why use electronic signature

Cost Saving with Electronic Signatures

Cost Saving with Electronic Signatures

As a business owner, the most prominent burden on your shoulders is the cost of running a business. Among the many operational costs that a business has to bear, the cost of paper-based supplies and their necessity present a confusing scenario for every business. Digital transformation is gradually driving attention towards paperless solutions such as Electronic Signatures. The primary motive of cost-saving with electronic signature solutions is driving the necessity for justifying the use of electronic signatures.

However, many readers might still wonder about the improbable proposition of replacing something as cheap as paper. On the contrary, there are many costs that accompany the use of paper and a closer reflection on them can help you understand the reasons to use an electronic signature for businesses.

Also Read: Cost Saving Benefits of Electronic Signatures

Cost Saving with Electronic Signature

The following discussion would outline the various costs associated with paper-based signatures to help readers understand the how they can save money with the electronic signatures i.e. cost saving benefits of electronic signatures.

  • Costs of Purchasing Paper

One of the first costs that you would find with paper-based signature refers to the costs of purchasing paper itself. However, this is where the majority of readers assume that paper is cheap and obviously a cost-effective solution.

According to Informit, a U.S. office worker uses over 10,000 sheets of paper per year. 

So, there are many more costs involved with paper when you use it for requesting paper-based signatures. You can get a detailed idea of cost-saving with electronic signature by reflecting on various costs associated with the use of paper in an organization.

  • Printing and Photocopying Costs

Printing and photocopying are undoubtedly mandatory procedures in the use of paper for an organization. The cost of printing and photocopying includes the capital cost of the equipment such as printer and photocopier. In addition, the benefits of electronic signature become clear when you find other costs in printing and photocopying. The cost of toner and the maintenance costs would also no longer trouble you with the adoption of electronic signatures.

Furthermore, you can also save a considerable amount of time alongside costs by shifting to electronic signatures. Workers don’t have to wait anymore at the copier for their turn or fix a jammed printer. The time saved on these menial tasks can encourage workers to focus on business-specific productive tasks.

  • Costs of Paper Delivery

The validity of cost-saving with electronic signature becomes evident with further reflection on paper delivery costs. The cost of paper delivery is a significant highlight in paper-based signatures, as you would have to deliver a document to other people who have to sign it. Now, the variability factor comes into play when you estimate cost savings on paper delivery costs because of the different types of delivery methods.

You don’t have to incur any costs for paper-based signatures when documents are delivered internally within an organization. However, delivery of documents through postal service would include the cost of envelopes and postage. In the case of urgent documents, you might have to incur overnight delivery charges for using courier services. Furthermore, you would also have to pay additional costs for the courier to return the signed documents.

Also Read: Top Reasons to Go Paperless

  • Costs of Paper Scanning

Another noticeable cost associated with paper that answers the question, ‘why use electronic signature’, refers to paper scanning costs. After receiving signed documents, you have to scan them for storing as digital records. Apart from the average cost per page for scanning, you can also find that manual processes in scanning are cost-intensive.

For example, the manual efforts in the removal of staples and paper clips from documents before scanning or repairing any damages involve additional costs. Furthermore, you would need technical expertise for indexing of images for connecting them with digital records in a database.

  • Costs of Storage

Enterprises that rely on paper-based signatures would definitely rely on retaining the paper documents. The factor of legality is a prominent concern as a paper-based signature is valid only when there is proof of their association with a physical document. You cannot validate a paper-based signature without the actual document.

Therefore, a business is legally bound to store documents with paper-based signatures. As a result, you cannot leverage cost-saving with electronic signature due to the administration costs for storing paper-based documents. The cost-saving benefits of electronic signatures would also take the cost of filing cabinets, folders, and tabs alongside the cost of their maintenance into account.

The legality of an electronic signature is an important concern while using electronic signatures. Let’s have a discussion on what makes an electronic signature legal.

