3 Ways E-Signature Technology Creates an ROI
Deploying electronic signature software can help organizations solve a variety of operational challenges. In particular, e-signature technology is essential in eliminating many of the paper divides that get in the way of a transition to digital processes. Using e-signatures as a strategic enabler for digital operations can empower your workers in a variety of ways. The resulting operational climate - one in which employees can work flexibly using the methods they prefer - can lead to significant value creation. Three specific ways that you can use e-signature projects to generate a return on investment include:
1. Keep projects on schedule
Many businesses face financial losses simply because keeping projects running on schedule proves difficult. This can lead to added expenses in a variety of ways, and contract signing problems are a major reason why so many projects end up falling behind. For example, two businesses that want to partner on a project, but are separated by geographic distance, they can find it difficult to connect to sign contracts. The processes that go into performing such a transaction are complex when dealing with paper-based operations, as a wide range of factors can prevent stakeholders from signing a contract on time.
Electronic signatures simplify this entire process and eliminate geographic boundaries. This can be useful whether your partners are based locally, but can't get to a meeting easily, or spread out over a large distance.
2. Free employees to work flexibly
Businesses that offer flexible work models, including the ability to work from home, can reduce overhead costs and improve employee engagement. However, these efforts to drive flexibility can fall flat if you have employees coming into the office periodically to sign contracts and complete related paper-based transactions. Electronic signatures allow you to empower your employees to get the job done in whichever way works best for them, unchaining them from traditional operational boundaries.
3. Reduce paper-related costs
The expenses that come with printing, scanning, mailing and storing paper files can be astronomical. This is especially true in industries that have highly specific records management policies, as companies can be forced to create specialized storage and handling procedures that become extremely expensive. Moving to electronic management practices has become common in many sectors, and contracts have been the final frontier in this area. E-signatures can help businesses complete a transition away from paper processes and reduce costs dramatically.
Electronic signatures can deliver value in a variety of ways. Check out our ROI calculator to help you figure out how much you can gain from the technology.