In today’s office environment, there is a shared expectation that all information will be digital when we acquire it, send it, analyze it, and present it to others. This is particularly evident with documents that are foundational to our organizations, including quotes, contracts, and proposals.
Despite this, most workers feel stuck on the one-yard line, unable to triumphantly cross it and spike the ball. Contracts and agreements are still too often completed on paper. This typically requires a laborious process of back-and-forth, leaving projects to languish as every version is printed, marked up, reentered in digital form, and printed again.
It doesn’t have to be this way. When you fully implement the right eSign solution—at a cost that fits your budget and is integrated with an enterprise-grade PDF productivity system—your company’s digital experience can get a major boost. You will save money, print less, and have happier, more efficient employees.
The Current State of eSign
The global electronic signature market is on the ascent and is expected to grow at a rapid pace to reach over $9 billion by 2023. An increase in security concerns will likely contribute to a significant growth in this demand. This is coupled with a growing e-commerce market, the need for more efficient workflows, and increasing global online transactions.
The increasing impact of cloud computing has further escalated the need for vibrant eSignature tools and fueled its market growth. As more companies negotiate terms and make deals online, they don’t have patience for momentum-stopping paper contracts, so the ability to digitally facilitate every step of the process without interruption becomes crucial, particularly in industries such as finance and banking.
The Dangers of Paper Signatures
In addition to the annoyance and inconvenience of paper signatures, there are significant risks to your company’s bottom line, customer service, and legal team’s ability to get a good night’s sleep.
Lost productivity and revenue. Waiting for a single signature is bad enough, but add to that multiple approvals on complex projects, and the delays can be epic. Factor in the time and cost involved in printing, stamping, scanning, sending, and resending, and you’ve now lost days or even weeks. Printing and rescanning documents can slow down sales teams and sometimes even cost your company the deal itself.
Human error. Paper is fragile and destructible. It can easily be misplaced, workers can make mistakes while entering confidential information, and parts of documents may be rendered illegible or damaged.
Legal issues. Outdated or incorrect contracts are more likely to occur with paper, as there’s less ability to track versions and make them available to multiple parties. Plus, without a confirmation trail indicating that documents have been signed, you may soon be on the road to audits or compliance issues.
Unclear workflows. Signed documents that are manually scanned and stored on individual computers are not nearly as trackable as most eSign solutions.
Trickle down to customers. Misunderstandings or delays in service caused by misfiled or unsigned documents may alienate once-loyal customers.
Paper cuts! The cost of Band-Aids alone is a drag on the budget …
Why eSign Will End the Reign of Paper
The list of reasons why eSign is a boon for your business is long, but here are just a few of the highlights:
It’s cheaper. Replace outdated paper-based processes with more efficient digital workflows.
It’s safer. Improve compliance and security with electronic records and audit trails.
It’s faster. Save time with a simpler way to sign documents and gain valuable data throughout every stage of signature collection.
It’s cleaner. Streamline your process when you remove manual steps and limit human error.
It’s smaller. Cut down on printing, signing, and filing, and you’ll have fewer space-consuming cabinets and other storage needs.
It’s friendlier. Your staff, customers, and providers will appreciate you even more when they revel in an efficient experience from start to finish.
It’s less painful. (Remember paper cuts!)
Provide your teams and customers an eSign solution and they can (finally) stop the exhausting print/sign/scan dance that plagues so many companies. This will reduce printing, improve customer experience, and provide an auditable trail of each signature.
Signatures Are Dead—Long Live eSignatures
As paper signatures wither on the vine, empower every member of your staff to lead the next generation of workplace excellence with an integrated productivity solution that includes state-of-the-art eSign tools. Learn more in our e-book Sign of the Times: eSigning for All.