Investing in a new technology can be a costly and time-consuming process for businesses. Depending upon the type of technology, some may wonder whether or not the investment in new products is worth the hassle. With SignNow, the answer is simple — the investment pays off.
The switch from ‘wet’ signatures to digital e-signatures cuts the costs of paper, improves efficiency, and increases document security, all while promoting higher customer satisfaction. Here’s how the return-on-investment (ROI) of an e-signature platform outweighs the time and cost of implementation:
The cumbersome steps of printing and sending files for traditional signatures quickly rack up bills. 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 is one way to reduce these massive expenses. Take for example a mid-sized business that processes 1,500 customer contracts a year, each averaging five pages of paper. A sample ROI shows this company would save $33,620 annually by adopting e-signature technology due to cutting costs from courier fees and document archiving. By no longer needing to use expensive resources to print and ship documents back-and-forth, businesses can cut costs and share documents easily through e-signature solutions.
This sample ROI shows the proposed decrease in costs if a company adopted an e-signature solution.
(Source: Jeannine Mulliner, “E-Signature ROI versus The Cost of Doing Nothing”)
Implementing an e-signature solution also increases the efficiency of business transactions. Many transactions require back-and-forth communication between parties, sending and resending documents, and waiting on signatures to come in — a process that could take days or even weeks to complete. These time-consuming steps all become streamlined with an e-signature platform.
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. Because of the increased speed in processing and elimination of unnecessary steps that e-signatures allow, workflow is able to run smoothly and time-to-revenue is reduced. Parties are able to send files from anywhere and from any device, while recipients are able to access these documents to sign and send back with the click of a button.
Though business is able to move much faster with the implementation of e-signature, the increased speed does not mean a loss of security. There’s a misconception that e-signatures are less secure than paper signatures, however, the opposite is true. Paper is easily misplaced (PWC reports that 7.5 percent of all documents in an organization are lost), and one spilled coffee could mean the destruction of a highly-valuable contract. Instead of worrying about whose hands could get on confidential files or losing an important document, one can rest assured that e-signature solutions keeps their documents safe.
SignNow, backed by Barracuda Networks, offers industry leading security on its e-signature platform. Not only is it complete with an audit trail that allows users to see who has access to a document and any changes that have been made, SignNow is integrated with Barracuda’s award-winning Advanced Threat Protection and Link Protection, which offer security against malicious online attacks and spearfishing attempts. Documents can contain medical history, account numbers, financial information, and other sensitive data, which is all the more reason to leverage a solution like SignNow that emphasizes user security.
Promoting Customer Satisfaction
While these features help to cut costs, increase efficiency, and provide safety for businesses, they also help promote higher customer satisfaction. The ease-of-use and reduction of timely processes make the e-signing experience much more positive for customers, which can ultimately increase ROI. According to the report ROI of Customer Experience, 2016 customers who regard their customer experience as being ‘excellent’ at a company are 86 percent more likely to repurchase and 77 percent more likely to recommend it to a friend. E-signature products do not let users send back forms without all of the necessary signatures, reducing the hassles of human errors and delays. Signers can be sure documents are complete, secure, and legal, while saving valuable time.
SignNow recognizes the value of customer satisfaction and received notable recognition for its customer experience when it was listed as #1 on G2 Crowd’s Top 25 Enterprise Software Products list. Increase your own customer satisfaction with the implementation of e-signature
Investing in technology can cost businesses money and time in implementation, however, investments in e-signature solutions will pay back in the long run.