Proven Benefits of Adopting Electronic Signatures
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Proven Benefits of Adopting Electronic Signatures

By CIOReview | Tuesday, July 13, 2021

According to studies, electronic signature apps reduce the overall amount of errors by an average of 80 percent.

FREMONT, CA: In the business sector, electronic signatures are quickly becoming the norm. A rising number of companies are going paperless, abandoning traditional pen-and-paper operations in favor of digital alternatives.

Companies that use e-signatures report various benefits, including lower document generation costs and happier, more loyal consumers. Furthermore, in most circumstances, investing in a document management app yields a favorable return on investment. If one considers implementing electronic signatures in their company, the top proven benefits listed below should be enough to persuade them.

Fewer Document Errors

Contract management apps are commonly used by businesses and people to add electronic signatures to papers. These apps offer various other advantages, notably in terms of minimizing the number of errors in contracts, bids, invoices, and other documents. According to studies, electronic signature apps reduce the overall amount of errors by an average of 80 percent. A package of tools designed to work in tandem with electronic signatures is available to writers, managers, and legal professionals. Automated approval workflows, templates, and content libraries are just a few examples.

Electronic Signatures Cut Down on Costs

According to a survey, electronic signatures saved 61 percent of managers money on document-related expenses. This is unsurprising when you consider the resources necessary to process paper documents. An employee in the United States uses two cases of paper per year on average, at the cost of 40 dollars each case. Without accounting for storage space, printer repairs, ink, and other expenses, it comes to 8000 dollars per year for a 100-person organization. Of course, papers needing an electronic signature account for only a small percentage of a company's total paper usage. However, there are still substantial savings to be realized. Furthermore, most e-signature systems allow for safe online storage of contracts, PDFs, proposals, invoices, and other documents without requiring physical storage.

Rapid Document Processing Time

The amount of time that electronic signatures can save on document turnaround is incredible. Both senders and recipients must print and scan documents multiple times when using wet signatures. This process takes even longer if a contract requires many signatures. Clients frequently put documents aside until they have the time to print and sign them. And they will frequently become entangled in a pile of other documents. In contrast, electronic signatures can be added to a proposal or contract in a matter of seconds.