need for e-signature for organization

Why Your Organization Needs an E-Signature Solution?

Why Your Organization Needs an E-Signature Solution?

The year 2019 is coming to an end. At such a time, you should rethink your business model and aim at the introduction of new changes. In this condition, you have to note the need for e-signature for your business. Why? You must know the importance of digital transformation for the sustainability of a business in the present times. Therefore, you can take a prominent step towards the digital transformation of a business through the decision to implement paperless solutions.

The use of electronic signatures can help considerably in achieving the objective of digital transformation easily. Is it that simple? You may have certain doubts about the need for electronic signature for the organization right now, don’t you? Therefore, the following discussion would aim at presenting some of the notable details regarding the reasons for which your organization needs an e-signature solution. 

Importance of the Adoption of E-signature

Before exploring the need for electronic signature for an organization, let us reflect on the definition of e-signature. Electronic signature or e-signature is data in the electronic form that has a logical association with other data in the electronic form. The electronic signature is ideal for signing and is valid, just like handwritten signatures. The ESIGN (Electronic Signatures in Global and National Commerce) Act 2000 serves as the legal basis for e-signatures.

In addition, other electronic signature regulations, such as EIDAS (Electronic Identification, Authentication, and Trust Services) in the EU, also prove the legality of e-signatures. So, you can be sure of the fact that electronic signatures can be valid methods for supporting business transactions. While reflecting on the need for e-signature for your business, you should also know clearly about digital signatures.

A digital signature is a cryptographic mechanism for the implementation of electronic signatures. Another important factor that can establish the importance of electronic signature is evident in its objectives. The objective of an e-signature refers to faster authentication for a document with an explicitly recognizable identifier. The best thing is that you don’t need paper or pen for business transactions with an electronic signature.

Why There is a Need for E-Signature in Your Organization?

Therefore, you could fulfill one of the prerequisites for digital transformation by opting for the use of e-signatures. On the other hand, you may have certain doubts regarding the security concerns with the use of electronic signatures. So, the following pointers can help in providing you some assurance about the use of electronic signature in your business.

  • Better Engagement of Customer, Employees, and Audience

The intense competition in the present marketplace increases the need for e-signature solutions for businesses. Every business in almost every industry focuses on new and improved approaches for engaging their customers. Now, smartphones, mobile apps, and tablets are everywhere, and so, the “perfect” user-experience exists only in an ideal context.

Businesses have to find new ways of attracting their customers on every channel for engagement through streamlining the complete customer experience. Satisfied customers would directly lead to repeat business and referrals that are significant for the bottom line of any business. The influence of e-signature adoption on customer satisfaction is strong. For example, organizations could streamline their hiring processes by using e-signature solutions, thereby increasing the satisfaction of candidates.

In addition, the answer to ‘why use electronic signatures’ also refers to the features of speed and convenience. E-signatures provide convenience and speed that can ensure better productivity for employees in your organization. The impact of e-signature adoption would be the same for a small organization selling consumer products and services or large enterprises having advanced supply and distribution chains. 

Still confused about adopting electronic signatures? Check out these top reasons to adopt electronic signature for your business.

  • Better Sales and Greater Profits

The next important aspect for ‘why use electronic signatures’ refer directly to greater profits. The digitalization of sales processes improves the speed of sales cycles alongside improving win rates. A large amount of waiting for paper documents signing and transfer could impose a highly negative impact on sales cycle speed. In the meantime, customers could find the right cause for changing their minds and choose another business.

Therefore, the need for e-signature solutions becomes clearly evident. Smart sales for any business should involve proactive actions and responsive business decisions. Therefore, digital agreements could help customers sign agreements anywhere and anytime at their convenience. The use of e-signatures also provides prominent benefits to sales representatives and support staff by reducing the burden of paperwork.

Therefore, the benefits of electronic signature in the automation of proposals, contracts, and other customer documents could help sales representatives. They could stop chasing the signatures and thus save time for focusing emphatically on sales only. Since e-signature takes away the obstacle of the need for physical signatures, sales processes automatically become faster in an organization.

