Digital Signatures: How to unlock practical benefits for your business

You may have heard about digital signatures, but you’re not sure whether it has any practical benefit for your business.

The case for digital signing is compelling.

●     Eighty-percent of companies who implemented digital signatures saw a return on investment in the first year.

●     Twenty-five percent saw ROI within three months.

But the most immediate impact is the massive boost to productivity companies have seen on the back of digital signatures.

We’ll discuss some of the most valuable uses for digital signatures using real-world examples.

Faster turnarounds to complete sales contracts

Saleforce ditched wet ink for digital signatures, and immediately reduced the time it takes to complete sales contracts.

Key outcomes:

●     Turnaround decreased from an average two days, to as fast as one hour

●     Over 90% of contracts completed on the same day

●     Less manual work for staff – freeing sales to focus on generating revenue

Salesforce is expanding the use of digital signatures to its procurement department, where digital signatures allow teams to track and manage the contracts throughout the process.

A simple process to finalizing legal agreements

The legal industry generates a vast amount of paper and along with the flood of paperwork, comes hours of document prep: scanning, signing, printing and storing volumes of documents.

There’s a campaign to change this approach, arguing that digital signatures can save “countless hours, even days and weeks”.

The uses of digital signing in law provides:

●     Enhanced security: each document comes with a visual audit trail

●     No room to alter terms, conditions or dates of signatures

The practical benefits include reducing the number of hard copies the legal department needs to manage and cutting down on storage costs.

Improved HR processes

Like the legal sector, human resources consume reams of paperwork in its core functions.  Recognizing this, a tax company set out to find a way to streamline its hiring process.

The Australian operation of H&R Block hires hundreds of new agents around tax time each year. Time went into preparing the documents, tracking which had been signed and storing the final contracts.

H&R Block opted for Secured Signing’s digital signing solution. Now District Managers can send up to a thousand employment contracts in one sitting, with new hires  and managers signing from wherever they are across the country.

H&R Block realized an immediate return on investment. There was a reduction in turnaround times, and staff praised the more convenient option.

Better customer experience

There’s a surge of growth in the global digital signature market.

Along with the rise of digital signatures, smartphone penetration is already at 90% in some parts of the world. Customers expect to do everything online, and they’ll look for businesses who can extend this electronic experience.

Most customers don’t have access to printers at home, and the need for a physical signature may end up costing you the deal as customers opt for digital tools.

Companies who rely on paper-based processes risk frustrating customers due to delays caused by errors and unsigned documents.

More companies are allowing customers to complete the following actions using digital tools:

●     Information forms for new customers

●     Quote approval

●     Statement of Work

Conclusion

Companies across industries are answering the call and meeting the customer’s need for a simple and quick electronic experience.

Internally, companies recognize digital signatures remove the hassle of many routine administrative tasks to make way for firms to focus on the work of growing the business.

Digital signatures help companies to craft more competitive offerings, and better workspaces: building businesses who can prosper in the new economy.