How Free Electronic Signature enhances the current workflow process? 

If you are navigating through this website, then one may understand that the reader is already aware of the concept of the no-cost electronic signature and its basic usage. Though multiple organizations have been using this to ease their workflow for years together, the global pandemic and the distributed workflow have brought this model’s benefits to the forefront. They offer a contemporary signing experience and streamline the workflow – thereby improving productivity and enhancing customer satisfaction. 

If you, as the head of an organization, are looking to include free e-signs into your business model, here are some data-backed reasons that will push you over the fence. Also, you might be a little doubtful about the blending of digital and e-signs – this write-up will differentiate it with clarity for you. Is this environmentally sustainable? This article will resolve your doubts. Let’s proceed - 

Why use e-sign technology for your workflow? 

As you will scroll down, you will see some statistics-backed reasons for using electronic signatures in the current set of workflow - 

• E-signatures drastically reduce the costs 

A privately conducted study has revealed – close to 57% of managers have revealed that – the services of free electronic signature have cut down on the paper costs associated with a company. However, many would argue that in the world of digitalization and cloud-based technical systems, the usage of paper is limited. But even then, if we take an average – for a basic 100-man head company, the paper cost amounts up to – $8000/year, minus the overhead expenditure. 

With that into account, e-signatures have the capacity to replace the voluminous paper used drastically and enable the world towards a more carbon-neutral world. 

2. They reduce work time and enhance accuracy levels 

Do you wish to know the capacity that an e-sign format brings to an organization? The experts state – using electronic signatures could reduce the average document processing time from 5 days to a mere 1 hour (other conditions applied). 

Also, the organizations that use contract management applications to apply and verify e-signature documents have categorically vouched for a reduction of 80% of mistakes during the document processing procedure. 

Thus, on the whole – one can state using this format of signature streamlines the work process and enhances the accuracy levels prominently. 

3. Positive rise in approval levels 

When the costs and time associated with the paper processing will nosedive, and the accuracy levels will enhance automatically – the client approval levels will rise. The in-house survey data from PandaDoc showed a massive increase of 28% in document closing rate when the agency used e-signed documents. 

With the rise in approval levels, customer loyalty increases. The companies that use e-signatures have a higher Net Promoter Score and greater customer bonding. 

4. Enhanced Return On Investment 

Factually speaking, incorporating an e-signature strategy into the system comes with an immediate integration cost but gives an increased Return On Investment within the span of a year (data collected from a private University survey showed 81% of respondents agree). 

The onboarding support from the usual format to the paperless technology takes minimal time and adds to the profits in a minimal time span.

5. Higher security levels 

It is no secret that the e-signatures come with higher security levels. They have a trail of digital audits and stored contract copies. They are also legally enforceable. The US has passed the Electronic Signatures in Global and National Commerce Act, while the European Union has accepted the eIDAS format making the concept of e-signature globally acceptable. 

Is a digital signature the same as an e-signature? 

There’s a slim chance that you may be a little confused between the digital and the e-signature. Let’s recollect the facts again! 

A digital signature though alternatively known as e-signatures, differs from it in the form of security levels and reversal messages from the receiver. Digital signatures use cryptographic technology and have a different level of security versus e-signature technology. 

Also, an electronic signature verifies the document. Speaking neutrally, though, the range and validity of e-signature are higher and have a better future when compared to the digital version of it. 

How environmentally sustainable is this? 

In the last COP26, some of the most developed countries of the world decided to get to the net zero format by 2070. The task is huge, and time is restricted. Under such a state of affairs – by embracing cloud-based technologies as individuals, we can help achieve this goal. E-signatures are one of the initial steps. They are energy-efficient (they enhance the workflow process) and economical with a minimal return time.

Thus, used correctly, they offer an opportunity to be environmentally beneficial vis-a-vis the use of traditional pen-paper-courier mode. 

What must you note before getting one? 

Assuming that you have made up your mind about getting the services associated with an electronic signature, it is crucial for you to note certain details before you acquire the services of one. They are - 

Q1. What is the user ease that it offers? 

When you decide to opt for a free electronic signature option for your organization, you will have to check the level of ease that it offers. Additionally, you will have to check the company from where you are getting this software and its standing in the digital market. 

Q2. What is the security level of this technology used? 

Enhanced security is one of the key reasons to shift to an e-signature format. Hence, before buying this software, you need to check the security settings of the software and the reliability standards of the issuing company. 

Q3. How seamlessly does this work on multiple platforms? 

You will have to check whether the software seamlessly works on – web, iOS, and Android formats. It must add to the speed and ease of the management process. 

Q4. How well does it add to the existing software used? 

Lastly, you need to check whether this new software seamlessly adds to the existing software. Place your demands well – a simple integration process and a short time to value. Check if the company sticks to these demands. 

What is the future of e-signatures? 

From the data currently obtained – the global e-market signature is touted to grow from $3.79 billion (2021) to $15.63 billion (2026) at a CAGR of 32.3%. Also, with the COP26 targets at work, organizations are seriously working towards realizing the goal of a carbon-neutral world. 

Therefore – one may surely note that the future of this electronic technique does look positive, taking the current data and practices into consideration.