Let us think back to a time when you had a huge deal/project you were working on finishing. You had worked so dedicatedly to complete it, and all you required was a couple of signatures. So, you send the contracts to be signed and returned back to you as soon as possible.
But when these documents take time to come back, you end up stressing about monitoring them and missing out on other significant business in the meantime. Things would have moved quickly if you had sent the contract with electronic signature capabilities. Plus, it would have been more convenient too.
Given the availability of automated electronic signature software solutions, there is no need to wait around- customers can officially sign and return a contract electronically. When you are new to such types of capabilities, you might be wondering how it is possible to leverage an eSignature solution to get an official sign-off on critical agreements.
So, in order to help, here are some points to inform you about the electronic signature systems and how you can deploy the solution successfully.
Reasons to Incorporate Electronic Signatures into Business Practices
You might feel hesitant to dive into embracing a new eSignature technology just to save time from back and forth with the in-person signing of contracts.
It turns out that many organizations are already leveraging this type of solution to sign documents electronically. It has been observed that above 75% of clients have digitally signed forms over the past four years. These clients are extremely comfortable and satisfied, signing and submitting official documents online. As we switch to digital technology, especially mobile phones, this number will see rapid growth. Now, we all have reached a point where agreements do not need you to be physically present in the office in order to push them through.
So, with that, clients will begin to expect their contracts to be available for eSignatures soon. Hence, failing to have this capability may reduce the overall experience that you provide your clients.
Which Industries Must Embrace Electronic Signature Technology?
Organizations in each industry search for ways to save expenses, enhance workflow processes, and minimize cost. Leveraging online eSignature solutions is a secure and economical alternative to the traditional signing of documents.
1. Healthcare Sectors
Healthcare sectors are subject to strict federal guidelines. Laws concerning secure electronic storage, privacy, and acceptable form of electronic contracts and signatures have always been a concern. eSignatures that meet the national criteria can boost compliance, minimizing paper waste, and heightening security. Handling documents and signatures for patients, doctors, medical suppliers, partners, and staff is crucial for a successful healthcare company management.
2. Engineering and Construction Industry
Projects in the engineering and construction industries need to be completed on time and within budget. Delays may lead to unnecessary additional expenses. One key issue is sending documents of 160 pages or more, and coordinating with several zoning officials, construction workers, engineers, can be overwhelming as well as time-consuming. In order to reduce the time required to complete a transaction, it is recommended to utilize an eSignature software solution.
Moreover, storing contracts such as purchase orders (PO), work contracts, subcontractor documents, quotes, in a centralized location can make it simple for project leaders to monitor who has signed and not yet signed a particular document.
3. E-Commerce Industry
The E-commerce industry would benefit significantly from using eSignature software solutions. Online commerce is a significant industry, which continues to grow larger each day. There’s simply no need for a physical document to get signed, and B2B transactions often include the signing of online documents.
As these organizations are often situated in various geographical areas, it is inconvenient to meet and sign physical contracts. In a few cases, the company may not even have a physical location. This is the reason why it’s so simple for these deals to be finalized using eSignatures online. This is where the electronic signature system becomes essential. It can be utilized to sign contracts before they are sent and to check all received contracts for the appropriate signatures.
The solution will also be used to protect client data while it is being sent from one team of the store to the other. This will boost trust from all stakeholders and cushions the organization from possible legal action, thus resulting from the data breach.
4. Real Estates
Real estate leaders require tons of documents to be signed by their clients. Most of the time, these contracts must be signed on time. Or else they risk being edged out by more tech-savvy competitors with compelling offers.
Meeting a twenty-four-hour deadline when relying on traditional signatures translates to a lot of stress and driving. Electronic signatures are secure for clients to sign and send from the comfort of their homes. The real estate representatives can reclaim time lost, traveling from one city to the other and use it for pursuing other prospective customers.
5. Financial Services
Electronic signature solutions for financial sectors would also be a major addition to such industries. This sector involves monetary and banking transactions, which require an extra layer of protection. Lack of security in the sector may result in a loss of money. Also, it can lead to spot theft as well as subsequent access to funds by unauthorized parties. If stakeholders in the industry aren’t careful, breaches may impact the country’s economy. The solution would help in assuring clients and bankers that contracts are legitimate. Plus, it would help protect personal data in the form of PIN numbers, passwords, and accounts numbers.
6. Non-Profit Companies
Digital record-keeping helps you in keeping track of agreements relating to patrons, volunteers, and donations. Use eSign software in order to capture consent, including daily necessities and events. Mobile access comes in handy in this as you receive contracts signed from anywhere.
7. Government Sectors
Electronic signatures present both federal and local governments with several ways to optimize the paper-heavy processes, eventually making constituents satisfied and saving money. Boost compliance with seamless signatures for payroll, procurement, business forms, internal contracts, housing forms, and human resources.
The marketing industry would also significantly benefit from leveraging eSignature software. Many advertising organizations sign their documents physically for an extended period of time, for instance, six years. With enhanced digitization of services, the advertising sector is starting to involve small organizations like those who advertise on social media platforms. It would be cumbersome to sign agreements physically as most of them last for a short time. eSignatures would be a good option for them and offer assurance that both the parties would keep their end of the bargain.
9. Cybersecurity and IT Services
Organizations specializing in innovation and digital security to their consumers perform well. Switching to electronic signatures is a way to deliver promised information efficiency and safety. Leveraging the solution also saves resources and money on mailing, faxing, and coordinating in-person meetings in order to sign contracts. Remote customers can easily access and sign files any time, anywhere, using any smart device, as long as they have internet access.
Electronic Signatures: Call of the Hour
There are circumstances when you require convenience, security, and low cost. In such cases, you need eSignatures.
- High-level security
While handing personal details, you require complete assurance. This could include fee contracts, power of attorney agreements, and much more. In such cases, a cloud-based electronic signature solution gives strong insurance via an audit trail.
- Intuitive solution
Optimize HR services with eSignatures. Consider leveraging them on the time-sensitive contracts, such as tax forms, timesheets, as well as onboarding forms for new recruits.
- Speed and convenience
Legal services, like class-action communications, might have to go out to many people. A quick batch of electronic signatures could save valuable time. In retail, you can utilize the solution to make sales and sign invoices and PO. This will surely impress all technological-minded experts and keep your business moving.
- Minimize expenses
In finance, you are always finding ways to cut expenses. With an eSignature solution, you could maintain and close accounts at lower costs by eliminating shipping expenses. Also, insurance sectors can cut costs of claim assessments/policy contracts by having clients sign online.
eSignature solutions, such as SutiSign, have innumerable benefits over wet signatures. They are environment-friendly, fast, secure, and traceable. The world produces more than 500 billion tons of paper and cardboard manually. So, your adoption of this new technology will impress your employees while enhancing the business.
The key focus must be on client convenience. Banking institutions have already learned this lesson. Customers want more choices and control via online services. It has been observed that above 70% of clients say that their mobile phones are the major device for interacting with their banks.
Adopting new technology can be challenging. But technology gives multiple opportunities and rewards to get more people excited about the company. Hence, don’t forget eSignatures out of your business operations. The solution will make business functions cheaper, faster, and more comfortable.