For long-standing and established companies, it can be daunting to entertain the idea of implementing new, digital practices, when the old analogue system has been working just fine.
However, in our modern and ever-changing world, many business practices across the globe are quickly switching from outdated contract procedures to new, faster paced solutions.
e-Signature software gives companies, just like yours, faster contract negotiation times, greater signature security, quicker payment completion and an overall enhanced and more productive working environment.
Here are the top 10 benefits of choosing to use e-Signatures, over traditional wet signing practices.
- Faster completion of contracts
Throughout this digital age, the faster all aspects of conducting business can be done, the more efficient the company and therefore…the more successful.
To understand how faster contract speeds may benefit your business, consider how medical professionals benefit from using electronic signatures as standard practice every day. To speed up the completion of time-sensitive forms and documents – which may critically affect patient care, e-Signature software is used to prevent unnecessary delays. The result is a speedy and slick process, and in this instance – the protection of individuals health.
Healthcare professionals, and professionals in almost every field, have enough to worry about without having to wait for paperwork to be shuttled around or to hold out for signatures, before critical services are put in place.
- A digital signature lasts the lifetime of the contract
In comparison to wet signatures – which need repeating multiple times throughout the length of a contract, e-Signatures are fixed for the life of the contract. This eliminates the need for repetitive signing and ultimately improves the company and client relationship and communication experience.
- Negotiations can be accelerated and implemented quicker
With e-Signature software, there is no longer a need to wait for the repetitive delivery of paperwork through the mail. Instead, each step in the contract completion process is authenticated and easily accessed by all parties, meaning critical issues can be flagged and tracked until final execution.
Negotiations can take place over the course of a phone call, video conference, email exchange or meeting, instead of having to wait days – if not weeks, for documents to be signed and sent back and forth physically.
- No more waiting for global parties to return contracts
Particularly for clients and business associates scattered around the world, e-Signature software can greatly accelerate the contract procedure for global business interactions. Even when the parties are geographically diverse, signatures that are done electronically, ensure there is no delay in updating or executing contracts, resulting in a much speedier roll out.
- Tighter and more effective security
Yet another advantage of e-Signatures is that there is less worry about security than with wet signed papers, which can potentially be easily tampered with. Contract management software with e-signing capability can automatically detect even minor altering and record more data points than paper. Alongside this is the stringent protocol that is in place to ensure authenticity of the e-Signature and prevent fraudulent activity.
- Get paid faster
Due to the fact it is so fast and easy to sign documents online, you’re likely to see faster contract turnaround. The use of e-Signatures makes it easier to execute contracts that have multiple signers. Which means no more waiting for all parties to wet-sign, because after the first person signs, e-Signature software can automatically send documents to the next signer. You can receive the signed documents in minutes – as opposed to hours or days, and get paid faster than ever before.
Businesses in a variety of industries have reported that electronic signatures help speed up sales cycles by up to 400% – a figure that’s sure to persuade you into the modern way of conducting business.
- Lower admin costs
On top of the all of the other financial benefits, the automated processes of e-signing can reduce the financial impact of human error such as signing mistakes – which can slow down the process or cause eventual costly problems if initially undetected.
E-signing software can help reduce the risk of human error by sending alerts about suspicious records or compliance issues involved with any contract. By using e-Signatures, you’re instantly ensured everything is in order – saving the cost of fixing problems that could have been prevented and freeing up time for your staff to conduct more business.
It’s also important to remember the obvious cost implementations of items such as paper, stationary, copying, packaging and shipping. These costs may seem minimal, but they add up over time and can make a huge difference to your bottom line.
- Increased internal productivity
The time you get back by using e-Signature technology will help transform you and your business in terms of productivity – allowing you to close more deals, focus on more important tasks and make more money.
You can also automate document flow and reduce repetitive practices. For example, if you use the same documents regularly, the e-Signature software can help by providing templates to be reused as often as you need them, with less time spent editing documents for each case.
- Improved client experience
Across all industry sectors, customer satisfaction has a significant influence on your business’ success. It goes without saying that your clients will be more satisfied should your interaction with them become simpler and more efficient.
E-Signatures save your customers’ valuable time and make the overall signing process much more convenient for them too.
- Track your contract progress
It can be so frustrating to constantly wonder, “Have they signed yet?” With e-Signature you can wave goodbye to the days of chasing contracts. e-Signature software makes it easy to track documents, follow up with the progress of contracts and can even send signers a reminder if they forget to sign on time.
AlphaTrust are pioneers in the electronic signature platform – providing all of the elements required for a variety of robust and flexible document workflows.