Across all business industries, paperless solutions are fast becoming prevalent. While it is impossible to eliminate paper in workflows completely, companies that utilize digital solutions do not only reduce waste; they see improvements in workflow processes. With the birth of new technologies, traditional solutions including those that involve the use of paper are rendered irrelevant. In fact, companies that do not adopt paperless solutions lag far behind the competition.
As the use of papers in business workflows is slowly being replaced by disruptive technology and solutions, companies who utilize digital solutions see significant growth in the many aspects of their processes. The wide-ranging digital solutions serve as invaluable tools to help businesses achieve workflow efficiency, promote productivity, and increase sales and revenue.
Electronic signatures unlock practical benefits for businesses. Since signatures are a crucial element in several documentation processes, the introduction of electronic signature solutions streamlines signature workflows and results in faster turnarounds. Moreover, it significantly decreases the required time and effort to complete transactions, enabling professionals to focus on revenue-generating initiatives.
Companies, no matter the industry they belong to, are in constant pursuit of methods to reduce operating costs and to improve operations. Investing in electronic signatures is a sure-fire way to attain business objectives while hitting peripheral goals that contribute to better operations and customer management. Primarily, it reveals advantages that traditional workflow solutions could not afford to provide to businesses.
Healthcare Industry
Life sciences and healthcare sectors are governed by stringent federal laws. It is notable for requiring a hefty amount of documents and signatures. By adopting e-signature solutions, along with an electronic document management system, hospital administrative staff can simplify documentation and signature processes, cutting down the amount of time required to complete necessary forms. Apart from improved patient management, e-signature solutions assure compliance-conscious healthcare providers and patients of data privacy, as e-signature solutions are safer and more secure than traditional paper documents.
Real Estate Industry
Real estate professionals deal with piles of contracts daily. In general, these contracts require the signatures of their costumers. The real estate industry is a highly competitive business sector and real estate professionals should complete paperwork quickly or risk losing clients to competitors with another offer. In fact, some agreements even require a 24-hour turnaround time. Not adhering to a set deadline also harms the reputation of an agent. Real estate professionals who are tech-savvy and utilize e-signature solutions have the edge over competitors, as they can manage and complete documents in a matter of minutes. They can reclaim time otherwise lost due to traveling to meet with clients and use it to look for and manage new customers.
Insurance Industry
The foundations of successful insurance businesses are streamlined insurance applications, quick renewals, and hassle-free claim processes. When clients are unhappy with the service of an insurance company, they leave. Therefore, convenience is one of the top factors that affects the decision of customers. Electronic signature solutions simplify and automate sign-ups, renewals, and claims. Delays in sign-ups and claims can leave customers frustrated and unsatisfied with the service that they are receiving. By adopting digital solutions, particularly e-signature solutions, insurance companies can expedite processes and provide convenience to customers.
Legal Industry
On behalf of their clients, lawyers deal with a lot of legal documents. In fact, legal professionals face hundreds of pages of documents that require signatures. E-signature solutions provide them access to a streamlined document management system where they can manage and sign documents with less effort compared to traditional methods. Clients can also effortlessly sign contracts no matter where they are. This saves them a lot of time, especially if they have other important engagements. Above everything, due to legal documents being highly confidential, the security that e-signature solutions provide is crucial and beneficial to all parties involved in a legal transaction.
Financial Industry
In every financial transaction, individuals need to sign paperwork. When consent, via the provision of a signature, for banking transactions is necessary, it can be provided without having to go to a bank physically. While e-signatures are similar to traditional wet ink signatures, it is more secure and quicker. It also speeds up transactions that involve completing forms and signing such as requesting loans, opening bank accounts, and applying for investment plans. In essence, financial deals can now be completed without any delay in documentation processing.
Construction and Engineering Industry
Projects in the construction and engineering industry are time-bound; any delays may result in expensive additional costs. Thus, proper coordination is critical. However, projects often require dealing with documents that contain hundreds of pages. These documents also require coordinating with various professionals, including engineers, construction teams, zoning officials, and contractors, who are involved in the construction of the project. Utilizing e-signature solutions enables construction and engineering professionals to review, complete, and sign documents efficiently. In addition, documents for every project can be stored in a centralized cloud-based storage, making it easier for project managers to track signatures.
Electronic signatures solutions are not only economical but also convenient and reliable. It is most advantageous — and profitable — to companies that require signatures in their transactions. Despite listing only some of the industries that benefit from the use of e-signatures, all industries can adopt and utilize e-signatures to fast-track workflows, improve efficiency, reduce operating costs, and generate more profit.
