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How do Businesses Benefit from Using Electronic Signatures?

Posted 4th June 2021

For many businesses, getting documents signed is a part of their daily business operations. Whether you’re onboarding new employees, signing up new business or completing business transactions, the humble signature is often the lifeblood of the business world, offering a written record of agreement or intent.

 

While pen and paper have been the industry standard for years, traditional signatures are vastly becoming inefficient and outdated in an increasingly digital workplace. When almost everything is carried out online, switching back and forth between paper and digital is a waste of valuable time and resources.

That’s where e-signatures and digital documents come in, bringing multiple benefits to your business in the process. So how can your business benefit from using electronic signatures?

 

 

Make Cost Savings

Whilst investing in an electronic signature provider may seem like a more expensive option than good old-fashioned pen and paper, it can actually work out cheaper in the long run. Indeed, whilst the cost of collecting traditional signatures may seem small, these expenses can all add up, especially for businesses that rely on signature collection as part of their day-to-day operations.

From paper and envelopes to stationery and postage, your business can eliminate these costs entirely with the help of digital documents and an electronic signature. Add to this the cost of printer ink and toner, as well as the maintenance costs of printers and scanners and your business could make substantial savings by going paperless.  Once you’ve subtracted the yearly cost of your digital signature, that money can then be invested in other, more valuable areas of your business.

 

Save Time

As the old saying goes ‘time is money’, so your business needs to ensure it uses employee time as efficiently as possible. This is where digital documents and electronic signatures really shine. For most modern businesses, the majority of work and communications are carried out digitally, with email and web chatting now used extensively to liaise with both internal colleagues and external clients. So why continue to rely on paper-based processes for signature collection?

Think of all the unnecessary and time-consuming steps that go into switching between digital and paper working, primarily printing, scanning, and posting. With an electronic signature on the case, you can easily create, sign and send out digital documents in just a few clicks, allowing you to improve operational efficiency and benefit from a streamlined way of working.

 

Enhance Security

When you opt for a secure e-signature and document management platform like E-Sign, you can be sure that your business is benefitting from increased security. Sticking with traditional signature methods often means that you’re sending out sensitive contracts or documents in the post, or otherwise arranging time-consuming in-person meetings for every signature you have to collect.

With an experienced digital provider on the case, you can be sure that all confidential data is protected by expert cybersecurity, as well as extra protective measures. Take E-Sign for example. We ensure that your information is protected by commercial-grade firewalls, border routers, network management systems and encryption. We also offer SMS authentication, password protection and a built-in ID checker for your documents, ensuring only authorised parties can access and view the information. Our new feature also allows you to set an expiration date for your documents, so sensitive information never hangs around longer than it needs to.

 

Upgrade User Experience

Digital documents and electronic signatures not only benefit your employees and business but also your customers and clients. For many digitally mature customers, paper-based processes represent a time-consuming hassle; having to print, sign and either scan or post the document back to you is hardly the easiest process- and that’s even if they have access to a printer or scanner.

Keeping everything digital ultimately makes life easier for your clients, allowing them to view, e-sign and return your company documents simply by clicking on an email. Making sure your processes are accessible and hassle-free for customers is absolutely essential for your business; after all, you want to leave your customers with the best possible impression, ensuring they return to you in the future, as well as recommend you to their friends and family.

 

Improve Turnaround Time

Implementing a digital signature across your business not only makes it easier for clients to e-sign and return those vital documents, but also allows you to significantly reduce document turnaround time on both ends. Indeed, with digital processes on your side, your business becomes more agile and responsive to customer requests, as well as benefiting from quicker turnaround times on your client’s end.

Digital technology can help you optimise your workflow from start to finish, starting with document creation. With the ability to save templates on your E-Sign platform, you can easily re-use and edit existing content, drastically reducing document creation time and empowering your employees to respond to client’s request much quicker than with traditional paper-based processes. Your client can then sign and return your document in just a few clicks so you can close the transaction as soon as possible.

 

Go Greener

Now more than ever, businesses are looking to make their operations more environmentally friendly and greener, with the view to reducing their carbon footprint and overall impact on the planet, as well as generate good PR for their business. One of the quickest ways that businesses can reduce their waste production and carbon footprint is to switch to an electronic signature.

Going digital allows you to significantly lower, if not entirely eliminate, paper usage across your company. Do you know how much paper your business currently uses and the impact on the environment? Why not take a look for yourself with this paper calculator. Paper production not only contributes to mass deforestation but also pollutes the environment and uses a lot of water in the process. That’s before it even ends up in your office. After that, it’s often used to print out unnecessary documents and ends up straight in the bin. Even if your business takes the effort to recycle your waste, turning discarded paper into new stock still requires energy and resources. Going digital therefore not only saves your business time and money but also helps save the environment.

 

Embrace Digital Working

Adopting a digital signature also enables you to implement more flexible working options across your business, enabling your employees to continue working effectively from home, without additional equipment such as printers and scanners.

Ultimately, embracing electronic signatures and digital documents means your business is taking steps to future-proof your operations. These days, technology is increasing at an exponential rate and it can be easy for your business to get left behind, leaving you unable to compete effectively against your more digitally mature counterparts. Taking these steps to update your business practices and switching your processes to digital alternatives will help you stay ahead of the game in the short term and make it significantly easier to adopt further digital practices in the long run.

 

 

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E-Sign is a leading provider of digital transaction management solutions, supplying professional services including Electronic Signatures, Web Forms, ID Checker, Verification Tools, Personalised Emails, API and Payment Processing to businesses of all sizes 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.