The digital age has revolutionized the way we do business. From online shopping to remote work, digital technologies have made our lives easier and more convenient. Now, with electronic signatures, businesses can create, personalize, send and sign agreements digitally – all with a few clicks of a mouse. Certinal helps you lead to a significant increase in productivity and cost savings, resulting in a positive electronic signature ROI for your business.
Not only is this process faster and easier than traditional paper-based methods, but it’s also more secure. With digital signatures, businesses can be confident that their agreements are legally binding and tamper-proof. In addition, digital signatures can save businesses time and money by eliminating the need for printing, faxing and mailing documents. As a result, it’s no surprise that electronic signatures have become increasingly popular in recent years. In fact, according to a recent study, the use of electronic signatures could save businesses an average of $50 per document. With such significant ROI, it’s no wonder that more and more businesses are making the switch to digital signatures.
Electronic signatures (e-signatures) are digital versions of handwritten signatures that can be used to sign documents electronically. E-signatures are legally binding in many countries and are becoming increasingly common as businesses move to digital platforms. There are many benefits of using e-signatures, including convenience, speed and cost savings.
E-signatures also offer a number of advantages over traditional paper signatures, such as the ability to track when and where a document was signed and the ability to verify the identity of the signatory. In addition, e-signatures can be used to sign digital documents, such as PDFs and Word files, making it easy to send and receive signed documents electronically.
Businesses are seeing the value of implementing e-signatures across their organizations. A recent study found that electronic signatures have a positive impact on business efficiency, with an estimated return on investment (ROI) of over 300%. As the use of e-signatures continues to grow, it is important for businesses to understand the technology and how it can be used to improve their operations.
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Before we get started, let’s define “return on investment” (ROI) and how it’s calculated.
Electronic Signature ROI and its measure
ROI, or return on investment, is a measure of the gain from an investment relative to its cost. It is typically used to assess the effectiveness of an investment or to compare the effectiveness of different investments. ROI is usually expressed as a percentage. To calculate ROI, the benefits of an investment are divided by the costs of the investment. The result is then multiplied by 100 to get a percentage. For example, if an investment costs $100 and generates $120 in benefits, the ROI would be 20%. digital signatures can save organizations time and money while improving security.
In one study, 66% of respondents said digital signatures had led to improved turnaround times for contracts, and 64% said they had reduced printing and mailing costs. In addition, digital signatures offer superior security to traditional signatures. They are more difficult to forge, and they provide a record of when a document was signed and by whom. As a result, digital signatures can provide a high return on investment for organizations.
A Strategic worth assessment must incorporate these three basic aspects to evaluate the entire value of an e-signature investment:
- Cost-cutting (paper, pens, printing)
- Benefits of Productivity (speed at which you advance the job at hand)
- Increased earnings (expected value of investment)
Here are nine ways that electronic signatures can help you get a better return on your investment and add value to your company and consumers.
1. Reduction of cost
E-signatures provide a digital way of signing documents, which offers many advantages over the traditional paper-based process. Perhaps most importantly, e-signatures can significantly reduce the costs associated with handling documents. On average, each documents costs USD 25 to print, mail, store and locate; however, with digital signatures, these costs are eliminated.
In addition, e-signatures also reduce the hidden costs associated with human error and NIGO (out of order) documents. These errors can cost up to four times more to fix than documents that are submitted correctly the first time.
2. Accelerate revenue
E-signature is becoming increasingly popular in the world of business due to its many advantages over traditional paper-based signatures. Perhaps the most significant advantage is the elimination of data entry errors and frustrating manual experiences that can slow down sales. With electronic signature, up to 82% of contracts are completed in less than a day, and 50% in less than 15 minutes.
This not only saves valuable time, but also allows businesses to recognize income sooner. In addition, electronic signatures provide a higher return on investment than paper-based signatures, with an average revenue acceleration of 7.5%. For these reasons, it is clear that electronic signature is the way of the future.
3. Innovation
Digital signatures are becoming increasingly popular as businesses look for ways to accelerate the pace of digital transformation. By abandoning paper-based signatures, teams are modernizing the infrastructure to assemble a cutting-edge technology stack.
eSignature doesn’t just speed up signature collection, it also integrates with hundreds of popular business tools and automates painstaking duplication work. Digital processes increase ROI by reducing errors and increasing efficiency. And perhaps most importantly, digital signatures show that your organization is committed to innovation.
If you’re looking for ways to streamline your business processes and improve your bottom line, eSignature is definitely worth considering.
4. Boost efficiency
A digital signature is a digital integer which is mathematically related to the document to be signed. It guarantees that the document has not been tampered with since it was signed and also allows the signer to be identified. This makes digital signatures legally binding in many jurisdictions and therefore an attractive proposition for businesses.
