Posted on 30 August, 2018 | 3 mins
The days of chasing people for signatures in person are over. Legally binding digital signatures are now well established, but are you using them to their full advantage? Gal Thompson from Secured Signing shares some benefits to see if you’re getting the most from digital signatures.
You may have heard about digital signatures, but you’re not sure whether they have any practical benefit for your business.
The case for digital signing is compelling:
- Eighty per cent of companies who implemented digital signatures saw a return on investment in the first year.
- Twenty-five per cent saw ROI within three months1.
But the most immediate impact is the boost in team efficiency and productivity companies have seen. Let’s discuss some of the most valuable uses for digital signatures using real-world examples, to see if you’re getting the most out of the tools.
Faster turnarounds to complete sales contracts with Salesforce
Saleforce ditched wet ink for digital signatures, and immediately reduced the time it takes to complete sales contracts.
Key outcomes include:
- 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 into its procurement department, where digital signatures allow teams to track and manage the contracts throughout the process.
A simple process to finalising agreements in the legal sector
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 important forms.
There’s a campaign to change this approach, one which argues that digital signatures can save “countless hours, even days and weeks”2.
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—something that might ring true for many businesses outside of the legal industry.
Streamlined hiring with H&R Block
Like the legal sector, human resources consume reams of paperwork. 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 in a digital world
Along with the rise of digital signatures, smartphone penetration is already at 90% in some parts of the world4. Customers expect to do everything online, and they’ll look for businesses who can extend this electronic experience.
Many customers don’t have access to printers at home, and the need for a physical signature may end up costing lagging companies as customers opt for digital tools. Companies who rely on paper-based processes risk frustrating customers or losing deals due to delays caused by errors and unsigned documents.
So, more companies are allowing customers to complete the actions using digital tools, such as:
- information forms for new customers
- quote approval
- statement of work.
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, making 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 that can prosper in the new economy.
Gal Thompson is Regional Manager at Secured Signing.