Tips for businesses embracing eSignature solutions in 2023 | DrySign By Exela

 

 Tips for businesses adopting eSignatures in 2023

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.

Also Read: How E-signatures can Optimize Internal Processes – a Business Case

Tips for small businesses to achieve a smooth eSignature adoption process

  • Define the reasons for eSignature adoption
  • Review the security benefits associated with eSignature adoption
  • Identify your documentation requirements
  • Define your legal requirements
  • Review the compatibility of the integration with existing applications
  • Identify business requirements
  • Determine the spending on manual documentation workflows

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.

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