  • Costs of Paper Disposal

Finally, after the use of paper documents for obtaining signatures, you would have to dispose of them. Disposal of the documents is an essential practice in the management of storage for paper-based documents of an enterprise. The costs of paper disposal would involve the capital cost of equipment such as paper shredders and other administrative costs. You have to pay an expert to shortlist the documents suitable for disposal and provide authentication for disposal processes.

  • Hidden Costs with Paper-Based Signatures

In addition to the above-mentioned costs that are explicitly visible with paper-based signatures, there are many hidden costs you can avoid by choosing electronic signatures. Apart from cost saving with electronic signature, you can save a considerable amount of time. Paper-based signatures require a lot of time for processing, beginning from the preparation of documents to their disposal.

However, electronic signature solutions allow users to sign multiple documents at a time without any trouble. Most important of all, paper-based records often land up enterprise in compliance failure issues due to lack of security. Another critical cost associated with paper-based signatures is the delay in capitalizing on favorable business opportunities.

Finally, enterprises should also focus on the costs of retrieving data in the event of disasters in the case of paper-based signatures. The cloud-based backup and recovery infrastructure of e-signature solutions can help in realizing the cost-saving benefits of electronic signature in this case.

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.

Bottom Line

On a concluding note, you can clearly see how electronic signatures help you avoid the costs with paper-based signatures. The cost-saving with electronic signature primarily involves savings on the costs of administration and capital costs with paper. Based on the information presented above, we can clearly notice that electronic signatures enable businesses to focus on productive tasks.

Electronic signature solutions also hold similar legal credibility as paper-based signatures. In addition, popular electronic signature solutions have formidable security safeguards, thereby assuring the integrity of all business documents. If you want to realign your organization’s strategic direction for the digital age, then adopt electronic signature right now! 

Posted by Brian Felix, 0 comments
Top 10 Reasons to Go Paperless

Top 10 Reasons to Go Paperless

Going paperless is a new trend in the current digital era. Let’s check out the top reasons to go paperless by adopting e-signature and how it will benefit your business!

Digital transformation has taken almost every industry by storm with many enterprises adopting new and innovative technological alternatives to legacy systems. The advantages of the digital revolution extend across all domains of business operations.

So, if you are searching for reasons to go paperless, then you might have decided to go for digital transformation. However, there are many doubts that are maybe revolving around your mind regarding the adoption of paperless solutions.

Also Read: Cost Benefits of Electronic Signature

Most Common Reasons to Go Paperless

Electronic signatures are the most common and easily available options for turning your business into a paperless one. Other than the advantage of reducing the burden of managing loads of paper-based official documents, there are many reasons to answer the question of “why go paperless”.

The following discussion dives into some of the important reasons for which you should consider shifting to a paperless environment. 

1. Better Access to Data

One of the foremost reasons to go paperless is the ability for finding information quickly. Estimates indicate that employees spend roughly 30% of their time scouting for paper documents. On the other hand, documents in the electronic form are very easy for filing, and you can find them easily.

The facility of indexing for electronic documents by leveraging critical data such as document type, user-defined criteria, or date simplifies the search for essential documents. Most important of all, you can also utilize a full-text search mode for quick and straightforward access to business documents.

The adoption of electronic signature can bring so many benefits for businesses such as e-invoicing. Here are the top benefits of e-invoicing for businesses.

2. Faster Execution of Business Processes

The next important reason to go paperless should reflect on the benefits of electronic signature for the speed of business processes. Digital forms can streamline various business processes alongside saving time on document printing, in-person meetings, and storage of hard copies.

Paperless solutions such as electronic invoices can help in saving money as well as time on professional printing of paper forms or sending paper documents. In addition, paperless solutions such as electronic payment and digital checks can help in effective control over cash flow. 

3. Simplify the Work for Your Employees

Happy employees also account for one of the important reasons to go paperless. Employees don’t have to spend time in printing documents, waiting for customers to fill the forms, scanning the completed papers, and attaching the files to digital records. With a paperless environment, you can enable your employees to participate in high-value interactions for the business.

