If you’re still getting physical signatures on all your important documents, you’re falling behind the times. With the help of eSignature software, you can completely do away with your old-school signing practices, save time, and improve security all at the same time. But how exactly does eSignature software work, and what are the benefits?
The Basics of eSignature Software
eSignature software is designed to make it easy for companies to provide, collect, store, and share digital signatures. Rather than sending a physical contract to someone by mail or bringing it to them in person, you can send it to them via email, request a digital signature, and store a copy of the digitally signed document for your records.
Different types of eSignature software may offer even more robust functionality. For example, you might be able to create new contracts from templates from within the same interface, or you may be able to make use of additional security options to keep your documents practically impenetrable.
Benefits of eSignature Software
These are some of the most valuable benefits of eSignature software:
- Higher security. Some people are reluctant to use eSignature software because of security concerns, but in reality, eSignature software can make your work more secure than ever. With the proper security settings enabled, it will be virtually impossible for would-be cybercriminals to get access to your stored documents – and you won’t have to worry about a physical copy of your document getting destroyed.
- Easy storage. Most eSignature platforms have some built-in functionality for document storage. When a contract is signed by all parties, it will be stored in the cloud for future accessibility; you’ll never have to worry about losing the copy or not being able to access it. Over time, you’ll build up an archive of paperwork – and it will all stay secure, searchable, and efficiently organized with almost no effort.
- Accessibility and convenience. One of the most obvious advantages of eSignature software is its ability to allow contract signage no matter how far apart two people are, physically. You might be working with a business contact across the world – but you’ll still be able to request their signature in a matter of seconds. Your team members, too, can access old contracts whenever they need to, using any device.
- Tracking and consistency. Most eSignature platforms have some kind of built-in tracking for their documentation, as well as consistent workflows for the entire team to follow. You can see when all required signatures have been applied to a specific document so you can take the next step of the process.
- Better client experience. Your clients may be eager to work with you, but signing contracts can be a major headache. With the right eSignature software, they can receive the contract quickly, sign it in seconds from any device, and move on.
- Time savings for your team. Your eSignature platform will also save time for the members of your team. They’ll spend less time preparing and sending contracts, they’ll manage their documentation more easily, and they’ll be less likely to lose track of documentation in the future.
- Faster signing (and payments). For the most part, eSignature software lends itself to much faster signing – and, therefore, faster payments. Your company will collect revenue sooner, which means fewer project delays and higher profitability (especially in the long run).
- Reduced paper costs. eSignature software could be a step on the journey to becoming fully paperless as well. You won’t have to print or make copies of your contracts; instead, everything can be done digitally. It may not seem like a major change, but it could save you thousands of dollars of paper costs in the long run.
- Potential for collaboration. Some eSignature platforms also make it easy for teams to collaborate with each other. It may be trivially easy to make contract changes on the fly or create addendums to existing contracts.
The Caveats
The benefits of eSignature software are impressive, but there are a couple of caveats. For starters, not all eSignature software offers the same selection of features – and thus, they won’t have the same advantages. You’ll need to review your options carefully to make sure you’re making the right decision for your business. Additionally, some of these benefits can only be realized if you have the right policies and practices in place; for example, even the most secure eSignature platform can be compromised if you have lax security practices in place.
Still, as long as you’re approaching eSignature software with the right mentality and your priorities already established, it can be a major boon for your organization. Once integrated, you’ll be able to save time, earn more money, and keep your documents more secure simultaneously.
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