Top 6 Benefits of Electronic Signatures For Your Business
Adopting an electronic signature solution into your contract management system supports your business in several ways. Make the signature step of contract lifecycles seamless, accessible, and far more efficient for all parties. With today’s technological advancements, there are several benefits of electronic signature solutions to choose from that can help you gain the upper hand against your competitors. For maximal efficiency and increased speed, implementing the best online contract signing software is a necessary step to take.
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Why You Need The Best Online Contract Signing Software for Contract Management
The alternative to an electronic signature solution is a manual, in-person signature with various requirements including shipping, scanning, faxing, filing, and more. Due to the stepwise process that previous signatures were required to undergo, implementing an electronic signature solution is certainly more time-efficient and cost-efficient.
1. Accelerate Speed of Contracts
With electronic signing capabilities, your business can shorten turnaround times during the signature step of a contract’s lifecycle. In this way, you mitigate delays and get contracts finalized faster than ever before. By having a fast and well-functioning contract management process, you increase the value of your service and keep clients coming back.
On of the benefits of e signature is that it speeds up contract management lifecycles due to a few key factors. Firstly, digital signatures are repeatable, meaning that a single digital signature can be reused through the rest of a contract’s lifecycle. In this way, clients do not need to sign the document or contract multiple times for multiple purposes. Secondly, negotiations are expedited drastically. This is because every party involved in the contract can easily authenticate and take specific actions with an electronic solution. If any errors or problematic issues occur, they are flagged by the software. Lastly, benefits of electronic signature solutions allow users to access contracts and associated documents requiring signature at any time no matter where an individual is geographically.
With traditional wet signature methods, both the sender and signer/recipient are required to print, scan, and send various documents several times over. Organization can become a serious issue, and turnaround times can become very delayed. When there are multiple associated documents and several parties of people involved, the process becomes even more extensive and time inefficient.
For example, think of the stack of paperwork on your desk that’s accumulated over the past several months (or even years). There’s possibly a document or two in there requesting your signature and return. With the help of the best online contract signing software, this issue is often greatly mitigated – saving time for all parties involved.
2. Highly Secure Signing Process
One of the benefits of electronic signature solution is that it increases the security of your contract management system. In physical paper files, your business is left susceptible to tampering and data loss. Electronic signature software enables your business to be more efficient and secure, ensuring that client data is confidential and protected optimally.
Contract management software inclusive of electronic signature capabilities can detect when alterations to data occur, alerting users of any tampering immediately. Electronic signature solutions are a globally accepted alternative to traditional signature methods due to the increased security that these solutions offer. The Electronic Signatures in Global and National Commerce Act (ESIGN Act), the Uniform Electronic Transactions Act (UETA), and the electronic Identification Authentication and trust services regulation (eIDAS) are several examples of legislation in the United States and the European Union that demonstrate how electronic signatures have become well-trusted worldwide.
Electronic signatures are far more secure than physical signatures because they are tracked by digital audit trails (composed of contract copies, emails, and signed certificates) making them easily trackable and verifiable. The best online contract signing software mitigates against e-signature forging and presents an additional layer of security to signers.
3. Cost-Efficient
Interestingly, Adobe reports that 61% of managers of various company sizes that draft, sign, and send both agreements and contracts, state that using an electronic signature solution reduces costs in contract management.
Electronic signature solutions can automate the signature step of your contract management process. This simple switch makes all the difference in saving both money and time. Electronic signing saves money by increasing accuracy. The risk mitigation benefits offered by an electronic alternative for signing inadvertently saves costs by reducing errors that occur, and thus, the time and money spent fixing them.
With alerts and error tracking, you can alleviate any issues at the moment they occur (i.e., noncompliance errors and skeptical documents). You also save money on several physical resources that previous signature processes required, including paper, copying machines, and packing and shipping products. Save vast amounts of labor and material resources while increasing accuracy and managing risk with an electronic signature solution in your contract management system.
Considering the amount of paper, ink, printers, copiers, storage, and various appliance repairs required for a manual signature system, its incredibly substantial the amount of money saved by switching to a digital alternative. With the best online contract signing software, you can increase protection and security of private data and client signatures while having a safe place to store the relating documents, contracts, and more – all the while saving money.
4. Increased Accuracy
Businesses commonly use contract management software that accompany electronic signature solutions when undergoing the signature step of the contract management lifecycle. Our Dock 365 Contract Management System provides your business the best online contract signing software, assisting your business in the signing stage as well as all the other stages of contract lifecycle management. Our solution increases the speed, accuracy, and organization of contract management processes while reducing discrepancies that can occur during stages of contract lifecycles.
According to a Forrester report, implementing an electronic signature app can greatly reduce the total quantity of errors by an astounding 80% on average. Your business can leverage all the tools provided by our state-of-the-art contract management software so you can make the signing step and the entirety of your contract lifecycle management processes seamless with automated workflows, preapproved contract and clause template libraries, and several other advanced features that are easy to use.
5. Improved Customer Satisfaction
Adopting an electronic signature solution is a step towards boosting client satisfaction. Get your clients coming back for your services by optimizing the speed and performance of your contract management system by reducing turnaround times of various contracts and documents. Your clients can sign documents and contracts at any time, in any location, on any device – instantly.
By implementing contract management software with electronic signature capabilities, your proposals can be approved seamlessly because recipients will no longer need to switch from app-to-app or download files, adding a touch more of user-friendliness and efficiency. Never lose or misplace a contract again with the help of the best online contract signing software.
6. Boost Approvals
A report by the Electronic Signature & Records Association notes how it’s possible for a company to see an 83% increase in in-house approval performance.
Electronic signature solutions can provide your business the ability to drive and increase closing rates of various documents. An electronic signature function expedites internal approval processes that will aid in this stage. With traditional wet signatures, it can take several days or even weeks to receive signatures from required parties before it is fully prepared for the next step. With the help of electronic signature, you can mitigate against such delays.
Conclusion
Now is the time to add electronic signature functionalities to your contract management system. Reap all the benefits of e signature that offer your business, and here at Dock 365, our Sertifi eSignature integration can help your business accelerate the speed of contracts, improve the security of signatures, boost cost-efficiency, increase accuracy, enhance customer satisfaction, and maximize upon approvals.
Dock 365 is an expert in Office 365 and SharePoint-based contract management solutions that will help your company in all of your contract management needs. Take your contract management process to the next level.
Ready to get started today? Reach out to us to learn more about our Dock 365 Contract Management System.
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