While a traditional pen and paper document is useful for many purposes, electronic signatures can prove to be especially valuable in certain situations. For example, using an electronic signature can minimize the time needed for signing important documents and hasten the approval process. Using an electronic signature also allows stakeholders to approve decisions and documents without having to be physically present. This reduces operational costs, while also providing better customer service. However, the advantages of electronic signatures are not limited to these areas.
Reduces the chance of legal liability
If you have a paper document, you increase your risk of legal liability. By eliminating the need to store paper documents, e-signatures can be attached to contracts and returned in seconds. Additionally, they can improve the predictability of project completion dates. The sign also reduces the signing time of contracts by up to seven days. Automated processes improve the bottom line by saving time and money. By removing the need to print documents and ship them, companies can focus on more complex tasks and improve their employee satisfaction.
The risk of legal liability associated with an electronic signature is heightened when multiple parties are involved. The convenience of electronic signatures may be overshadowed by the risks involved. In addition, electronic signatures are not appropriate for documents requiring a high degree of formality, such as contracts requiring witnesses. Electronic signatures also pose a risk to non-computer literate signees. Additionally, electronic signatures may be subject to a number of legal rules, including the Berkson v. Gogo ruling and the Barwick v. Geico case.
Reduces signing time
The electronic signature significantly cuts the time required for agreements to be executed. The time spent on document delivery can be eliminated, saving days or even weeks. This significantly reduces the turnaround time for new agreements, resulting in a faster time to recognize the value. When you consider that sales teams spend on average 21% of their time on administrative tasks, using an electronic signature is a great way to cut down on administrative time. Here are three ways to reduce the amount of time your sales team spends on administration.
When a document is signed electronically, the signature can be verified by a trusted thirdparty, such as Validated ID or DocuSign. Using biometrics, such as the face or finger scans, or technology that measures pressure and pen strokes, an electronic signature can be verified. Once the document is signed, it continues on its way through an automated workflow. Since there is no need to print out the document, human error is not as likely to occur, and it will be much more expensive if a mistake is not caught early.
Improves customer experience
While paper-based signatures may seem like a good idea in the past, they don’t offer the same benefits today. Not only do people tend to skip the fine print on paper-based documents, they also have less time to spend with important documents. An electronic signature removes this friction from the customer experience. Listed below are the main benefits of electronic signatures. Read on to learn how they can improve the customer experience today.
E-signature technology helps businesses reduce paper-based processes. Paper is time-consuming and wasteful, and it bogs down the entire process. Not only is this costly, but it complicates processes across the organization. Adding e-signature technology to the process will speed up the contracting process and reduce the risk of abandoned transactions. For instance, before the rise of e-signature technology, customers had to physically visit appliance stores to sign contracts. In addition to the inflexibility of in-person contracts, they needed to print and digitize documents.
Reduces operational costs
Another way an electronic signature can reduce costs is by speeding up contract execution. Instead of spending days or even weeks on the signing and delivery of paper documents, companies can complete new contracts much faster. This, in turn, can improve performance and the bottom line. Additionally, an electronic signature can reduce material and labor costs, and reduces the chance of human error. These advantages have made e-signature technology one of the most popular business applications for businesses of all sizes.
Many businesses find that the convenience of using an e-signature platform is a huge benefit, as it automatically logs events and changes. These changes can be tracked and analyzed. These logs can even be integrated into the most sophisticated version control software systems. Paper-based processes are expensive and inefficient. In 2015, U.S. companies wasted $8 billion worth of paper due to these processes. And yet, 82% of businesses still rely on paper to do business.