How E-signatures can Optimize Internal Processes – a Business Case

Today, technology offers a plethora of options to choose from for organizations looking to be profitable while minimizing risks. Decision-makers from these organizations have the onus of making the best use of resources. However, despite the best intentions and resources at their disposal, many forays into digital ways of working fail to take off successfully. The reason is failure to truly understand a business case and how a certain technology or solution can benefit your organization and help it grow.

A business case is a project management tool that provides justification for undertaking a new project, solution, or technology. It evaluates the benefit, costs, and risks of alternative options, their impact on organizations, and their capability to deliver outcomes while also providing a rationale for the preferred solution. A business case should contain a clear vision, a solution for current challenges, a demonstration of tangible outcomes, and use cases for stakeholders to be convinced. A yay or nay can decide if the project is worth consideration in the organization’s growth goals.

Making a case for E-signatures

Electronic or e-signatures help users sign online securely using an online signature tool. Esignatures are the simplest first step to breaking out of traditional processes and embracing digital transformation. With technological advances and changing customer needs, electronic signatures can successfully help businesses ride the wave of change. Here is a Business Case for eSignatures that is bound to convince you of the monetary benefits of e-signatures and how it can help you scale, grow faster, and be more profitable.

Project Name:

Adopting eSignature solutions in an organization.

Problem Statement:

Lengthy, risky, and time-consuming manual documentation processes that affect productivity and efficiency.

Manual document processes are neither pocket-friendly nor environment-friendly.

Several factors must be taken into account when considering the actual cost of paper-based documentation. These factors include not only the paper purchase but also printing/photocopying, distributing, storage, scanning, and disposal costs.

Companies in the US typically print 1.5 trillion pages per year — that is a 95,000-mile-high stack of paper or the equivalent of nearly 20 million trees!

Beyond the tangible costs, there are many other hidden costs associated with manual processes. For example, the loss of time, the risk of fraud and forgery, document loss or damage, and backup costs culminate into an extremely obsolete process.

Solution with Best Practices

It is evident that an online signature tool, like, DrySign, helps users sign, share, store, and access important documents in a matter of minutes, which is the solution to this problem. However, for an informed and well-thought-of decision, here are some best practices that must be followed:

• Examination of the Current Signing Process

  The current signing process needs to be thoroughly examined. The number of documents signed month on month and an annual average, the internal processes requiring signatures, stakeholders involved, chances of errors, time spent on storage and printing costs, and bureaucratic hurdles. All of these factors must be taken into consideration to ensure that you pick the right eSignature solution and take advantage of the various plans in the market that suit businesses of different sizes.

• Impact of e-signature use on Business Goals

  An ideal e-signature solution should lower costs, mitigate risks, reduce errors, improve TATs, accelerate internal processes, and elevate the customer experience.

  Additionally, solutions that effortlessly integrate with existing workflows are a sought-after feature in today’s world. Therefore, an ideal digital solution should be easy-to-understand, easy to integrate, and require no downtime – due to technology or intensive training.

• Measurement of cost-effectiveness

  A comparison must be drawn specifically on the cost of manual processes vs. digital ones. Calculate every expense, from the cost of postage stamps to the cost of missing files, when doing a this-versus-that process analysis.

• Encourage collaboration

  Invite core decision-makers and stakeholders to bounce off suggestions and look at all the possible market players to ensure that you get the best online signature solution for your business.

A strong business case can help agencies stay on track – McKinsey

Now that we have briefly seen a business case for e-signatures and how we can implement them in our daily workflows, let us focus on e-signature solutions and what they bring to the table.

Also Read: Why E-signatures are Essential to Succeeding in Business

What do e-signatures bring to the table?

E-signatures help businesses looking to focus on efficiency and ready to adopt solutions that will propel them forward in a competitive environment. Here are a few reasons eSignature solutions are considered a necessity in modern businesses:

• Efficiency

  For years, businesses have faced the back-and-forth between departments to get signature approvals. E-signatures attain secure online signatures from clients and suppliers in minutes. These solutions improve operational efficiency and employee productivity by leaps. Users can eSign documents, get signatures from other parties, send, store, and access them seamlessly without bottlenecks

• Cost-saving

  E-signatures help organizations to curtail their overhead expenses. Firstly, it helps cut paper buying, printing, and handling costs. It saves on the labor costs of printing, scanning, signing, tracking, and distributing documents. Secondly, documents are stored virtually in the cloud lowering costs for storage and infrastructure.

• Ease of Use

  Most e-signature solutions are easy to use and easy to navigate. For example, DrySign is a highly user-friendly platform with a dashboard that provides a bird’s eye view of all documents pending signatures, documents that need to be sent, etc. Solutions like DrySign are also super easy to adopt in existing systems and workflows without requiring staff to undergo hours of grueling training.

• Advanced Security

  E-signatures protect the identity of the signee and receiver through Public Key Infrastructure (PKI) and digital certificates. Both signing parties need to authenticate their identities to access documents. Furthermore, electronic signatures can add an extra layer of security in preventing forgeries and fraud of vital documents. Most e-signature platforms also offer an audit trail of signed documents, preventing data leaks.

• Legally Valid

  E-signatures are legally valid and provide a robust security measure for authentication. Moreover, e-signature laws worldwide give online signatures the same legal status as hand-written signatures.

The DrySign Edge

DrySign is a digital signature solution that helps the user upload, sign, send and save contracts and other documents digitally, thereby eliminating workflow bottlenecks within an organization. It smoothens processes between departments and improves efficiency by removing the hurdle of creating, maintaining, and storing physical documents. DrySign works on all devices and operating systems making it convenient for customers or clients. With more and more enterprises looking to transform their processes to gain customers, e-signature solutions are the right step toward customer success.

Conclusion

E-signatures can optimize internal processes by reducing errors, saving money and time, and helping companies conduct transactions faster. As a result, online signatures make a solid business case for companies looking to invest in digital solutions to operate efficiently and maximize their ROIs.

Trust DrySign to refine internal processes and help employees work smarter.

Sources: google.com | mckinsey.com

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

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