The global e-signature market is likely to reach a total worth of $3,410.8 million by 2023.
Modernization of business operations and workflow processes tops the priority list for business owners, and electronic signature solutions have been one of the key factors driving it. The eSignature market growth primarily relies on the value it renders to enterprises worldwide. Apart from the convenience of digital signing, the solution provides an array of advantages. It not only helps eliminate the costs associated with manual signing but also saves time, streamlines workflows, and enhances productivity.
Due to the massive benefits, minimal costs, and increased ROI, businesses are increasingly transitioning to digital signing. The growth of the e-signature market is evident with the rapid growth in e-signature transactions.
In the last 5 years, almost $754 million transactions have happened in the U.S. around eSignature adoption.
It is no secret that digital signatures have proven to be a game-changer for many organizations, and the massive adoption number says it all. Here are a few statistics that will amaze you further:
- Migrating to digital signature solutions can help businesses realize a 55% to 78.62% of increment in total savings.
- Manually signed documents can take up to 5 days to reach the destination. On the other hand, it only takes an average of 37 minutes to receive digitally signed documents!
- E-signatures lead to an average of 80% reduction in turnaround time and errors
- Migration to digital signing helps achieve an average of 80% improvement in productivity and saves $20 on each document
- Some financial institutions have experienced a 92% reduction in scanning errors after incorporating digital signatures.
- By adopting eSignatures, businesses can reduce their processing errors by 90% on average.
Bet these stats are convincing enough to start your e-signing journey today! So if you’re ready to go all digital and adopt an e-signature solution in 2023, here are a few tips that will help.
Tips for small businesses to achieve a smooth eSignature adoption process
- Define the reasons for eSignature adoption
Focus on business areas where most organizations usually tend to make more human errors or spend more unnecessary time. These things are going to slow down your business growth, eventually subsiding the revenue. And no business would ever want that.
Though it is hard to spot the success rate beforehand, you can always have an eye on business cases. E-signature technology has proven to be the game changer for many organizations; adopting eSignatures to streamline your workflows will lead to improved productivity, enhanced security, better performance, smoother stakeholder experience, and faster document TATs. First, however, a smooth eSignature adoption needs you to define what your business needs are and the workflows where you want to integrate the e-signature technology for superior performance.
- Review the security benefits associated with eSignature adoption
Security is of utmost importance to any business! When you decide to integrate new technologies into your existing workflows as a business owner, the first metier on your to-do list is to prioritize security. Check the security adherence and benefits associated with eSignature adoption.
It is well-communicated that eSignatures are more secure than traditional wet signatures. However, it is imperative first to understand your security requirements. If your business deals with sensitive data on a daily basis or has confidential data, you need to choose a solution provider accordingly. DrySign, a leading e-signature solution, provides best-in-class security for your documentation. DrySign eSignatures are 128-bit secured and encrypted and comply with specific e-signature certifications that help prohibit unauthorized access to your confidential documents. Evaluate the security benefits an eSignature solution is bringing to your business to adopt the solution seamlessly.
- Identify your documentation requirements
Documentation isn’t just about printing and signing documents; it involves a comprehensive process that needs a reliable and predictable operations workflow. Different departments have different documentation needs. For instance, the HR department is required to share and sign multiple employment documents on a daily basis. On the other hand, finance and sales departments need to keep their documents on point as any error may cost the business its fortune.
An eSignature solution can help streamline your every business process. With the help of electronic signature software, you can save templates and use them in the future – this will save excessive time and money spent on redundant tasks. Moreover, it is highly impossible for you to make any errors in your business agreements or contracts, as you can automate the processes. Some of the eSignature market leaders, such as DrySign, give you the leverage to have complete control over your documents and track them efficiently so that you can never miss out on important updates.
Also Read: How E-signatures can Optimize Internal Processes – a Business Case
- Define your legal requirements
Legal concerns are the common obstacles small businesses usually face. Whenever any organization decides to go digital with its documentation, the main concern that arises is legitimacy. Nowadays, almost every organization is engrossed in cross-country operations, and operating overseas requires you to have proper knowledge of the laws and rules of the country.
You will probably be relieved to hear that you do not have to be concerned about legitimacy anymore – eSignature solutions do it for you. E-signatures are legal and can be efficiently used for cross-country transactions. With a business spread across geographies, it gets challenging to keep track of every document or verify if it’s legally compliant. However, with the help of digital signing, you can automate your documentation with end-to-end security and legitimacy and track your document progress anytime – helping you worry less and focus more on the actual business. If you are looking to adopt an e-signature solution in 2023, define your legal requirements and find out if the solution provider has signatures complying with the concerned country’s laws.
- Review the compatibility of the integration with existing applications
Adopting the digital way of signing documents isn’t anyone’s decision – it requires everyone to be on the same plate for smooth onboarding of the solution. And the most common concern for business professionals is the integration of eSignatures with existing applications. Business professionals develop their own tech stack according to the requirements. Integration of electronic signatures with your tech stack is the best way to confirm you get the most out of your transition to digital signing.
DrySign is a holistic eSignature solution that brings the best of all worlds in a single user-friendly package. DrySign enables seamless integration with other platforms such as Salesforce, OneDrive, Google Drive, and Dropbox, simplifying file upload. Now, you can sign on the go in just a few minutes.
- Identify business requirements
To embrace the right solution, you must know precisely why you need it. Define the business requirements necessary to reach your goals and how an ideal digital signature solution should be. This will help you find the right solution unique to your business needs. For B2B (Business to Business) organizations, the NDAs and service agreements are a focus. On the other hand, the B2E (Business to employee) strategy requires you to consider all the employment documentation, including hiring and onboarding. For a B2C (Business to Consumer), a solution tailored to service terms, applications, and client accounts would be of interest.
- Determine the spending on manual documentation workflows
The best way to determine if the solution is value for money is to evaluate the changes it is going to bring to your business. The same goes with digital signing – to know if your transition to digital signing is worth it, you must evaluate its success rate. Determine how much you are currently spending on manual documentation to understand how e-signature adoption will be transformative.
While it isn’t any secret, electronic signatures are the most efficient way of signing. It not only saves money and time but accelerates document turnaround.
According to a study, eSignatures can save businesses 22,000 hours yearly.
It only requires a few minutes to sign electronically, which not only benefits your business but also enhances customer experience. Moreover, you wouldn’t need to spend unnecessarily on stationary, paper, scanners, printers, couriers, and fuel. If you want a smooth adoption, determine your current spending and evaluate the success rate.
It’s a wrap!
Electronic signatures have proven to be a great technology that has eased jobs for many. And DrySign has been an active participant in doing so. DrySign has been helping organizations streamline their processes, enhance efficiency, and increase ROI with a wide range of features and countless benefits. If you are still using the age-old traditional wet signing method, this is the time to transform. Talk to our experts to know more about how DrySign can help your business. Get DrySign now!
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.