The rise of the e-signature movement is seeping into almost every industry, from real estate to healthcare and tech to Government legislature. More and more organizations are discovering the benefits of adopting an e-signature platform and unfortunately, this means that your competitors are likely getting in on the trend too. Some of you may be wondering what is the hype surrounding e-signatures and why your competitors are turning away from paper processes for this type of technology.
Here are 5 of the top reasons that your competitors are likely to adopt an e-signature platform and why your business should too:
1. E-signature saves money.
Getting a hand-written ink signature costs businesses far more than it is worth. A study done by ARX, found that paper-based signatures cost organizations $1,350 a year on average per employee in paper-related expenses such as printing, scanning, and archiving. Additional costs of shipping and overnight couriering for time-sensitive documents, manual signatures can cost businesses upwards of hundreds of thousands of dollars per year. E-signature platforms, however, offer plans as low as $15 per month per user. Your competitors are likely taking this into consideration and capitalizing on the ROI’s of e-signature.
2. E-signature saves time.
Along with reducing costs of paper, shipping, and storage, using an e-signature platform reduces business turnaround time and increases productivity. E-signature allows users to send documents digitally in minutes, cutting out the timely printing, scanning, and shipping processes that wet signatures require. Without the stacks of paper cluttering employee desks and the filled file cabinets, employees can get their work done much faster; they’re not wasting valuable time searching through documents or filing them away.
A study released by Forbes revealed that the elimination of manual processes (form signatures, document handling, scanning, etc.) resulted in a 70 to 80 percent improvement in efficiencies. This means your competitors can conduct business much faster than before; which also means they have more time to get ahead.
3. E-signature is more secure than paper.
Many business transactions require a certain amount of privacy and security due to the nature of the information on these types of documents. With things such as social security numbers, financial information, and personal or company data stored on contracts, it is imperative that the documents are kept secure. The problem, however, is that paper is not capable of providing this type of security. Paper can be easily lost, manipulated, or mishandled.
Adopting an electronic signature will ensure that sensitive documents are always kept safe and secure. Audit trails keep track of who has access to a document and when changes are made. Some e-signatures even offer advanced security features, such as SOC 2 Type II Certification and Advanced Threat Protection making your documents completely safe and compliant with industry standards.
4. E-signature is environmentally friendly.
If the cost-cutting benefits, increased productivity, and heightened security of e-signatures weren’t enough to sway your competitors to adopt an e-signature platform, maybe the environmental effects were. It was found that 42% of all harvested wood worldwide goes towards producing paper and U.S.businesses alone use 12.1 trillion sheets of paper each year (The World Counts). Trees are vital for life-sustaining processes and by switching to e-signature, a company can reduce its environmental footprint by going paperless.
5. E-signature is the future of signatures.
The world as we know it is constantly evolving and constantly shifting towards a more digital future. Our music, our communication, and our entertainment now all take place in the digital sphere. That being said, many standard business processes have also made the change and traditional wet signatures are right on the cusp of this complete shift. While hand-written signatures are still accepted today, the exponential growth and usage of e-signatures within the past few years suggests that this time-old process of paper-signing will soon be as outdated as pulling out a map for directions.
E-signature adoption is not going to be a question of “if your competitors will adopt it” but rather “when they will.” As more and more businesses, both mom-and-pop establishments and industry leaders, are making the switch to e-signature, you may need to take the e-signature leap yourself in order to compete in the business market.