How Electronic Signatures help Organizations cut costs
E-signatures reduce the costs of signing documents on paper. They also increase the speed of how business transactions are conducted, thus improving cash flow.
Several factors should be considered when estimating the real costs of wet-ink signatures and the savings that may be realized by using electronic signatures. It is good to note; these factors do not just include the purchase of paper but also printing, scanning, photocopying, storage, postage, and disposal costs. Over the years, organizations have been trying to implement several paper-cutting solutions and digitize most of their office processes. However, for document sign-off and approval, too often, this process hasn’t been entirely digitized. By opting to invest in an electronic signature solution like eSign Genie, you can plug this last gap also and realize further cost reductions – giving your organization a real-bottom-line benefit. Let’s take a look at a few not-so-common ways that organizations can save money by implementing esign technology.
Save on lost time costs
Lost time is one of the hidden costs of using wet ink signatures. Signing on paper takes considerably longer than signing online. With a top platform like eSign Genie, you can put signatures to all pages of a contract in one go. Weigh that against signing each page of a contract manually. More so, with esign software in place, it is possible to sign multiple contracts in one go. Picture how much time managers will save if they can execute critical organizational documents in seconds!
Fraud and compliance failure costs
Usually, paper records can lead to compliance failure issues. The reason being, it is easy to tamper with signed paper contracts without detection. Forgery is also common with paper records. This may lead to considerable losses through fraudulent activity, hefty regulatory fines, and expensive lawsuits. Well, avoid such costs by investing in an e signature technology that is UETA and ESIGN compliant. Besides, documents that have been electronically signed cannot be forged or tampered with, thus protecting your organization against fraudsters and other related costs.
Document retrieval and recovery back up costs
Finding the required paper contract (e.g., in case of audits or disputes) is even more protracted than doing the original filling. However, retrieving digitally signed contracts is an effortless process as you can use the online search features incorporated in most esign solutions. Again, for critical legal agreements, having a single paper replica of the original contract can lead to issues, especially if your storage area encounters a disaster (e.g., flooding or fire). This calls for the need to having several original copies being stored at different locations all adding to the cost of archiving. However, with electronic signature solutions, all your documents are stored in the cloud and can be retrieved anytime, and anywhere you need them. Thus, there is no need to incur extra costs by buying safes and building storage compartments while you can have an option that is economical and more secure.
As you can see, adopting esign technology not only guarantees tangible economic savings, but also boosts employee productivity, the efficiency of processes, and prevents lost business opportunities.