One of the slowest and most frustrating but essential aspects of any management procedure is the signing stage. You’ve put in the effort to draft your contract and to negotiate; regardless of whether it’s a buy-side or sell-side arrangement, now is the time to obtain the signatures for it to be legally signed.
Perhaps your current procedure is to take the agreement through the office with the cover sheet and a folder to collect wet signatures and record which must sign it. Perhaps you send it back and forth, awaiting it to be signed, printed, then scanned, and handed over to the next person. If this seems familiar, then it’s time to adopt electronic signatures in contract management.
The Benefits of an Electronic Signature Solution
The advantages of digitalizing the document signing process can be utilized across many industries. E-signature solutions are typically used in sectors requiring secure signatures on documents such as healthcare, the legal sector, government organizations, and real estate.
In the legal field, innovative and smart companies are adopting electronic signature solutions to increase efficiency and access to customers, gaining an advantage over their less active rivals. Electronic signature technology lets businesses get signatures from employees, customers, and even partners without the need to print copies of their physical documents of the records, either by mail or fax.
Alongside the wide variety of applications in the industry, electronic signatures can also help with the human resource (HR) duties, such as simplifying the process of hiring and improving the efficiency of the accounting payable and account receivable processes.
Businesses that implement electronic signatures have an impressive capability that can be deployed quickly and efficiently for many instances. Electronic signatures allow businesses to sign paper-free in a simple process that reduces time and reduces costs. It also enhances security.
Reduce Costs and Waste of Time
When compared to the cost associated with sending contracts signed by multiple signers, electronic signatures can provide the potential for significant savings, particularly for legal teams who deal with a large number of contracts. Printing, preparing, and sending out contracts takes precious time from staff which could be better used on more valuable tasks. Because the process of sending documents that need to be signed electronically is significantly quicker and less time-consuming, this change can cut down on time and thus the cost – to create new agreements.
Create A Paperless Signing Process
Businesses should incorporate an electronic signature system into their workflow systems to streamline and paper-free signing process. Digitally signing will allow organizations to get signatures and approvals for various documents from clients or employees anywhere and on any device, without printing a single sheet of paper. E-signatures simplicity of use ensures a seamless experience for customers across all industries and countries since most end-users are already familiar with the process of eSignature.
Keep Your Business Moving Forward Anyplace
Today, more than ever before, electronic signature tools are required for companies to sign new contracts and move the business forward. The traditional method of signing contracts using paper and pen was unproductive; however, with teams distributed across different places, it’s become unsustainable if it is not even a viable method.
Electronic signatures can be set up and executed remotely, which means your company can continue to attract prospective customers, and suppliers regardless of whether your team is at work or not.
The easy and efficient electronic signature process will improve collaboration, as the quick signing of documents will stop contracts and projects from stalling and encourage the development of projects.
Improved Contract Speed
Transact your business fast and easily by using electronic signatures. If you are dealing with sensitive documents, this option is beneficial. Furthermore, it makes the whole procedure of contract signing that will benefit your business and boost the customer experience and retain customers.
Another benefit of electronic signatures is that you have no security concern compared to paper that is easy to alter. CLM software with electronic signatures can detect minor changes and record more information details than traditional paper.
The E-signature software offers the convenience of a method that is not possible with the traditional method. The process of getting the document signed is a complex procedure that involves making the hard copy, sending the documents, and then getting it acknowledged by a co-signer. The whole process is repeated with a different partner. By using e-signature, partners can look over the documents, then review and then sign them. A process that could take several days or weeks to complete can be completed in several hours or a couple of days at most.
The main reason why electronic signatures stand out from the traditional method is that using e-signatures, companies receive instant status updates. If a company has many contracts with different partners, then the process to get the agreement in place and signed can be a significant issue. By using electronic signatures, contract managers will receive notifications on who must sign the document and keep in touch with them to ensure that it gets done quickly.
The CLM has simplified the whole process of managing contracts, and electronic signatures have streamlined getting documents signed. The pandemic has emphasized the necessity of installing contract lifecycle management software to ensure safe maintenance documents.