Accelerate the Contracting Process with E-signatures
Whether you call it digitization, the paperless office, or going green, there’s a growing interest for organizations to reduce paper, manual effort and cost in their core business processes. According to the CSIO, an estimated 30 billion paper documents are copied or printed annually in the United States for signature. When factoring in the cost of the handling of the document, it is estimated that each paper signature will cost $6.50. When it comes to executing contracts, organizations face pressure to increase operational efficiency while still being agile when transacting with their stakeholders. More organizations are finding ways to streamline their contract process by turning to e-signatures to help move their business forward.
How e-SignLive improves operational efficiencies with e-contracting
e-SignLive has helped organizations realize the benefits of e-contracting in their business processes . Here’s how we’ve helped:
- Save money: The State of Vermont’s Department of Information and Innovation (DII) manages the delivery of IT products and services to all of the state’s government departments. The DII signs 240 vendor contracts monthly. Each contract is circulated for review, negotiation, revisions, completion and signature among internal and external stakeholders. Since the DII has adopted e-signatures and have digitized their contracting process, the $30 round-trip courier fee per contract to and from the vendor has been eliminated, resulting in significant cost savings.
- Shorten approval times: Premier, a healthcare performance improvement alliance of approximately 3,400 U.S. hospitals and 110,000 other providers, incorporated e-signatures to easily transact with their vendors and internal stakeholders. Premier witnessed accelerated sign-off times on contracts and amendments, from 10 days to 1 day. Premier also gained a competitive advantage by also offering flexibility to executives to e-sign contracts from anywhere, at any time, on their mobile devices.
e-SignLive further shortens approval times for its users with two powerful features: bulk sending and delegate access. Bulk send (a new feature in the upcoming Summer ’15 Release of e-SignLive) allows users to automate sending documents to a large number recipients, eliminating the need to create and send separate transactions for each signer. In addition, the delegate access feature gives you the ability to grant others in their organization access to their e-SignLive account so documents can be e-signed in their absence and without any delays.
- Reduce paper consumption: NASA’s Jet Propulsion Laboratory (JPL) is a federally funded research and development facility managed by private contractors at the California Institute of Technology. JPL had an automated front-end to their e-contracting system and wanted to go paperless. While they had built a state-of-the-art contract management system, without e-signatures they were still chasing wet signatures for 30,000 - 40,000 contracts annually. e-SignLive helped JPL’s end-to-end e-contracting process by eliminating the need for physical archiving space and also reducing the risk of errors involved with chasing wet signatures on paper.
The last step in the contracting cycle – getting a signature – is still a manual, paper-driven process. Believe it not, most contracts are still faxed, scanned or mailed out for signature. If your organization is using applications like Salesforce, Dynamics CRM, SharePoint and Box to send out contracts to customers, partners and suppliers, you can leverage pre-built connectors to add e-signature capabilities to the applications you use every day. In doing so, you’ll eliminate paper and pen-and-ink signatures and move to an all-digital process.
- Strong legal compliance: There is increasing pressure to fully document your processes and decisions for compliance reasons. e-SignLive provides an extra layer of built-in audit trail protection and secures contracts by making them tamper-proof with digital signatures. Unique in the market, our solution provides an audit trail of the exact process used to capture signatures. This not only makes the document enforceable in court, but also helps you demonstrate compliance to external auditors.
Interested in digitizing the contracting process in your organization? Learn more about the benefits of e-contracting in our whitepaper here.