8 Business Challenges That Can Be Solved Using E-Signatures

In industries where signing documents for approval is every day, signing paperwork can be taxing. And let’s face it, when there are too many documents needed for signing, there’s a risk of wrongly executing a document misusing a signature –  leaving your agreement invalid. 

It shouldn’t surprise you that using your e-signature tool or your digital signature certificate can solve time, security, and automation challenges.  

Are you wondering about the benefits of using e-signatures in your business beyond the obvious? Here are other ways using esignatures can solve your business’s everyday operations.

Challenges That Can Be Solved with eSignatures

1. More Efficient Use of Time

The document signing process looks like this when you’re physically signing paperwork with pen and paper: preparing the document, printing the document, routing it to the required person for signing, signing the papers, and in some cases, it ends with scanning the document or taking a photo for re-uploading.

This goes without saying: using e-signatures is a more efficient way to use your time when signing documents. You can attach your e-signature with a click of a button and send it back as soon as it’s signed. 

If you’re using a digital signature platform (a step above just e-signatures), you’re also getting a more seamless process when uploading your document to the cloud. Quickly request signatures, send them, and have your copy on hand while having a secure audit trail. 

2. Lower Costs

It might not seem like it costs much, but adding up the cost of paper supplies, printing ink, and mailing documents can stack up to a lot of money. These costs can be saved at the end of the day and spent on more critical business areas like business operations, customer experience, or marketing costs. 

On a bigger scale, financial fraud from falsifying signatures to approve purchases, invoices, or payroll can cause your company to spend thousands or millions on one transaction. 

Paperwork tampered with without anyone’s knowledge can get into the wrong hands. 

To mitigate this risk, digital signatures can help prevent that. It comes with multilayered encryption that detects unauthorised modifications, and you’ll know when the document has been tampered with when the intended recipients cannot open the document. 

3. Easy Automation

It takes little to no time to create your e-signature and attach it to any document for signing. It’s a one-stop process that benefits you and your team in the long term. Your e-signature becomes embedded in your pdf reader application that can last a lifetime. 

The same goes for digital signature platforms, where you can sign and request signatures for a limitless number of documents. With SigningCloud, you can automate preparing your signature for sending, reviewing, and signing any paperwork. 

You also ensure it’s your genuine signature by staying protected with maximum security measures. 

4. Quicker Decision Execution

Today, quick decision-making is the most important ability for a business to stay ahead. Especially with industries with competitors popping up left and right, fast and intelligent decision-making is the only way to flourish in a volatile world. 

While there are many critical indicators to help streamline decision execution, there’s almost always an agreement that ends with signing paperwork to make it official.

When signatories are not present, it causes delays. Whereas if you have everything accessible on the cloud, all required signatories can sign digitally from anywhere, even while on vacation. 

You can get essential requests approved instantly and start working towards executing plans, projects, or assignments. 

5. Paperless Workflow

On average, it takes 14 days to over 90 days for document turnaround time. And occasionally, you can lose track of paperwork in the middle of routing, which delays any important requests needed among teams. Let’s not forget storing and then later finding documents in filing cabinets and storage units can take ages. 

Having a paperless workflow improves the organisation and tracking of numerous paperwork in and out. 

You can keep tabs on when your documents have been viewed, opened, and signed by signatories through digital signature platforms. Going paperless has never been easier, all the while without compromising validity and security. 

6. Improved Speed

Collaboration across teams can be done more efficiently online when drafting legally binding contracts or documents. 

Once your terms and conditions are finalised, you can speed up the signing process by uploading your document and tagging the recipients. It notifies them when a signature request is needed. Through API integration, users can sign through a link function sent to their device.

You can access the document without using a computer from wherever you may be. You can sign, seal, and deliver using your phone or tablet. It speeds up the time, effort, and procedure across teams and people involved.

7. Increased Security

Worst case scenario, you attach your e-signature to an important document, and it lands in the wrong hands. Whoever has your signature can use it to their advantage. 

Remove the risk of intercepting necessary contracts through the verification and authentication of your signature footprint. 

To ensure trusted digital identity authentication, SigningCloud uses a widely trusted eKYC system by verifying that every signer’s ID on the platform is genuine. It has a feature that assigns facial recognition and microprint authentication that lets the other party know it was signed by the real you. 

If your document was tampered with, SigningCloud invalidates documents that were altered immediately.

8. Better Customer Experience

Giving customers more options to conveniently complete transactions is a step toward improving the customer experience. You’re offering more transparent and efficient ways for them to do business with you. 

For example, in Human Resource departments where there are a ton of contracts to send to new hires or requesting signatures for updating employee policies – letting employees review and sign through e-signatures is recognised as legal and valid under the Electronic Commerce Act in most countries, all while being an easy user experience. 

In real estate industries where clients’ signatures are needed in numerous leasing agreements, they can save travel time and commute to sign their contracts physically. E-signatures can help close the deal a lot quicker.

And of course, with e-commerce transactions where keeping track of paper trails from suppliers, buyers, or stakeholders is vital, they can quickly sign and receive a copy of your documents for the organisation.   

Key Takeaways/Conclusion

In the long run, digitising the signing process benefits your team, customers, and stakeholders. It can solve challenges like cost, time, and security measures. You can forget the hassle of preparing paperwork, routing them to signatories, and storing them in your office. 

Do you know anyone who can start using e-signatures or digital signature certificates for their business? Please share this article to introduce a game-changing way to operate their workflows.   

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