Imagine you are sending a crucial document to your boss, but at the same time you are worried that someone might intercept it and tamper with its content. How can you be sure that your document is safe and secure? That’s where digital signatures come in handy.
Digital signatures use fancy math wizardry to make sure that your document is original, authentic, and unaltered. Like those old ways of sealing a document using wax in the middles ages, it puts a seal of approval on your document, ensuring that only the intended recipient can read it and trust that it is from you.
This reason is why digital signatures are such a hit when it comes to the safety of confidential information and verifying the integrity of important business transactions. With digital signatures, you can rest assured that your documents are safe and sound and you can focus on the real work at hand.
Here are 5 ways E-signatures save your business time, money, and resources.
Faster Approvals: When it comes to business, time is always of the essence because time is money. The faster approvals can be made, the sooner business can proceed. Sometimes, paper-based processes can lead to delays as forms and signatures are passed back and forth between employees and clients. What normally takes 5 to 6 days to complete can be done in minutes.
When there’s an enormous number of documents that need to be approved and signed, digital signatures can help expedite processes by providing a secure and efficient way to approve documents. With digital signatures, your business can ensure that all approvals are tracked and recorded in a tamper-proof manner. This tracking capability is particularly helpful when it comes to auditing or compliance purposes.
Cut Back Spending on Office Supplies: We all know that office supplies can be expensive, especially if your company relies on printing documents that go around departments for reviews and approvals from different personnel. One way to cut back on spending without sacrificing security or efficiency is by using digital signatures. Your business can save on paper, ink, and office supplies because you don’t need to print and scan documents and distribute them physically. Digital signatures provide a secure and trustworthy method for signing contracts, allowing them to be shared and distributed via email, cloud storage, or other electronic channels.
Less Room For Error/Compliance Assurance: Since the document is signed online, it leaves little room for human error as the same document can be resigned on the spot in case of a botched]signature. Unlike physical documents, there won’t be a printing of the document again in case of an accident. Electronic signatures also ensure that there is no forgery and by extension resolves almost all compliance issues. They act as a security measure that gives credence to the integrity of contracts and is essential for a business to have on its side.
Shorten Sales Cycles: The time it takes to close a deal can depend on a few factors, including the complexity of the sale, the size of the transaction, the price, and how well the product or service aligns with the buyer’s needs. Sales cycles tend to be shorter when digital signatures are implemented. This is because a digital signature transaction is much faster than a traditional paper-based transaction requiring handwritten signatures.
There is no need to print out documents, sign them, and scan them back in. With a digital signature solution, all of that can be done electronically in just a few steps. This means that buyers can move more quickly through the buying process and make decisions more quickly. And since there is less paperwork to deal with, sellers can close deals more quickly as well.
In some cases, digital signatures can even eliminate the need for in-person meetings. For instance, in Nigeria, digital signatures are legally binding for commercial real estate documents, including sales and purchase contracts and lease agreements.
Worldwide Acceptance: Although the technology of digital signatures has been around for decades, it is only recently that global organizations have started to adopt it as a legally binding way to sign documents. There are more than 60 countries that have passed laws to make digital signatures legally binding and admissible by law. This worldwide acceptance of digital signatures is due in part to the fact that they are more secure than traditional handwritten signatures. They can verify the identity of the person signing a document and the authenticity of its content.
Although using digital signatures may not be often thought of as a cost-cutting measure, it can save your business money by making processes faster and more efficient. By reducing the need for paper-based processes, your business can save on the costs associated with printing, storing, handling, and shipping important documents. Digital signatures not only speed up the approval process and shorten the sales cycle, but they also provide a higher level of security to prevent fraudulent transactions, forgery, and tampering. By streamlining your work process and eliminating fraud, you can save a lot of money, which you can use to scale your business.
Flowmono is designed to get companies up and running faster, daily. Introducing eSignatures into your business is an easy way to streamline your business – for free.
