With the current situation of the COVID-19 pandemic and its impact on the workforce, businesses have adopted remote working to keep employees safe. However, this raises the question of whether employees can sign documents and contracts electronically to avoid frequent trips for in-person signing. Luckily, digital transformation allows information to be captured, delivered, signed, processed, and represented electronically.
Electronic signature technology is a crucial way to boost business growth and operations. An electronic signature or e-signature is a legal, secure, and efficient way to have electronic documents signed quickly. These days, people have numerous ways to create electronic signatures.
For instance, you can use a cursor to write your signature, type your signature using the keyboard, upload an image of your signature, or touch your screen device with your finger to trace your signature. Now that you know what electronic signatures are, here are ways electronic signatures can boost your business’s processes. Read on to learn more.
1. Higher Productivity Rates
Researchers say that 21% of business productivity losses result from documentation issues and challenges. As such, innovation in this sector can bring significant results. For example, electronic document signature technology can boost performance by reducing the time it takes to process documents and send them back and forth to be signed.
Many businesses report waiting several days for managers or customers to sign documents, negatively impacting business productivity. However, digitizing your documents saves you time while also helping keep employees’ desks uncluttered, thus increasing the overall performance of your business. If you need to streamline your workflow and boost productivity, you can get a free electronic signature from online resources.
2. Improves Operational Efficiency
Unlike handwritten signatures with the tedious work of printing documents and sending them back and forth for approval, electronic signatures enable quick verification from suppliers and clients. In addition, electronic signatures enable clients, employees, and suppliers to draft documents online.
Creating a document draft online allows the relevant parties to sign the documents electronically and send them to appropriate parties without having to print, scan, or manually sign them.
This virtual nature of verification encourages faster signing, reviewing, and approving of documents. This helps save and reduce costs associated with printing documents and sending them to relevant parties. Clients and customers can sign documents quickly wherever they’re at any time.
Electronic signatures also ensure that all the relevant fields are filled before executing the agreement. This prevents human errors where some pages of the agreement aren’t signed, thus boosting business performance.
3. Cutting The Cost And Increasing Income
Electronic signatures help reduce costs in many ways. Firstly, it cuts costs on paper, printing, and handling. They help save money spent buying reams of papers and pens and help reduce printer and scanner maintenance. Electronic signatures also help reduce the number of employees needed for office tasks such as signing, printing, emailing, scanning, distributing, tracking, and storing business documents.
Secondly, documents stored electronically save you the cost of storing and securing physical documents. You can channel the money saved to essential business areas to boost performance.
Electronic signatures also help boost your business income by increasing customer retention, speeding client or customer acquisition, boosting team member efficiency and productivity, and enhancing delivery chains and production processes.
4. Enhanced Security
While many consider written signatures the most authentic, electronic signatures provide greater security. When dealing with hardcopy documents, there is a high chance of them falling into the wrong hands, misplaced, or tampered. However, electronic signatures ensure your documents are safe and quicken the process. Here’s how:
- Reduces the exchange of hands.
- Guarantees that no signature is missing.
- The signatures are protected with passcodes and biometric authentication that provide additional security.
- Electronic signatures are difficult to forge and legally binding.
- Easy to detect any alterations and modifications made to the document.
- Unauthorized parties can’t get access to the document.
- Electronically signed documents provide the signatory’s information, like their identity, location, and time of signing.
Enhanced security enables project teams and employees to share essential business information conveniently without fear of security issues. This promotes collaboration between employees, which significantly impacts the performance of business processes.
5. Instant And Global Reach
Traditionally, getting partnership opportunities across borders was challenging as it could be expensive to make frequent travels for the in-person signing of contracts and agreements. However, digital transformation has increased remote workers, flexible desks, and partnerships worldwide.
This is because electronic signatures make it possible for the parties involved to quickly sign documents wherever they are at any time using any device. As a result, these partnerships and collaborations help boost business productivity and overall performance.
Conclusion
Electronic signatures are among the digital transformations with many benefits that help boost the performance of our business processes. Therefore, electronic signatures are a requirement that every business or company should adopt to enhance their operational processes.
Ella Marcotte
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