Who wants to spend all day seeing to repetitive tasks that can easily automated?
Technologies like digital signing give organisations better ways to engage with employees, finalise contracts and build customer relations.
These tools bring benefits across all industries.
Manage your Documents Digitally to Save Time and Money
Functions like digital signatures and other automated workflows can largely be grouped under Digital Transaction Management – cloud-based applications to manage document-based transactions.
These solutions are quickly gaining traction:
● Research shows more than 65% of businesses are moving towards ditching paper in favor of digital processes.
● Aragon Research also estimated this market would grow to $US300m by 2020.
In this post, we’ll take a look at some of the most practical ways this type of technology can help teams work better.
Process makes perfect.
It’s a fact: businesses with clearly defined processes perform better.
The thing with technology-based applications is this: digital tools streamline processes that are already working well.
According to a Forrester survey, more than 40% of business leaders adopt digital tools to improve efficiencies.
So, if you’ve got a well-structured workflow, implement automations on the routine, repetitive tasks.
Salesforce, cloud computing software and CRM, helped McKinley Equipment to generate 42% additional revenue by automating workflows.
Using its Customer Success Platform, sales team work on a lead, convert the prospect and generate a customer quote from one system. Once the order is placed, an email is automatically generated detailing the next steps and thanking the customer.
How much time do you spend finalising a contract?
Add on the time it takes to chase down a signature, and you’re looking at days – even weeks – wasted.
Not only that, but poor contract management – including missed deadlines – can end up costing you up to 40% more for supplied services, according to estimates from KPMG.
The beauty of a digital-based platform is that it will send out the reminders for you, so you never miss a due date again.
If you need to get a document signed, state your due date and the system automatically sends out reminders for you until the task is complete.
One of the biggest problems with the paper-based processes is the potential for human error.
Incomplete documents or incorrect information can add weeks onto the process, and they can be costly. More than 30% of the costs related to contacts can be reduced if you eliminate contract inaccuracies.
Evolve Scientific Recruitment, an Australian-based recruitment agency, has offices nationwide.
Documents often have to travel from candidates to Evolve offices around the country.
Several pages need to be completed before the candidate can even step on site.
The challenge with paper-based contracts was that incorrect or incomplete contacts delayed employment.
They approached Secured Signing to reduce the time it took to finalise the contract to better serve candidates and employers.
With digital signing software in place, Evolve Scientific Recruitment added a business rule validation prompting candidates to fill in all fields before the document can be sent on.
Candidates can also upload all their relevant documentation to the pack and complete the process anywhere, from any device.
A signing process that can take as quickly as one hour.
Read the full case study on Secured Signing’s website.
There’re two important things you need to consider when selecting a digital signing solution:
To gain a better idea of what’s on offer, you can have a look at the platform’s API (application user interface).
Leading digital signing solutions will make use of advanced personalised X509 PKI Digital Signature technology, increasing compliance and reducing business risk.
It should also be easy to integrate your existing system with the platform.
An open API eliminates the need for your customer to sign into yet another login interface.
In practical terms, it means your client doesn’t even know they’re being routed via the digital signing software.
You can read more about Secured Signing’s API here.
The contract lifecycle has several stages.
Once a document has been signed, this usually triggers a new process with a different team.
Additional part notifications are useful in the following cases:
● A copy of the signed contract might need to be archived with the records team.
● Payroll may need to start its own procedures once an employment agreement has been finalised.
● Maybe you have to keep your manager posted on the progress of signing.
You can have the digital signing platform send real-time notifications to any number of additional parties throughout the signing process.
If you configure these notifications, it’s one less step for you to manage manually.
Document management can be a time-consuming process. But it’s the backbone of your business.
Organisations that don’t embrace digital tools may get left behind with outdated processes that block growth.
Finding the right digital signing solution lets you automate routine, resource-intensive tasks, so you can focus on adding value and pushing the business forward.
Till next time,