Benefits of an electronic signature solution for SMEs during the coronavirus pandemic
With safety measures being put in place worldwide to slow the spread of Coronavirus, companies and organizations are now required to follow official directives to have their employees work from home. This has raised a variety of issues as regards the signing and execution of important documents by electronic signature.
Documents such as agreements, contracts, deeds, invoices and more that are essential to the proper functioning of most businesses need a signature to obtain legal value. However, since social distancing rules restrict free movement, it is near impossible to gather all the signatories in one room. How then to keep businesses productive through the COVID-19 pandemic?
Many companies across the globe are starting to adopt a simple but effective solution: the electronic signature. The e-signature differs from the handwritten signature only in that it is created digitally, rather than physically on paper. It aims to achieve two major objectives:
· Guarantee the integrity of a document; and
· Authenticate a document’s author.
In other words, similar to a handwritten signature, an e-signature ensures that the document is not altered and also that it is signed by a person with the authority to do so.
Why you need an electronic signature solution for your business
Saves time: By using a n e-signature solution, business processes become fast and fluid. A document can be sent by e-mail to a client, signed, and in seconds sent back to you. You thus eliminate unnecessary intermediate steps such as paper printing, scanning, making appointments, travel, mailing, archiving etc. This streamlining of administrative tasks not only saves time, but brings added value to your business.
Increased productivity: By speeding up administrative tasks, electronic signatures allow you to process many more contracts, quotes and invoices per day resulting in a significant gain in productivity. This creates more available time you can invest into the development of other areas of your business to improve customer relationships and provide better quality services.
Save money: The electronic signature provides economic benefit to businesses by considerably reducing the costs linked to the printing, archiving and sending paper documents. When calculated over an entire year, these expenditures are far from negligible. If you travel to your customers or arrange business meetings just to get a signature, overheads will eat away at your profits. Signing electronically means reducing or even eliminating all these costs and making huge savings in the long term.
Better business management: Centralizing and digitized archiving of your data facilitates the better management of your business. Thorough an e-signature application you or your employees will be able to access all documents remotely, at any time. In addition, electronic signature software will allow you to benefit from a complete and automated follow-up of all your signed or pending quotes.
Improved security: Security is often the biggest concern with electronic signature. It should ensure that no one is able to falsify a signature or alter a document without authorization. Good e-signature solutions will integrate a digital fingerprint into the pdf document that tracks changes made. This makes it easy to authenticate the identity of the sender, to verify the authenticity of a document or to see if there have been modifications after the signature. Some are equipped with a time stamping function, allowing you to check the exact date and time a signature was entered.
Higher conversion rate: In today’s digital age, most customers want their requests finalized as fast as possible. The electronic signature then presents itself as an effective tool to get things done quickly while at the same time lighten your workload. This results in lower abandonment rate, more contracts signed and ultimately an increase in turnover.
Which software to choose?
One e-signature solution that is quickly gaining traction among small and medium sized business owners as an easy-to-use and simple to integrate application is Docage. During the coronavirus crisis the electronic signature service is already helping many companies on a daily basis to speed up their activities by automating their various administrative processes.
Some of the benefits you can expect from using Docage in your business include:
· See an average increase of documents signed by over 35%.
· Reduce document processing time by up to 10 times
· 100% Guarantee of legal validity in Europe and the US
Coupled with a number of easily accessible and immediately deployable digital tools, Docage can allow businesses to continue their commercial activity without their employees necessarily having to travel. The software helps companies and their employees to stay productive, even if they cannot work together in the familiar environment, further curbing the spread of the coronavirus.