Rather than wasting time on menial tasks, employees can commit additional time for customer service and satisfaction. Furthermore, the paperless environment also fosters the prospects for automation of routine tasks, thereby improving the ease of team collaboration. 

4. Customer Satisfaction Levels Improve Considerably

When your employees are happy, then you can get additional reasons to focus on the benefits of a paperless environment. The faster execution of business processes and better collaboration between employees prepare your organization for serving customers better.

For example, using electronic signatures with documents delivered to customer inboxes can help your business show to customers that you care about their time. Customers want to feel empowered to make their own choices such as filling out online forms, placing orders, or finding company information. Therefore, the adoption of paperless solutions can help you make your customers feel convenient in using your services.

Businesses can adopt and use electronic signatures in many ways to leverage its benefits. Here are the Top Uses of Electronic Signatures.

5. Considerable Savings on Paper Supplies

Among the many reasons to go paperless, the cost benefits will always have a prominent mention. Just think of the expenses that go into the purchase and maintenance of paper, ink, and printer replacement and maintenance. In addition, you also have to dole out precious dollars for the maintenance of file storage and professional document shredding services.

Even though the individual cost of these supplies appears to be trivial, the total cost can be astoundingly surprising. So, the adoption of electronic signatures can help a business save considerable money that could be redirected towards other essential needs. 

6. Accuracy of Information

Not only does a paperless environment show better improvement in organizational performance but it also ensures accuracy. Electronic signatures have become an increasingly prominent explanation of why we go paperless. Now, customers don’t have to hurry to fill up forms.

Therefore, they are more likely to enter information more accurately and carefully according to their convenience. Furthermore, in the case of employees, the digital workflow and documentation limit the requirements for manual input of information. As a result, discrepancies in document management decrease gradually alongside the chances of misfiling documents. 

7. Show Your Commitment to the Environment

The US alone consumes almost 12.1 trillion sheets of paper every year in offices. Therefore, the massive impact of paper used in offices on our environment is one of the profound reasons to go paperless. So, businesses can go paperless and exercise their social responsibility towards the environment of our planet. Most important of all, customers can perceive your business as a supporter of a cause for safeguarding the environment. 

8. The flexibility of Carrying Business Operations

If you are wondering about the answer to “why use electronic signature”, then think of the flexibility you get. Office operations will no more be limited to the office space only. Transforming to the paperless route can help you reach your customers wherever they are.

You also don’t have to worry about employees not being able to come to the office due to any circumstance. Paperless solutions allow employees to work from their home easily and report in the form of electronic documents, complete purchases, or execute contracts effortlessly.

Also Read: Electronic Signature is the Future of Business Contract Signing

9. Advantages of Security

The adoption of electronic signature also presents one of the vital reasons to go paperless. Electronic signatures add another layer of security for your business documents. For example, the audit trail with electronic signatures can pinpoint the individuals responsible for modifications in a document.

In addition, the facility of authorized access only for electronic documents and backup and recovery systems can present additional safeguards for your data.

10. Customize Your Business Documents Easily

The final mention among reasons to go paperless is the facility of customizing business documents. In addition, businesses can also ensure the document management systems can cater to their unique needs. For example, you can create personalized forms and reports tailored to your unique business processes. 

Bottom Line

Now, you can clearly identify the benefits that your enterprise can avail by shifting to a paperless environment. Other than the quick access to documents and improved efficiency of business operations, there are many other benefits of paperless solutions. So, go green, go paperless.

Presently, electronic signatures present the most favorable instrument for transforming into a paperless route. However, you have to be careful in the selection of an ideal electronic signature solution.

Before taking the decision for digital transformation, enterprises should prepare for the initial capital expenditures required. In the long run, enterprises can gain promising returns on their investment in paperless solutions.

So, take the right decision now and prepare a new foundation for the future of your business!    

Posted by Brian Felix, 0 comments