9 August 2018
You may have heard about digital signatures,
but you’re not sure whether it has any practical benefit for your business.
The case for digital signing is
compelling.
●
Eighty-percent of companies who
implemented digital signatures saw a return on investment in the first year.
●
Twenty-five percent saw ROI within
three months.
But the most immediate impact is the massive
boost to productivity companies have seen on the back of digital signatures.
We’ll discuss some of the most valuable uses
for digital signatures using real-world examples.
Faster Turnarounds to Complete
Sales Contracts
Saleforce ditched wet ink for digital
signatures, and immediately reduced the time it takes to complete sales
contracts.
Key outcomes:
●
Turnaround decreased from an
average two days, to as fast as one hour
●
Over 90% of contracts completed on
the same day
●
Less manual work for staff –
freeing sales to focus on generating revenue
Salesforce is expanding the use of digital
signatures to its procurement department, where digital signatures allow teams to
track and manage the contracts throughout the process.
A Simple Process to Finalising
Legal Agreements
The legal industry generates a vast amount of
paper.
And along with the flood of paperwork, comes hours of document prep: scanning,
signing, printing and storing volumes of documents.
There’s a campaign to change this approach, arguing that digital signatures can
save “countless hours, even days and weeks”.
The uses of digital signing in law provides:
●
Enhanced security: each document
comes with a visual audit trail
●
No room to alter terms, conditions
or dates of signatures
The practical benefits include reducing
the number of hard copies the legal department needs to manage and cutting down
on storage costs.
Improved HR Processes
Like the legal sector, human resources consume
reams of paperwork in its core functions.
Recognising this, a tax company set out to
find a way to streamline its hiring process.
The Australian operation of H&R Block
hires hundreds of new agents around tax time each year. Time went into
preparing the documents, tracking which had been signed and storing the final
contracts.
H&R Block opted for Secured Signing’s digital signing
solution. Now District Managers can send up to a thousand employment contracts
in one sitting, with new hires and
managers signing from wherever they are across the country.
H&R Block realised an immediate return on
investment. There was a reduction in turnaround times, and staff praised the
more convenient option.
Better Customer Experience
There’s a surge of growth in the global digital
signature market.
Along with the rise of digital signatures,
smartphone penetration is already at 90% in some parts of the world.
Customers expect to do everything online, and they’ll look for
businesses who can extend this electronic experience.
Most
customers don’t have access to printers at home, and the need for a physical
signature may end up costing you the deal as customers opt for digital tools.
Companies
who rely on paper-based processes risk frustrating customers due to
delays caused by errors and unsigned documents.
More companies are allowing customers to complete
the following actions using digital tools:
●
Information forms for new customers
●
Quote approval
●
Statement of work
Conclusion
Companies across industries are answering the call
and meeting the customer’s need for a simple and quick electronic experience.
Internally, companies recognise digital
signatures remove the hassle of many routine administrative tasks to make way
for firms to focus on the work of growing the business.
Digital signatures help companies to craft
more competitive offerings, and better workspaces: building businesses who can
prosper in the new economy.
Till next time,
John Webster