Are you wondering how e-signatures can boost your team’s productivity? If you want to make sure your team operates like a well-oiled machine, fewer things can help more than digital and electronic tools that help get things done faster.
In this blog post, we want to show that e-signatures should be high up on your radar for productivity tools that make teams work more efficiently. You’ll discover exactly what and why e-signatures are some of the essential tools for any business to include in their suite and how they can keep your team’s productivity sky high.
Ready to unlock a new level of efficiency? Read on to get started.
Why are businesses using e-Signatures?
First, let’s take a look at why businesses are using e-signatures in the first place.
For one thing, it offers a new level of security and authenticity to signed documents. E-signatures aren’t just photos on paper — they’re real verifiable signatures that come with a host of other benefits that pen and paper signatures don’t get you.
Better security through Public Key Infrastructure
This is because e-signatures operate using a Public Key Infrastructure (PKI). This means that every digital signature is made unique to each respective signer.
Digital signature platforms like SigningCloud use the PKI that uses a special algorithm that later generates two unique keys: a public key and a private key.
E-signatures are a lot safer than traditional signatures because they use a mathematical algorithm that acts as a cipher, creating data matching the signed document called a hash that encrypts that data. The resulting data is the digital signature, which has more security than any other option.
The electronic signature is also marked with a timestamp of the date the document was signed. So if a document is modified or altered after the signatures are collected, then the digital signature is made invalid as the e-signature platform deems it tampered with or even forged.
Because of the intricate tech behind them, PKIs require that private and public keys be created, conducted, and saved securely to uphold their authenticity, even in a court of law. It often requires the services of a reliable Certificate Authority (CA).
A clear audit trail
Another benefit businesses love about using digital signatures is that it leaves a clear audit trail.
When you use pen and paper, you can’t accurately track information and data like when a document was signed or edited. With e-signature software, you can do that and more.
You’ll be able to monitor and trace every signature, edit, or amendment made to your document, so it’s easier to refer to for compliance and audits.
Digital identity verification
Another reason businesses love using e-signatures in the modern workplace is that, unlike traditional pen and paper signatures, you can verify the identity of your signatories.
E-signature providers like SigningCloud use a widely trusted electronic Know Your Customer (eKYC) system that helps verify the identity of each person’s signature and make sure signatures are genuine.
How it works is that, upon signup, signatories will have to submit DSA-compliant documents and then have their identities validated and verified through facial recognition and even microprint authentication.
E-signature providers also go the extra mile to make sure that only users that have verified and genuine IDs that have gone through the eKYC system are allowed to perform e-signatures on documents, so you can be sure only trusted people will have access to your documents.
Here are some ways e-signatures can boost your team’s productivity
Businesses that want to keep their documents and agreements as secure as possible benefit from using true e-signatures. But it’s not just security that makes for its most significant benefit.
E-signatures also have a significant impact on the productivity of your team. Read on to discover just how adopting e-signatures can make your team work faster, collaborate more effectively, and get things done with less friction.
We’ve identified six ways to use e-signatures in your business to boost your team’s productivity.
1. Reduce Turnaround Time
One of the most significant benefits of using an e-signature platform for signed agreements is reducing turnaround time by a lot.
In traditional settings, if you want to collect signatures from different parties, some options might be: meet up in person to sign the document with witnesses, or send physical documents via courier, wait for the other party to sign, then wait for them to send the papers back.
All this assumes that the documents have already been finalized and that there aren’t any issues or revisions to be made. Of course, if there need to change, you’d have to repeat the process repeatedly, making the turnaround time even longer.
However, with e-signatures, you get to cut the turnaround time in half, if not more. This is because all you would need to do in a digital signature process is create the document for signing, upload it to your chosen e-signature platform like SigningCloud, then mail the document for signing to its intended signatories.
In the event that you need revisions, it’d be faster to communicate and create changes on the cloud. So your team can benefit from e-signatures by reducing the time it takes to get certain parties to sign and seal the deal.
2. Fast invoicing
One other benefit of using e-signatures to boost your team’s productivity is that it makes for much faster invoicing.
An important part of the invoicing process is getting your prospects and clients to sign the invoice to make sure they acknowledge receipt and that they will make the payment stated.
When you rely on physical invoices with pen and paper, it’s a lot harder to track the progress of your invoice or see where it is with your client. Often, it might take a long time before a prospect even signs your invoice, especially if they don’t have the tools to create a digital signature by hand.
With e-signatures, however, it’s much faster. After you’ve created your invoice, you can instantly send it to your prospects for them to review and then later sign.
And if they request any changes or revisions? It’s as easy as getting in touch, making the changes right away, and sending it back for a signature.
3. Close deals on the spot
One other way that e-signatures make your team more productive is that they can help your sales teams close deals on the spot.
This is because you can instantly send contracts, proposals, and invoices like we mentioned before, even as early as getting off a call with your prospects. Afterward, you can ask for their signature on the fly and strike while the iron is hot.
When you rely on pen and paper signatures, you slow down your sales cycle. Because prospects have to wait to receive the contract or proposal, which could take a few days before it arrives, that might be too many days, leading them to lag on beginning your contract.
Instead, make use of e-signatures so that your clients can sign anytime, anywhere — even on the spot or right after you get off a sales call.
4. Simplifying processes
Another big reason why e-signatures are fantastic for any team’s productivity is that it provides a streamlined way of creating documents that need signing, sending them to all signatories, and monitoring any amendments and changes.
Because the entire process is digital, it becomes easier to make things step by step and not lose track of your document.
When you work on the cloud, it’s even easier for your team to collaborate on the document that needs drafting, comments, and revisions. This saves your team time from having to email one another working and amended drafts of these documents since you’d be working on just the one file on the platform.
And of course, when you use a digital signature platform like SigningCloud, you make it easier to facilitate the collection and validation of signatures for your most important documents.
5. Better Employee Retention
Employees leave their job because they aren’t engaged with what they do. In this case, if you have employees handling manual administrative work like filing or sending documents for signatures by hand, they might not feel like they’re making the most of their time at your business.
Instead, allow employees to do more of the work that they enjoy and are excited by. When you do this, you increase your chances of keeping them happy and letting them stay at your company.
Cut the time-consuming work for these employees and get them to work on a streamlined platform like SigningCloud to create, collaborate, and store documents that need digital signatures.
6. Less Stress
Finally, when you can use e-signatures, you don’t stress out your team as much.
There are a few reasons behind this. One of them is that you reduce manual labor for collecting signatures, as we discussed in the previous section.
Another reason is that you make it easy to track, edit, and collaborate on the documents that need signing. When employees can easily refer to information and comments, it is less stressful as everyone can be on the same page.
And finally, if the time ever comes when you need to validate or verify signatures for your business for any reason, e-signatures give you the audit trail you need without all the stressful manual work that might come otherwise. Because everything is stored digitally, it’s also straightforward to find and refer to documents and get the metadata you might need around signatures.
Any team can benefit from e-signatures, and it’s a must-have tool for any production team, and we hope this post has shown you exactly that and more. And if you’re ready to truly become a more well-oiled machine, sign up for an account with SigningCloud and feel the difference in how you manage documents and signatures at work.