Organisations need to constantly seek ways of reducing operational costs and gain competitive advantage, otherwise they are at risk of falling behind their competitors. Paper based processes have continually been proven to drain resources and money from a business, which is why so many organisations are choosing to digitise and automate processes, hence the buzzword 'Digital Transformation'.
Over the last few years more and more organisations have been adopting E-Sign technology as part of their digital transformation strategy with the aim to digitise their paper related processes. By creating a completely digital workflow from document creation to completion via electronic signature, reduces the cost of paper, printing, mailing, storage and admin time, in turn removing inefficiencies and increasing profit margins and customer experience.
Working with our users, E-Sign has been able to help businesses improve operational practices by simply allowing them to remove paper based processes. Over the years we have identified some important business processes which are plagued with inefficiencies, which we wanted to share and hopefully help others.
1) Print, Post, Scan & Destroy!
Businesses out there are still printing paper contracts and sending to customers to sign, who return via traditional post and the contracts are either scanned and destroyed or physically stored. This process should be as dead as the trees it has killed along its way. According to research conducted by AiiM, the average cost of this process is £14 per document, without even considering the administrative costs of personnel involved in this process. E-Sign eradicates all of this by taking the entire process digital and reduces a businesses carbon footprint.
Read our blog on the Financial and Environmental Impact of Electronic Signatures in Business.
2) Physical signature capture
How much time do you think is spent in your company chasing people for a signature?
For example, E-Sign has worked with a specific Health Trust who was sending out a qualified nurse to various medical centres to obtain a wet signatures from consultants and heads of pharmacy. This is clearly a waste of a valuable resource, and leaves important documents open to security issues.
Digitising your document process with E-Sign, creates a secure environment that maintains document accountability, integrity and workflow, increases speed and efficiency of completion.
By creating a secure digital environment, E-Sign was able to automate a legal process reducing the document turnaround time of legal matters for a large law firm from 21 days to less than 3. See our Executive Summary HERE.
3) Document delivery errors
How often have you heard, "Sorry, we never received the paperwork"?
According to the land registry digital mortgage service, customers they surveyed often experienced lengthy delays in completion of sales due to mortgage documents being lost in the postal system. This is often the main cause of unnecessary costs and delays being incurred by businesses, and weakens the chain of integrity for documents.
Well, using E-Sign you have a transparent document transaction process so you are fully aware of who has e-signed it, who hasn't and how many times it has been viewed. You can automate reminders and you can even redirect your document to an available party to get your document completed and remove these unnecessary delays from your processes.
In summary, paper based processes have continually been proven to drain resources and money from a business, which is why so many organisations are choosing to digitise and automate processes. Regardless of your business type or size there are savings to be made by removing as many of your paper processes as possible. Recent analysis of the time savings achieved through E-Sign, indicates an average reduction of at least 50% in the time taken to get all contracts signed. Companies are also achieving significant savings through reduction in administrative, printing and postage costs. To promote this we have created a free Return on Investment (ROI) calculator of using paper based processes vs E-Sign. Try it out today and see if we could save you money
If you have enjoyed this blog please like and share within your business community. If you want to discuss anything please get in touch today. Give us a call on 0151 244 5566 or email us on firstname.lastname@example.org.
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