Electronic signatures have become a game-changer for businesses worldwide. As we move towards a digital world, it’s important to adopt technology that streamlines and simplifies processes. Electronic signatures do exactly that by allowing businesses to sign, send, and receive documents online.
The global pandemic has further fueled the need for electronic signatures as more and more people are working remotely. In fact, according to a survey by Gartner, 74% of legal and compliance leaders reported an increase in the use of electronic signatures since the COVID-19 outbreak.
An electronic signature generator is a software tool that allows businesses to create and sign documents online, streamlining workflows and increasing efficiency while ensuring security and compliance.
This blog will explore how businesses can use electronic signatures to their advantage and get the most out of them.
How to use eSignatures in business transactions
Electronic signatures streamline the contract workflows in various departments. Traditionally, contract workflows involve printing, scanning, mailing, and signing physical copies of documents. This process is not only time-consuming but also prone to errors and delays. With eSignatures, businesses can eliminate the need for physical copies, save time and resources, and improve the overall efficiency of their contract workflows.
Legal Department: In the legal department, contracts and agreements are a standard part of daily operations. Traditional contract workflows involve printing, signing, scanning, and emailing documents back and forth, which can be time-consuming and inefficient. With eSignatures, legal teams can sign and manage documents online, reducing the time and cost associated with traditional contract workflows. According to a survey by Adobe, businesses that use electronic signatures in the legal department save an average of 3.1 hours per agreement, reducing turnaround time from 23 days to just over two days.
Finance Department: eSignatures can help streamline payment processes and reduce the risk of errors. They can be used to sign and approve invoices, purchase orders, and other financial documents. With eSignatures, businesses can sign and manage payment documents online, reducing the need for manual data entry and eliminating the risk of errors associated with traditional paper-based payment processes. According to a study by Forrester Research, businesses that use electronic signatures in their invoicing process save an average of $4 per invoice. This may not seem like much, but for businesses that send thousands of invoices per month, the savings can quickly add up.
Sales Department: eSignatures can be used to sign and send contracts, proposals, and agreements.Traditionall process can take days or even weeks, delaying the sales cycle. Sales teams can send and sign contracts online, eliminating the need for in-person meetings and reducing the time it takes to close deals. With electronic signatures, contracts can be signed and sent online in a matter of minutes, speeding up the sales process and increasing revenue. Businesses using eSignatures for sales contracts close deals 21% faster than traditional paper-based contracts.
Procurement Department: eSignatures can help reduce the time and cost associated with vendor management. With eSignatures, procurement teams can sign and manage vendor contracts online, reducing the need for manual data entry and eliminating the risk of errors associated with traditional paper-based procurement processes. One study found that businesses that use eSignatures for vendor contracts see a 73% reduction in processing time and a 92% reduction in errors.
HR Department: In the HR department, time is of the essence, and the use of electronic signatures can help streamline processes and save valuable time. Electronic signatures can be used in a variety of HR scenarios, including employee onboarding, performance management, compliance, and employee data management. For example, electronic signatures can be used to sign new employee contracts, offer letters, and other important documents during the onboarding process. This helps HR professionals streamline the process and reduce the time it takes to onboard new employees.
Benefits of electronic signatures
Electronic signatures are revolutionizing the way businesses handle important documents, and with good reason. There are many benefits to using electronic signatures over traditional handwritten signatures, including increased efficiency, improved security, and enhanced compliance. In this section, we’ll explore some of the most significant benefits.
- Time and cost savings: Electronic signatures eliminate the need for printing, scanning, and mailing documents, which can be both time-consuming and costly. According to a report, businesses can save an average of $20 per document by using electronic signatures.
- Enhanced security: Electronic signatures use digital certificates and encryption technology to ensure that documents are secure and that signatures are authentic. This helps prevent fraud and reduces the risk of legal issues.
- Improved efficiency: Electronic signatures streamline the document signing process, reducing the time it takes to sign and manage documents. This helps businesses to be more efficient and productive and ensures that the process is standardized and consistent.
- Enhanced customer experience: Electronic signatures provide a simple and efficient way for customers to sign documents, reducing the need for manual document management and paperwork. This helps improve the customer experience and ensures that customers can focus on more important tasks.
- Increased compliance: Electronic signatures can help businesses stay compliant with industry regulations and reduce the risk of legal issues. For example, eSignatures can help businesses comply with regulations such as HIPAA and the Electronic Signatures in Global and National Commerce Act (ESIGN).
eSignatures: The Game-Changer Your Business Needs
Electronic signatures have transformed the way businesses manage their contracts and agreements. The benefits they offer, including time and cost savings, enhanced security, improved efficiency, enhanced customer experience, and increased compliance, make them an invaluable tool for businesses of all sizes.
In today’s increasingly digital world, using electronic signatures can give your business the edge it needs to succeed. So, don’t hesitate to take advantage of this technology and streamline your contract workflows. Consider using an electronic signature solution that suits your business needs and start experiencing the benefits today.
With the right electronic signature solution, you can save time and resources, improve your workflows, and enhance the overall efficiency of your operations. So, make the most out of what eSignatures have to offer, and take your business to the next level.