A common question these days is: What does an e-signature mean to your business? You have likely noticed the disappearing of signatures from many day-to-day situations, only to be replaced with e-signatures. Even when I returned a product to a store a few days ago, I was asked for an e-signature. Indeed, there was no paper involved (making the process a bit easier).
The topic of e-signatures is big. In this article, the focus is specifically on the benefits that e-signatures provide to your business. If you want more information about e-signatures, check out our deep dive into the topic.
e-signature definition: e-signatures are the electronic replacement of hand-written signatures and are used to sign digital contracts.
What does e-signature mean for sales?
e-signatures have had massive impacts on sales, ranging from the cost of paper to a shorter sales cycle. Without needing to print contracts, fax documents, or even provide paper receipts to customers, closing sales has never been easier.
Simply put, SignTime is for sales. They are easier to close, and they close faster, when you give prospects the ability to sign quickly and conveniently.
But that’s just one of the reasons for using e-signatures for your business. Let’s look at a few of the other ways e-signatures can help your business.
Shorter sales cycle
One of the major benefits that e-signatures have for your business is that they shorten the sales cycle. This makes it more likely that sales don’t wind up in a “black hole,” waiting for some party to sign something to continue. Because there is less time wasted printing, signing, scanning, and then returning documents, there are also significant time savings.
Indeed, customers also dislike dealing with paperwork. A quick and easy process will make it more likely that they’ll sign on the dotted line. The ability to update digital contracts on the fly makes addressing customer concerns easy. Automating some of these necessary activities with SignTime allows sales teams to focus on sales and not worry about paperwork.
In most countries, e-signatures and digital contracts are just as valid as traditional paper contracts. What does an e-signature mean in the context of legality? Safety, speed, and convenience. Because they are also legally binding in most countries, they’re easy to use globally.
However, note that all countries have specific nuances in how their laws work. This article is not legal advice and shouldn’t be taken as such. Always work with a legal professional if you want exact and correct information about a country’s legal system.
The awareness and interest in environmentally friendly company policies increases every year. Consumers expect more from the companies they do business with, from reduced plastic waste to using renewable energy. Being a company that keeps the environment in mind by eliminating redundant and unnecessary waste might not be everyone’s prime motivator, but it can be the final detail that gets the close.
Especially for younger people and new startups, sustainability is getting more important. e-signatures are a sustainable technology.
What does e-signature mean for HR?
The HR department needs signatures for a lot of what they do, and they handle a very wide range of documents. Taking the hiring process as an example, you first need to get the contract signed. Then, you may need an NDA signed. Equipment borrowing agreements might also need to be signed. These are just the start
The ability to alter digital documents quickly and on the fly allows correcting and updating information when necessary without massive delays. Edits can be made in minutes, and new versions of documents can be sent out and signed almost immediately.
While there might be cases where an ink signature is still needed today (issuing a warning to an employee for example), most documents can be digitized and streamlined, creating a more effective and productive HR department. These exceptions are also disappearing rapidly.
What does e-signature mean for finance?
For businesses, the bottom line is almost always about money, and knowing what an e-signature means for a company’s finances is important. One immediate benefit is a decrease in the costs associated with paper.
Buying paper and ink, organizing and storing documents, buying filing cabinets, and storage space all disappear immediately. While paper and ink might not seem major, this can equal tens of thousands of dollars.
Without the need to run around ordering supplies and renting space for storage, costs decrease. Some companies have also noted high reductions in errors, massive increases in productivity, and importantly major increases in customer satisfaction.
With dozens of impacts on a company’s bottom line, e-signature tools are an excellent investment.
What does e-signature mean for operations?
Having a powerful tool like e-signatures at your disposal can have far reaching impacts on the way you do business. While boosting sales, increasing customer happiness, and increasing productivity are important, there are also benefits to operations.
e-signatures mean that many elements of operational tasks can be digitized and automated.
Everything from onboarding employees to managing the supply chain can be improved. This means a smoother, simpler, and more cost-effective way to run your business.
The increased security options can protect your most valuable assets. You’ll also have almost immediate access to anything you need to review as well. SignTime’s tagging system allows forms of tracking and organizing documents that were previously impossible. You will never struggle to find an important document again.
There has never been a better time to improve your company’s operational systems.
An e-signature means a more effective company
e-signatures are proving that digital solutions can vastly improve many facets of your company. With smoother operations, a shorter sales cycle, and greater ease of use, e-signatures mean a more effective company. SignTime can help you into the future: improve your bottom line and let SignTime make your job easier.