For example, Salesforce has shown a 30% year-on-year growth over the last three years without including sales-operations headcount with e-signature. In addition, service professionals, as well as other small enterprises, could use e-signatures for closing deals quickly with appealing profits. 

Also Read: E-Signature Security Checklist and Rules

  • Improved Value for Money

The following important reason to validate the need for e-signature solutions for a business refers to value with e-signature solutions. Time is money, and no one could deny this fact. So, when you keep waiting for paper documents signing and returning to you, you lose time and money. In addition, you also risk the idling of resources alongside holding up important processes and deals for a longer duration.

On the other hand, the benefits of electronic signature could help in cost reduction and time-saving. In addition, you can also do away with equipment for the printing, mailing and faxing as well as costs of paper. E-signatures help many enterprises save around millions of dollars every year. Some studies have clearly shown that the use of e-signature solutions help in obtaining benefits in the amount of $36 per document.

The benefits are also evident in the form of revenue gains, hard dollar savings, and productivity. Just think of multiplying the cost savings by thousands, or even millions of documents per year. Then you could learn about the importance of electronic signature. For example, Microsoft gains almost $7.3 million in the form of hard-cost savings annually through the use of e-signature solutions.

The need for e-signature solutions for your business is clearly visible in the potential for increasing efficiency and streamlining workflows. The outcomes of efficiency involve notable indications of limited errors in filling out forms and information entry in databases. Not only Microsoft, small and medium enterprises could also realize some savings with respect to their total costs. 

It is important to look into the security factors while choosing an electronic signature solution for your business. Here are the top points you should consider while choosing an e-signature vendor.

  • Better Security and Safety

The need for e-signature in an organization is also evident in the requirements for improved security and safety. Paper documents are not safe and are subject to a wide range of security threats such as theft, destruction, tampering, or misplacing. So, the need for e-signature becomes clearly evident in the case of highly sensitive business documents.

E-signatures have different advanced security protocols in place for sending, receiving, and storage of your documents. E-signatures provide not only flexible document signing but also the facility of recording important evidence about particular transactions. The audit trail with every e-signature transaction helps in verifying the identity of signatories, their activities in the transaction, and timestamps for different activities. 

  • Faster and Better Decision-making

Critical business decisions receive the most reasonable advantage of e-signature solutions. The need for e-signature for an organization provides not only the benefits of cost-savings, productivity, and efficiency but also faster decision making. Paper documents slow down the process of implementing critical business decisions due to the requirements of approval and signature of different stakeholders.

Subsequently, the impact of the decision on the business could also delay by a considerable gap of time. As a result, the decision loses its momentum over time, and you don’t get the desired result. On the other hand, the use of electronic signature can speed up the process of approval of decisions. 

  • Eco-friendly Solution

The emphasis on the need for e-signature solutions for a business is also valid on the grounds of environment friendliness. The e-signature solutions do not require any paper, thereby exercising the least impact on the environment. The reduced use of paper could also be helpful for saving many trees from unnecessary felling for paper production.

In addition, it also provides a convenient method for conducting transactions. How? Almost everyone, including employees and customers, uses mobile phones, and they want a better way of conducting business on phones. Therefore, e-signature serves as the right alternative that can give this experience to employees and customers.

Therefore, we can clearly note that e-signature solutions are the ideal instrument for the digital transformation of a business. Most important of all, e-signatures also show adequate prospects for the long-term transition of businesses to the digital front. 

Final Words

The times of signing on the dotted line are long gone. Now, the need for e-signature solution is the priority of every business for entering the digital age. Most important of all, e-signatures also have legal authenticity and credibility according to various e-signature regulations in different countries.

So, the aim of businesses should always align with the requirements emerging in the digital business environment. Businesses have to evaluate the competitive rivalry in their respective markets and find out the most efficient path for e-signature adoption. Saving physical effort, time, and cost- there are various benefits in the adoption of e-signature solutions for a business. So, give it a try! 

Posted by Brian Felix, 0 comments