5 Reasons Why Electronic Signatures are Expanding into New Sectors

Posted 29th July 2020

In a volatile and unpredictable economy, effective digitalisation is driving businesses forward and allowing them to adapt during these unprecedented times. Electronic signatures are a key part of this digitalisation. Most businesses will require some form of signature collection, whether that’s for internal processes, customer transactions or legal agreements. Up until now, these have been largely paper-based administrative tasks. Thanks to electronic signatures and platforms like E-Sign, these processes can be fully digitalised, streamlining administrative tasks and signature collection, and helping businesses save time, money and hassle.

In this blog, we’re looking at the main reasons why electronic signatures are expanding in usage and popularity across a variety of new sectors, some of which previously did not accept e-signatures, despite their legal validity.

 

1.E-Signing Is More Convenient

One of the main appeals of e-signatures is how convenient they are. With an electronic signature, you can fully digitalise your administrative processes and sign documents online, eliminating the need for traditional paper-based admin and significantly speeding up your document signing processes and reducing turnaround time from weeks to days.

Think about the numerous steps involved in your traditional, paper-based processes; printing, posting, and waiting for the document to be signed and returned. Depending on your storage policy, you may also need to scan the document and file it electronically, whilst also filing the original paper version.

With an electronic signature, you can fully digitalise this process.  You can upload your chosen document to the electronic signature platform, e-sign with your unique digital signature and send the document to the other signers via email. With E-Sign’s Electronic Signature platform, you can create unlimited, reusable document templates for optimised document processes and rapid document sending. This allows your employees to generate and send documents for signing quickly and conveniently.

The other signatories do not need to have an account with your e-signature provider to electronically sign the sent documents, so your clients can instantly e-sign and return the newly signed documents to your business within a matter of minutes, significantly reducing turnaround time and closing those important deals, transactions or legal documents with optimum efficiency.

 

2. E-Signatures Will Save Your Business Money

In these times of economic instability, businesses are trying to curb expenditure and conserve much needed funds. COVID-19 and the country-wide lockdown means that companies across all sectors are facing unprecedented economic uncertainty and are looking to cut costs to ensure the future of their business. Switching to electronic signatures has the potential to save businesses a significant amount of money. Traditional, paper-based administration contains a plethora of smaller, hidden costs that all add up.  By digitalising your documentation process and signature collection, you can effectively eliminate these costs, since you will no longer need to buy paper and printing supplies or pay postage fees. Your business could also save on filing supplies (like folders, envelopes, and storage cabinets) since there’s no need to store vast amounts of paper documents.

Whether you run a small, medium or enterprise size business, there is money to be saved by switching to electronic signatures. By eliminating paper, printing and postage costs, businesses of all sizes stand to benefit from digitalisation. Using E-Sign’s electronic signature platform, a top 100 Law firm was able to save £284,000 over the course of a year– a significant amount of money that could be invested elsewhere in the business. If you’re looking to reduce your business expenses, switching to electronic signatures is a good place to start.

 

3. Digitalising With E-Signatures Improves Efficiency

The key to a productive and optimised workflow is efficiency. Electronic signatures and document digitalisation can improve efficiency and productivity for companies of all sizes and across all sectors. The time your business spends on printing, emailing, posting and scanning documents is all time that could be spent on growing your business. When you opt to use an electronic signature, you can fully digitalise these processes, streamlining signature collection and improving company efficiency and productivity. With electronic signatures, your signatory can instantly sign documents, reducing document turnaround time from weeks to days. You will receive instant confirmation once all parties have signed, so you can close those important and time sensitive transactions quickly and legally.

Digitalising with E-Sign can result in a 30-50% increase in productivity for your business. With a streamlined and digital documentation process, your employees can make considerable time savings on traditional, paper-based administrative tasks, utilising full form functionality, reusable templates, integrated payment processes and personalised emailing. By optimising everyday processes and increasing efficiency, you and your employees can focus on different areas of the business, rather than day-to-day admin.

 

4. Electronic Signatures Are Remote Working Friendly

COVID-19 has shown businesses across all sectors the real need for effective digitalisation. With a UK-wide lockdown suddenly in place, businesses found themselves having to adapt to remote working overnight. Many businesses soon realised that they were unprepared to implement home working on a company-wide scale and had neglected to plan for something like this as part of their business continuity. This was especially true for sectors relying on legally binding signatures to close deals or high-value transactions. With lockdown and social distancing restricting face-to-face meetings and employees lacking access to printing and scanning facilities at home, those industries that have neglected to modernise and digitalise have found themselves left behind and struggling to implement productive remote working during the coronavirus pandemic.

With remote working set to become a permanent part of modern working life, businesses across all sectors are now looking at remote working solutions and document digitalisation to make remote working easier and more efficient for employees. One of these sectors is HM Land Registry, who previously did not accept electronic signatures. Digitalising document processes with E-Sign’s electronic signature platform allows employees to access documents from home, emailing them directly to the signer to avoid inefficient, paper-based administration.

 

5. E-Signing Provides Better Customer Service

Electronic signatures are a cost-effective solution which not only improve business productivity and reduce costs but also enhance customer satisfaction and increase your brand reputation.

The convenience and efficiency of electronic signatures make a great impression on your customers, allowing you to process and complete transactions in a matter of minutes with no cost or hassle to your clients. With E-Sign’s electronic signature platform, your customers will receive an email containing the digital document to be signed.  All they need to do is type, draw or upload their own signature and return the document- a simple and efficient process that will help you provide a smooth customer service.

For an improved experience for international customers, you can send your business documents that require a signature in your client’s native language, helping you to complete  deals and contracts quickly, with no need for external translation. Using E-Sign’s e-signature platform, you can choose to generate documents in one of nine languages, resulting in a better standard of service for international customers and a quicker turnaround time for your business.

 

E-Sign is a leading provider of electronic signature solutions supplying professional Electronic Signatures, Form Builder, Web Form, ID Checker and Personalised Email solutions to businesses across the UK.

To find out more about our E-Sign solutions and how they could transform your business, get in touch with us today.

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