Digital signature technology has existed since the start of the new millennium. In 2000, the United States passed the Electronic Signatures in Global and National Commerce Act, which established that eSignatures share the validity of an ink signature and are an acceptable method for document execution in every U.S. state and territory.
Today, by automating the process of sealing a sales deal, employees don’t have to create, sign, send, and wait for documents to be approved. By eliminating the long and tedious process of signing papers, productivity rates go up, and businesses maximize the technology.
Here are some other benefits of eSignatures:
1. Eliminates Human Errors
It’s inevitable to make errors sometimes. However, even the slightest mistakes can add up and cost businesses more than $153 billion in a year. Aside from financial losses, errors may also contribute to a slowed-down sales cycle, increasing the number of touchpoints required to close a deal. In effect, the terrible process may develop a wrong impression on potential clients in the future.
However, by imploring eSignature technology, human error may be a thing of the past. As contracts are now templated by legal, salespeople only need to fill in the blanks. If ever there are mistakes, they can be edited, revised, and reviewed by clients right away. In effect, avoidable mistakes will be out of the question and provide hassle-free cycles for everyone.
2. Closes Deals Faster
Time means money in business. As much as possible, companies should provide quick and efficient solutions to close deals faster. By utilizing solutions that help speed up transactions, sales are more likely to succeed.
By using eSignatures, companies and businesses can build an efficient sales process. On average, it only takes five to six minutes to turn around a contract—making it possible for clients to get back on what they’re doing quicker.
3. Improves Productivity
eSignatures eliminate waiting times and periods for tracking and verifying every deal. Instead of leaving sales teams to do mundane admin work and tidying up databases, they would have more time to spend on actually selling something.
Although automation is the goal, there is still no better way than to add a personal touch, especially for sales transactions. However, it might be a great solution to mitigate some processes that take too much time, such as waiting for signatures and approvals in the office.
4. Mitigates Security Risks
Although most companies are used to physical contract signing processes, they are a security risk if looked at an angle. Besides costing a lot of time and money, once a contract is posted, companies will have very little control over what happens once a contract is posted. There will always be a risk of losing, delaying, or damaging a sensitive document during the process.
However, by integrating eSignature technology into the process, there is a better chance that issues and risks can be mitigated. You can prevent ruining contracts. In effect, the technology can secure both parties’ security and safety.
Electronic signatures have grown in popularity worldwide. Between 2012 and 2017, 89 million transactions ballooned to 754 million transactions—showing how electronic signatures have become an effective method in expediting transactions in every industry.
Anapact stems from an error made in the summer of 2018. We have built a company that aims to help other businesses avoid mistakes in contracts moving forward. We provide solutions for contract management issues—our NetSuite practice is one of the top practices in the U.S. Visit our website today, and let’s discuss how we can help.