Top 10 benefits of using an e-Signature – over traditional wet signing
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iPipeline
Here are the top 10 benefits of choosing to use e-Signatures, over traditional wet signing practices.
For long-standing and established companies, it can be daunting to entertain the idea of implementing new digital practices, as digital transformation seems like a big change. However, even though the old analogue system has been working just fine, customers’ habits and expectations have changed.
In our modern and ever-changing world, many business practices across the globe are quickly switching from outdated contract procedures. It is evident just how new, faster paced solutions like e-Signatures can help with growth and efficiency.
e-Signature software gives companies just like yours, huge benefits such as faster contract negotiation times, greater signature security, quicker payment completion and an overall enhanced and more productive working environment.
1. Faster completion of contracts
Firstly, it is now more important than ever to be faster than our competition because if you’re not adapting, the competition have. The faster we conduct business, 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 e-signatures as standard practice every day. Medical professionals use e-Signature to complete time-sensitive forms and documents because delays here critically affect patient care. In this example, e-Signatures benefit the industry preventing unnecessary delays.
The result is a speedy and slick process, and in this instance – the protection of individuals health.
In this example, let’s look at how The Exeter, one of UK’s largest friendly societies, use e-signature and automation to help them speed up claims processes with our solution AlphaTrust.
Stated in our case study, “the time it takes to process a claim has been significantly improved with 50% of claims being digitally completed within 48 hours of the member receiving them. Currently we are seeing a 24% reduction in the time taken to process a claim from start to finish, and we expect this to improve further as we continue to iron out the new process.“
2. An e-Signature lasts the lifetime of the contract
Wet signatures need constant repeating. E-Signatures eliminates the need for repetitive signing and ultimately improves the company and client relationship and communication experience.
3. Accelerate negotiations and implement quicker
With e-Signature software, there is no longer a need to wait for the repetitive delivery of paperwork through the mail. Each step in the contract completion process is authenticated and easily accessed by all parties. By using audit trails, any critical issues can be flagged and tracked until final execution making the process much faster.
Above all, negotiations can take place over the course of a phone call, video conference, email exchange or meeting instead of having to wait days or weeks for documents to be signed and sent back and forth physically.
4. No more waiting for global parties to return contracts
In this point, we’ll cover how global companies can benefit from e-Signatures. Similarly to point no.4, e-Signature software can greatly accelerate the contract procedure for global business interactions because signatures that are done electronically ensure there is no delay in updating or executing contracts. As a result, you get a much speedier roll out.
Paper processes slow down business efficiency and cause delays.
5. Tighter and more effective security
In addition to speed, security is a big benefit of transforming to digital as there is less worry about than with wet signed papers, which can potentially be easily tampered with.
Moreover, 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.
6. E-Signatures lets you 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.
What does that mean for you? 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. 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.
7. 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. This 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. Audit trails lets you ensure everything is in order. Transformation to digital saves 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.
Have you considered how much time your business spends managing paper processes? Or how costly each document is to create, print, stamp and send?
Our online calculator shows you how much you could save by switching to digital processes with an instant quote. Just enter an estimate of how many documents you process monthly and we’ll show you just how much you can save by automating:
How many documents
do you prepare and send per month?
8. Increased internal productivity
The time you get back by using e-Signature technology will help transform you and your business in terms of productivity. So, it allows 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.
How does your company handle its internal processes?
Let’s take the HR department as an example.
Numerous processes and scenarios within HR departments can be automated and digitised, without having to rely on paper. The advantages are many including a smoother process, faster turn around times and huge increases in efficiency, not to mention the impact on the planet.
We remember a time when email chasers had to be sent constantly, lost paperwork and forms from being misplaced, the list goes on.
Here at iPipeline, we have digitised all our HR processes using AlphaTrust such as:
• Employee Benefits such as private health insurance: usually, employees are given these as paper forms which get sent directly to insurance companies or intermediaries.
• Pensions: Employees joining business coming from different schemes and providers.
• Employee contracts: all employee contracts and new joiner forms.
• Expression of wish forms.
• NDA's.
• Internal promotions with change of terms or change in pay.
• Performance reviews.
9. Improved customer 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.
Today more than ever, our customers expect everything to be digital; companies using old and dated paper methods increase friction in the customer journey.
Ascot Lloyd, one of the UK’s largest independently owned IFA firms, relied heavily on face-to-face meetings. Covid-19 had a big impact on business operations and by partnering with us, AlphaTrust helped their advisers create a better and more streamlined client journey.
E-Signatures save your customers’ valuable time and make the overall signing process much more convenient for them too. They can sign documents and contracts on the go, on any device.
10. 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.
Benefit from:
•100% white-labelled, making AlphaTrust fully customisable. You keep your branding throughout the entire process.
• Diverse and flexible, so it can be applied to any paper-based process.
• Contains an easy-to-use dashboard and full audit trails.
• Optimised for desktop, smartphones and tablets.
To find out more on AlphaTrust or talk to someone in our team, please get in touch and we'll be glad to help!