to cubicle for multiple signatures or printing, scanning, and filing these important papers. According to a survey, 65% of companies reported that collecting physical signatures adds an entire day to their work process. On the other hand, companies that have decided to go paperless and move the e-signature way have reduced 90% of their processing errors. DrySign gives you the power to eliminate a non-efficient process with a simple, easy-to-use, and highly efficient e-signing method while saving you cost and time.
- Improves Customer Experience
Irrespective of your industry, electronic signatures have something to offer your business. Electronic signatures ease everything, from signing business agreements and hiring documents like offer documents and NDAs, to applying for college and scholarships or asking for customer feedback. As a result, any organization can provide a seamless, enhanced digital experience to its customers. DrySign provides a platform that helps you seamlessly share and sign documents electronically, in minutes!
- Reduces Risk
Electronic signatures provide end-to-end authentication to ensure a secure signing experience. Signing electronically using trusted and certified e-signature platforms reduces the risks associated with cyber security, disaster recovery, and other such operations and supplier risks. Going digital also means no loss or damage of documents, no risk of forgery or intermediaries, etc.
- Environmental Responsibility
Using traditional signing methods means the use of tens of thousands of sheets of paper, which not only impacts the costs and time associated but also contributes directly to climate change, deforestation, and the destruction of our biodiversity. Paper contributes 26% to the total waste in landfills. Pens generate tons of plastic waste that ends up in rivers and water sources, eventually harming animals and the environment. Sending and receiving contracts signed manually accounts for traveling costs and CO2 emissions. In a nutshell, ditching wet signatures and embracing electronic signatures not only save costs but also saves our environment. Taking your business digital with DrySign e-signatures can help you reduce the giant carbon footprint of your business.
Also Read: 10 Frequently asked Questions about the use of ESignature!
Industrial sectors that must incorporate signatures
With the increase in digitization, e-commerce is a sector that continues to grow every day. Every transaction accounts for an agreement between the seller and buyer. The e-commerce industry deals with multiple vendors and customers, and it is essential to bind all of them with contracts or agreements. Considering the number of transactions happening in e-commerce, the time and effort required for signing and storing all the agreements must not be overlooked. Electronic signatures act as a savior, streamlining signing processes in e-commerce.
- Advertising industry
The advertising and marketing industry requires legally binding contracts signed by both parties. Moreover, to terminate the agreement or extend it, business individuals need to repeated review and draft legal documents that need signatures. It would be tedious to upload, create, manually sign, and manage all these documents. Electronic signatures help manage such contracts without any potential legal dispute.
The finance sector incorporates banking and other monetary transactions that are always in need of an extra layer of protection. Poor security in the finance sector can lead to a devastating loss of money, identity theft, and subsequent access to funds by unauthorized entities. Using certified e-signatures helps avoid these breaches streamlining secure document workflow.
Insurance companies need to have agreements in place to ensure a smooth experience for the customers. Moreover, signatures and records need to be maintained to ensure the authenticity of contracts agreed upon by both parties. Electronic signatures ease the insurance representative’s job by providing secure and authenticated e-signatures to bind the insurance provider and receivers under mutual agreements and keep electronic records.
The ever-growing healthcare industry is constantly entangled in paperwork - vendors for equipment, drug companies for medicines, and medical professionals, like doctors, nurses, surgeons, etc., for jobs. In an industry such as healthcare, time is of the essence, and accuracy is crucial. E-signatures provide both of these functions along with reduced costs and improved ROI.
It is evident that signatures act as an indispensable part of our day-to-day activities. Irrespective of your industry, business, or location, you will inevitably deal with paperwork and documentation. DrySign helps you with all your signing needs and provides a secure, end-to-end, and super easy signing experience that can benefit not only big industries but also small businesses and start-ups. Invest in DrySign e-signatures and get an awarding ROI for any business.
Sources: ibisworld.com |idc.com |fortunebusinessinsights.com | msbdocs.com | theworldcounts.com
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.
Found this interesting? Share on your socials to let others know: