Today, a lot of businesses and government agencies are adopting eSignature solutions with the objective of digitizing paper related processes. Infact, a lot of uncertainties may arise when you think of the Return on Investment (ROI) of adopting eSign technology. So, let’s take a look at how eSignature can impact the business’ profitability and customer satisfaction.
Today, customers prefer to make the most of their purchases instantly through the web. Asking clients to visit the office space to make transactions is not only troublesome but also inefficient. Digitizing all the processes will not only help you eliminate the issues related to paper documents but also makes it easy for clients to transact online.
Improve Conversion Rate
Getting signatures on paper consumes a lot more time and effort. When more time is spent on collecting and following-up signatures, potential clients are lost to competitors who can provide a faster process. The processing rates can be significantly reduced once the processes are completely digitized.
Cut Down the Time Spent on Follow-ups
Employees spend a good amount of time handling paperwork such as contracts and other documents. With eSignatures, sales professionals can cut down the administrative work while spending most of their time on revenue-generating activities such as leads and strengthening client relationship.
Apparently, processing documents manually would result in errors which could add up costs and creates inefficiencies. Incomplete paperwork needs to be sent back to clients for updating. In some cases, you need to visit the client’s location, meaning more time will be wasted. The workflow rules and automated capabilities built in eSignature solutions minimize document errors and make it easy to identify the mistakes.
Archiving documents take a significant amount of space and most industries such as hospitality and insurance require organizations to stack the documents for longer time. With large volume of documents, archiving manually will create room for confusion. Switching to a reliable document management system would provide a range of the archive options for both short and long-term purposes.
No Potential Risks
Using eSignature solution to sign documents online is proven to minimize the risk of legal and financial issues. eSigning ensures standard workflow rules are followed to produce error-free processes and transactions. And, signing documents online provides full audit trails with timestamps, which can be useful in future.
Reduce Paper Costs
Managing paper-based processes is expensive with high transaction costs. Research revealed that around thirty billion paper documents are printed every year in the United States alone. Have you ever calculated how much it costs to scan, fax and photocopy documents across the departments? For most organizations, paper-related costs alone account more and seem to be a good reason to invest in electronic signature software.
Better Customer Service
Clients’ expectations are increasing day by day and today everyone wants business processes to be completed faster and at their convenience. They expect to create signatures on their portable devices such as laptops, tablets and smart phones. Businesses that offer digital experience receive the highest customer satisfaction. The easier you make the transactions, the higher the chances of getting repeated clients.
Going paperless is the right thing to do and companies of all sizes are embracing eSign technology. However, without ROI, decision makers can end up devaluing the value and benefits that come with signing documents online. The aforementioned aspects are just a few metrics and there are a lot more for you to invest in eSignature software solution.