The time and cost savings associated with using digital signatures can be significant. For example, automating the process of sending documents out for signature can reduce the amount of time spent on administrative tasks, while also reducing the risk of errors. In addition, real-time tracking information can help to avoid delays caused by chasing up late signatories. As a result, digital signatures can offer a valuable return on investment for businesses of all sizes.
5. Reduce risk
Despite the increasing prevalence of cyber-attacks, many businesses still rely on email as their primary platform for communication. This poses a significant risk, as email is one of the most vulnerable platforms to attack. However, there is a way to reduce this risk: by sending and signing contracts digitally. Digital signatures are legally binding and offer a high degree of security, making it much more difficult for attackers to access or tamper with documents.
In addition, digital signatures can save businesses time and money by reducing the need for paper records. Finally, digital signatures offer a greater level of transparency and accountability, which can further reduce operational and vendor risk. As a result, businesses that send and sign contracts digitally can enjoy a significantly lower cyber risk profile – with a corresponding decrease in costs.
6. Increase global compliance
The digital world is evolving at a rapid pace, and organizations must keep up in order to remain competitive. E-signatures are a crucial part of business in the digital age, and it is important to choose a vendor that meets the highest security standards. Top e-signature vendors meet some of the most stringent Canadian, US, European and global security standards – including PIPEDA and GDPR – and comply with the EU’s eIDAS regulation.
Every legally binding agreement sent through a legitimate e-signature platform generates and stores a strong audit trail that is legal and enforceable – limiting your organization’s legal exposure. In addition, e-signatures can save your organization time and money by reducing paper waste and eliminating the need for printing and mailing costs. The return on investment (ROI) of e-signatures is clear, making them an essential part of any digital transformation strategy.
7. Boost productivity
While digital signatures have been around for quite some time, their use in business has been hindered by a lack of trust and understanding. However, recent advances in technology have made digital signatures more secure and easy to use, opening up a world of new possibilities for businesses. Perhaps the most important advantage of digital signatures is the time and money they can save. Rather than printing out documents and physically routing them to each signatory, digital signatures allow businesses to send documents electronically.
This not only saves on paper costs, but also reduces the time needed to get agreements signed. In addition, digital signatures make it possible to track document progress and automatically initiate downstream actions, such as sending notifications or creating tasks. As a result, digital signatures can offer a significant return on investment by increasing productivity and reducing operational costs.
As a result, implementing e-signatures can provide a significant return on investment by reducing costs across the board.
8. Increased customer satisfaction
Customers expect fast, convenient, and technology-based experiences. Modernizing agreement processes and removing the barriers of offline manual labor help deliver the frictionless digital experience customers want, with little implementation or risk.
Electronic signatures enable your customers, employees and partners to enter into agreements anytime, from virtually anywhere, on virtually any device. And because digital signatures are legally binding in nearly every country, you can rest assured that your agreements will hold up in court. Not to mention, electronic signatures can save your organization time and money by reducing the need for paper documents and overnight shipping. Best of all, digital signatures allow you to complete agreements without ever having to leave your desk.
What’s not to love? Implementing electronic signatures can help you improve customer satisfaction while also increasing your ROI. So why wait? Start modernizing your agreement process today.
9. Reduce environmental impact
Companies that rely on manual, paper-based systems to sign business agreements are wasting time, money and paper. Without electronic signature, documents must be printed, signed, scanned and sent back. Completed documents must be stored or shredded. Electronic signature ROI completely eliminates the need to print, reducing paper use and waste. It’s an enormous environmental impact that adds up.
Since 2000, the average office worker has gone through 10,000 sheets of copy paper – that’s the equivalent of 50 trees a year. In the US alone, 4 million tons of office paper get thrown away every year – that’s enough to build a 12-foot wall from Los Angeles to New York City. The digital signatures are legally binding in over 180 countries and offer a higher ROI than traditional wet signatures.
Not only is it more efficient and eco-friendly, but electronic signatures are also more secure. Wet signatures can be forged or stolen, but digital signatures are unique to each signer and virtually impossible to duplicate. Companies that switch to digital signatures will save time, money and trees.
Conclusion
The digital age has revolutionized the way we do business. From online shopping to remote work, digital technologies have made our lives easier and more convenient. Now, with electronic signatures, businesses can create, personalize, send and sign agreements digitally – all with a few clicks of a mouse. Not only is this process faster and easier than traditional paper-based methods, but it’s also more secure and efficient. In fact, studies have shown that businesses who use digital signatures experience a ROI of up to 30%. With so many benefits, it’s no wonder that electronic signatures are becoming the new standard for doing business.
If you have any further questions or want more information about how Certinal could benefit your organization, please do not hesitate to book a demo.
