Electronic signatures are changing how companies run because they provide a streamlined, safe, and effective replacement for conventional paper-based procedures. Beyond their ease of use, eSignatures provide businesses with a potent covert weapon: a higher return on investment (ROI).
ROI is the ultimate goal for any kind of organization. It serves as a gauge of success and the final say on whether an investment is worthwhile. ESignature solution providers like Flowmono enable companies of all sizes to take advantage of eSignatures’ potential return on investment, which simplifies processes, increases productivity, and eventually spurs growth.
Here are the 7 essential ways eSignatures can help your company realize significant returns on investment.
1. Streamlining processes and saving time:
Using electronic signatures saves a significant amount of time. Documents uploaded electronically with eSignatures do away with the need for hard copies. With just a click or tap, recipients can sign from any device, anywhere in the world. E-signatures automate processes and do away with the need for human data entry by integrating seamlessly with other business systems. This increases the effectiveness of the team as a whole by freeing up important employee time for more strategic tasks. Time is money in the hectic business world of today. eSignatures enable businesses to function more quickly, leaner, and efficiently by saving time and streamlining procedures.
2. Cost Reduction:
eSignatures have numerous cost-saving benefits that lower expenses in every way. One way it reduces costs is by eliminating the need for paper and printing. As of 2015, legal stamps cost around N33. The current cost of printing is N50 per page. Imagine the savings if you multiply these by hundreds or thousands of documents per year! E-signatures also help to reduce costs associated with human errors. Errors frequently occur during manual data entry and physical document handling, resulting in delays and extra work.
3. Accelerating Revenue Generation:
Speed is very important in today’s business climate. To stay competitive, businesses must close deals swiftly and effectively. This is why electronic signatures are important; they speed up the sales cycle.
Conventional paper-based agreements, which call for printing, mailing, and in-person signatures, frequently cause delays. These delays increase customer frustration and put the deal at risk. However, thanks to electronic signatures, contracts can be sent across any part of the world within minutes, making them instantly available for review and signature.
There is no denying the impact of ESignatures on revenue. According to a Forrester Research study, 81% of electronic signature business users see an ROI in a 12-month budget cycle, while 25% see an ROI in three months or less.
ESignatures also accelerate the sales cycle. Customers can pay immediately after signing a document using features such as in-document payment integration. E-signatures also offer real-time tracking and notifications to ensure that everyone is informed, preventing misunderstandings and delays.
4. Enhancing Customer Experience:
Customers in today’s digital age expect a consistent and convenient experience across all touchpoints. Traditional paper-based signing processes frequently fall short, resulting in frustration and delays. With eSignatures, your customers can sign documents at any time and from any location. This adaptability leads to greater satisfaction and convenience.
A study found that 84% of signers are more likely to continue doing business with a company that uses DocuSign. This preference translates into tangible business benefits. Businesses that use eSignatures see a 75% increase in customer satisfaction and a 20% reduction in customer support calls due to signing issues.
5. Boosting Security and Compliance
Businesses require solutions that safeguard sensitive data and guarantee legal validity. E-signatures provide strong security features and compliance with international laws. They use digital certificates and cryptographic encryption to safeguard private information while it is being signed. This reduces the possibility of fraud and guarantees the authenticity of signatures.
Electronic signatures also offer thorough audit trails that monitor each stage of the signing procedure. For regulatory compliance and dispute resolution, this provides a tamper-proof record of who signed, when they signed, and from where. Electronic signatures ensure legal validity and cross-border recognition by adhering to strict regulations such as eIDAS in Europe, and ESIGN in the US. Additionally, eSignatures can assist companies in adhering to data privacy laws, such as the GDPR and NDPR.
6. Mobility and Accessibility
No matter where they are located, remote workers and global teams can contribute to workflows and stay on top of important tasks thanks to electronic signatures, which also offer significant benefits for disaster recovery and business continuity. While physical documents that are lost or destroyed for unknown reasons can jeopardize important agreements and workflows, electronic signatures are securely stored on the cloud and can be accessed from any location with an internet connection, ensuring that business operations can continue smoothly even in the face of unforeseen circumstances.
7. Promoting Sustainability
People in today’s world are increasingly concerned with environmental sustainability. Adopting electronic signatures is critical because it eliminates the need for paper, printing, and other associated environmental costs. Businesses can also profit from incentives and tax credits associated with sustainable practices.
Takeaway
Electronic signatures are very important digital tools that can increase a business’s ROI by,
Streamlining processes and saving time
Cost reduction
Accelerating revenue generation
Enhancing customer experience
Boosting security and compliance
Mobility and accessibility
Promoting sustainability
Sign up with Flowmono to start using electronic signatures and experience a big boost in your ROI.
