These days, a lot of organizations and government agencies are adopting e-sign technology with the aim of digitizing their paperwork related processes. That said, not all-and-sundry have embraced this groundbreaking technology. The reason being, key decision-makers in any organization, need more than just intuition to make crucial decisions when it comes to embracing a new way of doing things. In other words, they need persuasive and compelling reasons to help them prioritize the act of signing documents online.
It is obvious; a lot of uncertainties may arise when trying to establish the Return on Investment (ROI) of adopting the eSign technology. However, to clear the doubts, let’s take a look at how a full and fervent adoption of this kind of technology might impact your competitiveness, profitability, and eventually, lead to customer satisfaction.
Increased reach and improved online sales
Have you ever considered the number of additional customers you can attract via the use of mobile or online channels? Nowadays, customers prefer to make most of their purchases instantly via the web. Asking clients to visit your office or workplace to transact business is not only inconveniencing but also inefficient. Keeping your processes electronic by investing in digital signature software will not only help you eliminate some of these geographical-related obstacles but also attract the emerging demographic market popularly referred to as, digital natives.
A more streamlined process will boost your current conversion rate
Relying on paper to obtain signatures consumes a lot of time and effort for you and your clients. Usually, when much time is spent collecting signatures and doing follow-ups, potential clients are lost to more responsive competitors who can provide a faster process. The abandonment rates that organizations experience can significantly reduce once their processes become fully electronic.
Reduced time spent chasing down signatures and locating mislaid documents
Employees spend a considerable amount of time handling office paperwork such as contracts and agreements. Time is money. With electronic signatures, your customer service and sales professionals boost their output by cutting down the administrative work, whilst maximizing the time saved on revenue-generating activities such as lead discovery and relationship building.
Eliminate paperwork errors
It’s apparent; manually processing office paperwork leads to errors that add costs and creates inefficiencies. Incorrect and incomplete paperwork needs to be re-faxed, re-emailed or couriered back to clients for updating. In some cases, it requires an additional visit to the client’s home, meaning more time will be wasted. The workflow rules and automated capabilities built into electronic signature solutions like Foxit eSign aka eSign Genie minimize document errors – and make it easy and quick to correct them.
Archiving your documents and time spent organizing them
Archiving office documents takes a significant amount of space; and a number of industries like life insurance, require organizations to preserve them for long durations – over fifty years in some instances. And as you might be aware, with large volumes of documents, manual archiving is likely to create room for confusion. Additionally, the cost of square footage required to store paper can be incredibly expensive. Get rid of paper-based documents and shift to a reliable digital document management platform. These digital platforms provide a range of simple archive options for both short and long-term cases.
No more risky business
Using electronic methods to sign documents online provides stronger evidence compared to typical paper-and-pen processes; and more remarkably, it has been proven to minimize the risk of legal and financial disputes. Why is this so? First, e-signing ensures standard workflow rules are followed to produce error-free processes and transactions. And secondly, electronically signed documents provide full audit trails with timestamps which can be exceptionally helpful in satisfying inquiring regulators.
Reduce the Cost of paper
Traditional, paper-based processes are synonymous with high transaction costs. Research has shown that, among the United States organizations alone, thirty billion paper documents are printed and copied every year. Surprisingly, right? Let’s forget about that for a moment. Have you ever taken time to calculate how much it costs to scan, fax, and photocopy documents across your departments?
For instance, the U.S army actually saves $1.3 billion every year in administrative costs, with 1.6 million members of its staff using e-signatures. For many organizations, these paper-related cost savings alone, give a good reason to invest in electronic signature software.
Deliver a better customer service
Clients’ expectations are changing. People nowadays want most (if not all) business processes to be completed fast, and at their convenience. They want to create signatures on their portable devices such as laptops, tablets, and even smartphones. Organizations that offer an efficient, digital experience are rewarded with first-rate customer satisfaction ratings. Basically, the easier you are to transact business with, the higher the probability of getting repeat business.
Motivated by the fact that going paperless is the right thing to do, companies of all forms and sizes are embracing esign technology. However, without a comprehensive ROI case, decision-makers in many organizations can end up underrating the value and benefits that come with signing documents online. The above-mentioned cases are only but just a few metrics, upon which organizations can use to base their arguments, in regards to the viability of investing digital signature software.4